Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Canada Silver Cobalt Works Inc.    CCW   CA1348521024

CANADA SILVER COBALT WORKS INC.

(CCW)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Canada Silver Cobalt Works : Enters into Option to Acquire a High-Grade Nickel Copper Discovery

10/30/2020 | 11:19am EST

COQUITLAM, BC, Oct. 30, 2020 /CNW/ - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce that it has entered into an option agreement with MagNor Resources (MagNor) dated October 26 , 2020 (the "Agreement") whereby Canada Silver Cobalt may earn an undivided 100% Interest, subject to a 2% NSR, in the MagNor's B2 property in Quebec, Canada.  The property has 12 claims totaling 670 hectares (6.7km2). The Agreement is subject to TSX Venture Exchange ("Exchange") acceptance.

Highlights of Property

The NNW-SSE mineralized zone is traceable along strike over 1 kilometer and is open in all directions.

A stripped zone exposed a length of 35m of massive sulphides 8-10m wide.

  • A total of 6 grab samples were sent to ALS Laboratory in Val-d'Or for analysis of a package of multi-elements. Assay results returned massive Ni-Cu-Co mineralization (see Figure):
    • 1.05 % Ni, 0.13 % Cu, 0.10 % Co
    • 0.96 % Ni, 0.10 % Cu, 0.09 % Co
    • 0.69 % Ni, 0.62 % Cu, 0.19 % Co
  • for the epithermal veinlets associated with quartz injections:
    • 9.28 % Cu, 18.2 g/t Ag, 0.34 g/t Au
    • 2.97 % Cu, 5.7 g/t Ag, 0.29 g/t Au, 0.10 % Ni
  • Anomalous values in Ti (1.1 %), P (0.45 %) and Mn (0.12 %) in mylonitic ferro-gabbro with 0.14% Cu associated with mineralization in pyrrhotite, pyrite and chalcopyrite stringers (5-10 %)

The B2 Ni Cu property contains new showings for Ni-Cu-Co that were discovered in August 2019 by Alain Berclaz & Frederic Bergeron. It is located in NTS 22E11 of the Saguenay Lac-St-Jean region of Quebec. The property is easily accessed by well-maintained logging roads and forest trails from the KM92 of the Passes Road (R250 & R251).

"With the increasing demand of lithium ion batteries for electric vehicles (EV), optioning this property fits well within the company's battery metal development program" said Frank J. Basa, P.Eng CEO. "With high-grade near-surface mineralization, the company has mobilized a geological team to the site to plan an exploration program."

Mineralization on the property is of three types

  1. Magmatic Ni-Cu-Co associated with anorthosite consisting of massive sulphides up to 5m wide, composed of 65-90% coarse-grained pyrrhotite (-pentlandite), pyrite, chalcopyrite and 10-30% host rock fragments.
  2. Magmatic Fe(-Ti-P-V) associated with anorthosite, leuco-gabbro, gabbronorite, norite and pyroxenite consisting of up to 5m-thick layers, lenses and veins of massive oxides (mainly magnetite).
  3. Epithermal Cu-Ag-Au associated with late pegmatitic quartz veins and monzogranite consisting of up to 1m-thick, semi-massive, brecciated stockwork, veinlets, and stringers of pyrite, chalcopyrite and bornite.

Terms of the Agreement

Pursuant to the terms of the Agreement, the Company may exercise the option with MagNor as follows:

  • On Closing, making a payment of $62,500(1);
  • 24 months from Closing, making a payment of $62,500(1);
  • 36 months from Closing, making a payment of $62,500(1); and
  • 36 months from Closing, incurring an aggregate of $100,000 in Exploration Expenditures on the Ni Cu property;

(1)

Payment can be made in cash or through the issuance of Canada Silver Cobalt shares at a price per common share equal to the volume weighted average trading price of the Company's shares on the Exchange for the ten (10) trading days immediately preceding the Closing Date, at the option of the Company.

All securities issued in connection with this transaction will be subject to a four month and a day hold period in accordance with applicable securities laws.

Massive sulfides composed of 65-90 % coarse-grained pyrrhotite (pentlendite), pyrite, chalcopyrite and 10-35% host-rock fragments in anorthosite and ferrogabbro (a, b, c)

Semi-massive brecciated stockwerk, veinlets, stringers with chalcopyrite and bornite in pegmatitic quartz veins (d, e) (CNW Group/Canada Silver Cobalt Works Inc.)

Qualified Person

The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. member of Québec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.

About Canada Silver Cobalt Works Inc. www.canadasilvercobaltworks.com

Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater Cobalt Camp in May 2020. 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 Robinson Zone beginning at a vertical depth of approximately 400 meters was calculated. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020). Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle Property feature strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past-producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, 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 (NMC) formulations, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space.

"Frank J. Basa" Frank J. Basa, P. Eng.
Chief Executive Officer

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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. 

SOURCE Canada Silver Cobalt Works Inc.

© Canada Newswire, source Canada Newswire English

All news about CANADA SILVER COBALT WORKS INC.
01/15CANADA SILVER COBALT WORKS : Retains SGS for Re-2OX Pilot Plant for Battery Meta..
AQ
2020CANADA SILVER COBALT WORKS : Hits new high-grade silver vein, fifth new high-gra..
AQ
2020CANADA SILVER COBALT WORKS : HITS NEW HIGH-GRADE SILVER VEIN – FIFTH NEW H..
PU
2020Canada Silver Cobalt Works Up 20% as Exploration Drilling Encounters New High..
MT
2020CANADA SILVER COBALT WORKS : Hits New High-Grade Silver Vein - Fifth New High-Gr..
AQ
2020CANADA SILVER COBALT WORKS : High-grade visible gold at 25 grams per tonne inter..
AQ
2020Canada Silver Cobalt Works Says Castle Drilling Taps High-Grade Gold Minerali..
MT
2020CANADA SILVER COBALT WORKS : High-Grade Visible Gold at 25 Grams Per Tonne Inter..
AQ
2020Canada Silver Cobalt Closes $4.9 Million Flow-Through Private Placement
MT
2020CANADA SILVER COBALT WORKS : $4.9m flow-through private placement
PU
More news
Financials
Sales 2019 - - -
Net income 2019 -4,92 M -3,87 M -3,87 M
Net cash 2019 0,69 M 0,54 M 0,54 M
P/E ratio 2019 -10,3x
Yield 2019 -
Capitalization 59,9 M 47,4 M 47,1 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 97,9%
Chart CANADA SILVER COBALT WORKS INC.
Duration : Period :
Canada Silver Cobalt Works Inc. Technical Analysis Chart | CCW | CA1348521024 | MarketScreener
Income Statement Evolution
Managers and Directors
NameTitle
Frank J. Basa Chief Executive Officer & Director
Matt Halliday President, Chief Operating Officer & Director
Thomas P. Devlin Chief Financial Officer
Dianne Tookenay Director
Jacques F. Monette Independent Director
Sector and Competitors