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    CCW   CA1348521024

CANADA SILVER COBALT WORKS INC.

(CCW)
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Canada Silver Cobalt Works Acquires Prospective Gold Property Near Kirkland Lake Gold's Macassa Mine

08/03/2021 | 11:59am EST

Canada Silver Cobalt Works Inc. announced that it has entered into an Option Agreement dated July 28, 2020 to acquire the Eby-Otto Township property (the "Property") from geologist Doug Robinson, P.Eng., and prospector James Reed. Terms of the Acquisition: Claim holders Doug Robinson and James Reed grant the option to Canada Silver Cobalt Works Inc. to acquire, over a period of 5 years, 100% of the Property in return for cash payments totalling $364,000, the issuance of 800,000 common shares of Canada Silver Cobalt Works and incurring a total of $2.4 million in exploration expenditures on the Property. In addition, Reed and Robinson will retain a 3% royalty if Canada Silver Cobalt Works completes the entire option. Canada Silver Cobalt Works will be the operator and will manage all exploration work throughout the term of the option. All shares issued are subject to a 4 month plus one day hold period in accordance with applicable securities laws. Details of the Property: The property that is being acquired by Canada Silver Cobalt Works is in an area that has long held the interest of geologists because of its close proximity to the high-grade underground Macassa Gold Mine, currently operated by Kirkland Lake Gold. The South Mine Complex at Macassa is characterized by structurally controlled zones of finely disseminated pyrite, visible gold and tellurides and consisting of wide, gold-bearing alteration and mineralization haloes. The Macassa Gold Mine, which commenced operations in 1933, has produced more than 5 million oz gold, has benefited from new discoveries within its property over the years, and still has one of the highest reserve grades in the world (21.9 g/t Au, according to the Kirkland Lake Gold website). The greater Kirkland Lake area, situated along the Larder-Lake Cadillac Break has produced over 24 million ounces of gold. Geologists and major exploration companies have been searching for significant gold west of the Macassa Mine for decades. Doug Robinson and partners have based and focussed their exploration efforts on a significant displacement along the Amikougami Creek Fault located west of the Macassa Mine.


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Financials
Sales 2020 - - -
Net income 2020 -11,0 M -8,75 M -8,75 M
Net cash 2020 6,42 M 5,13 M 5,13 M
P/E ratio 2020 -4,89x
Yield 2020 -
Capitalization 32,6 M 26,0 M 26,0 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 98,6%
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Managers and Directors
Frank J. Basa Chief Executive Officer & Director
Matt Halliday President, Chief Operating Officer & Director
Ryan Webster Chief Financial Officer
Jacques F. Monette Independent Director
Dianne Tookenay Director