CSR samples 4.7% cobalt in selected samples at Beaver Property, announces name change plans
COQUITLAM, BC, Dec. 8, 2017 /CNW/ - Castle Silver Resources Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is pleased to provide the following exploration and corporate update:
Highlights:
- An initial work program at its Beaver Property, a former silver producer in Cobalt, Ontario, has returned high-grade cobalt from three composite samples collected from select hand-cobbed material at surface;
- The three composite samples, with a total weight of 38.7 kg, averaged 4.68% cobalt, 46.9 g/t silver, 3.09% nickel and 0.08 g/t gold;
- To better reflect its focus on cobalt, Castle Silver Resources will be proposing a name change for the Company at its upcoming Annual General Meeting in February.
Frank Basa, CSR President and CEO, commented: "The Beaver Property played an important role in the mining history of the town of Cobalt as a very high-grade silver producer. These sampling results reinforce our excitement regarding the cobalt potential of this strategically located property which is patented ground owned 100% by CSR. The Beaver complements our flagship Castle Property and gives shareholders additional leverage to a robust cobalt market.
"Our proposed name change will further build CSR's brand in the Canadian cobalt sector with the Company holding unique competitive advantages in the northern Ontario Cobalt region including underground access at Castle and a proprietary metallurgical process (Re-2OX). We look forward to providing shareholders with additional updates prior to year-end," Basa concluded.
Hand-cobbed samples from Beaver are grab samples and are not necessarily representative of mineralization hosted on the property.
Beaver Sampling Highlights:
| SAMPLE ID |
Sample type |
Co |
Ag |
Au |
Ni |
| % |
ppm |
g/Mt |
% |
||
| BVR COMP 1 |
composite |
4.746 |
37.4 |
0.06 |
3.985 |
| BVR COMP 2 |
composite |
4.743 |
26.9 |
0.09 |
4.624 |
| BVR COMP 3 |
composite |
4.554 |
76.5 |
0.09 |
0.676 |
Quality Assurance/Quality Control
Samples from the Beaver Property were obtained by selecting hand-cobbed material from the broken mine rock on surface. Hand-cobbed samples are grab samples and are not necessarily representative of mineralization hosted on the property. Composite samples were created by selecting 38.7 kg of random samples from those collected. Samples were transported by truck to Swastika Laboratories, an accredited lab, in Swastika, Ontario for assay with Co, Ni and Ag analysis by aqua regia digestion and atomic absorption finish and gold assays by fire assay with atomic absorption finish. The remainder of the sampled material will be submitted to SGS Laboratories in Lakefield, Ontario to use the Re-2OX process to develop samples for evaluation for the Asian battery market.
Qualified Person
The technical information in this news release was prepared under the supervision of Frank J. Basa, P.Eng, CSR President and CEO, who is a member of the Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Castle Silver Resources
The Castle Silver mine, Beaver mine and Violet mine are three of the most advanced properties in the Cobalt Camp. While they comprise only 2,840 hectares they are sources of high-grade cobalt that can quickly be developed into a shovel-ready state. The company also has the Re-2OX process which has been pilot-plant-tested to separate the various metals that comprise the mineralization in the Cobalt Camp vein systems. The company has been to Japan and China to meet with buyers of cobalt-based salts that are used in the lithium battery market. Studies are underway to develop a milling processing facility and leach plant on one of the Castle Silver Resources' properties.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
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.
SOURCE Castle Silver Resources Inc.
Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144, or Wayne Cheveldayoff, Investor Relations, [email protected], 416-710-2410
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