Canada Silver Cobalt Works Inc. (TSXV: CCW) (“Canada Silver Cobalt”) is pleased to announce that it has secured Ontario Joint Explorations Participation Program (OJEP) funding for an exploration program at its wholly owned Sangster and St. Denis properties.
The funds from the OJEP will be used to support the Sangster-St. Denis Lithogeochemical Exploration Program, conducted by Canada Silver Cobalt to better understand cobalt-silver mineralization within its properties. The funding will cover up to 35% of the program’s costs and is provided through the Ontario Prospectors Association (OPA).
The program will consist of a total exploration budget of $585,000, including fieldwork, drilling and sample preparation, geochronology, petrology, and assay services. The program will cover both the Sangster and the St. Denis properties which are located in the Cobalt Camp, near the town of Cobalt, Ontario.
The Sangster property is 24.7 hectares in size and is located along the Cobalt Deformation Zone, while the St. Denis property is 27.3 hectares in size and located along the center of the Cobalt Deformation Zone. Both the Sangster and St. Denis silver-cobalt projects are highly prospective for silver- Cobalt mineralization associated with structurally controlled mineralization proximal to breccia pipes.
The OJEP funding will be used to complete a comprehensive exploration program which includes a ground based rotating course anonymous geochemical survey, geological mapping, multi-element soil and rock sampling, and detailed structural interpretation. The technical approach is designed to identify anomalies that are indicative of the breccia pipe mineralization.
In addition to the OJEP funded work at the Sangster and St. Denis properties, Canada Silver Cobalt is planning an additional exploration program to be conducted over the remaining ground in the Cobalt camp. This includes 40 contiguous mineral claims Canada Silver Cobalt owns or controls through staking and option agreements.
This upcoming program will build on the OJEP funded work and is anticipated to include geophysics, mapping, and additional sampling to better understand the geology and silver-cobalt mineralization potential of the Cobalt camp.
The technical team is confident that the OJEP funding and resulting exploration will help the team to better define and quantify the silver-cobalt potential of the Cobalt camp. Canada Silver Cobalt is excited to move into this next phase of exploration and the team looks forward to further updating the market on the progress of these exploration programs.