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Canada Silver Cobalt Works Inc
Symbol CCW
Shares Issued 261,044,963
Close 2023-09-06 C$ 0.04
Market Cap C$ 10,441,799
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Canada Silver Cobalt starts mapping St. Denis, Sangster

2023-09-06 15:00 ET - News Release

Mr. Frank Basa reports


Canada Silver Cobalt Works Inc. has initiated an exciting new phase in its exploration endeavours. The company has officially commenced lithogeochemical mapping of its St. Denis and Sangster properties, focusing on the search for LCT (lithium, cesium, tantalum) type pegmatites. This groundbreaking exploration campaign marks a significant step forward in Canada Silver Cobalt's mission to unlock the full potential of these highly prospective properties.

Key highlights of the lithogeochemical mapping initiative:

  1. Extensive research and historical exploration: Canada Silver Cobalt has undertaken extensive research and analysis of historical exploration data to pinpoint high-priority targets on the St. Denis and Sangster properties. These targets have been meticulously selected based on their promising geological characteristics and potential for valuable mineralization.
  2. Field truthing and access route development: The company has initiated field truthing activities to validate access routes and is actively developing traverses to reach high-priority areas at both St. Denis and Sangster. Initial ground truthing efforts have already begun at Sangster East, with plans to access critical parts of Sangster West, where large pegmatites were previously mapped by Noranda.
  3. Preliminary MPASS data by ALS Goldspot: Canada Silver Cobalt has received preliminary MPASS data produced by ALS Goldspot. The data have revealed numerous points of interest on the St. Denis block southwest of the Power Metals property, prompting further investigation. The company eagerly anticipates receiving the final geophysical data.
  4. Expansion of exploration activities: Next week, Canada Silver Cobalt will ramp up exploration efforts by adding a second field team to the properties. This expansion aims to expedite data collection and analysis.

Matthew Halliday, president and chief operating officer of Canada Silver Cobalt Works, commented, "At this stage in the game, we are looking to build a comprehensive lithogeochemical map. With a limited field season ahead, we are focused on collecting as many rocks as we can to create this invaluable targeting tool. Our meticulous approach to exploration is aimed at maximizing our understanding of these properties and identifying pegmatites with the highest potential for economic mineralization."

The company remains committed to sustainable mining practices and responsible resource development. Canada Silver Cobalt Works will continue to engage with local communities, indigenous groups and stakeholders throughout its exploration activities, ensuring open and transparent communication.

Investors, media and stakeholders are invited to stay updated on the latest developments by visiting the company's website.

Qualified person

The technical information in this news release was approved by 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 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-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 National Instrument 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 metres. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver's news release dated 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 16,000-metre drill program on the Graal property; (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; (3) lithium property -- 230 square kilometres of greenfield exploration ground focused along a significant volcanic sedimentary rock -- Archean granite contact near Cochrane, Ont., contiguous to Power Metals' Case Lake lithium properties.

Canada Silver'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 is strategically positioned to become a Canadian leader in the silver-cobalt space.

We seek Safe Harbor.

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