Follow Us! Like Our Page!

Canada Silver Cobalt to Purchase Industrial-Zoned Property with Highway Access for Core Processing Facility

Press Release

The purchase of a 10-acre industrial-zoned property with direct Highway 11 access will allow Canada Silver Cobalt abundant area for core handling and more efficient use of space

Coquitlam, BC, April 29, 2022 – Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) announces that it has revised its purchase and sale agreement to acquire a 10-acre (4 hectare) property fronting Highway 11 near Cobalt, ON, that will be used as the central hub for all of the Company’s Ontario and Quebec operations for a cash consideration of $400,000.

The property houses a 4,000 square-foot, fully serviced warehouse that is currently being leased by the Company and used as its main core processing facility. The access to Highway 11 allows for easy transportation of core, samples, and distribution of Company staff to projects across Ontario and Quebec. The property is located on the power grid and does not require any generators. The location is close to Timiskaming Shores and Cobalt, ON and provides easy access to supplies and amenities for Company staff. The property also contains an extra building.

The warehouse has already been converted into a full-service facility that fits the Company’s current needs, but will also allow for further expansion as the Company grows. The facility is being used for offices, core logging, sampling, core cutting, and long-term core storage – all located on site.

The purchase of the property is subject to final approval by the TSX Venture Exchange. The vendor of the property is a company controlled by a family member of one of the directors and officers of the Company.

About Canada Silver Cobalt Works Inc.

Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world- class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is underway to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.

In May 2020, based on a small initial drill program, the Company published the region’s first 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 un-cut or 250.2 oz/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 meters. 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.

CCW has 39,017.96 hectares of electric vehicle (EV) battery metals exploration properties (containing nickel, copper and cobalt) with 15 properties in Quebec and 1 in Northern Ontario. Exploration is underway at the Graal massive sulphide formation in Northern Quebec. Drill core has been encouraging with initial XRF results up to 2.79% nickel and 25.68% copper in hole NRC 21 03; lab results are still pending.

Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. 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 on site, 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 and battery metals. More information at www.canadasilvercobaltworks.com.

“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer

For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342

IBF4

 182 total views,  2 views today

NationTalk Partners & Sponsors Learn More