Canada Silver Cobalt Works Inc (CVE:CCW) (OTCMKTS:CCWOF) has reported highly encouraging drilling results from its Castle property in the Gowganda silver camp in Ontario, which is showing the potential to expand the resource.
At least four new mineralized veins have been identified in just the first 9,000 metres (m) of a 50,000m program, the firm noted, and due to this early success, the company is considering expanding the program.
One hole hit an impressive 3,452 grams per ton (g/t) silver over 0.4m downhole, which was 75m above the original Robinson Zone discovery.
"We are excited about the drill program; we initiated a large-scale drill program and we are realizing the results," said Matt Halliday, vice-president (VP) of exploration, in a statement.
"We have moved from a single vein at the Robinson to at least 4 mineralized veins, greatly expanding the potential for new high-grade panels.
"We have expanded the traditional mineralized horizon. It has been noted in literature that the upper third to upper half of the diabase sill is the mineralized horizon - it is now our belief that the entire diabase sill has the potential to be mineralized."
Notably, the exploration area that the company targeted has been "significantly" enlarged up to 135m east-west, up to 100m north-south and up to 256m vertically – resulting in a 500% increase in the known mineralized area.
Canada Silver Cobalt's flagship Castle mine and 78 square kilometres Castle property (15 km east of Pan American Silver's Juby gold deposit) features strong exploration upside for silver, cobalt, nickel, gold, and copper in the prolific past-producing Gowganda high-grade silver district of northern Ontario.
A maiden resource in the Gowganda Camp and greater Cobalt Camp showed a total of 7.56 million ounces of inferred silver, comprising very high-grade silver (8,582 grams per tonne un-cut) in 27,400 tonnes of material from two sections (1A and 1B) of the Robinson Zone beginning at a vertical depth of around 400m. The discovery remains open in all directions.
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