Castle Silver Resources Reports High-Grade Cobalt within 4 m of Surface Near Castle Silver Mine Adit - Video Available
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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.
Frank Basa, President & CEO, stated: "Once again we've demonstrated how historical operators overlooked the potential for cobalt, gold and base metals at the Castle mine as they focused exclusively on the extraction of high-grade silver. We will carry out trenching to follow up on an array of new near-surface targets generated by this drilling in the immediate vicinity of the Castle mine, but our priority now is to complete final preparations to carry out critical trenching and drilling of untested structures on the first level of the mine."
The company hired an independent firm specializing in XRF analysis to test for cobalt mineralization throughout the extensive first level workings. Results clearly demonstrated the potential for high-grade cobalt mineralization within unmined structures along the adit drifts and walls.
Extensive sampling has supported the presence of cobalt as well as gold, though the controls on the gold mineralization are not yet fully understood.
In total, the castle mine features 11 levels totalling about 18 kilometres of underground workings. This does not include an unknown extent of drilled vein structures which were never mined, typically due to silver grades below a certain high-grade threshold, for which castle has supporting documents.
The company is employing a century-old approach to resource development and mining whereby it drills for structure and mines for grade. The nature of the vein structures in the northern Ontario Cobalt Camp is that multiple high-grade zones can exist within a single structure. Historically, structures were identified by drilling which was followed by drifting along mineralized areas to develop ore zones.
The Castle Silver mine, together with the Beaver mine and Violet mine, are three of the most advanced properties in the Cobalt Camp. While they comprise only 2,400 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.
The shares are trading at $0.21, and with 56 million shares outstanding, the company is capitalized at $11.8 million.
For more information, please visit www.CastleSilverResources.com, contact Wayne Cheveldayoff, Investor Relations, at 416-710-2410 or email email@example.com.
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