Canada Cobalt Works doubles size of Castle mine land package
Canada Cobalt Works (TSXV: CCW) announced that it added approximately 4,800 hectares to its Castle mine land package, which means that it more than doubled the total size of the site to some 7,800 hectares.
In a press release, the British Columbia-based miner said that the additional contiguous ground is to the north and northeast and that, of the total, 4,200 hectares were acquired in a deal with a local prospector for $15,000 cash and 200,000 shares of Canada Cobalt, subject to the approval of the TSX Venture Exchange.
The remainder 600 hectares were acquired through staking.
Exploration of the property is subject to a memorandum of understanding with the Matachewan First Nation
The former cobalt and silver producing Castle mine is located 85 kilometres northwest of the historic Cobalt mining camp, Ontario.
According to Canada Cobalt Works, the mine operated at various times between 1917 and 1989 producing a documented total of 9,410,095 ounces of silver and 376,053 pounds of cobalt from the No. 3 shaft with a further unspecified production between 1951 and 1966 coming from both Castle No. 3 and Capitol shafts.
"Apart from the rich and lengthy mining history in the region, the Castle cobalt silver mine property has the potential to host significant cobalt plus high-grade silver," corporate information states. "There is also a strong likelihood future cobalt mining economics will be enhanced by metal credits such as nickel, silver and others."
Exploration of the property is subject to a memorandum of understanding that Canada Cobalt Works signed back in 2011 with the Matachewan First Nation. The agreement provides a framework for an environmentally responsible approach to mining on the First Nation’s traditional territory.