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Canada Cobalt Works Inc
Symbol C : CCW
Shares Issued 78,414,178
Close 2019-04-30 C$ 0.38
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Canada Cobalt to patent Re-20X metal extraction method

2019-04-30 14:13 ET - News Release

Mr. Frank Basa reports

CANADA COBALT INITIATES RE-2OX PATENT PROCESS

Canada Cobalt Works Inc. has made important breakthroughs in its proprietary and environmentally green Re-2OX process for the recovery of cobalt, precious metals and base metals.

New testing highlights:

  • Further optimization of Re-2OX has enabled SGS Lakefield in Peterborough, Ont., to recover silver and copper for the first time while also increasing recovery rates for cobalt and nickel (refer to May 31, 2018, news release);
  • In refining the Re-2OX process through a one-step leach extraction, overseen by Canada Cobalt adviser Dr. Ron Molnar, SGS has recovered over 99 per cent cobalt, over 99 per cent silver, 99 per cent nickel and 99 per cent copper while removing 99 per cent of arsenic from a composite of gravity concentrates;
  • The gravity concentrates were from Castle mine waste material and graded 10.2 per cent cobalt, 11,000 grams per tonne silver, 0.26 per cent copper, 1.49 per cent nickel and 45.1 per cent arsenic.

Canada Cobalt initiates Re-2OX patent process

As the electric vehicle supercycle intensifies, Canada Cobalt is the only company in Canada's cobalt heartland to produce a technical grade cobalt sulphate test product from its own feed (refer to Aug. 15, 2018, news release). Significantly, Re-2OX skips the normal smelting process to create battery-grade cobalt sulphate while nickel-manganese-cobalt battery-grade formulations are also in the pipeline.

In addition, the ability of Re-2OX to achieve exceptionally high recovery rates for both cobalt and silver, plus nickel and copper, while also removing 99 per cent of arsenic, expands the potential of the Castle mine given phase 1 underground results released Feb. 19, 2019, and a second phase starting soon. Furthermore, Re-2OX is a value driver for the company's planned tailings programs at Castle and elsewhere in the district, and will also be used by Canada Cobalt to immediately build a new model of streaming opportunities for the company with respect to other battery metal projects while protecting the process.

Given the current optimization level of Re-2OX, and the growing importance of this hydrometallurgical process to Canada Cobalt and its shareholders, the company has initiated the process of submitting a patent application for this proprietary metal extraction method.

Frank J. Basa, Canada Cobalt president and chief executive officer, commented: "The fact that SGS has demonstrated that Re-2OX can very efficiently recover a broad set of metals from arsenic-rich material, ranging from low grade to high grade, further de-risks the Castle mine project and expands opportunities to build shareholder value. Further Re-2OX optimization will target the recovery of gold."

Quality assurance and quality control

A hand-cobbed, 73-kilogram sample of waste material was taken from the Castle mine and crushed to negative-10 mesh and then blended by SGS laboratories in Lakefield, Ont. From this, a representative sample was submitted for analysis by lead fusion fire assay for silver and gold. Other metals were assayed by inductively coupled plasma after multiacid digestion. The material was subsequently used for testing the proprietary Re-2OX process. Canada Cobalt relies on internal SGS laboratory independent quality assurance and quality control, which allows the disclosure of the results provided.

Qualified person

The technical information in this news release was prepared under the supervision of Mr. Basa, PEng, Canada Cobalt's president and CEO, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.

About Canada Cobalt Works Inc.

Canada Cobalt is focused on immediate and longer-term value drivers at its past producing Castle mine and adjoining land package in the historic Northern Ontario silver-cobalt district, Canada's cobalt heartland since the start of the electric vehicle revolution.

We seek Safe Harbor.

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