Canada Cobalt Works is accelerating key corporate strategies as a vertically integrated and leading domestic pure play cobalt company focused exclusively on the prolific Northern Ontario Cobalt Camp. Highlights:
•Canada Cobalt has retained a major global engineering firm specializing in the energy and industrial markets to complete necessary earthworks studies and advance the permitting process for the planned installation of a state-of-the-art 600-t/d gravity flotation cyanidation mill at the Castle site
•Canada Cobalt will also be submitting plans to the Ontario Ministry of Northern Development & Mines for unlimited dewatering of levels two through 11 of the Castle mine
•A mini-bulk sample from the first level of the Castle mine has returned 2.47% Co – underground sampling program continues and more results are pending as Canada Cobalt also prepares for further rehabilitation of old workings and initial underground drilling on the expansive first level.
Canada Cobalt says it has three unique advantages in a district increasingly recognized for its cobalt potential:
1. Underground access at the 100%-owned Castle mine, the region’s most recent significant silver producer (early 1990s) with cobalt mineralization bypassed in favour of very high-grade silver on 11 levels covering a total footprint of 727 m east-west, 455 m north-south and 258 m to depth
2. Proprietary Re-2OX process custom designed for the complex metallurgy of the Northern Ontario Cobalt Camp – allows for a battery sector client-specific cobalt formulation
3. Planned new infrastructure highlighted by a 600-t/d mill at the Castle site that would be financed by Granada Gold through a debt instrument (against the bar) – Canada Cobalt has a milling agreement with Granada Gold and will be the operator of the proposed processing facility with the potential to provide custom milling services to companies throughout the Northern Ontario Cobalt Camp.
Frank Basa, President and CEO of Canada Cobalt, commented: “With a strong treasury, only 60 million shares outstanding and a team that has decades of combined experience in the Northern Ontario Cobalt Camp, Canada Cobalt is ideally positioned to seize current and future opportunities in this exciting sector with Cobalt prices at 10-year highs.”
Amec Foster Wheeler Environment & Infrastructure (Wood) will complete near-term geotechnical and hydrogeological field investigation studies at both the Castle and Granada properties as part of the permitting process for the planned 600-t/d gravity flotation cyanidation mill at the Canada Cobalt Castle mine site near Gowganda.
Gold mineralization from the Granada deposit near Rouyn-Noranda would be transported to the Castle mine for processing. The mill is being designed to accommodate both the gold mineralization from Granada as well as potential cobalt-silver material from the immediate Castle mine and other properties in the surrounding Northern Ontario Cobalt Camp.
High-grade cobalt values have been returned from a continuing mini-bulk sample at the Castle mine. The first sample, weighing 13.0 kg, assayed 2.47% Co, 23.4 g/t Ag, 0.68% Ni and 1.83 g/t Au. The second sample, weighing 14.0 kg, assayed 0.91% Co, 460 g/t Ag and anomalous nickel and gold.
More samples are being assayed by SGS Laboratories in Lakefield, Ontario, and results will be released as soon as they are received, verified and interpreted.
The picture shows a View looking North through Castle No 3 Shaft showing topography from the drone survey flown in the spring of 2016. Level 1 underground workings are shown along with the grade point intercepts from historic underground drilling. Legend show grades in oz/t Ag.