- The cobalt assays associated with high-grade silver support Canada Silver Cobalt’s goal of becoming a major producer of silver with significant cobalt by-product
- With additional results returned from backlogged assay labs, it is now able to provide select cobalt intercepts along with previously announced silver results for the Big Silver, 17M, and 50 West zones
- There is also the 50 West vein which is another separate structure located 650m west of the Robinson Zone discovery hole CA-11-08
- Cobalt demand has increased in recent years due to its use in batteries for the expanding electric vehicle sector
- Canada Silver Cobalt Works Inc. (CCW) is up 4.76 per cent and is trading at C$0.33 at 1:10 pm PT
Canada Silver Cobalt Works Inc. (CCW) is pleased to announce major high-grade cobalt assays from its Castle East discovery.
The company has completed 42,000 meters of a 60,000-meter drill program aimed at increasing its 43-101 resource estimate.
With additional results returned from backlogged assay labs, it is now able to provide select cobalt intercepts along with previously announced silver results for the Big Silver, 17M, and 50 West zones with grades ranging up to 2.22 per cent cobalt and 89,853 grams/tonne silver (2,621 oz/ton Ag).
These reported zones are separate from the Robinson Zone which was the basis of the existing May 2020 resource estimate.
The Big Silver and 17M Zones are two different structures believed to be subparallel and are north to north-east trending with the Big Silver discovery hole CS-20-39 intercept located 60m south-east from the Robinson Zone discovery hole CA-11-08.
There is also the 50 West vein which is another separate structure located 650m west of the Robinson Zone discovery hole CA-11-08.
“With the recent drilling, we have been seeing spectacular silver hits, notably as much as 89,853 g/t silver (almost 9 per cent silver). However, this drill program has been very fruitful on the cobalt side as well,” said Matt Halliday, P.Geo., President, and COO.
“We believe that cobalt will remain a critical mineral in the future because of its role in creating high-range EV batteries, and we are in the process of ramping up our activities to capitalize on cobalt and our proprietary Re-2Ox extraction process in the coming years,” added Halliday.
Cobalt demand has increased in recent years due to its use in batteries for the expanding electric vehicle sector.
Research firm Roskill in a recent report forecast cobalt demand to grow at a compound annual growth rate (CAGR) of 7 per cent in the period to 2030 – underpinned by the uptake of EVs globally and healthy medium-term demand from portable electronics amid the roll-out of 5G technology.
Ongoing drilling in the Castle East area is geared toward identifying new veins to enable a significant expansion to the existing resource. The program has been very successful as drilling has discovered a total of seven new high-grade silver vein systems including Big Silver, which is even higher-grade than the original discovery Robinson Zone.
These seven new vein systems, along with any new ones discovered during the remaining 18 thousand meters of the drill program, will help expand the resource estimate that is scheduled for Q1 2022.
Canada Silver Cobalt Works Inc. 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.
Canada Silver Cobalt Works Inc. (CCW) is up 4.76 per cent and is trading at C$0.33 at 1:10 pm PT.
