Canada Silver Cobalt resumes drill program at Graal

Jun 14, 2022

2022-06-13 09:14 ET – News Release

Mr. Frank Basa reports

CANADA SILVER COBALT RESUMES DRILLING AT ITS EV BATTERY METALS GRAAL PROPERTY IN NORTHERN QUEBEC

Canada Silver Cobalt Works Inc. has commenced a follow-up drill program at its Graal nickel-copper-cobalt property in the Lac St-Jean region of Quebec.

The minimum 5,000-metre drill program aims at testing the geophysical anomalies characterized by high conductance that were highlighted during a recent FL-TDEM geophysical survey (see news release April 19, 2022). The objective is to verify the continuity and the extent of the nickel-copper-cobalt mineralization and search for the zones with increased thickness. Laurentia Exploration Services is conducting the drill program.

Previous diamond drilling along with geophysical surveys at Graal identified several disseminated to massive sulphide zones with varying thickness up to 13.1 m containing significant grades of nickel and copper and in addition lesser amounts of cobalt, platinum and palladium. Drilling was paused earlier this year to allow for the reception of pending assay data and completion of the geophysical survey (see news release April 4, 2022).

“Our geological team is quite excited to resume drilling at Graal. Almost every drill hole so far has encountered disseminated to massive sulphides with strong nickel, copper and cobalt mineralization. What we have already discovered at the property suggests that it has the potential to become an important part of the North American battery metals supply corridor. The current drill program will give particular attention to the geophysical survey’s discovery of a large 1.7-kilometre by 850-metre anomaly characterized by high conductance which we will be testing with the drill bit,” stated Matt Halliday, president, chief operating officer and vice-president of exploration for Canada Silver Cobalt.

In addition to the drilling, the company is pleased to announce that it has engaged Archeo-Mamu under the direction of Jean-Simon Labbe to complete a field investigation on the property after a desktop study identified potential zones which could have the presence of artefacts. The company will be pleased to provide the results of this independent investigation to the Pessamit Innu Council and other government entities at request.

At Graal, the geophysical survey program identified 9,475 m of drilling targets in two levels of priority where an initial 5,070 m were identified as a first priority. The initial drilling will focus on near-surface mineralization. The larger target indicated by the geophysical survey will be drilled at a later stage.

Qualified person

The technical information in this news release has been reviewed by Claude Duplessis, PEng, GoldMinds Geoservices Inc., member of Quebec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.

About Canada Silver Cobalt Works Inc.

Canada Silver Cobalt Works recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100-per-cent-owned, past-producing Castle mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The company has completed a 60,000-metre drill program aimed at expanding the size of the deposit with an update to the resource estimate under way.

In May, 2020, based on a small initial drill program, the company published the region’s first NI 43-101 resource estimate that contained a total of 7.56 million ounces of silver in inferred resources, comprising very high-grade silver (8,582 grams per tonne uncut or 250.2 ounces per ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson zone, beginning at a vertical depth of approximately 400 m. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works press release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 technical report mineral resource estimate for Castle East, Robinson zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.

The company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 10,000-metre drill program on the Graal property and an airborne VTEM geophysical survey is being conducted at its Lowney-Lac Edouard property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa mine near Kirkland Lake, Ont., where it will be exploring in 2022.

Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 square-kilometre Castle property feature strong exploration upside for silver, cobalt, nickel, gold and copper. With underground access at the fully owned Castle mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.

We seek Safe Harbor.

https://www.canadasilvercobaltworks.com/