Canada Silver Cobalt Works (CVE:CCW) (OTCQB:CCWOF) (FRA:4T9B) reported a further boost for its Castle property in Ontario on Thursday, revealing it had uncovered high-grade gold mineralization with cobalt within the mineralized vein structures at the asset.
The company is focused on the Gowganda district - one of the few places globally where silver and cobalt can be mined together - and has completed 18,000 metres (m) of drilling of a 50,000m program. Two rigs are turning.
READ: Canada Cobalt Works finds unexpected high-grade gold, further boosting Castle mine project's potential
Its flagship asset is the Castle mine - the only permitted underground asset in the Ontario camp - which still has all three existing shafts, and the 78 square kilometre (sq-km) Castle property where only silver in a small area was targeted.
Highlight assays included 24.95 grams per ton (g/t) of gold over 0.30 meters from 49.70 to 50.00m depth in one hole. The same hole also hit 3.82 g/t of gold over 2.86 meters from 451m to 453.86m, including 6.11 g/t of the yellow metal over 1.66 meters from 451.52m to 453.18m.
Notably, the gold-cobalt mineralization found in this hole is the fourth potential expansion to the Robinson system at the Castle property, giving at least five mineralized veins in the area, said the company.
In a statement, Matt Halliday, Canada Silver Cobalt's president, noted that in this hole a gold structure within the Robinson Zone, that is associated with the silver-cobalt veins of the diabase (igneous rock type), was identified.
"Given the reports from this historic Camp of silver bars containing recoverable amounts of gold, this newly identified gold mineralization is extremely exciting. Additionally, CS-20-31 has visible gold near surface. This, and identifying further gold mineralization near surface, will dramatically impact the economics of the Robinson Zone vein system," he said.
The Castle property lies 15km east of Pan American Silver's Juby gold deposit, 30km due south of Alamos Gold's Young-Davidson mine, 75km southwest of Kirkland Lake Gold's Macassa Complex, and 100km southeast of new gold discoveries in the Timmins West area.
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