Nord Precious Metals Mining Inc. [NTH-TSXV, CCWOF-OTC, 4T9B], a company previously known as Canada Silver Cobalt Works Inc., began trading on the TSX Venture Exchange, Tuesday.
The shares were off 12.5% or $0.005 to $0.035 at the open and currently trade in a 52-week range of 10 cents and $0.03.
The company recently discovered a major high-grade silver vein system at the Castle East property, located 1.5 kilometres from its 100%-owned, past producing Castle Mines near Gowganda, in the silver-cobalt mining district of Northern Ontario. Nord Precious Metals has completed a 60,000-metre drill program aimed at expanding the size of the deposit with an update to the resource update under way.
Nord’s flagships asset is the former cobalt and silver producing Castle mine property, which is located 85 kilometres northwest of the historic Cobalt silver mining camp. The company said the Castle property features strong exploration upside for silver, cobalt, nickel, gold and copper.
The Castle Mine site operated at various times between 1917 and 1989, producing silver and cobalt from the No. 3 shaft, one of three existing shafts located on the property.
Records show that over 9.5 million ounces of silver and 299,847 pounds of cobalt was recovered from the Castle Mine. That includes the 3.0 million ounces produced by Agnico-Eagle Mines Ltd. [AEM-TSX, AEM-NYSE], before a collapse in the price of silver prompted Agnico-Eagle to abandon the operation in 1989.
Castle East is a new grassroots high grade discovery located beside three former producers and covering 7,332.76 hectares in the Gowganda Camp. The former producers are the Castle, Capital 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.
Massive silver grades up to 89,853 g/t have been intersected during surface drilling at the Castle East Robinson Zone less than 2.0 kilometres east of the Castle Mine shafts.
In May, 2020, based on a small initial drill program, the company published a 43-101-compliant resource estimate for the Castle East property, saying it contained 7.56 million ounces of silver in inferred resources, consisting of very-high grade silver (8,582 g/t un-cut) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Zone, beginning at a vertical depth of approximately 400 metres.
The company also has 14 battery metals properties in Northern Quebec where it recently completed nearly 16,000 metres of drilling on the Graal property. The portfolio also includes the 1,000-hectare Eby-Otto gold property near Agnico-Eagle’s high-grade Macassa Mine, near Kirkland Lake, Ont., as well as the St. Denis-Sangster lithium project near Cochrane, Ont.
In a press release Tuesday, Nord Precious Metals said it remains steadfast in its commitment to its silver and gold projects.
