Through prospecting, stripping and new geophysics, CCW is finding additional targets for unlocking mineralization in addition to the known silver and cobalt at the former high-grade Castle Silver Mine
Coquitlam, BC, July 20, 2023 – Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF)
(Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to provide an update on its
gold prospecting activities in the Miller Lake area at the Castle Mine property. The Company has made
significant discoveries in its surface exploration efforts, and the latest findings with multiple samples
above 1 gram per tonne (g/t) gold and ranging up to 3.2 g/t gold are highly encouraging at surface.
“We are happy we have these grab samples in a timely manner with a 3-day gold assay turn around
from Temiskaming Testing Labs. They are taken systematically over the stripping area and they are
very encouraging. We now want to see what we can find in channel samples so we can model some
widths and we are excited to see the outcrop mapping to incorporate into our geological database at
Castle,” said Matthew Halliday, P.Geo., President and COO.
The discovery of gold at the surface at the past-producing high-grade silver-cobalt Castle Mine is in
addition to previously reported results of gold sampling and drill intercepts at the property (see news
release July 5, 2023) as well as the discovery of new major silver-cobalt vein structures and the
publication of a resource estimate (see details in the About section below).
During the recent stripping process in the Miller Lake area, a section measuring approximately 15
meters by 12 meters at the widest points was examined. The lithology in the area consists of mafic
volcanic massive flow with weak chlorite and albite alteration at the extremities. The main part of
the area exhibits iron, carbonate, and silicification alteration with rusty gossan. Notably, there is
about 1 percent quartz veining present.
Across the outcrop, pyrite mineralization is evident, ranging from 1 percent to 2 percent and locally
reaching up to 5 percent to 7 percent. This pyrite is associated with stronger alteration and provides
additional evidence of mineralization potential.
A total of 22 rock samples were collected from the site, along with 2 QAQC samples. Significant gold
values from the samples are as follows:
Sample Number Grams Per Tonne Gold
FW000387 3.20
FW000388 2.20
FW000389 1.40
FW000376 2.14
FW000377 1.38
FW000391 1.37
FW000392 1.10
FW000394 2.97
FW000395 1.08
It is worth noting that multiple samples have gold values above 1 gram per tonne gold, with one
sample even reaching 3.2 gram per tonne gold.
The next step in the exploration process involves channel sampling, which is scheduled to take place
during the week of July 23rd. This additional data collection will provide a more comprehensive
understanding of the mineralization potential in the area.
Furthermore, there are interesting findings in proximity to the current stripping area. Approximately
50m north of the stripping location, there is an outcrop with quartz veining and associated iron,
carbonate alteration, and pyrite mineralization. This new discovery presents a potential new
stripping target to expand on the known mineralized zone.
Moreover, about 80 meters east of the current location, prospecting efforts revealed similar but less
extensive pyrite mineralization and alteration. Nonetheless, the grab samples from this area
contained anomalous low gold grades ranging from 0.1 to 0.28 grams per tonne gold.
The gold zone’s potential appears to be open in all directions, presenting the possibility of future drill
targets.
Canada Silver Cobalt remains committed to leveraging advanced technology in its exploration efforts.
The recently initiated M-PASS survey, conducted by ALS GoldSpot, is undergoing data processing and
will be integrated with the existing dataset. This survey will facilitate machine learning targeting,
enhancing the identification and targeting of new gold and silver mineralization zones. (See news
release June 28, 2023.)
“We are excited about the progress we have made in our prospecting efforts, which have revealed
promising results and demonstrated substantial mineralization potential in the Miller Lake area,”
said Mr. Halliday. “With the resumption of our stripping program, we look forward to expanding our
operations and further exploring this newfound location. Additionally, the implementation of the MPASS
survey underscores our commitment to leveraging advanced technologies for successful
exploration.”
Canada Silver Cobalt continues to prioritize responsible and sustainable mining practices while
striving for excellence in resource extraction. The Company’s objective is to maximize shareholder
value through the discovery and development of high-grade gold and silver deposits.
The company will keep stakeholders updated on its progress as it moves forward with channel
sampling and other exploration activities. For further information and updates, please visit the
Canada Silver Cobalt website.
Qualified person
The technical information in this news release was approved by and prepared under the supervision
of Mr. Matthew Halliday, P.Geo., (PGO), President and COO of Canada Silver Cobalt Works Inc., a
qualified person in accordance with National Instrument 43-101.
Quality Control and Reporting Protocols
The 2023 assay results are from Temiskaming Testing Laboratories (TTL) in Cobalt, Ontario. The ield
program, quality assurance, quality control (QAQC), and interpretation of results are performed by
qualiied persons employing procedures consistent with NI 43-101 and industry best practices.
Standards and blanks are included with every 20 samples for QAQC purposes for this program in
addition to the lab QAQC.
About Canada Silver Cobalt
