Canada Cobalt shares jump nearly 12% after hitting high grades at Castle mine
Canada Cobalt Works (TSXV: CCW) (OTC: CCWOF) announced today that underground drilling on the first level of the northern Ontario Castle mine, specifically targeting cobalt for the first time at this historic silver producer, has returned high-grade cobalt, nickel and silver grades.
"These cobalt grades are very high in a global context and demonstrate the unique opportunity at the Castle mine, from which we have already created battery grade cobalt sulphate"
- 2.8% cobalt, 261 g/t silver and 1.65% nickel over 7.00 meters in hole CA18-001
- 1.87% cobalt, 4,763 g/t silver, 1.29% nickel and 1.19 g/t gold over 2.54 m in CA18-002
- 3.16% cobalt and 10,741g/t silver (345 ounces per tonne) over 0.60 meter in hole CA18-003
The first three holes targeted a vein structure near the adit entrance to follow the vein from a series of inclinations from approximately the same drill set-up through the Nipissing Diabase toward the second level in order to test grade potential.
"These cobalt grades are very high in a global context and demonstrate the unique opportunity at the Castle mine, from which we have already created battery grade cobalt sulphate through our proprietary Re-2OX process for evaluation by clients in Asia and Europe,” Frank Basa, Canada Cobalt President and CEO said in a statement.
"The purpose of this initial and continuing underground drill program is to confirm that the Castle vein structures do contain impressive cobalt values. Previous operators focused exclusively on mining high-grade silver through the 11 levels, ignoring cobalt and other metals such as nickel and gold,” Basa added.
By market close on Friday, the Coquitlam, Canada-based miner’s stock had jumped 11.67%, for a market value of CAD$49.2 million.