COQUITLAM, BC,
Nov. 13, 2017 /CNW/ - Castle Silver
Resources Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is
pleased to report that ahead of underground drilling, an
exploratory surface drill program within 200 meters of the adit at
the Castle Silver mine has intersected mineralization in each and
every hole highlighted by 1.55% cobalt, 0.65% nickel, 0.61 g/t Au
and 8.8 g/t Ag over 0.65 meters at a very shallow depth (3.85
meters to 4.50 meters) in CA-17-16.
"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," explained Frank
Basa, CSR President and CEO.
"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," Basa
concluded.
CSR 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 totaling about 18
kilometers 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 CSR has records.
CSR 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.
Quality Assurance/Quality Control
CSR estimates that the mineralized intercepts true thicknesses
are around 65% to 85% of the drill core intercepts. Grades were
uncapped and CSR employs a rigorous, industry-standard, QA/QC
program. The samples were assayed by fire-assay for gold and
silver. Other metals are assayed by ICP after multi-acid digestion.
Blanks and certified reference standards are inserted into the
sample stream (after each batch of 20 samples) to monitor the
laboratory performance. CSR relies on internal Swastika laboratory
independent QA/QC.
Qualified Person
Claude Duplessis, P. Eng., of
Goldminds Geoservices Inc., a geological, environmental and mining
consultant, is an independent qualified person in accordance with
National Instrument 43-101, and has reviewed and approved the
contents of this news release.
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 2,400 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. Additional
information on the Company's properties is available by visiting
its website at www.CastleSilverResources.com
"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.