Canada Silver Cobalt Works Inc (TSX-V:CCW, OTCQB:CCWOF) has announced that it is pleased the Ontario Legislature has approved Bill 71 containing changes to the Ontario Mining Act, which paves the way for regulations of the recovery permit.
The silver and cobalt project developer said the recovery permit will be a streamlined method to reprocess historic mine wastes, such as that contained in the Beaver Mine and Castle Mine stamp mill tailings.
“This should enable us to process tailings like those at the Beaver Mine in a cost effective and timely manner and could lead to new opportunities that previously had unneeded hurdles,” Canada Silver Cobalt Works president Matt Halliday said in a statement.
“Not only will this allow companies like Canada Silver Cobalt to turn historic hazards into profits but gives us the opportunity to clean out deleterious elements from the environment, and restacking or disposing of tailings in a cleaner more stable fashion,” he added.
Canada Silver Cobalt Works noted that it has completed 127 sonic holes for 354 meters recovered at the Beaver Mine and 378 samples were assayed for silver, cobalt, nickel and copper, with the silver tailings grading in a range from 13.7 grams per tonne (g/t) to 314 g/t.
The company added that SGS Lakefield produced a gravity concentrate from the Castle Mine tailings, grading 389 g/t silver, 0.63 g/t gold and 0.20% cobalt.
Ontario amended the Mining Act to introduce the new recovery permit, which will allow the reprocessing of mining wastes without the requirement to file a mine production closure plan or obtain a mining lease.
Canada Silver Cobalt Works is a dual-focus precious metals and battery metals junior mining company with a valuable portfolio of critical energy metals projects based in safe and ecologically responsible jurisdictions.
Contact Sean at sean@proactiveinvestors.com