Vancouver, British Columbia--(Newsfile Corp. - September 1, 2017) - Castle Silver Resources (TSXV: CSR) (OTC: TAKRF) (FSE: 4T9B), continues to advance its Castle Silver-cobalt Project. The former silver and cobalt producing Castle Silver Mine Property, near Gowganda, Ontario, is located 85 kilometres northwest of the historic Cobalt silver mining camp.
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Castle Silver Mines, a wholly-owned subsidiary, 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.
Frank Basa, President & CEO, stated: "CSR continues to make progress on multiple fronts, and this quarter's achievements so far are highlighted by the completion of a first phase of drilling and a clear path to the creation of cobalt sample products from Castle-sourced material through our proprietary Re-2OX process. In addition, we're seeing the potential for a variety of mineralization types within the Castle mine, well beyond just the high-grade silver that was recovered intermittently throughout the 1900's. CSR is well-funded to carry out its plans for a strong operational finish to 2017."
In Phase I, a total of 22 drill holes totalling 2,405 metres was completed from surface. This surpassed the originally planned 1,500 metres, primarily designed to gain a greater understanding of structures carrying potential cobalt mineralization in underground portions of the Castle Mine, and at shallow levels within approximately 200 metres of the main adit. Assay results will be reported as soon as they are received, reviewed and interpreted.
Using Niton portable XRF technology, IOS Services Géoscientifiques recently spent several days at the Castle Property to test vein structures on the first level of the Castle mine. This work has supported the potential for high-grade cobalt mineralization which will optimize locations for additional bulk sampling and planned underground drilling once portions of drift are rehabilitated as per OHS standards. A second lab has provided significant gold assays from a large underground sample completed earlier this summer from the first level of the Castle mine.
On July 19, 2017, CSR reported that an 82-kilogram sample of vein material from the first level was crushed to minus 10 mesh, blended and assayed by SGS Lakefield, and returned 5.7 grams per tonne gold, in addition to 46.3 grams per tonne silver and 1.48% cobalt.
In light of the surprising gold results, Castle instructed Swastika Laboratories to assay potential gold content of five chip samples collected in the immediate vicinity of the vein structure material assayed by SGS Lakefield. Cobalt, silver and nickel results for these five samples were reported average values of 1.06% cobalt, 17.5 grams per tonne silver and 5.3% nickel.
Gold assays have been received and the average grade is 3.7 grams per tonne gold for the five chip samples with values ranging from a low of 0.72 grams per tonne to a high of 7.03 grams per tonne gold. Further studies and sampling are required to determine what the gold may be associated with and if CSR can define gold structures.
In addition to the Castle Project, the company has two prospective properties, the former Beaver and Violet mines, located in the historic Cobalt Mining Camp near the town of Cobalt, Ontario.
The shares are trading at $0.20, and with 52.5 million shares outstanding, the company is capitalized at $10.5 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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