COQUITLAM, BC, Feb. 16, 2021 /CNW/ - Canada Silver Cobalt
Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to announce the acquisition of 39,200
hectares of EV properties in Quebec and Ontario. It is Canada Silver
Cobalt's intention to transfer the properties, in exchange for
shares, to another public company to be identified by the Company,
in order to capitalize on the current EV market, and to distribute
the shares by way of dividend to Canada Silver Cobalt's
shareholders.
These properties have a strong potential to host a variety of
base metals including nickel, copper and cobalt. This strategic
move is for structural organization purposes to add to our current
cobalt mineralization discoveries in the Cobalt Camp and as an
expedient approach to the increasing demand for EV battery input
materials. Canada Silver Cobalt's main focus will remain on
its High-Grade silver discovery at the Robinson Zone with drill
core silver grades of 89,000 grams per tonne (January 29, 2021 CCW Press release).
Quebec Properties:
|
Property
Name
|
Hectares
|
Target
|
1
|
Fuchsia Ni
Showing
|
4013
|
Nickel showing,
magnetic anomaly by Road389 to
Manic
|
2
|
Nourricier -
Graal
|
1778
|
Bouguer gravity
target
|
3
|
Forgues Ni East
Crater Showing
|
1391 (CD
2780)
|
Nickel showing,
Bouguer gravity target, East Crater,
Manic
|
4
|
Lowney Lac Edouard
south
|
3200 (CD
6692)
|
Bouguer gravity
target
|
5
|
LPM-LPMN Ni
Showing
|
388
|
Nickel Bouguer
gravity target
|
6
|
Boudrias
Showing
|
942
|
Nickel showing,
magnetic anomaly by Road389 to
Manic
|
7
|
B30 Shear
|
721
|
Nickel showing,
magnetic anomaly by Road389 to
Manic
|
8
|
Zec aux
Rats
|
1180
|
Showing, magnetic
anomaly
|
9
|
NW B15
Showing
|
668
|
Bouguer gravity
target near showing
|
10
|
Saint-Stanislas Ni
Showing
|
395
|
Nickel showing,
magnetic anomaly
|
14
|
Dyke Horizon Cu
Showing
|
1505
|
Copper showing,
Chibougamau
|
13
|
Grand
Portage
|
2196
|
Nickel showing,
magnetic anomaly
|
11
|
32B04/32C01
|
2298
|
Bouguer gravity
target
|
12
|
Magpie
West
|
700
|
Bouguer gravity
target
|
15
|
B2 Discovery -
option
|
8450
|
Copper, Nickel
Discovery
|
|
|
34,706
ha
|
|
Ontario Property:
|
Property
Name
|
Hectares
|
Target
|
1
|
Henry Lake
|
4468
|
Bouguer gravity
target east of Sudbury Basin nickel
deposits
|
|
|
4,468
ha
|
|
These properties have been acquired and/or staked. All the
properties have surface showings that have been sampled or have
massive gravity anomalies. The Lowney Lac Edouard South
property in Quebec is adjacent to
Rio Tinto Mines property. The Ontario properties are within 25 kilometers of
the Sudbury basin where Glencore
and Vale have multiple mines and smelters which have been in
operation for over 100 years to recover nickel, copper and cobalt
metals. The Company will continue to search for additional
assets and property acquisitions in the vast areas of Northern Quebec and near the Sudbury nickel basin, so-called because of the
massive deposits previously, and recently, discovered in these
regions, one of the best areas in the world for nickel, copper, and
cobalt discoveries.
With the race for the discovery of large new deposits of key
metals from safe jurisdictions accelerating, prices are reacting
with the price of some EV metals such as nickel, copper and cobalt,
having been dormant for some time, already moving up over 30% in
2021. North American governments at all levels are becoming
increasingly involved, supporting companies seeking to supply input
metals for EV batteries as the push for a green economy continues
unabated. Major geo-political forces have recently done a 180
and are now going all-in on green initiatives and related
technologies. What we are seeing today is consistent with
previous announcements like the joint American-Canadian Federal
Governments' press release from just over one year ago. On
January 9, 2020, the American and
Canadian governments announced the finalization of a joint action
plan on critical metals which stated, "This Action Plan will
promote joint initiatives, including research and development
cooperation, supply chain modelling and increased support for
industry."
CEO Frank J. Basa P.Eng. notes,
"Timing has never been better, which is why we are moving ahead
with these acquisitions that will facilitate strategic positioning
for the Company to take full advantage of rapidly evolving market
conditions for EV battery base metal inputs. The idea is to
best position the Company to take full advantage of synergies,
government policy and financial supports as the urgent search for
massive deposits of metals needed to fulfill stated green
objectives accelerates."
Canada Silver Cobalt cannot give any assurances regarding a
potential transfer of the Quebec
and Ontario properties to another
public company in exchange for shares, the terms and conditions of
any such transfer, the distribution of such shares to the Company's
shareholders by way of dividend, whether TSX Venture Exchange or
other stock exchange or regulatory approval will be obtained for
such transfer or distribution, to the extent required, or the
timing of any of the foregoing.
About Canada Silver Cobalt Works Inc.
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. 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. 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.
Canada Silver Cobalt's flagship Castle mine and 78 sq. km Castle
Property features 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.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements,
including but not limited to comments regarding the transfer of the
properties described herein to another public company in exchange
for shares, the distribution of the shares to the Company's
shareholders by way of dividend, 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.
Except as may be required by Canadian securities laws, the Company
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to have been correct. Accordingly, shareholders, investors
and others are cautioned that undue reliance should not be placed
on any forward-looking statements.
SOURCE Canada Silver Cobalt Works Inc.