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Canada Cobalt Works Inc
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Canada Cobalt drilling outlines target at Castle East

2020-01-27 07:40 ET - News Release

Mr. Frank Basa reports


Canada Cobalt Works Inc.'s continuing drilling from surface has greatly expanded the potential scale of the Castle East Robinson zone high-grade silver discovery immediately adjacent to three robust past producers in Northern Ontario's Gowganda camp, 75 kilometres southwest of Kirkland Lake.

Significantly, native silver has been observed in drill core at shallower levels near the contact of the Nipissing diabase with the Archean volcanics, as much as 100 metres above and northwest of wedge holes/first vein shoot CA-11-08-W01 through CA-11-08-W04, while drilling has also just intersected another native silver vein 95 metres below and northeast of the first vein shoot. This gives the discovery, at this early stage, a minimum potential 200-metre vein zone vertical extent. It remains open in all directions as drilling continues.

Matt Halliday on textbook signatures

Matt Halliday, Canada Cobalt vice-president, exploration, stated: "It is now apparent from surface drilling that the initial discovery falls within a much broader and productive horizon associated with a 300-metre-thick sill. This drill core is displaying textbook signatures of a Gowganda-style high-grade silver system with extensive veining and alteration, native silver-filled fractures as well as multiple structures interpreted to be spatially related to high-grade mineralization. The native silver vein shoot clipped near the lower diabase-Archean contact may lead to new interpretations and geological models for the broader camp.

"The Robinson zone is on strike from the old Capitol mine workings 650 metres to the west, so there is plenty of room to grow this discovery both laterally and vertically which we are in the process of doing," Mr. Halliday continued. "It's important to note that mostly only the shallow western margin of the diabase was mined historically in the rich Gowganda camp from networks of veins that extended for hundreds of metres. At modestly deeper levels Canada Cobalt's Castle property features kilometres of unexplored or underexplored diabase from the upper contact to the lower contact as we are discovering at Castle East."

More assays pending

The first vein shoot at Castle East included very high silver grades, in addition to cobalt, nickel and copper, from the first two wedge holes with many more assays pending (refer to Dec. 23, 2019, and Jan. 10, 2020, news releases) from all four wedge holes as well as new holes from surface. Fresh images related to the discovery will be added to the company's website over the coming days.

Castle East discovery in historical context

Based on reliable historical reports and internal data, management believes Castle East may represent the most significant new grassroots high-grade silver discovery in the Gowganda camp, and the broader Northern Ontario Silver-Cobalt district, in at least 40 years since Agnico Eagle put the Castle mine back into production in 1979 for a decade through a new vein discovery at what is currently shaft No. 3 owned 100 per cent by 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's flagship Castle mine and 78-square-kilometre Castle property feature strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific, past-producing Gowganda high-grade silver district 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.

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