Vancouver, British Columbia--(Newsfile Corp. - May 3, 2017) - Castle Silver Resources (TSXV: CSR) (OTCBB: TAKRF) (FSE: 4T9B), has commenced a program to create a suite of value-added, client-specific Cobalt product test samples, consisting of cobalt salts or powders, with a range of purities. These samples, targeted toward the battery manufacturer market, will be sourced from material to be extracted during upcoming underground sampling and drilling at its flagship 100%-owned past producing high-grade Castle Silver-Cobalt mine at Gowganda, Ontario.
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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. The extremely adaptable process, designed for high recovery of multiple metals and elements from all feeds with varying chemistries, has taken on fresh importance in light of the increasing demand for cobalt and compelling opportunities in the battery and renewable energy sectors.
The company is also carrying out advanced-stage testing through SGS Lakefield to evaluate the amenability of the process for efficient recycling of spent Lithium-ion batteries.
Frank Basa, President & CEO, 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."
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.
Following the completion of an environmental audit and financial assurances, the company has opened the Castle main portal. Preparations are now under way to launch an underground drilling and sampling program from the first level at 21 meters (70 feet). The first level, of 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.
The exploration team noted visible cobalt in veins that pinch and swell and continue intermittently for many tens of meters on the first level. This is consistent with information discovered in a large amount of invaluable historical data acquired from Agnico Eagle, who ceased operations at Castle around 1990 due to plunging Silver prices.
The company is well financed, having recently closed a private placement, raising approximately $950,000 from the issuance of approximately 6.4 million units at $0.15. The shares are trading at $0.25 and with 37.4 million shares currently outstanding, the company is capitalized at $9.4 million.
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Barry Morgan, CFO