Castle Silver Resources ($CSR.V) is preparing to drill at their cobalt silver mine in Ontario Canada. They closed a second tranche of an increased financing that will bring in around $1.2 million after all is said and done. CEO Frank Basa and his team are targeting high-grade cobalt and silver mineralization in vein structures that were either overlooked or left untouched by Agnico Eagle in the 1980’s. They own the Castle Silver Cobalt Mine 100%, and CEO Frank Basa is well familiar with the mine’s rich, high grade history. They will be at the upcoming Cambridge Metal Writers Show May 28/29 at the Vancouver Convention Centre East so it is worth a visit to booth #811 to discuss the cobalt potential at this historic mine.
Other key points:
- Additional equipment and personnel have been mobilized to the mine site in preparation for a fully funded Phase 1 underground drilling and sampling program from the first level, commencing shortly;
- A high-grade cobalt vein structure featuring black sulphides and cobalt “bloom” has been identified on the first level and is the initial target of upcoming extraction that will utilize the company’s Re-2OX process to produce value added high-purity cobalt powder test samples for end users in the battery sector;
- A 3D underground model is being produced using extensive historical data from all levels that includes silver assays and many references of visible cobalt (no drill holes were assayed for cobalt). As an example of Castle’s exceedingly high silver values, 12 historical drill holes on the first level feature weighted average grades of 100 oz/ton silver (3,428 g/tonne) or better over 1-foot intervals (9 holes with one such interval each, two holes with two such intervals, and one hole with 3 such intervals).
The Mine has 11 underground levels and silver assays for hundreds of drill holes in addition to locations of drifts and certain stopes throughout the 11 levels of the Castle mine.
Each unit comprises one common share and one share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.30 per share for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
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Castle Silver Resources is a marketing client of an arm’s length party to one of the owners of the Stock Syndicate. One or more of the Stock Syndicate owners does own shares in Castle Silver Resources.