Canada Silver Cobalt Works Inc (CVE:CCW) (OTCMKTS:CCWOF) said it had received the highest grade silver assay so far from a hole at its Robinson zone at the flagship Castle mine property in Ontario, sending its shares higher.
On Friday, the group reported an assay of 9,853 grams per tonne (g/t) silver over 0.3 metres from a depth of 557.46 to 557.76 metres (m) in one hole (CS-20-39), which, the firm said, confirmed the "significant potential" of discovering additional high-grade silver at the Robinson Zone.
READ: Canada Silver Cobalt Works encouraged by downhole geophysics at Castle mine project
The group discovered the Robinson zone early in 2020 and a maiden NI-43 101 resource posted in May, last year, for Zones 1A and 1B at the zone showed Inferred resources of a total of 7.56 million silver ounces using a cut-off grade of 258 g/t silver equivalent.
"Bullion bar silver grade of 90% pure silver in the metallics was recovered from the drill core within 60 metres from the main vein on the Robinson Zone," said Canada Silver Cobalt's president Matt Halliday in a statement on Friday.
"This new vein system is being followed up with directional drilling (wedging) to define extent of the mineralized structure."
The company is working in the Cobalt Camp in the Gowganda district of northern Ontario. Its 78 square kilometre (sq km) Castle property lies 15km east of Pan American Silver's (NASDAQ:PAAS) Juby gold deposit and 30km due south of Alamos Gold's Young-Davidson mine.
It is also 75km southwest of Kirkland Lake Gold's (TSE:KL) Macassa Complex, and 100km southeast of new gold discoveries in the Timmins West area.
Shares in Toronto added over 7% at C$0.53 each on the day.
Contact the author at giles@proactiveinvestors.com