COQUITLAM, BC, Aug. 31, 2017 /CNW/ - Castle Silver Resources
Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is
pleased to provide the following update regarding its 100%-owned
Castle mine, a prolific past silver producer with polymetallic
potential near Gowganda, Ontario,
where CSR has important underground access.
Highlights:
- A total of 22 drill holes for 2,405 meters have been completed
from surface at Castle;
- Assay results from Swastika Laboratories have returned an
average of 3.7 g/t Au in five chip samples from the first level of
the Castle mine in addition to the high-grade cobalt, nickel and
silver reported June 12, 2017;
- IOS Services Géoscientifiques Inc. has completed a Niton
Portable XRF analysis of vein structures throughout the first level
of the Castle mine, allowing the company to efficiently target
locations for additional bulk sampling.
Frank Basa, President and CEO,
commented: "CSR continues to make progress on multiple fronts,
and this quarter's achievements so far are highlighted by the
completion of a first phase of drilling and a clear path to the
creation of cobalt sample products from Castle-sourced material
through our proprietary Re-2OX process.
"In addition," Basa concluded, "we're seeing the potential for a
variety of mineralization types within the Castle mine, well beyond
just the high-grade silver that was recovered intermittently
throughout the 1900's. CSR is well-funded to carry out its
plans for a strong operational finish to
2017."
Drilling
Phase 1 drilling from surface at Castle, expanded beyond the
originally planned 1,500 meters, was primarily designed to gain a
greater understanding of structures carrying potential cobalt
mineralization in underground portions of the Castle mine and at
shallow levels within approximately 200 meters of the main
adit. Assay results will be reported as soon as they are
received, reviewed and interpreted.
IOS Services Géoscientifiques Underground Analysis
Using Niton portable XRF technology, IOS Services
Géoscientifiques recently spent several days at the Castle Property
to test vein structures on the first level of the Castle
mine. This work has supported the potential for high-grade
cobalt mineralization which will optimize locations for additional
bulk sampling and planned underground drilling once portions of
drift are rehabilitated as per OHS standards.
Second Lab Supports Gold Content
A second lab has provided significant gold assays from a large
underground sample completed earlier this summer from the first
level of the Castle mine.
On July 19, 2017, CSR reported
that an 82-kilogram sample of vein material from the first level
was crushed to minus 10 mesh, blended and assayed by SGS Lakefield,
and returned 5.7 g/t Au in addition to 46.3 g/t silver and 1.48%
cobalt.
In light of the surprising gold results, Castle instructed
Swastika Laboratories to assay potential gold content of five chip
samples collected in the immediate vicinity of the vein structure
material assayed by SGS Lakefield. Cobalt, silver and nickel
results for these five samples were reported June 12 (average values were 1.06% cobalt, 17.5
g/t Ag and 5.3% nickel). Gold assays have been received and
the average grade is 3.7 g/t Au for the five chip samples with
values ranging from a low of 0.72 g/t Au to a high of 7.03 g/t
Au.
Further studies and sampling are required to determine what the
gold may be associated with and if CSR can define gold
structures.
Quality Assurance/Quality Control
Samples were crushed to 85% passing 2 mm, split to 250 grams and
pulverized to 90% passing 200 mesh. Multi-acid digestion
followed by AA for the metals. Gold and silver pulp of 30
grams were assayed by fire assay with AA finish. The results
are in line with expected values and internal laboratory
results. Blank and standard allow the disclosure of
results.
Qualified Person
Claude Duplessis, PEng, 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 former silver and cobalt mine
properties in northern Ontario
including the Castle Silver 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.