Canada Silver Cobalt Works Inc. (TSX-V:CCW) said it has begun diamond drilling at its Eby-Otto gold property, located near the town of Kirkland Lake.
Laframboise Drill Inc will conduct the planned 2,000-2,500-metre (m) drill program which is part of the Canada Silver Cobalt’s Phase II exploration activity at Eby-Otto.
"We are excited to start drilling at Eby-Otto. It is a very promising land package close to a producing mine with outcropping mineralized veins already identified,” Matthew Halliday, the company's president and COO, said in a statement.
“Our geological team has done a good amount of work there already this year with channel samples taken at key outcrop locations and sent to the lab for analysis (assays pending). We are looking forward to the results of both the channel sampling and the drilling."
READ: Canada Silver Cobalt Works enters phase two of exploration at Eby-Otto
This initial drilling may include targets such as:
- Regional fault structures such as the Cadillac-Larder Lake Break and/or Eby-Otto Fault.
- Regional mapped alteration zones and areas of increased sulphides.
- Mapped surface veins with anomalous gold mineralization.
- Areas with high potential based on the drone mag and existing local 2D EM.
The company said it has also initiated a 3D IP Resistivity geophysics survey at Eby-Otto to be completed by Dias Geophysical as part of its Phase II exploration at the property.
The company has option agreements on contiguous properties covering 1,000 hectares at Eby-Otto and 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.
Canada Silver Cobalt Works recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The company has completed a 60,000m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.
Contact the author at jon.hopkins@proactiveinvestors.com