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Canada Cobalt Works Inc
Symbol CCW
Shares Issued 90,032,798
Close 2020-01-09 C$ 0.65
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Canada Cobalt drills 1.4 m of 20,136 g/t Ag at Castle

2020-01-10 15:05 ET - News Release

Mr. Frank Basa reports

FRESH ASSAYS SHOW MASSIVE NATIVE SILVER GRADES IN SECOND WEDGE HOLE AT CASTLE EAST DISCOVERY

Canada Cobalt Works Inc.'s assays from the second wedge hole at the Robinson zone at Castle East, a new grassroots high-grade discovery adjacent to three past producers, have returned 70,380 grams per tonne silver (2,053 ounces per ton) over 0.3 metre within a broader zone of 1.4 metres grading 20,136 grams per tonne (587 ounces per ton) and four metres (core length) of 7,259 grams per tonne (212 ounces per ton).

The very high-grade intersection in CA-19-08-02 is approximately eight metres west of the mineralized zone intersected by the first wedge hole (430 metres of vertical depth) and 17 metres west of the original discovery intercept in hole CA-11-08.

Assays for cobalt, nickel and copper from CA-19-08-WO2 are still pending, in addition to assays from 28 other samples from this hole. Assays for the full 4.65-metre (core length), strongly mineralized interval from hole CA-19-08-W01 are also still pending (50,583.29 grams per tonne silver over 0.6 metre within 1.5 metres of 20,741 grams per tonne), in addition to results from 58 samples from the third and fourth wedge holes.

Drilling continues as Canada Cobalt builds out this discovery.

Matt Halliday, Canada Cobalt's vice-president of exploration, commented: "These are truly exceptional grades from the first two holes and 'hits' that typically do not occur in isolation in this kind of geological setting. We look forward to providing another update for shareholders in the near future."

Regional property map

Please visit the Canada Cobalt website for an updated location/geological map for the Castle property.

Quality control/quality assurance

The drill program and sampling protocol are being managed by geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to CS-19-08-W04 were wedges drilled off the historical CA-11-08 hole. The original hole was reopened, a modern gyro survey was completed to confirm the location of the hole at depth and then the wedges were drilled from different depths using NQ diameter drill core. Samples were collected using a 0.3-metre minimum length at a one-metre maximum length. Drill core recovery averaged 95 per cent. Two quality control samples were inserted into each batch of 20 samples. The drill core was sawn with one-half of the sawn core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. For the high-grade intercepts, only one-quarter of the core has been sent for assaying to Swastika Laboratories in Swastika, Ont. Where silver was visually and significantly present, a pulp-metallic analysis was requested for the silver assays, where the entire sample will be dried, weighed and crushed over 95 per cent, then fully pulverized and passed through a 200-mesh screen to create a plus-200-mesh fraction (metallics) and a minus-200-mesh fraction (pulp). The minus-200-mesh fraction (fines) will be run using geochemical analysis with AA finish for silver, gold, copper, nickel and cobalt. The entire plus-200-mesh (coarse) fraction will be analyzed using gravimetric processes (fire assay) for both silver and gold to provide a weighted-average assay for the entire sample.

Swastika Laboratories is an ISO-certified lab independent of Canada Cobalt.

Qualified person

The technical information in this news release was prepared under the supervision of Dr. Merouane Rachidi, PhD, PGeo (PGO, APEGNB and OGQ), of GoldMinds Geoservices, 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 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.

We seek Safe Harbor.

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