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

CANADA SILVER COBALT WORKS INC.

(CCW)
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Canada Silver Cobalt Works : ENTERS INTO OPTION TO ACQUIRE A HIGH-GRADE NICKEL COPPER DISCOVERY

10/30/2020 | 12:10pm EST

Canada Silver Cobalt Works Inc.

3028 Quadra Court

Coquitlam, B.C., V3B 5X6

CanadaSilverCobaltWorks.com

CANADA SILVER COBALT ENTERS INTO OPTION TO ACQUIRE A HIGH-

GRADE NICKEL COPPER DISCOVERY.

October 30, 2020 - Coquitlam, BC, 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.

Page 2 of 3 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)

(1)

;

24 months from Closing, making a payment of $62,500(1);

36 months from Closing, making a payment of $62,500

; 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.

Qualified Person

Page 3 of 3

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

of silver in Inferred resources, comprising very high-

grade silver (

grams per tonne un-cut or

oz/ton) in 27,400 tonnes of material from two sections

million ounces

(1A and 1B) of the Robinson Zone beginning at a vertical depth of approximately 400 meters was calculated.

8,582

250.2

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-gradecobalt-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

For further information, contact:

Frank J. Basa, P.Eng.

Chief Executive Officer 416-625-2342

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.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Canada Silver Cobalt Works Inc. published this content on 30 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2020 17:09:05 UTC


© Publicnow 2020
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Financials
Sales 2019 - - -
Net income 2019 -4,92 M -3,78 M -3,78 M
Net cash 2019 0,69 M 0,53 M 0,53 M
P/E ratio 2019 -10,3x
Yield 2019 -
Capitalization 66,4 M 51,2 M 51,1 M
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 97,7%
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Managers
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
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