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.