Canada Silver Cobalt Works Inc is set to start a drill program in the next 30 days at its Graal-Nourricier - Lac Suzanne property in Quebec following the receipt of a drill permit.
The asset is one of 15 properties on 689 claims covering over 38,000 hectares (Ha), which are believed to be prospective for nickel, copper, and cobalt - electric vehicle (EV) battery metals.
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Laurentia Exploration will carry out the drilling, which will focus on the Bouguer Anomalies Targets at the property. CCW says it aims to "identify significant amounts of nickel-copper-sulphide masses at the base" of a magnetic chamber.
"The Quebec properties were acquired for their potential to host a variety of EV battery metals including nickel, copper and cobalt with the intention of expanding our current holdings and strategically positioning the company and its shareholders to take full advantage of the evolving market conditions for EV battery base metal inputs," said Frank Basa, CEO of Canada Silver Cobalt Works.
"We are undertaking first-stage geological evaluation of the properties and, as previously announced, we are considering a potential transfer of the properties into another public company focused primarily on EV battery metals with our key precious metals assets remaining in Canada Silver Cobalt."
Basa highlighted that the company's main focus remained its past-producing silver-cobalt Castle property in northern Ontario, especially at the ongoing exploration of Castle East area, which has seen drill intercepts of up to 89,853 grams per tonne (g/t) silver.
"The Castle East exploration drill program is going well with 39,000 meters of the 60,000-meter program completed with numerous results pending and we expect a major increase in estimated silver resources in an update of the Resource Estimate expected in early 2022," he told investors.
The Graal-Nourricier - Lac Suzanne property comprised 71 Canada Silver Cobalt claims over 3,947 hectares and 23 optioned claims from Globex comprised of 3 distinct blocks for a combined total of 5,223 hectares. It is southeast of the Lac à Paul Arianne Phosphate deposit.
Prevous rock and drill core sampling there has returned grades of up to 10.31% nickel, 4.9% copper and 1% cobalt from diamond drilling.
Once drilling at Graal has started, CCW said it will follow up with drilling on the other main first-level targets:
- Lowney, Lac Edouard South-East
- Forgues East Manic Crater
- Fuchsia-Massif du Nord
- B15 Bouguer anomaly
The firm noted it was not pursuing the option agreement on the B2 property as the completed drill program there had not delivered expected results in comparison to surface sample results.
Contact the author at giles@proactiveinvestors.com