Canada Silver Cobalt Works Inc said it is on track to achieve “key” milestones during the first quarter of 2022 at its Castle East project in northern Ontario, which includes completing the planned 60,000 metre (m) drill program and updating and increasing the silver resource after successfully closing its C$7.5 million financing on October 25, 2021.
The company also said it plans to complete environmental baseline studies and advanced work towards an exploration permit for a future bulk sample, as well as initiate metallurgical testing for mineral processing for silver production.
“We are now in the position to maximize the potential of the remaining drill program to further enhance our company’s resource at Castle East,” Canada Silver Cobalt Works President Matthew Halliday said in a statement.
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“Once we are underground at Castle East, we will have the opportunity to do underground exploration and really advance this project to a new level,” Halliday added.
Canada Silver Cobalt Works noted the previous resource estimate, completed in May 2020, showed 7.56 million Inferred silver ounces at 8,582 grams per tonne (un-cut), which was based on only the Robinson vein and does not include several new high-grade silver and cobalt veins discovered and announced during drilling since the estimate was made.
As well, the company said it plans to initiate a preliminary exploration program at its recently-acquired Gold (NYSE:GLD) claims next to Kirkland Lake Gold (NYSE:GLD)’s high-grade Macassa Gold (NYSE:GLD) mine.
Canada Silver Cobalt Works recently discovered a major high-grade silver vein system at Castle East, which is located 1.5 kilometres (km) from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of northern Ontario.
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