Permitting Process Resumes for Castle, Paving Way for Bulk Sample

Published in 2024
January 29, 2024
4 min read
Permitting Process Resumes for Castle, Paving Way for Bulk Sample

The Company is pleased to announce the resumption of the permitting process for the Castle East High-Grade Silver Project. Nestled in the prolific Cobalt Mining Camp, where, for almost a century, high-grade silver and cobalt were extracted. These projects hold immense potential for Nord Precious Metals.

The restart of the permitting process signifies a strategic move by Nord Precious Metals to enhance its operations and contribute to the legacy of the Cobalt Mining Camp. In addition to the permitting process, the company is set to embark on taking a bulk sample - marking a crucial step towards the potential of future mining in the region.

In more than 60,000 metres of diamond drilling at the Castle property, which includes the past-producing Castle silver-cobalt mine and a recent major discovery at Castle East, the Company has intersected several mineralized veins with exceptional grades – the highest to date being 89,853 g/t silver (2,621 ounces per ton) over 0.3 metres in Hole CS-20-39 (see Company news release, January 29, 2021).

The Company also intends to produce critical metals that the economy demands, and is exploring the potential to place existing and future tailings underground in historic mines, as an environmentally friendly process to contribute to the restoration and rehabilitation of these sites.

As we await the finalization of the recovery permit program in Ontario following changes to the Mining Act, Nord Precious Metals anticipates collaborative opportunities as an operator with key companies in the region. This aligns with the Company’s commitment to sustainable and efficient mining practices.

Matt Halliday, P. Geo, President of Nord Precious Metals, expressed enthusiasm for the initiatives on the Castle Property, stating, “We believe there is great opportunity in the Miller Lake basin, which, during past mining, witnessed approximately 60 million ounces of silver production at the rim. However, our focus is on extending operations to the center of the basin, presenting unparalleled prospects. Moreover, there are opportunities to produce low-cost byproducts for the EV market, such as cobalt sulfate and nickel sulfate.”

The Miller Lake Basin is in the Gowganda area of the Cobalt Mining Camp, which produced well over 500 million ounces of silver and over 30 million pounds of cobalt from more than 100 mines operating from 1903 to 1989 (Sergiades, A.O. (1968) Silver Cobalt Calcite Vein Deposits of Ontario, Ontario Dept. of Mines, MRC No.10 and Owsiacki,L. and Lovell, H. (1984) GAC-MAC Field Trip Guide Book).

Nord Precious Metals remains dedicated to advancing responsible mining practices and contributing positively to the mining industry’s growth. The company looks forward to making significant strides in the Castle projects and further establishing its presence in the Cobalt Mining Camp.

Interested investors can access information about Nord Precious Metals at its website, NordPreciousMetals.com and its social media channels at X(Twitter), LinkedIn, Facebook, and YouTube for which links are available on the Company’s website.

Qualified Person

The technical information in this news release was approved by and prepared under the supervision of Mr. Matthew Halliday, P.Geo., (PGO), President, COO and VP Exploration of Nord Precious Metals Inc., a qualified person in accordance with National Instrument 43-101.

About Nord Precious Metals Mining Inc.

Nord Precious Metals Mining Inc. (formerly Canada Silver Cobalt Works Inc.) recently discovered a major high-grade silver vein system at Castle East located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000 m drill program aimed at expanding the size of the deposit with an update to the resource estimate underway.

In May 2020, based on a small initial drill program, the Company published the region’s first 43-101 resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately 400 meters. Note that mineral resources that are not mineral reserves and do not have demonstrated economic viability. Please refer to the Nord Precious Metals (previously Canada Silver Cobalt Works) Press Release May 28, 2020, for the resource estimate. Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East, Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13, 2020.

The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently completed a nearly 16,000-metre drill program on the Graal property; and (2) the prospective 1,000-hectare Eby-Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it is exploring. (3) St. Denis-Sangster lithium project – 260 square kilometers of greenfield exploration ground with numerous pegmatites focussed along a significant volcanic sedimentary rock – Archean granite contact near Cochrane, Ontario contiguous to Power Metals’ Case Lake Lithium properties.

Nord Precious Metal’s flagship silver-cobalt Castle mine and 78 sq. km Castle property feature strong exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully owned Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations), Nord Precious Metals is strategically positioned to become a Canadian leader in the silver-cobalt space. More information is available at www.nordpreciousmetals.com.

“Frank J. Basa”

Frank J. Basa, P. Eng.

Chief Executive Officer

For further information, contact:

Frank J. Basa, P.Eng.

Chief Executive Officer

416-625-2342

or:

Wayne Cheveldayoff,

Corporate Communications

P: 416-710-2410

E: [email protected]

Caution Regarding Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services 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 which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.


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