COQUITLAM, BC, June 28, 2018 /CNW/ - Canada Cobalt Works Inc. (TSX-V: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the "Company" or "Canada Cobalt") is pleased to provide the following update as the company continues underground drilling and scales up its Re-2OX cobalt sulphate program with SGS Lakefield.
- - Canada Cobalt is now assembling a pilot plant at the Castle mine to produce bulk gravity concentrates on site for immediate processing into cobalt sulphate;
- - Through the company´s proprietary Re-2OX process, SGS Lakefield in Peterborough, Ontario, is currently precipitating metals from Castle mine concentrate and crystalizing cobalt sulphate from an organic solution for battery sector evaluation;
- - Each of the first three underground drill holes on the first level of the Castle mine has intersected visually identifiable mineralization consisting of cobalt and nickel sulphides and native silver.
Jacques Monette, Canada Cobalt director and mine consultant, stated: "Underground drilling and rehab are proceeding extremely well and we eagerly anticipate initial assay results. Almost all pilot plant equipment is now on site with feed from the first level being stockpiled. Plans are also being made to allow for underground drilling throughout the winter, so crews are busy and excited as we set the pace in the prolific Northern Ontario Cobalt Camp."
Assembly and testing of the 500 kg per day pilot plant will be completed over the next several weeks with cobalt concentrate slated to be produced on site beginning during the third quarter. This will allow for a scaling up of the three-stage Re-2OX process at SGS Lakefield under the supervision of Dr. Ron Molnar of the Canada Cobalt Advisory Board.
SGS Lakefield has completed bulk SX (solvent extraction) testing with Re-2OX able to remove 99% of the arsenic from concentrate containing nearly 50% arsenic, while cobalt recovery rates are 99% (refer to Company´s June 8, 2018, news release).
The fourth hole of the underground drill program is now in progress. Core photos will be added to the Company web site in the near future.
The technical information in this news release was prepared under the supervision of Frank J. Basa, P.Eng., Canada Cobalt´s President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is a pure play cobalt company focused exclusively on the Northern Ontario Cobalt Camp, Canada´s most prolific cobalt district. With three 100%-owned past producing mines, a proprietary hydrometallurgical process known as Re-2OX, and plans for a 600-tonne-per-day mill at its flagship Castle Property near Gowganda, Canada Cobalt is well positioned to become a vertically integrated North American leader in cobalt extraction and recovery.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.