Shares of Canada Silver Cobalt Works (TSXV: CCW) (OTCQB: CCWOF) jumped 19% during Friday’s trading session after the company reported a bonanza grade assay from its Castle silver property in Ontario.
Drill hole CS-20-39 intercepted 89,853 g/t silver (2,621 ounces per ton) over 0.3 metres starting at a depth of 557.46 metres. The company says that the intercept was 90% native silver and confirms the significant exploration potential to discover additional silver mineralization within the Robinson Zone of the Castle property.
"Bullion bar silver grade of 90% pure silver in the metallics was recovered from the drill core within 60 metres from the main vein on the Robinson Zone.,” said Canada Silver Cobalt President and CEO Matt Halliday. “This new vein system is being followed up with directional [wedge] drilling to define extent of the mineralized structure.”
The Robinson zone remains open in all directions and is host to an existing Inferred mineral resource estimate containing 7.56 million ounces of silver. The planned 50,000 metre Phase I drill program at Robinson has completed 18,000 metres of drilling and discovered five new mineralized veins to date. Drilling remains ongoing.
The Castle property is located 30 kilometers south of the Young-Davidson mine operated by Alamos Gold (TSX: AGI) and 75 kilometers southwest of the Kirkland Lake Gold (TSX: KL) Macassa Complex.
Shares of Canada Silver Cobalt Works trade on the TSX Venture Exchange under the symbol CCW and on the OTCQB under CCWOF. Shared finished Friday’s trading session higher by 19% to close at C$0.59 per share on volume of 2.26 million shares traded. The company has approximately 120 million shares outstanding and has traded in a 52-week range between C$0.25 and C$0.72. To learn more about the company visit www.canadacobaltworks.com.
