COQUITLAM, BC, June 12, 2017 /CNW/ - Castle Silver Resources
Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is
pleased to announce that chip sampling from the back of a
quartz-carbonate vein on the first level of the Company's
100%-owned Castle mine near Gowganda,
Ontario, has confirmed the presence of high-grade cobalt and
nickel. This is significant as previous mine operators, from the
early 1900's to 1990, only assayed for silver in their exclusive
focus on exceptionally high-grade silver production.
Highlights of the first five chip sample results, all strongly
mineralized, are as follows:
- 1.8% cobalt, 8.6% nickel and 25.2 g/t
silver (CSR-17-S03)
- 1.6% cobalt, 7.6% nickel and 32 g/t silver
(CSR-17-S04)
- 0.81% cobalt, 5.9% nickel and 4.1 g/t
silver (CSR-17-S01)
Underground sampling covering multiple target areas continues at
Castle ahead of drilling.
Frank Basa, CSR President and
CEO, stated: "We are very pleased with these initial results which
demonstrate how Castle features strong upside potential for unmined
cobalt and base metal mineralization throughout 11 levels covering
a footprint 727 meters east-west, 455 meters north-south and 258
meters deep. Significantly, our proprietary Re-2OX process is
designed for high recovery of multiple metals and elements, opening
opportunities that simply didn't exist decades ago at this mine or
throughout the northern Ontario Silver-Cobalt district.
"We refer investors to our May 1
news release and the importance of the 300-meter thick Nipissing diabase intrusive that underlies a
large portion of the property." Basa concluded.
Castle Sampling Details
The first five chip samples (CSR-17-S01 through CSR-17-S05)
averaged 1.06% cobalt, 5.3% nickel and 17.5
g/t silver. They were taken along a 4-meter length of a vein as
wide as 30 cm a short distance inside the adit. The vein pinches
and swells for an estimated 90 meters.
CSR cautions investors that the chip samples are selective
samples and should not be considered representative of the
mineralization hosted within the target area.
Meanwhile, CSR is completing a series of bulk samples that are
being put through the company's proprietary Re-2OX
hydrometallurgical process to produce high purity cobalt powders
for battery sector end buyer evaluation.
Quality Assurance/Control
A series of chip samples, totaling approximately 200 kg, were
taken along a 4-metre length of the vein. Tarps were placed on the
ground under the vein to collect the sampled material which was
subsequently placed in 5-gallon pails and rice sacks. A total of 5
composite samples were taken from the 200 kg bulk sample and
transported by truck to Swastika Laboratories, an accredited lab,
in Swastika, Ontario for assay
with analysis by aqua regia digestion and atomic absorption finish.
The remainder of that 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. Samples at Swastika were crushed to 75% passing 2 mm,
split to 250 grams and pulverized to 80% passing 200 mesh.
Acid was then applied to a small pulp.
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 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 past producing silver and cobalt
mines in northern Ontario
including the Castle Silver-Cobalt Project near Gowganda and the Beaver and Violet mines near
Cobalt. Additional information on
the Company's properties and strategies related to the battery
sector are 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.