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Canada Cobalt Works Inc
Symbol CCW
Shares Issued 83,732,227
Close 2019-10-15 C$ 0.355
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Canada Cobalt pours first silver bars

2019-10-16 08:31 ET - News Release

Mr. Frank Basa reports


Canada Cobalt Works Inc. has successfully poured its first silver in a proof-of-concept test ahead of a significant ramp-up that will officially begin with the pouring of a 1,000-ounce silver dore bar planned for later this month.

The pilot plant at the Castle mine separated leaf silver and created silver gravity concentrate from mineralized Castle waste material. The concentrate and leaf silver were then smelted in the bullion furnace at PolyMet Labs in the town of Cobalt, just a one-hour drive from the Castle mine, to produce three silver bars totalling 300 ounces. Through its proprietary and environmentally friendly Re-2OX process, and further demonstrating proof of concept, Canada Cobalt also used the same waste material to separately recover cobalt and produce a cobalt sulphate at SGS Lakefield.

As announced Oct. 10, 2019, Canada Cobalt has signed a binding letter of intent to acquire privately held PolyMet Resources Inc. PolyMet owns the only facility in the Northern Ontario silver-cobalt district that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing -- four key profit centres specializing in high-grade mineralization.

Underground drill program

Canada Cobalt has commenced its phase 2 underground drill program at its 100-per-cent-owned and fully winterized Castle mine. Multidirectional drilling will build aggressively on the success of the phase 1 program (refer to Feb. 19, 2019, news release) that featured numerous high-grade cobalt and silver intercepts throughout the expansive first level including 13,208 grams per tonne silver (385.2 ounces per ton), 0.67 per cent cobalt and 3.8 g/t gold over half a metre within a broader 5.51-metre core length averaging 2,620 g/t silver (76.4 ounces per ton) in CA-18-02. Phase 2 drilling has started in this cobalt-silver rich area near the adit entrance where CA-18-01 also returned a seven-metre core length averaging 2.3 per cent cobalt, 261 g/t silver and 1.65 per cent nickel.

Qualified person

The technical information in this news release was prepared under the supervision of Frank J. Basa, PEng, Canada Cobalt's president and chief executive officer, 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 has 100-per-cent ownership of the Castle mine and the 78-square-kilometre Castle property with strong exploration upside in the prolific past-producing Gowganda high-grade silver camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site 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 Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.

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