COQUITLAM, BC, April 20, 2021 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to provide an update on its activities
in the Province of Québec. The Company has now secured 689 claims
covering 38,129.4 hectares of prosperous ground with Figure
1 showing the location of the main properties. The Company has
budgeted 2.2 million dollars of
exploration for these properties this year. Geophysical airborne
surveys completed, and drill program has been scheduled on the B2
property for the second quarter this year.
Highlights:
1) The
Geophysical Airborne Survey
2) The CCW
approach for nickel and copper properties
3)
Historical highlights on the key properties for 2021
Canada Silver Cobalt contracted Sander Geophysics Limited to
carry out geophysical airborne surveys on 5 properties in
Quebec. The airborne surveys were
aimed at measuring the Gravity and Magnetic field. The
Company is seeking to identify the magmatic reservoir potentially
hosting significant amounts of Nickel- and Copper-Sulphide masses
at the base of the magmatic chamber. The priority target areas of
these first airborne surveys are the following properties:
- Graal – Nourricier Lac Suzanne
- Lowney, Lac Edouard South-East
- Forgues East Manic Crater
- Fuchsia-Massif du Nord
- B15 Bouguer anomaly
The final reports are pending, and details will be disclosed
once received and evaluated. This information will be used to
prepare subsequent drill programs. Technical datasheets are being
prepared for each of the properties and will be posted on the
website once completed.
The Company has started preliminary geological sampling on the
B2 & Grand Portage properties. The B2 property option has
shown high-grade Copper in the discovery showing and a maiden drill
program is expected to start by the second quarter to test the
mineralized structure identified. Mineralization appears to be
associated with a structural shear (Figure 2 shows sulphide
mineralization from channel sample). The observations from the
channel sampling indicated the property deserved additional work
and a ground magnetic orientation survey was completed (Figure
3 shows the first vertical derivative ground magnetic survey
with channel sample and high-grade sample (starred) locations
identified). A total of 41 channel samples with 3 blanks and
standards were sent to SGS Laboratory in Québec. The highest grade
came from the gossan sample with 17.53% Copper, 0.245 % Nickel and
0.026 % Cobalt, while channel sample results range from 25 to 2887
ppm Copper, 11 to 3452 ppm Nickel, and 11 to 385ppm Cobalt.
At Grand Portage, geological sampling with a portable drill with
30-centimetre depth capability using (AQ) drill core has confirmed
the presence of mineralization of interest at surface. Figure
4 shows sulphide mineralization in the 3.2-cm diameter core.
The mineralization associated with mafic-ultramafic blobs deserves
additional work. Five core samples with 1 standard were sent
to AGAT laboratory in Ontario. The
highest grade came from sample #10404 with 1.63% Nickel, 0.61%
Copper and 0.068% Cobalt. Samples range from 0.02 to 0.61%
Copper, from 0.05 to 1.63 % Nickel, from 0.011 to 0.06% Cobalt,
from 1 to 7 g/t Silver, from 0.001 to 0.04 g/t Gold and from trace
Palladium 0.002 to 0.007 g/t.
CEO Frank J. Basa, P.Eng. notes,
"It is Canada Silver Cobalt's intention to transfer its non-silver
assets, in exchange for shares, to another public company to be
identified by the Company, and to do a proportional distribution of
shares by way of dividends to Canada Silver Cobalt's shareholders."
Frank J. Basa, P.Eng., further
comments, "This transaction will enhance shareholder value by
offering exposure to two strong developing market forces with
increased investor focus to the potential that the company sees
with a pure precious metal play with the Robinson Zone from the
former high-grade Castle Silver Mine area in Gowganda, Ontario and with the EV properties
that have been recently acquired in Quebec and Ontario."
The CCW approach in Québec for Nickel & Copper
deposits
In 2020 the Company staked known showings and made option
agreements to secure, as of today, a total of 689 claims covering
38,129.4 hectares of prospective Nickel and Copper
mineralization. Of these, 27,738.6 hectares in 501 claims is
100%-owned by Canada Silver Cobalt and 36 Claims over 1981 hectares
are under option with Globex Mining Enterprises (Lac Suzanne &
Massif du Nord ) and another 152 Claims covering 8409.8 hectares
with Frederic Bergeron (B2
property) .
The main drivers for determining primary targets in Québec,
largely in the Grenville
geological province, are the Bouguer Gravity anomalies combined
with the presence of mineral showings, positive drilling results
and positive geology. The secondary targets show associations with
structural shear zones.
The mineralization model is the classic Martini Glass – Saint
Graal shape (Figure 5). In the Magmatic Mineral Deposits
image where disseminated and net-textured sulphides are on the
sides of the magmatic reservoir and massive sulphides at the bottom
of the glass as in the figure below (source: Earth Science
Australia, earthsci.org).
GoldMinds was mandated to identify properties for CCW with the
potential of having such a reservoir with a significant amount of
hidden massive sulphides. The selected magmatic intrusions differ
in size, however the largest and most extensive have a much higher
chance to hide a significant massive sulphide deposit. In some
places, an interesting relationship between the identified
reservoir and high potential Nickel-Copper magmatic deposit and the
presence of Biodiversity preserves was identified. As the selection
of biodiversity preserves by Natural Resources Fauna & Parks,
and the Ministry of Environment are independent of the Natural
Resources development, Goldminds surmises the gravity, as well as
mineral-rich basement, has enabled plant, insect, and mammal
species biodiversity to develop better in these specific areas
independently. As such, the Company's Forgues East Manic Crater
property in Mont-Groulx is outside of the ecologic preserves where
the sweet spot with the most significant showing and Bouguer
Gravity anomaly occurs. Our conceptual model suggests that the
meteorite impact was north-northeast and has created the
Mont-Groulx platform, substantiated by the presence of the Gravity
anomaly combined with the Nickel-Copper showing. This is also
observed in the Fushia/Massif du Nord where the center of the
reservoir is covered by a restricted area. It is also important to
consider the Bouguer anomaly geophysical survey. The Bouguer
anomaly is a precise drill target method as the anomaly locates
directly above the body of higher density.
The case study of the massive Kidd Creek mine deposit is a clear
indication of this. Figure 6 (source: Abitibi Geophysics)
shows the Vertical Bouguer VMS signature versus other techniques
which offset the location of the body. The bigger the Bouger
anomaly is, the bigger the deposit can be.
Highlight of the key properties
The Graal - Nourricier Lac Suzanne, Lowney
(Lac Edouard), Fushia Massif du
Nord and Forgues East Manic Crater properties are the most
promising magmatic reservoirs identified as it stands today. The
Company's intention is to drill right on the maximum Bouguer
Anomaly identified. Below are some highlights (mostly historical
data retrieved from public reports and information on SIGEOM) on
the main properties of interest where we are of the opinion that
the results to date are only mineralization on the side of the
magmatic reservoir and the Massive Sulphides are still hidden at
depth.
GRAAL – Nourricier Lac Suzanne
This property, comprising 71 CCW claims over 3,947 Hectares and
23 optioned claims from Globex comprised of 3 distinct blocks
totaling 1,276 hectares for a combined total of 5,223 hectares,
is the most promising target. It is southeast of Lac à Paul
Arianne Phosphate deposit. The property is located approximately
160 kilometers NNE of the city of Saguenay and 272 kilometers east
of Chibougamau in NTS 22E15. The
central and southern claim blocks are underlain by anorthosites,
gabbros and troctolites pertaining to the anorthositic suite of
Lac-St-Jean, whereas the northern block is underlain by tonalitic
and trondhjemitic gneisses pertaining to the Rouvray gneissic
Complex.
Previous work on the Lac Suzanne property was performed by Mines
d'Or Virginia Inc. between 1997 and 2001. This work consisted of
airborne geophysical surveys (magnetic and electromagnetic)
followed by ground surveys (magnetic and electromagnetic – MaxMin)
in order to more precisely locate the anomalies that were outlined
by the airborne surveys. These surveys were followed by geological
mapping, trenching, blasting, soil geochemical and rock sampling.
The last exploration work done, within the limits of the present
claims, consisted of diamond drilling, where 13 holes were drilled
totaling 1,473 meters. The MaxMin survey delineated a good
electromagnetic conductor over a strike length of over 6.5
kilometers which has only been sparsely explored, with up to 800
meters drill hole spacing or more and the deepest hole investigated
at merely a 100 meters vertical depth. Knowing this, there remains
a lot of ground to investigate more thoroughly.
The best results from the rock and drill core sampling returned
grades of up to 10.31% Nickel, 4.9% Copper and 1% Cobalt from
diamond drilling. The mineralization found on the Lac Suzanne
property is of the magmatic massive sulphide type where sulphides
are concentrated within a magmatic chamber. The Voisey's Bay
deposit in Labrador (141 million
tonnes of ore grading 1.63% Nickel, 0.85% Copper and 0.09% Cobalt.
Source of information (Current Research (2003) Newfoundland
Department of Mines and Energy Geological Survey, Report 03-1,
pages 231-239 - VOISEY'S BAY AND THE NICKEL POTENTIAL OF
LABRADOR: A SUMMARY FOR THE
NONSPECIALIST by A. Kerr.) is of this same type. The exploration
work done on the Lac Suzanne thus far has barely scratched the
surface. As exploration deepens, there is a good chance that richer
grades might be encountered. There are many identified,
near-surface mineralized zones which dip toward the Bouguer Anomaly
sweet spot.
On the Nourricier portion, there is Nourricier A (97-01), A
(97-c235), B (NB 97-01) B (NB97-02) sector. The hole collar
NA-97-01 (GM 56023) locates the deposit. It is near the RT-97-C238
trench which revealed even higher grades. "Recognized intrusive
breccias in the Feeder (Nourricier) Sector (A and B) with
fragments of olivine containing droplets of sulphides indicating
crystallization of olivines in a sulphide bath are strongly
similar to mineralization at Voisey's Bay".
The host rock is gabbro or anorthosite injected with levels of
pyrrhotite which give the rock an appearance of breccia. The
mineralization consists of disseminated to massive pyrrhotite (max
70%) sometimes accompanied by chalcopyrite (1% or less) and garnet
(35%, when the matrix is gabbro, at 45.5
m in the hole). Magmatic mineralization, dominant
Nickel-Copper (± Cobalt ± PGE), is associated with
anorthositic-troctolitic massifs.
MHY A (97-03) MHY (97-02) Occurrence
Highlight:
MHY-97-02: 0.21% Copper, 0.22% Nickel and 338 ppm Cobalt over
0.6 m to 22.5
m; 0.12% Copper, 0.27% Nickel and 395 ppm Cobalt over
0.3 m to 34.8
m; Blasting: RT-97-C319: 0.18% Copper, 0.2% Nickel and 319
ppm Cobalt; Blasting FL-97-C 15: 0.1% Copper, 0.28% Nickel and 900
ppm Cobalt (smp689824); 0.62% Copper, 0.13% Nickel and 276 ppm
Cobalt (smp689751); 0.53% Copper, 0.09% Nickel and 171 ppm Cobalt
(smp689753).
MHY-97-03: 1447 ppm Copper, 5143 ppm Nickel and 533 ppm Cobalt
over 0.6 m to 16.4 m; 0.6% Copper over 0.8 m to 12.3 m;
SM-97-C-21: 0.52% Copper and 0.06% Nickel; RT-97-C-240: 0.22%
Copper; RT-97-C-245 (400 m to the
southwest): 0.34% Copper and 0.12% Nickel. GM 59143: drillhole
1279-01-35 (360 m to the northeast):
0.37% Nickel, 0.18% Copper and 0.04% Cobalt over 4.3 m including 0.95% Nickel over 0.5 m.
Lake Suzanne North
Occurrence of massive sulphide veins.
Highlight: The best values from hole 1279-01-37 show 0.29%
Nickel, 0.05% Copper and 0.03% Cobalt over 1.0 m; 0.3% Copper over 0.3 m; 12.65% TiO2, 13.16% MgO and
0.2% P2O5 over 30.6
m
Suzanne Lake-NO
The mineralization occurs in the form of massive sulphide veins
intersecting massive and very homogeneous units of amphibole
anorthosite and leucogabbro.
Highlight: Drill hole 1279-01-36 has 10.31% Nickel, 0.06% Copper
and 0.05% Cobalt over 0.3 m, as well
as 0.14% Nickel, 4.27% Copper and 0.03% Cobalt over 1.0 m. This interval corresponds to a centimetric
vein of sulphides rich in chalcopyrite intersecting the drillhole
at a low angle.
Lac Edouard South East –
Lowney
Located in NTSC 31P09, the property is composed of 67 claims
covering 3,622.5 hectares. Highlight: South of the former
historical mine grades of 2.17% Nickel and 0.53% Copper over
7.1 m and 1.00% Nickel and 1.00%
Copper over 3 m were identified
(holes 745 and 736, GM 27800, page 6). The CCW claims location
correspond to the highest Bouguer Anomaly data.
Fushia- North Massif
The property in NTSC 22K16 totals 87 Claims covering an area of
4,718.43 hectares. CCW owns 74 Claims over 4,013.43 hectares in
addition to the Globex Massif du Nord option of 13 Claims over 705
hectares.
Highlight: Source GM 55930: Borehole 1181-98-22: 0.56% Nickel,
0.28% Copper and 0.02% Cobalt over 1.49
m from 46.82 m to 48.31 m including 1.10% Nickel, 0.37% Copper and
0.05% Cobalt over 0.62 m from
47.22 m to 47.84 m. GM 55900: 0.39% Nickel, 0.16% Copper,
251 ppm C; Grab sample, 1.40% Nickel, 0.12% Copper, 830 ppm
Cobalt.
As well 1.30% Nickel, 0.43% Copper, 0.07% Cobalt over
2.10 m from 56.32 m to 58.42 m
(hole 11-1-97-05, GM 55608); 0.41% Nickel, 0.36% Copper, 0.03%
Cobalt over 5.45 m (channel samples,
GM 54733) including 0.69% Nickel, 0.39% Copper, 0.14% Cobalt over
2.85 m. "The average of seven
analyses of semi-massive and massive Nickel-bearing sulphides gives
1.51% Nickel, 0.28% Copper and 0.10% Cobalt" (GM 55900, p.15). "The
average of twenty-three analyses of mineralized pegmatite gives
1112 ppm of Nickel, 1740 ppm of Copper and 83 ppm of Cobalt" (GM
55900, p.16). Sampling about 400 m to
the North of the first showing discovered, gave 1478 ppm Copper in
a biotite-graphite paragneiss (GM 55900 p.15). MRNF (2011 field
campaign): Analysis of a sample from a trench yielded 1.30% Nickel
and 0.43% Copper over 2.1 m. A sample
chosen by the MRNF gave, on analysis, > 1% Nickel, 0.12% Copper,
0.11% Cobalt, 133 ppb Palladium, 1.7 ppb Platinum and 3 ppb
Gold, for 34.6% Sulfur.
Forgues 8305 Sud – NE East Manic Crater – Mont Groulx
In NTSC 22O12, a total of 26 Claims covers an area of 1390.53
hectares.
Showing grab sample highlights: 0.44% Nickel, 0.12% Copper and
0.09% Cobalt (Chosen sample No. 8305, GM 52850); 0.06% Nickel,
0.04% Copper and 0.02% Cobalt (Chosen sample No. TC-94-80A2);
Forgues 8314: 0.199% Copper, 0.16% Nickel, 0.02% Cobalt, and 0.01%
Zinc.
Grand Portage
In NTSC 22F04, a total of 39 Claims covers an area of 2196
hectares. The structurally controlled mineralization is
associated with mafic rocks.
Highlight: Sample 07-AE-5190A gave the following results (SGDAC
2007045639): 19.91% Fe2O3, 1.18%
TiO2, 0.34% P2O5, 147 ppm
Vanadium, 4596 ppm Nickel, 1936 ppm Copper, 5 ppb Palladium, 0.4
ppm Silver, 3.4 ppb Gold, 2.53% Sulphur. GM 65449: In 2011, this
deposit was the subject of a re-analysis by a prospector
(Jacques Tremblay). The best
grades returned: 4630 ppm Copper and 9540 ppm Nickel (Chosen sample
G.P. 09-04); 3530 ppm Copper and 11,950 ppm Nickel (Selected sample
G.P. 09-07). GM 67942: the best results among the samples chosen
are 7050 ppm Nickel, 3500 ppm Copper, 175 ppm Cobalt (sample 3328);
3120 ppm Nickel, 1395 ppm Copper, 120 ppm Cobalt (sample 3325). The
best result obtained among the channel samples was 0.83% Nickel
over 1 m. One sample from a portable
manual drill returned 5.09% Nickel, 0.17% Copper and 0.119% Cobalt
(sample 9389).
B2 Property - Frederic
Bergeron option
Located in 22E11, the B2 discovery is an entirely new showing in
the whole area. It has 152 claims comprising 8409.8 hectares. The
property contains new showings for Nickel-Copper-Cobalt, and for
Copper-Silver-Gold that were discovered by Alain Berclaz and Frederic Bergeron in 2019. It is north of
Lac-St-Jean and is accessible by gravel road.
Exploration results of the owners:
- The mineralized zone is trending NNW-SSE and traceable along
strike over about 1 kilometer and is open in all directions. A
series of 21 samples have been cut and analyzed by a portable XRF.
Preliminary results returned (# A0066060 to A0066080): Up to 1.5 %
Nickel, 1.2 % Copper, 0.21% Cobalt for massive Nickel-Copper-Cobalt
mineralization. Up to 2.3 % Copper, 0.4% Nickel for the epithermal
veinlets associated with quartz injections.
- Stripping of the B2 Showing over a strike length of
35 m and a width of 8-10 m produced a total of 5 grab samples which
returned the following assays:
for massive Nickel-Copper-Cobalt mineralization:
- 1.05 % Nickel, 0.13 % Copper, 0.10 % Cobalt
- 0.96 % Nickel, 0.10 % Copper, 0.09 % Cobalt
- 0.69 % Nickel, 0.62 % Copper, 0.19 % Cobalt
for the epithermal veinlets associated with quartz
injections:
- 9.28 % Copper, 18.2 g/t Silver, 0.34 g/t Gold
- 2.97 % Copper, 5.7 g/t Silver, 0.29 g/t Gold, 0.10 %
Nickel
The mineralization on the B2 Showing is associated with a
regional fault structure.
QA/QC samples were sent to SGS for B2 and to AGAT
laboratory for Grand Portage with blanks and standards. The control
samples of the laboratory are also in line with the expected
results and enable public disclosure of the preliminary results in
this release.
Qualified person
The technical information in this news release has been reviewed
by Claude Duplessis, P.Eng.,
GoldMinds Geoservices Inc. member of Québec Order of Engineers and
a qualified person in accordance with National Instrument 43-101
standards.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works released the first-ever resource in
the Gowganda Camp and greater Cobalt Camp in May 2020. A
total of 7.56 million ounces of silver in Inferred
resources, comprising very high-grade silver (8,582 grams
per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of
material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical
depth of approximately 400 meters, was identified. The discovery
remains open in all directions (1A and 1B are approximately 800 meters from the Capitol
Mine workings) (mineral resources that are not mineral reserves do
not have demonstrated economic viability) (refer to Canada Silver
Cobalt Works Press Release May 28,
2020. Report reference: Rachidi, M. 2020, NI 43-101
Technical Report Mineral Resource Estimate for Castle East,
Robinson Zone, Ontario,
Canada, with an effective date of May 28, 2020 and a signature date of July 13, 2020.
Canada Silver Cobalt's flagship Castle mine and 78 sq. km 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, 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 Cobalt is strategically
positioned to become a Canadian leader in the silver-cobalt
space.
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Canada Silver Cobalt Works Inc.