Canada Silver provides Cobalt exploration update following $7.5 Million financing

Canada Silver Cobalt Works Inc. says after the successful, fully subscribed $7.5 million financing completed on October 25, 2021, the company is on track to achieve key milestones at Castle East during the first quarter of 2022.

The Company’s current plans are as follows:

• Complete the planned 60,000m drill program at Castle East (more than 43,000m have already been drilled).
• Update and increase the world’s highest-grade silver resource, which prior to the drill program, was estimated, in May 2020, at 7.56 million ounces of silver in inferred resources at 8,582 grams per tonne Ag un-cut (or 250.2 oz/ton Ag) and which was based on only the Robinson vein and does not include several new high-grade silver and cobalt veins discovered and announced during drilling since the estimate was made.
• Complete environmental baseline studies and advanced work towards an exploration permit for a future bulk sample.
• Initiate metallurgical testing for mineral processing for silver production.
• Initiate a preliminary exploration program at the recently acquired gold claims next to Kirkland Lake Gold’s high-grade Macassa gold mine (see news releases August 3 and August 30, 2021).

Matthew Halliday, P. Geo., President of Canada Silver Cobalt, stated: “We are extremely grateful for the strong investor support, demonstrated during the financing, for our plans to advance the Castle East project.  We are now in the position to maximize the potential of the remaining drill program to further enhance our company’s resource at Castle East. Once we are underground at Castle East, we will have the opportunity to do underground exploration and really advance this project to a new level. We have over 1.5 kilometers of ground between the Castle and Castle East with some of the best potential in the camp to explore from surface, which is only one piece of our excellent property portfolio.”

Location

The Castle Property is located in the northwest part of the prolific, past-producing Silver-Cobalt Camp in Northern Ontario where more than 100 former underground mines produced over 500 million ounces of silver and over 30 million lbs of cobalt between 1903 and 1989. The property, which is near Gowganda, covers 78 sq. km and includes the past-producing Castle Mine and the newly discovered Castle East silver deposit 1.5 km east of the existing mine and is 75 km southwest of Kirkland Lake Gold’s high-grade Macassa Mine.  The Company recently acquired prospective gold claims in 810 hectares in Eby-Otto Township within 5 km of the Macassa Mine.

Tags: Northern Ontario / Exploration / Battery Metals / All Articles