CCW-Very Unique Silver Junior Bucking the Trend
My favorite silver junior right now is Canada Cobalt Works (CCW/CCWOF), which I have been harping on here the past couple of months since the low .30's CDN. It's up about 30% since then, but the real fun is about to begin! I will have a full thesis and report out on Monday for free e letter readers. Before then, it would be wise for some of you following this story to dig into the details of last nights press release!
I will highlight some hints below in bold/underline. GIL readers would be wise to take a meaningful position here before core photos perhaps start to circulate as early as next week. Look at this hole from 2011! When they chop this area up after having VISUALS to guide them from their down hole camera work done recently, Bonanza silver grades are strongly likely right out of the gate.
CCW also just did a flow through financing at 50 cents with no warrant for $800k, which means they're cashed up with $2 million to drill various targets and areas around the Cobalt camp/Castle mine in the coming weeks and months (LOTS of news flow). Underground at the Castle mine, Castle East, and production of silver from tailings at the Beaver area are all impending.
Buy up to 45 cents CDN. If they start hitting more 1,000 ounce per tonne intercepts, or even close to the 189 OZ pt at good lengths, this could become the hottest silver discovery play in North America! There is real potential here for this to become a multi dollar stock, almost overnight.
Canada Cobalt begins drilling at Castle East
2019-12-04 18:36 CT - News Release
Mr. Frank Basa reports
DOWNHOLE CAMERA GUIDES CANADA COBALT TO HIGH-GRADE SILVER TARGET AS DRILLING COMMENCES AT CASTLE EAST
Canada Cobalt Works Inc. has commenced diamond drilling at Castle East for first ever follow-up on the Robinson zone high-grade discovery, a drill hole in 2011 that cut 1,194 ounces per ton silver (40,944 grams per tonne) over 0.45 metre within a broader core length of 3.1 metres grading 189 oz per ton (6,476 g/t) silver (refer to Aug. 25, 2011, Gold Bullion Development news release).
This discovery, aided initially by geophysics and now supported by a high technology camera, is less than two kilometers east of three prolific past producers in the Gowganda Camp - the Castle, Capitol and Siscoe mines. Those deposits were exploited along the shallow western margin of the productive Nipissing diabase that dips toward the very under-explored Castle East area where Canada Cobalt is now targeting additional deposits, within and outside the diabase.
Significantly, the Company has enhanced the exploration opportunity at the Robinson Zone by using a custom-built borehole inspection camera to successfully reach the 2011 drill hole intersection of spectacular native silver at a vertical depth of approximately 420 meters. The CCW technical team was able to view, identify and film the vein. This provided an invaluable geometric characterization of the unit, allowing for an accurate plotting of a series of wedge holes designed to pierce the vein structure at four different points to immediately build out this high-grade discovery.
Following completion of the wedge holes, a new hole will be drilled to intersect the vein structure(s) closer to surface.
Further updates on Castle East will be provided in the near future. As announced November 18, 2019, Canada Cobalt has appointed Matt Halliday, P.Geo., as VP-Exploration of the Company. He officially joins Canada Cobalt December 15 from Kirkland Lake Gold where he has been serving as resource geologist.
(The 2011 drilling and drill core sampling, including the quality assurance/quality control, were supervised by Doug Robinson, P.Eng. and project geologist. Core was sent to Accurassay Laboratory in Timmins, Ont., for sample preparation and to its Thunder Bay laboratory for analysis. Silver was assayed by fire assay with AA check with additional pulp and metallics done on samples where significant silver was identified. Analytical accuracy and precision were monitored by the analysis of reagent blanks and reference materials at the lab. Quality control was further assured by the insertion of blind certified standard reference material and blanks into the sample stream at regular intervals by Mr. Robinson to independently assess analytical accuracy.)
Private Placement Closing
The Company has closed a non-brokered flow-through ("FT") private placement with strategic investors, raising gross proceeds of $800,000. The Company issued 1,600,000 FT shares at $0.50 per share. No warrants were included in this financing. The private placement is subject to final Exchange approval.
Finder's fees were paid in connection with the private placement in the amount of $45,500 in cash and 91,000 finder warrants. Each finder warrant is exercisable at $0.50 per share for two years from closing. The finder's fee is also subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month and a day hold period expiring April 5, 2020, in accordance with applicable securities laws.
The proceeds of the FT private placement will be used to build out the Castle East discovery and to advance the Beaver Property near the town of Cobalt.
Gold Investment Letter
Gold Investment Letter