Nord Precious Metals Mining Inc. [NTH-TSXV, CCWOF-OTC, 4T9B], a company previously known as Canada Silver Cobalt Works Inc., said the common shares of its Coniagas Battery Metals Inc. subsidiary have been approved for listing on the TSX Venture Exchange. Coniagas is expected to begin trading under the trading symbol COS on March 13, 2024.
Coniagas Battery Metals is an exploration and mining company with a focus on nickel-copper-cobalt in northern Quebec. It’s near-term goal will be to complete a work program set out in a NI 43-101 Technical Report titled “Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada” and dated January 17, 2024. It has the following goals:
Complete a diamond drilling program of 2,000 metres, metallurgical testing – develop processing engineering flowsheet and pilot plant tests, and assessment report and consultations with First Nations. The plan is to develop Coniagas into a supplier to the EV market.
Effective today, Nord’s shareholders of record at the close of business on March 6, 2024 will receive one Coniagas common share and one-half of a Coniagas share purchase warrant for every 51.5771 Nord shares held. Nord’s shareholders of record on the Distribution record date will receive an aggregate of 5.87 million Coniagas common shares and 2.94 million Coniagas common share purchase warrants on a pro rate basis based on the 302.9 million common shares of Nord that are currently outstanding.
Each full warrant will entitle the holder to purchase one additional Coniagas common share at 40 cents for a period of two years.
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 in northern Ontario. 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.
The company recently discovered a major high-grade silver vein system at the Castle East property, located 1.5 kilometres from the Castle Mine. 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.
