Canada Silver files first resource estimate for Castle East
Canada Silver Cobalt Works Inc. [CCW-TSXV; CCWOF-OTC; 4T9B] has filed an independent NI 43-101 compliant technical report supporting a Mineral Resource Estimate for the Castle East, Robinson Zone, Ontario, with an effective date of May 28, 2020.
This Technical Report documents the first mineral resource estimate for the Robinson Zone discovery.
For Zone 1A and 1B, the average silver grade 8,582 g/t (250.2 oz/ton) in a combined 27,000 tonnes of material. The total is 7,560,200 Inferred oz of silver.
The company also announces that it has completed its previously announced repurchase from Granada Gold Mine Inc. [GGM-TSXV; GBBFF-OTC; B6D-FSE] of a back-in option on five mining leases forming part of the Castle Silver Cobalt Mine property in Ontario.
In payment, the company issued 2,941,000 common shares to Granada Gold at a deemed price of $0.51 per share, for total deemed consideration of approximately $1,500,000. Each of the shares was accompanied by one warrant with each warrant entitling Granada Gold to acquire one additional share of Canada Silver Cobalt for $0.55 for five years. Canada Silver Cobalt’s flagship Castle mine and 78 km2 Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of Northern Ontario. With an important new discovery at Castle East, underground access at the Castle mine, a processing facility (TTL Laboratories) in the nearby town of Cobalt, a proprietary hydrometallurgical process known as Re-2OX, and the Beaver and Violet properties, CCW is positioned to become a Canadian leader in the silver-cobalt space.