COQUITLAM, BC, May 1, 2017 /CNW/ - Castle Silver Resources Inc.
(TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is
pleased to announce that it has commenced a program to create a
suite of value-added, client-specific Cobalt product test samples sourced from
material to be extracted during upcoming underground sampling and
drilling at its 100%-owned past producing high-grade Castle
Silver-Cobalt mine at Gowganda,
Ontario.
Battery manufacturers will be the target market for the planned
test samples which will be cobalt salts (powder) with a range of
purities.
Re-2OX Unlocks New Opportunities For CSR
CSR's unique 100%-owned hydrometallurgical process, now known as
Re-2OX, was developed by President and CEO Frank Basa in conjunction with the National Research Council during the Castle mine's
last production cycle, and has been optimized since then.
Re-2OX is extremely adaptable as it's designed for high
recovery of multiple metals and elements from all feeds with
varying chemistries. In addition, CSR is now carrying out
advanced-stage testing through SGS Lakefield to evaluate the
amenability of the process for efficient recycling of spent
Lithium-ion batteries.
The Re-2OX process has taken on fresh importance in light of the
increasing demand for cobalt and compelling opportunities in the
battery and renewable energy sectors.
President and CEO Frank Basa
stated, "With underground access at Castle, a unique
hydrometallurgical process, and other properties in this district
where we have developed deep roots, CSR is powerfully positioned in
northern Ontario's prolific
Cobalt-Silver Corridor stretching from Gowganda to Cobalt and Silver Center. We are
leveraging our strengths to capture exciting opportunities related
to exploration, potential development and clean technology."
Cobalt Overlooked Historically At Castle Mine
Historically, from the early 1900's intermittently to the late
1980's, low cobalt prices and metallurgical issues meant that only
very high-grade silver was targeted at Castle which was a
well-known and important district producer. However, the
shallow dipping 300-metre thick Nipissing diabase intrusive that underlies a
large portion of the 33 sq. km Castle Property is interpreted to be
a heat source that mobilized various metals - notably, of course,
silver intimately associated with cobalt, but also gold, copper,
zinc and nickel.
CSR Enters Main Castle Portal, Commences Work Program
CSR's team has opened the Castle main portal with ministry
approval following the completion of an environmental audit and
financial assurances. Preparations are now under way to soon
launch an underground drilling and sampling program from the first
level at 21 meters (70 feet) where the Company has been granted
full access. The first level (there are 11 in total) extends
approximately 365 meters (1,200 feet) east-west and 360 meters
north-south. An extensive network of structures and tunnels,
developed through a substantial financial investment by various
operators in the 1900's, remains in excellent condition and only
minor rehabilitation is necessary.
Visible cobalt in veins that pinch and swell and continue
intermittently for many tens of meters on the first level has been
noted by CSR's exploration team which is consistent with comments
in a large amount of invaluable historical Agnico Eagle data
acquired by the Company. Agnico Eagle ceased operations at
Castle around 1990 due to plunging Silver prices.
Further details regarding the ongoing work program as well as
upcoming drilling and sampling at Castle will be provided within
approximately two weeks.
Qualified Person
The technical information in this news release was prepared
under the supervision of Mr. Frank J.
Basa, P. Eng., Castle's 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 Inc.
Castle Silver Resources Inc. (formerly Takara Resources Inc.) is
a TSX Venture-listed junior natural resource company focusing on
the exploration and development of former silver-cobalt mines in
northern Ontario including the
Castle mine near Gowganda and the
Beaver and Violet mines near Cobalt. 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.