Canada Silver drills 0.50 m of 2,900 g/t Ag at Castle

Nov 1, 2022

2022-10-31 09:09 ET – News Release

Mr. Frank Basa reports

CANADA SILVER COBALT ANNOUNCES NEW ASSAY RESULTS AT CASTLE EAST WITH UP TO 2,900 G/T SILVER AND 1.05% COBALT OVER 0.50 METERS

Canada Silver Cobalt Works Inc. has released new assay results from its 60,000-metre drill program at Castle East, including intercepts up to 2,900 grams per tonne silver and 1.05 per cent cobalt over 0.5 metre.

Details of the drill core assays, which were received recently after long delays in core logging and at the assay lab, are shown in the attached table.

“We are pleased with these drill results, since they confirm vein continuity in the Big Silver zone and the 61 zone and support our view that the Castle East deposit has the potential to be expanded beyond what has been indicated so far,” said Matthew Halliday, PGeo, president and chief operating officer.

Hole CS-21-73 was drilled approximately 40 m away from the high-grade intercept of 89,853 g/t silver over 0.3 m in Big Silver hole CS-20-39 (see news release Jan. 29, 2021). Hole CS-21-77W1 was a follow-up to the high-grade intercepts in the 61 zone and intercepted two veins spaced apart: the silver-rich vein at 453 m is 24 m away from the high-grade intercept of 30,416 g/t silver over 0.42 m in CS-21-61, and the cobalt-rich intercept at 486 m is 13 m from the CS-21-61 intercept (see news release Aug. 9, 2021).

Quality assurance/quality control

The core samples were cut in two with a rock saw. One-half was sent to the assay lab and the other half was retained as witness core. Blanks and certified reference material (standards) were inserted into the sampling sequence such that they represent no less than 10 per cent of the total samples. The results of the blanks and standards are within expected values allowing public disclosure of the assays.

Qualified person

The technical information in this news release was approved and prepared under the supervision of Mr. Halliday, PGeo, (PGO), president and COO of Canada Silver Cobalt Works, a qualified person in accordance with National Instrument 43-101.

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 kilometres 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 m 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/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 metres. 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.

The company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 15,000-metre drill program on the Graal 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 is exploring.

Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 square km 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/