Castle Silver Resources Underground Sample Returns High-Grade Cobalt and Gold, Drilling Continues, Private Placement Closes - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2017) - Castle Silver Resources (TSXV: CSR) (OTC: TAKRF) (FSE: 4T9B), has issued a shareholder update. An 82-kilogram sample of vein material was recently taken from the first level of its flagship past producing high-grade Castle Silver-Cobalt mine at Gowganda, Ontario.
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The sample was crushed to -10 mesh and blended by SGS Laboratories in Lakefield, Ontario. A representative sample was assayed, returning 1.48% cobalt, 5.7 grams per tonne gold, and 46.3 grams per tonne silver, with nickel results still pending.
Chip samples reported in June were not assayed for gold and now being re-checked for possible gold content.
Castle's wholly-owned subsidiary, Castle Silver Mines, owns a 100% interest in the 33-square kilometre Castle Property, which includes 3 mine shafts. The high-grade silver mine has operated at various times between 1917 and 1989 and produced more than 9.5 million ounces of silver and 300,000 pounds of cobalt.
Frank Basa, President & CEO, stated: "The high cobalt and gold values from the underground bulk sample support our thesis from the beginning that there is much more to this past producing mine than just silver. At this point, we do not know what the gold mineralization is associated with and our crews have taken an additional large sample from the same area to be tested by another lab in order to verify these stunning gold assays."
The company closed its latest financing, raising gross proceeds od approximately $882,000, issuing approximately 4.4 million units at $0.20 per unit.
Phase I drilling from surface at the Castle Property, which began about 10 days ago, is proceeding very well and has been expanded from 1,500 metres to 2,000 metres, with approximately 20 drill holes expected to be competed. Drilling includes testing of unmined areas below the first and second levels.
Meanwhile, multiple surface samples have been collected from the 100%-owned, 20-acre Beaver Property, near Cobalt, Ontario, where a work program has just started on these patented claims. The Beaver Mine operated from 1907 to 1940 and produced 7.1 million ounces of silver and 139,000 pounds of cobalt.
Frank Basa further stated: "Since March we have completed nearly $2.6 million in strictly hard dollar financings. We are now extremely well positioned to deliver further shareholder value as we focus on successful implementation of various initiatives related to a robust cobalt market with continued powerful dynamics in its favor in the year ahead. With action on multiple fronts, we look forward to providing investors with strong news flow throughout the summer as we build on a leadership role in the northern Ontario Cobalt-Silver Camp."
For more information, please visit www.CastleSilverResources.com, contact Wayne Cheveldayoff, Investor Relations, at 416-710-2410 or email waynecheveldayoff@gmail.com.
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