Canada Silver Cobalt Works (TSXV:CCW) will focus on its precious metals assets after securing court approval to spin out its Graal property in Québec to its subsidiary Coniagas Battery Metals, according to Chairman and CEO Frank Basa.
Canada Silver Cobalt Works has already spent C$6 million on the Graal property, which Basa considers the most advanced among all 14 of the company’s assets. The property hosts nickel, copper and cobalt.
“We did shallow drilling (at Graal). It’s between 10 to 30 meters of combined nickel, copper and a little bit of cobalt — about 1 percent and higher,” Basa said. “We did some geophysical work on the property and it appears the greater values are at depth. We decided that we’ll spin out the asset to another shell (company) called Coniagas, and I think it will be a pure battery metals company.”
With the spin out positioning Coniagas to become a supplier to the electric vehicle market, Canada Silver Cobalt Works is gearing up to focus on its precious metals projects.
“We have the approval from the exchange and the shareholders. We’re going to try and become a purely precious metal play. We have some astronomical silver grades,” Basa said, referring to the Castle East high-grade silver project in the Gowganda camp.
Massive native silver grades of up to 89,853 grams per metric ton — 2,621 ounces per metric ton — were intersected during the company’s surface drilling at the Castle East Robinson zone. Canada Silver Cobalt Works published the region’s first NI 43-101 resource estimate with 7.56 million ounces of silver in inferred resources.
Watch the full interview with Canada Silver Cobalt Works Chairman and CEO Frank Basa above.
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