The drilling results are expected to underpin the company’s enhanced strategic options in order to unlock the value of the 11-level Castle mine
Canada Cobalt Works has announced the discovery of high-grade gold at its Castle mine in Ontario, Canada.
According to the company, the unexpected finding was made following initial assay results from multi-directional and very short underground drill holes on the western side of the mine.
The drilling results are expected to underpin the company’s enhanced strategic options to unlock the value of the 11-level Castle mine.
Canada Cobalt stated: “This is now considered an emerging new discovery area open for considerable potential expansion with easily accessible mineralization from the first level near the adit entrance.”
Canada Cobalt makes additional high-grade cobalt, silver and nickel discoveries at Castle mine
The company has also made additional high-grade cobalt, silver and nickel discoveries at the mine, in which it holds 100% ownership.
Cobalt mineralisation was intersected in 13 out of the 16 holes with 7 of those short test holes returning intervals greater than 1% cobalt.
Canada Cobalt VP-Exploration Matt Halliday said: “The presence of gold in gabbro (diabase) vein structures, open toward the surface and at depth, is extremely intriguing.
“Through some immediate lab work we will better understand what this gold is associated with in preparation for aggressive follow-up. Gold content bodes very well for our underground model.
“Also, this gives fresh impetus to our drive to find a high-grade gold system in the heavily under-explored Archean rocks, a very favorable host for gold, adjacent to our new high-grade silver discovery at Castle East 1.9 km from Shaft #3.”
Canada Cobalt claims that it is strategically positioned to emerge as a vertically integrated North American major in cobalt extraction and recovery.
The company’s cobalt operations are supported by underground access at Castle, a pilot facility to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process to create technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations.