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Canada Cobalt Works (TSXV: CCW) announced the discovery of unexpected high-grade gold in addition to more high-grade cobalt, silver and nickel at its Castle mine in Ontario, Canada.
In a press release, the company said the unanticipated finding was made following initial assay results from multi-directional and very short underground drill holes on the western side of the property.
“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,” the media brief reads.
The former cobalt and silver producing Castle mine is located 85 kilometres northwest of the historic Cobalt silver mining camp. It comprises 19 claims, 34 leases and two licenses of occupation totalling 2,815 hectares
Highlights of the discovery include, among other results, 22.7 g/t Au and 1.03% Co in drill hole C-U-19-016 from 3.3m to 3.6m within a broader 2.4-m core interval grading 5.8 g/t Au and 0.78% Co and 10.8 g/t Au and 3.4% Co in drill hole C-U-19-005 from 0.67m to 1m within 1.33m (0.67m to 2.0m) grading 3.7 g/t Au and 1.3% Co.
“The presence of gold in gabbro (diabase) vein structures, open toward the surface and at depth, is extremely intriguing,” Matt Halliday, Canada Cobalt’s VP-exploration, said in the media statement. “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.”
