Canada Silver Cobalt hits High-Grade Silver at 51,612 g/T

“Vein 2, or ‘Big Silver’, is evolving significantly with the ongoing wedge drilling and is shaping up to be even nicer than Vein 1, or ‘Robinson Vein’. Further drilling is expected to continue to enlarge this zone”.

Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Silver Cobalt”) is pleased to announce the additional wedge intercept of the second high-grade silver vein (Vein 2) within 60 metres of the Robinson Zone Discovery hole CA-1108. The Robinson Zone Project is 100-percent owned by the Company, in the 78-square-kilometre Castle Silver Mine property, in Gowganda, Ontario, Canada.

Highlights and updates

• New intersection of Vein 2 assays 51,612 grams per tonne (1,506 ounces per ton) over 0.41m from 561.73 – 562.44m with a true width of 4-6cm and included in a wider interval of 30,931 grams per tonne (902 ounces per ton) over 0.71m in CS-20-39W2
• Follow up from CS-20-39 – the highest-grade silver to date at Robinson Zone at 89,853 grams per ton silver (2,621 ounces per ton) over a true width of 5-7cm (January 29th, 2021). Wedge 2 intercept about 6 metres from original hole
• Visually highly mineralized core interval approximately 13m from Wedge 2 in hole CS-20-39W4. Interval is over 0.95 metres including wallrock silver at a downhole depth of 550 metres. Vein has an approximate true width 2-3 cm.
• Core from CS-20-39 wedge 4 intersections and bordering core is split and samples have been sent to Lab for assaying. Assays are pending.

High-grade silver mineralization over 4 – 6 cm true width in hole CS-20-39W2 at 51,612 gpt (1,506 opt) Ag over 0.41m

Table 1: CS-20-39W2 Sample Details

* true width is 4-6cm

*Visually High-grade silver mineralization over 2-3 cm true width in hole CS-20-39W4 at 551.1m depth – assays pending !

This new high-grade vein panel is being expanded using wedge drilling. Additional assays and expanded panel size will be updated as results become available. The potential of the Robinson Zone has significantly increased with the development of this second, distinct, high-grade silver vein. With follow-up drilling, the existing resource panels reported in a Press Release May 28, 2020 will be expanded. In that release, a maiden resource estimate identified zones 1A and 1B of the Robinson Zone had an average silver grade of 8,582 g/t (250 oz/ton) in a combined 27,400 tonnes of material for a total of 7.56 million Inferred ounces of silver using a cut-off grade of 258 g/t AgEq (mineral resources that are not mineral reserves do not have demonstrated economic viability).

Notably, Hole CS-20-39 also intersected a 17-metre zone (downhole from 502 to 519 m) with several narrow veins mineralized with both silver and cobalt-arsenides. With the additional data from the current wedges these veins look to be a group of en-echelon veins. Assays are pending for this zone intersected in several holes.

Matt Halliday, P.Geo., President, commented:

“Vein 2, or ‘Big Silver’, is evolving significantly with the ongoing wedge drilling and is shaping up to be even nicer than Vein 1, or ‘Robinson Vein’. Further drilling is expected to continue to enlarge this zone”.

Location

The Castle Property is 15 km east of Aris Gold Corp’s Juby gold deposit, 30 km due south of Alamos Gold’s Young-Davidson mine, 75 km southwest of Kirkland Lake Gold’s Macassa Complex, and 100 km southeast of new gold discoveries in the Timmins West area.

Qualified Person

The technical information in this news release was prepared under the supervision of Mr. Matthew Halliday, P.Geo., (APGO) VP Exploration of Canada Silver Cobalt Works Inc., a qualified person in accordance with National Instrument 43-101.

About Canada Silver Cobalt Works Inc.

Canada Silver Cobalt Works released the first-ever resource in the Gowganda Camp and greater Cobalt Camp. In May 2020. 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 Robinson Zone beginning at a vertical depth of approximately 400 meters. The discovery remains open in all directions (1A and 1B are approximately 800 meters from the east-trending Capitol Mine workings) (mineral resources that are not mineral reserves do not have demonstrated economic viability) (refer to Canada Silver Cobalt Works Press Release May 28, 2020).

Canada Silver Cobalt’s flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, 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, Canada Silver Cobalt is strategically positioned to become a Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.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

Neither the TSX Venture Exchange nor its Regulation Service 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 including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.