‘Significant breakthroughs’ in recent drilling as Canada Silver Cobalt Works expands Robinson Zone by 500%
In mining there is nothing more exciting than striking high grades. In the case of Canada Silver Cobalt Works Inc. (TSXV: CCW | OTCQB: CCWOF) (‘Canada Silver Cobalt’), they have recently managed to continue to drill very high grade silver at their Castle Property in the past-producing Gowganda Silver District of Northern Ontario, Canada.
On September 30, 2020 Canada Silver Cobalt announced that recent drilling had achieved some significant breakthroughs:
- Expansion of the Robinson Zone mineralization by 500%;
- Identification of 4 new mineralized veins in the first 9,000 of a 50,000 metre 2020 drill program at the Robinson Zone. This included another high grade silver result of 3,452 g/t silver over 0.4 metres.
Canada Silver Cobalt VP-Exploration, Matt Halliday, P.Geo., commented:
“We are excited about the drill program; we initiated a large-scale drill program and we are realizing the results. We have moved from a single vein at the Robinson to at least 4 mineralized veins, greatly expanding the potential for new high-grade panels. We have expanded the traditional mineralized horizon. It has been noted in literature that the upper third to upper half of the diabase sill is the mineralized horizon – it is now our belief that the entire diabase sill has the potential to be mineralized.”
In addition to the current 50,000m drill program to grow the resource, Canada Silver Cobalt is, at the same time, advancing the permitting process for an underground ramp construction in 2021 for the Robinson Zone.
The Company recently said that the ramp project was progressing well with project advancement in environmental studies, site development, community engagement, and First Nations consultations. Initially the ramp construction will act to provide underground exploration platforms to greatly enhance new discovery opportunities targeting high-grade silver at the Robinzon Zone.
Castle Mine and Property
7.56 million ounce silver Maiden Resource at 8,582 g/t Au
Canada Silver Cobalt’s flagship is their 100% owned 78 sq. km Castle Mine and Property which features strong exploration upside for silver, cobalt, nickel, gold and copper. In May 2020 Canada Silver Cobalt announced a maiden resource with ‘phenomenal’ grades. The result was: Zones 1A and 1B have an average silver grade of 8,582 g/t (250.2 oz/ton) in a combined 27,400 tonnes of material for a total of 7,560,200 Inferred ounces of contained silver using a cut-off grade of 258 g/t AgEq. After adding in the lower grade Zone 2A the total is 7,567,000 inferred ounces of contained silver.
Location map showing Canada Silver Cobalt’s projects
Canada Silver Cobalt continues to make steady progress. The Company already has a very high grade 7.5 million ounce Maiden Inferred Resource, several valuable by-products, huge exploration upside, a plan in place to build an underground access ramp at Robinson Zone, a pilot plant to produce cobalt-rich gravity concentrates on site, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process (Re-2OX) for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations.
All this for a market cap of just C$60m means investors should have plenty to look forward to over the coming years assuming Canada Silver Cobalt continues to progress well.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>