The time has come and the truth machine has arrived. Castle Silver is now drilling their high grade cobalt silver property near Gowganda, Ontario. A 1,700 meter Cavity Monitoring Survey (CMS) has uncovered something interesting to the team, and new information has their drills turning from surface for round 1. For this initial phase they are commencing a 1,500 meter diamond drill program from surface, focused on potential extensions to the significant vein structures on the Castle Silver Mines’ first level. This is interesting as they were strongly considering drilling from underground a while back, and they probably still will at some point, but I wonder what have they found in the CMS data.
June sampling of this quartz-carbonate vein structure returned 1.06% cobalt, 5.3% nickel, and 17.5 g/t silver, and results are following along the trend of past drill results from 2011 which include 188 oz/t silver over 3m and 1.44% cobalt over 0.12m.
Why is cobalt so relevant these days to the resource industry? There is a paradigm shift going on in the automobile and transportation industry. The next wave of adoption of Electric Vehicles (EV) is here as prices have dropped to appeal to the masses. Cobalt is used in lithium-ion batteries, and technology and battery density has improved greatly. Now EV manufacturers are eyeing up the shortfall of future cobalt supply compared to the current demand and coming onslaught of EV’s that are gearing up to go to market. Cobalt prices are at 9 year highs currently.
Check out the CSR drill announcement here. This is one to watch. They even have a proprietary hydro-metallurgical process to produce high-purity cobalt powders for the battery sector end-buyer. Do your own due diligence please.
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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.