The survey is an important step in collecting robust data about this underexplored lithium prospect where we intend to follow up with field work this summer.
Coquitlam, July 10, 2023 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt"), which is developing several precious metal and battery metals properties in Ontario and Quebec, is pleased to announce the expansion of its airborne geophysical survey program to also include the St. Denis and Sangster Lithium Project located in the Cochrane District in northern Ontario.
The Company completed a helicopter Multi-Parameter Airborne Survey System (M-PASS) at the silver-cobalt Castle Property in the week of June 25, 2023 (see news release June 28, 2023) and then proceeded to also complete the survey at the prospective lithium Sangster Block. The St. Denis Block is on hold for now due to forest fires and will be flown as soon as it is safe to return to the site.
"We're excited to have the airborne survey completed at Castle and Sangster since it will provide important geophysical data that we need for the ALS GoldSpot's AI and machine learning drill targeting aimed at unlocking the extensive mineralization potential of these properties," stated Matt Halliday, P.Geo., President and COO. "We're also looking forward to completing the airborne survey at St. Denis as soon as conditions allow. The pegmatite-rich properties are in a region that has typically been underexplored and represent attractive greenfield projects with significant lithium-cesium-tantalum (LCT) exploration potential."
St. Denis and Sangster Lithium Project
"Since we acquired the property earlier this year, we have been compiling as much data as possible from various sources for the St. Denis and Sangster blocks. The M-PASS survey will give us valuable new data to use for our planned field season this summer and to begin using machine-learning targeting techniques to hone in on potential areas for pegmatites that contain significant LCT mineralogy," said Mr. Halliday.
"This is a really exciting area. Our neighbours have had some great success (see below), and we think we have an excellent land package and are keen to deliver the same results. We're particularly interested in examining the Sangster Block area containing multiple pegmatites mapped by Noranda in 1995 that includes a 130m wide by 1 km long zone interpreted by Noranda as pegmatite."
The 26,373-hectare St. Denis and Sangster project (including 24,036 hectares in the St-Denis Block and 2,337 hectares in the Sangster Block) is one of the largest land holdings in the emerging Case Lake LCT pegmatite district of Northeastern Ontario. The property is strategically positioned over an ideal geological environment for pegmatite mineralization, as demonstrated by a number of observations of pegmatite in outcrop and drill core in the historic assessment work files and government mapping. The project is supported by year-round ease of access, proximity to services and suppliers in the mining communities of Timmins and Cochrane, and location along strike to a known LCT (lithium-cesium-tantalum) pegmatite occurrence (Case Lake LCT pegmatite swarm).
The St. Denis Block is adjacent to, and the Sangster Block is located 62 kilometers northwest of, the Case Lake lithium-cesium pegmatite swarm (claims currently held by Power Metals Corp., "Power Metals"). Power Metals has identified significant lithium and cesium grades in spodumene and pollucite rich pegmatites at the West Joe Dyke and Main Dyke areas, including 1.58 % Li2O (lithium oxide) over 15.0 m in drill hole PWM-22-134 (see Power Metals Corp News Release September 8, 2022) and 6.74% Cs2O over 5.0 m, 11.0 to 16.0 m in drill hole PWM-18-126.
Canada Silver Cobalt's Sangster Block covers a similar geological environment to that of Power Metals' Case Lake lithium-cesium property, and the St-Denis Main block covers ground west along strike of the Case Lake property.
Canada Silver Cobalt remains dedicated to pushing the boundaries of exploration and unlocking the full value of its mineral assets. The Company looks forward to the upcoming ground exploration activities in the St. Denis and Sangster blocks, which hold great promise for further discoveries.
For more information and maps, see Canada Silver Cobalt news release April 20, 2023.
Update on the Castle Project
The M-PASS airborne survey, developed in collaboration with ALS GoldSpot Discoveries Ltd. ("ALS GoldSpot"), represents a significant advancement in the Company's exploration process aimed at identifying new high-grade silver-cobalt vein structures. By integrating state-of-the-art AI and machine-learning techniques, the survey provides valuable data to optimize drill targeting at the Castle property, complementing the already impressive high-grade silver-cobalt vein discoveries made thus far.
Mr. Halliday stated, "This is an important step for the Company as it will provide the additional data we need for high-quality AI and machine-learning drill targeting at the Castle property. The Castle property holds a wealth of historical drilling, geophysics, and geochemistry data, and the M-PASS survey will help unlock the underexplored potential of the area, prioritizing drilling activities and uncovering new high-grade structures."
The airborne survey, conducted during the week of June 25th, covered a total area of 32.8 square kilometers around the Castle Mine, encompassing Canada Silver Cobalt's southern property in the Miller Lake Basin. Leveraging cutting-edge technology developed by ALS GoldSpot, including a triaxial magnetic gradient magnetic/VLF platform, a 2048 channel radiometric sensor, high-precision LiDAR sensor, and high-resolution cameras, the M-PASS platform optimizes exploration workflows by employing computational methods like multivariate analysis and machine learning. This integration of advanced technologies minimizes risks associated with exploration targeting and enhances the efficiency and effectiveness of resource identification.
By combining the advanced AI and machine-learning techniques of the M-PASS survey with on-the-ground exploration efforts, Canada Silver Cobalt aims to maximize the efficiency and effectiveness of its exploration program. The Company is dedicated to uncovering new discoveries and expanding its resource base while maintaining a strong commitment to sustainable and responsible mining practices.
Qualified person
The technical information in this news release was approved 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.
About ALS GoldSpot Discoveries Ltd.
ALS GoldSpot Discoveries Ltd. is a Canada-based group of expert geoscientists and data scientists who specialize in leveraging computational methods, including multivariate analysis and machine learning, to provide innovative solutions to the mining and exploration industry. ALS GoldSpot's proprietary technology and domain expertise enable their clients to navigate complex geological challenges effectively.
In today's data-rich mining and exploration landscape, the true value of data lies in its effective integration into decision-making processes. ALS GoldSpot's team of full-spectrum geoscientists and data scientists possess unrivaled expertise in mineral exploration and mining, combining proprietary technology with their in-depth knowledge. They provide end-to-end services to clients and partners, addressing big data challenges by integrating underutilized data to gain deeper insights into resource property potential.
As a collective of domain experts in geoscience and data science, ALS GoldSpot leverages proprietary artificial intelligence (AI) and machine learning (ML) algorithms to deliver customized solutions to mining and exploration clients. Their unique processes are specifically designed to enhance exploration, extraction, and processing of mineral resources.
Machine learning plays a pivotal role in mineral exploration and mining, as it enables the creation of analytical models that yield consistent, repeatable, and objective results, empowering informed decision-making. Moreover, ML algorithms have the potential to uncover unconventional or "hidden" insights, extracting patterns, relationships, and trends from vast amounts of data. The upcoming geophysical program at the Castle site will provide the essential data required for high-quality machine learning analysis.
By collaborating with ALS GoldSpot and deploying the advanced M-PASS technology, Canadian Silver Cobalt demonstrates its commitment to employing state-of-the-art methodologies for efficient and data-driven exploration. The joint efforts of the Canada Silver Cobalt and ALS GoldSpot promise to unlock new possibilities and drive significant advancements in the mineral exploration and mining sector.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
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 un-cut 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 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 16,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle's high-grade Macassa Mine near Kirkland Lake, Ontario where it is exploring. (3) lithium property - 230 square kilometers of greenfield exploration ground focussed along a significant volcanic sedimentary rock - Archean granite contact near Cochrane, Ontario contiguous to Power Metals' Case Lake Lithium properties.
Canada Silver Cobalt's flagship silver-cobalt Castle mine and 78 sq. km 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, 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 (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
"Frank J. Basa"
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. A detailed discussion of the risk factors encountered by Canada Silver Cobalt is available in the Company's Annual Information Form dated July 19, 2021 for the fiscal year ended December 31, 2020 available under the Company's profile on SEDAR at www.sedar.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172906
