Canada Silver Cobalt enters phase two of exploration at Eby-Otto and begins 3D IP and resistivity geophysical survey

Canada Silver Cobalt Works Inc. has begun Phase II of its exploration plan at the Eby-Otto gold property (Ontario) and has initiated a 3D IP Resistivity geophysics survey to be completed by Dias Geophysical.

We are pleased with the progress we have made so far this year at Eby-Otto. It is a very promising land package close to a producing mine with outcropping mineralized veins already identified. Our team has completed the first season of outcrop stripping and exploration trenching. On key outcrop locations, channel samples were taken and sent to the lab for analysis (assays pending). Overall, Phase I provided us with good information about the property and our geological team is excited to be moving into Phase II. We are looking forward to seeing the results of the channel samples and begin drilling this fall,” said Matthew Halliday, P.Geo., President and COO.

The Company has contracted Dias Geophysical to complete a 3D IP and resistivity geophysical survey on the property. Having this data will complement the existing drone mag survey and further the exploration on the property. Dias Geophysical provides a unique and powerful solution to 3D IP geophysical surveys. Their DIAS32 system combined with CVR technology provide the ability to map 3D geology to great depths while simultaneously providing excellent resolution. Its industry leading GS5000 transmitter technology and patented common voltage referencing methodology (CVR) produces multi-scale and multi-azimuth data that are typically 50-200 times the data volume of other surveys. This provides a rich, dense data set that provides excellent 3D models.

The Company has outlined the planned three exploration phases at the property as follows:

Phase I: The first phase consisted of an initial site assessment to determine the logistics of future operations and to provide the Company time to receive any pending surface exploration work permits that will be necessary. Surveying was completed for key standard iron bars (SIB), legacy claim posts, and access points to refresh select existing cut line grids. An overall geological assessment was completed based on field work consisting of geological mapping and stripping key outcrops. A drone magnetic survey on the entire claim package was completed by EarthEx Geophysical Solutions Inc.

Phase II: The second phase of exploration will be based on the results from Phase I and will expand to include a ground 3D IP Resistivity (EM) survey on the entire claim package which will compliment the magnetic survey completed earlier this year. It will also include a 2500-3000m diamond program to intercept targeted areas of strong potential. The targets will be based on the geophysical data provided by the drone magnetic survey, historic geological data, regional geophysics, geological mapping, and existing selective 2D electromagnetic (EM) surveys completed by geologist Doug Robinson prior to the Company’s acquisition of the property. This will help refine Phase III.

Phase III: The third phase of exploration will expand on the drilling and field work outlined in Phase II. The Company will combine the IP/EM ground survey and cross reference the geophysical anomalies between the magnetic and IP/EM survey. The technical team will correlate the information gathered from Phase I and Phase II with known mineralization that has been identified via field work to better refine the targets, and adjust the exploration accordingly. Phase III is estimated to begin in January 2023.

The Company has option agreements on contiguous properties covering 1,000 ha at Eby-Otto and the area, importantly, includes approximately 5km of strike length along the Eby-Otto Fault and along a major alteration trend (OGS OFR 6184). The property is within the Kirkland Lake gold district in northeastern Ontario and is located within 5km of Agnico-Eagle’s producing, high-grade Macassa Gold Mine.

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