Canada Silver Cobalt Works Inc announced it has intercepted massive nickel-copper sulphides at its Graal property in Quebec.
The sulphides range up to 2.79% nickel and 25.68% copper, according to a statement from the British Columbia-based company.
The mineralization was verified with a handheld XRF device, which confirmed the existence of strong nickel-copper mineralization similar to the Bouguer anomaly identified earlier this year, Canada Silver said.
READ: Canada Silver Cobalt announces increased land package with acquisition at Graal property in Northern Quebec
Drilling is currently underway to follow up on the find, it added.
“These are excellent XRF results for this early-stage drill program in Northern Quebec and complement our cobalt and nickel results from the ground held in the Cobalt/Gowganda camp in Northern Ontario,” CEO Frank Basa said in a statement.
“Both districts are in low-risk jurisdictions to supply battery metals into the emerging North American battery market. This will position the recently announced Coniagas Battery Metals spinout with primary feed for our proprietary Re-2Ox processing technology for the production of battery metals.”
Shares of Canada Silver were up 22% to C$0.22 at Wedensday's midday point.
Canada Silver COO and vice president exploration Matt Halliday called it a “turning point” for Canada Silver as an exploration company.
“These preliminary XRF results are extremely encouraging and while the assays are still pending, it fortifies our interest in the area. As we continue to expand our operations, it is important that we maintain a healthy pipeline of high-potential targets that pertain to our long-term strategic vision,” added Halliday.
The firm has increased its program from 3,000 to 5,000 metres as part of its early-stage exploration activities in northern Québec, where it is evaluating 15 properties on 689 claims covering 38,129 hectares that are prospective for battery metals such as nickel, copper, and cobalt.
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