News - results
Canada Silver drills 0.42 m of 30,416 g/t Ag at Castle
2021-08-09 10:24 ET - News Release
Mr. Frank Basa reports
CANADA SILVER COBALT INTERSECTS 30,416 G/T SILVER OVER 0.42M WITH 425 G/T GOLD EQUIVALENT IN NEW VEIN AT CASTLE EAST
Canada Silver Cobalt Works Inc. has drilled a continued expansion at Castle East with three new, high-grade intersections with silver grades of 30,416.91 grams per tonne over 0.42 metre, 7,328.47 g/t over 0.38 m and 1,883.21 g/t over 0.42 m, and with gold equivalent (AuEq) grades of 425.94 g/t, 102.62 g/t and 26.37 g/t AuEq respectively.
Drilling highlights
- Hole CS-21-61 with an exceptional intercept grading 30,416.91 g/t silver (887.31 ounce per ton Ag) over 0.42 m at a downhole depth of 449.55 to 449.97 m with a gold equivalent grade of 425.94 g/t Au (12.42 oz/ton Au). This incredibly mineralized vein is located 35 m south from the Robinson zone discovery hole CA-11-08, and 60 m west of Big Silver discovery hole CS-20-39. The company currently believes this intercept belongs to a brand new vein structure, independent from both the Robinson zone and the Big Silver vein.
- The first intercept in hole CS-21-65 contains 7,328.47 g/t silver (213.77 oz/ton Ag) over 0.38 m at a downhole depth of 254.03 to 254.41 m with a gold equivalent grade of 102.62 g/t Au (2.99 oz/ton Au). This intercept is located 230 m below the surface, 70 m to the south and 220 m above the Robinson zone. To date, this is the closest high-grade intercept to surface and is located within Archean lithologies.
- The second intercept in hole CS-21-65 contains 1,883.21 g/t silver (54.93 oz/ton Ag) over 0.42 m at a downhole depth of 421 to 421.42 m with a gold equivalent grade of 26.37 g/t Au (0.77 oz/ton Au).
"These three intercepts provide us with two newly discovered, high-grade vein systems. We continue to have excellent results from the 60,000 m drill program at Castle East, with 40,000 m completed to date. There is now a total of eight distinct high-grade veins to be included in the Q1 2022 resource update. The initial estimate in May, 2020, for Castle East (see below) was based solely on the Robinson zone vein system but recent drilling has discovered an even higher-grade vein (Big Silver grading 89,853 g/t Ag over 0.30 m) in addition to six other new vein structures, and our exploration program has expanded the overall area to be included in the resource estimate," said Matt Halliday, PGeo, president and chief operating officer.
The geological implications of these veins are threefold: First, the addition of another exceptionally high-grade vein in CS-21-61 puts the company that much closer to significant expansion of the resource at Castle East. Second, the high-grade silver vein in CS-21-65 (that is 230 m below the surface) confirms the existence of much shallower silver mineralization at Castle East. Third, it greatly expands the potential for silver mineralization to occur across the entire property because it occurs within the Archean lithologies. Most of the high-grade or notable veins are located within the younger Nipissing diabase sill, which is intruding into the older Archean rocks. This means that it is possible for further silver mineralization to occur in the same Archean lithologies both above and below the Nipissing diabase, similarly to the vein found in CS-21-65 that is located above the intrusion. As a further proof of concept, both the Beaver mine and Temiskaming mine had significant production both above and below the Nipissing diabase intrusion. This ultimately expands the potential horizon within the property and is very encouraging for future exploration.
Continuing drilling in the Castle East area is geared toward identifying new veins to enable significant expansion to the existing resource panels outlined in the company's maiden resource estimate reported in a news release May 28, 2020. The resource estimate identified zones 1A and 1B of the Robinson zone with an average silver grade of 8,582 g/t (250 oz/ton) in a combined 27,400 tonnes of material for a total of 7.56 million inferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability).
Location
The Castle property is 15 kilometres east of Aris Gold Corp.'s Juby gold deposit, 30 km due south of Alamos Gold's Young-Davidson mine, 75 km southwest of Kirkland Lake Gold's Macassa complex and 100 km southeast of new gold discoveries in the Timmins West area.
Qualified person
The technical information in this news release was prepared under the supervision of Mr. Halliday, PGeo (APGO), vice-president of exploration of Canada Silver Cobalt Works, a qualified person in accordance with National Instrument 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100-per-cent-owned, past-producing Castle mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. This discovery has the highest silver resource grade in the world, with recent drill intercepts of up to 89,853 grams/tonne silver (2,621 oz/ton Ag). A drill program is under way to expand the size of the deposit with an update to the resource estimate scheduled for Q1 2022.
In May, 2020, based on a small initial drill program, the company published the region's first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in inferred resources, comprising very high-grade silver (8,582 grams per tonne uncut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson zone, beginning at a vertical depth of approximately 400 metres.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78-square-kilometre Castle property feature strong exploration upside for silver, cobalt, nickel, gold and copper. With underground access at the fully owned Castle mine, an exceptional high-grade silver discovery at Castle East, 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 known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.