Frank Basa’s Castle Silver is feeling the joy as an underground sampling program returned high-grade cobalt in the range of 3.1% from areas on the first level of the Castle mine near Gowganda, Ontario.
Highlights are as follows (see table below for complete results):
- 3.1% cobalt in sample CSR-UG-T-2 (mini-bulk)
- 1.04% cobalt in sample CSR-UG-T-3 (mini-bulk)
- 2.3% cobalt in sample CSR-17-10 (composite from the two mini-bulk samples)
More samples are pending and the high grade nature of this project is backdropped by cobalts’ glory of late.
Current sampling is designed to gain a better understanding of the grade intensity and distribution in order to prioritize underground drill targets.
Frank Basa, $CSR.V President and CEO, stated: “The cobalt grades we’re encountering underground are extremely encouraging and supports our original thesis that past operators may have left much behind at Castle in their strict focus on mining high-grade silver.
“At a time when Cobalt prices are at new decade highs, CSR’s access to extensive underground workings at the Castle mine puts the company in a unique position in the northern Ontario cobalt region,” Basa concluded. The Castle Silver mine, Beaver mine and Violet mine are three of the most advanced properties in the Cobalt Camp. While they comprise only 2,400 hectares they are sources of high-grade cobalt that can quickly be developed into a shovel-ready state. The company also has the Re-2OX process which has been pilot-plant-tested to separate the various metals that comprise the mineralization in the Cobalt Camp vein systems. The company has been to Japan and Chinato meet with buyers of cobalt-based salts that are used in the lithium battery market. Studies are underway to develop a milling processing facility and leach plant on one of the Castle Silver Resources’ properties.
From Palisades and Nick French:
“If the cobalt price reaches $100 a pound, it will still not justify the creation of a nickel or copper mine to produce cobalt since the cost would be upwards of six billion dollars. He sees nothing in the next five years that will put a cap on the price. Current demand is near 100,000 tons per year, and there are very few places where cobalt use can be cut. It’s used in alloys for products like jet engines and medical devices, and this usage demand is still increasing by 6% per annum.”
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