Vancouver, British Columbia--(Newsfile Corp. - March 30, 2017) - Castle Silver Resources (TSXV: CSR) (OTCBB: TAKRF) (FSE:4T9B) featured in video by InvestmentPitch Media. Castle Silver, a junior natural resource company, is focusing on the exploration and development of former silver and cobalt mine properties in northern Ontario
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The company's flagship Castle Silver property, is located in the main historic Gowganda Silver Mining Camp, east of the village of Gowganda.
Starting in 2011, well before the current upswing in the cobalt market, driven by new technological demand, as well as supply concerns, Castle strategically positioned itself in this unique district.
Castle's wholly-owned subsidiary, Castle Silver Mines, owns a 100% interest in the 33-square kilometre Castle Property, which includes 3 mine shafts. The high-grade silver mine has operated at various times between 1917 and 1989 and produced more than 9.5 million ounces of silver and 300,000 pounds of cobalt.
Castle owns a 100% interest in the 20-acre Beaver Silver Mine property near Cobalt, Ontario. The Beaver Mine operated from 1907 to 1940 and produced 7.1 million ounces of silver and 139,000 pounds of cobalt.
The company has invested approximately $4 million over the last 6 years to advance its Castle Property in Gowganda and its Beaver Property in Cobalt. A total of 6,842 metres of diamond drilling in 12 holes at Castle in 2011 intersected numerous significant intervals including an intersect of 188.8 ounces per ton silver over 3 metres. In 2013, a hand-cobbed 20-kilogram geological test sample from the historic waste pile at the Beaver Silver Mine had an average calculated assay of 7.98% cobalt, 3.98% nickel and 1,246 grams per tonne silver.
In addition, the company received encouraging assay test results in November 2016 for tailings grab samples collected at Castle and Beaver. Highlights of the assay results include: 134.78 grams per tonne silver and 1.124 grams per tonne gold at the Beaver Silver Mine; and 91.36 grams per tonne silver at the Castle Silver Mine.
The company is headed by Frank J. Basa, President & CEO, a professional hydro-metallurgical engineer with more than 30-years experience in gold mining and development, including milling, gravity concentration, flotation, leaching and refining of precious and base metals.
Frank Basa stated: "Developments in mobile phone use and renewable energy, including solar and electric car batteries, are strongly supportive of demand and pricing for cobalt and silver. This opens up an opportunity to re-evaluate former silver-cobalt producing mine sites with positive results. Mining at Beaver and Castle took place in the early 1900s and at Castle again in the 1980s when extraction processes were not as advanced as they are today. It may now be economically viable to extract silver and cobalt from what was left behind, including old mine tailings and waste and other rock piles on the surface, as a first phase of production at the properties."
The company is well financed, having recently closed a private placement, raising approximately $950,000 from the issuance of approximately 6.4 million units at $0.15. Each unit contained a full warrant, with each warrant exercisable at $0.20 for 24 months, subject to an acceleration clause should the shares trade at $0.30 or more for 10 consecutive days. The shares are trading at $0.23 and with 35 million shares currently outstanding, the company is capitalized at $8.1 million.
For more information, please visit www.CastleSilverResources.com, contact Wayne Cheveldayoff, Investor Relations, at 416-710-2410 or email [email protected].
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