Infinity Stone Provides Update on Rockstone Drilling Program
Coquitlam, BC TheNewswire – November 9, 2022 – Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) announces that it has signed an agreement non-binding letter of intent to purchase a new 24-unit multi-cell lithium property in the Township of Case, District of Cochrane, Ontario.
The property is contiguous to Power Metal’s Case Lake Lithium property. It is located about 5 kilometers northwest of their West Joe Dyke and Main Dyke areas. Some of the recent highlights of the West Joe Dyke and Main Dyke pegmatites are:
1.11% Li2O (Lithium) over 6.84m in PWM-22-128 (see Power Metals Corp press release dated August 19, 2022)
1.58% Li2O (Lithium) over 15.00m in PWM-22-134 (See Power Metals Corp press release dated September 8, 2022)
1.86% Li2O (Lithium) over 19.00m in PWM-22-135 (See Power Metals Corp press release dated September 8, 2022)
The property is comprised of a single multi-cell mining concession of 24 units totaling 4.5 square kilometers or 450 hectares. The property is sandwiched between several “domes” identified and owned by Power Metals. These ‘domes’ are dome-shaped laccolith igneous intrusions that typically host the pegmatitic dykes containing spodumene, a lithium aluminum inosilicate, otherwise known as lithium ore. A collection of these domes appear to run across the property described in this LI, and the property has outcropping pegmatites on the surface.
The non-binding letter of intent sets out the terms and conditions that will form the basis of the option agreement whereby Canada Silver Cobalt Works Inc. (the “Company”) may acquire up to a 100% interest in certain claims mines located at Case Canton, District of Cochrane, Ontario (the “Property”).
The Company and the Optioner will enter into the Option Agreement whereby the Optioner will grant the Company the right to acquire a 100% undivided interest in and for the Property as follows:
(a) Cash payment of $5,000 and issuance of 50,000 shares of the Company to be paid to the Optionor, upon approval by the TSX Venture Exchange (“Exchange”) at the definitive agreement;
(b) The Company incurs exploration expenditures on the property in the amount of $10,000 no later than the first anniversary of the definitive agreement, in order to acquire a 50% undivided interest in the property;
(c) Cash payment of $10,000 and issuance of 100,000 shares of the Company to the Optionor by the first anniversary of the date of the Definitive Agreement;
(d) The Company incurs exploration expenditures in the amount of $20,000 no later than the second anniversary of the Definitive Agreement, in order to acquire a 100% undivided interest in the Property; and
(e) Upon exercise of the Option by the Company, the Company grants the Optionor an NSR of 2% on the Property and on the Claims within a zone of influence of 2 kilometers from the center of the optional claim. The center coincides with the northwest corner of cell number 32E04D044, UTM 17U 0574401E, 5436293N. The Company retains a buyback of $500,000 on 1% of the NSR.
The technical information contained in this press release has been approved and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President and Chief Operating Officer of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101. .
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a significant high-grade silver vein system at Castle East, located 1.5 km from its former 100% owned Castle mine near Gowganda, in the prolific, class-leading mining district Northern Ontario Cobalt Silver World. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an updated resource estimate in progress.
In May 2020, based on a small initial drilling program, the Company released the region’s first 43-101 resource estimate which contained a total of 7.56 million ounces of silver in inferred resources. , comprising ultra high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/tonne) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson zone, commencing at a vertical depth of about 400 meters. Note that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Please refer to the Canada Silver Cobalt Works press release dated May 28, 2020 for the resource estimate. 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.
The Company also owns: (1) 14 battery metal properties in northern Quebec where it recently completed a drilling program of nearly 15,000 meters on the Graal property; and (2) the prospective 1,000 hectare Eby-Otto gold property near Agnico Eagle’s high-grade Macassa mine near Kirkland Lake, Ontario, where it is exploring.
Canada Silver Cobalt’s flagship Castle silver-cobalt mine and the 78 km2 Castle property have strong exploration potential for silver, cobalt, nickel, gold and copper. With underground access to the wholly-owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce gravity-rich cobalt concentrates, 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 sulfate as well as nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a leader in Canadian leader in silver-cobalt. More information at www.canadasilvercobaltworks.com
“Frank J. Basa”
Frank J. Basa, P.Eng.
Chief executive officer
For more information, contact:
Frank J. Basa, P.Eng.
Chief executive officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services 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 press release may contain forward-looking statements that include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical fact, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mining title, availability of funds and the like are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may differ materially from such statements. General trading conditions are factors that could cause actual results to differ materially from the forward-looking statements. A detailed analysis of the risk factors faced by Canada Silver Cobalt is available in the Company’s Annual Information Form dated July 19, 2021 for the year ended December 31, 2020 available under the Company’s profile on SEDAR at www.sedar.com .
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