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Canada Silver Cobalt Works releases new drill results from Castle project in Ontario

Mineralization exhibiting cobalt bloom from the first level of the Castle cobalt-silver mine in Northern Ontario. (Image: Canada Cobalt Works)

Canada Silver Cobalt Works (TSXV:CCW; US-OTC:CCWOF) has announced drill results from the 61 zone at its Castle East project, located 80 km away from the Temiskaming Shores in Ontario, near the town of Gowganda.  

The 61 zone’s drill highlights included 0.50 metres grading 2571.53 grams silver per tonne and 0.01% cobalt (32.69 gram gold-equivalent per tonne) starting from 453 metres in drill hole CS-21-77W1 and 0.55 metres grading 1951.82 silver per tonne and 0.10% cobalt (24.81 grams gold-equivalent per tonne) starting from 493.16 metres downhole in drill hole CS-21-77.   

“These intercepts are incredible, and we are continuing to expand on all our major mineralized zones,” Matt Halliday, the company’s CEO said in a press release. “We can’t wait to deliver more news on Big Silver, the 17m zone and zone 50 as we are getting results in and compiled.”  

The project is located 15 km east of Aris Gold’s (TSX: ARIS; US-OTC: ALLXF) Juby Gold deposit, 30 km south of Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson mine and 75 km southwest of Kirkland Lake Gold’s (TSX: KL; NYSE: KL; ASX: KLA) Macassa Complex. 

The 78 sq. km Castle project area includes the past-producing Castle mine, which operated at various times between 1917 and 1989, and produced a total of about 8.41 million oz. of silver and 376,053 lb. cobalt, the company says. Infrastructure at the site includes underground access at the Castle mine and a pilot plant to produce cobalt-rich gravity concentrates. 

The company says the project offers “ strong exploration upside for silver, cobalt, nickel, gold, and copper.”  

An updated resource for the project will be released later this year, the company says, and will include  “several of the new high-grade silver veins” discovered since the last resource estimate published in May 2020.  

According to the 2020 resource statement, the project has inferred resources of 32,900 tonnes grading 7,149 grams silver per tonne, 2,537 grams cobalt per tonne, 628 grams copper per tonne, 467 grams nickel per tonne, 41 grams lead per tonne, 52 grams zinc per tonne for 7.56 million oz. of silver. The resource estimate, which covered zones 1A, 1B and 2A, used a cut-off grade of 258 grams silver-equivalent per tonne.  

Highlights from drilling at Castle East released in August last year included 1.40 metres grading 10,239.60 grams silver per tonne (143.39 grams of gold-equivalent per tonne) starting from 449 metres in drill hole CS-21-61 and 0.38 metres grading 7,328.47 silver per tonne (102.62 gram gold-equivalent per tonne) starting from 254.03 metres in drill hole CS-21-65. 

At presstime, Canada Silver was trading at C17.5¢ per share within a 52-week trading range of C15.5¢ and C77¢.  The company has about 163 million common shares outstanding for a market cap of about C$27.7 million. 

(This article first appeared in The Northern Miner)