Canada Silver Cobalt Works Inc. (TSX-V:CCW) said it recently completed a drone magnetic geophysical survey and has entered Phase 1 of its 2022 exploration plan for the Eby-Otto gold property near the town of Kirkland Lake in Ontario.
The company said the first phase will consist of an initial site assessment to determine the logistics of future operations and will give it time to receive any pending surface exploration work permits that will be necessary. Surveying will be completed for key Standard Iron Bars (SIB), legacy claim posts, and access points to refresh select existing cut line grids.
"Our geological team is excited to get boots on the ground at Eby-Otto,” the company’s president Matthew Halliday said in a statement. "It is a very promising land package close to a producing mine with outcropping mineralized veins already identified.”
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The company said an overall geological assessment will be completed based on fieldwork consisting of geological mapping, stripping key outcrops, and possibly further MMI (mobile metal ion) geochemical or targeted and detailed ground geophysics if the technical team deems it necessary.
EarthEx Geophysical Solutions Inc conducted the drone magnetic survey on the entire claim package using an extremely high-resolution end-product that uses a proprietary automatic obstacle avoidance system which provides a smooth flight path to drape over taller trees and avoid obstacles, it added. The survey was completed at a 25 metre (m) line spacing which it said should allow for smaller structures, such as vein systems, to be resolved and visible.
“With the recent drone-borne magnetic survey just completed, we will assimilate this information with known data and put our existing and pending exploration permits to use,” Halliday continued. “We believe having a highly prospective precious metals play underway will be conducive in the current market to adding value for shareholders."
Canada Silver Cobalt said a second phase of exploration will be based on the results from Phase 1 and will expand to include diamond drilling to intercept specific regional structures based on the initial geophysical data provided by the drone magnetic survey, historic geological data, regional geophysics, geological mapping, and existing electromagnetic (EM) surveys completed by geologist Doug Robinson prior to the company's acquisition of the property.
Phase 3 of exploration will expand on the drilling and fieldwork outlined in Phase 2, the company said, adding that once the 3D inversion of the drone mag survey is received and the data has been interpreted, the technical team will correlate this data with known mineralization that has been identified via fieldwork to better refine the targets, and adjust the exploration accordingly.
The company said it now has option agreements on contiguous properties covering 1,000 hectares at Eby-Otto. Importantly, it noted that the area includes approximately 5 kilometres (km) of strike length along the Eby-Otto Fault and along a major alteration trend. The property is within the Kirkland Lake gold district in northeastern Ontario and is located within 5 km of Agnico-Eagle's producing, high-grade Macassa Gold Mine.
British Columbia-based Canada Silver Cobalt Works is advancing its flagship asset, the past-producing Castle mine in Ontario. The company also owns 14 battery metals properties in northern Quebec, as well as the and the Eby-Otto gold property.
Contact the author at stephen.gunnion@proactiveinvestors.com