COQUITLAM, BC, July 11, 2017 /CNW/ - Castle Silver Resources Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is pleased to announce that an aggressive 2017 diamond drilling program has commenced at the Castle Property near Gowganda, Ontario, mined historically only for its very high-grade silver. Investors can look forward to regular updates throughout the summer.
- Phase 1 drilling this month will consist of 1,500 meters and is being carried out from surface within 200 meters of the portal;
- Initial Phase 1 drilling will focus on potential extensions to significant vein structures identified on the first level of the mine including one structure that returned average chip sample grades of 1.06% cobalt, 5.3% nickel and 17.5 g/t silver (see June 12, 2017, news release);
- A Cavity Monitoring Survey (CMS) of the first level workings totaling approximately 1,700 meters has provided valuable new information in 3D to aid in drilling from surface immediately around the Castle mine.
Frank J. Basa, CSR President and CEO, stated: "We're executing at Castle on multiple fronts in order to fully leverage the exploration and development opportunities for this exciting asset with cobalt prices at 9-year highs.
"The start of multi-phase drilling, 100% ownership of two important past producing mines combined with the unique opportunities we have in the battery sector through our proprietary Re-20X process, positions CSR as a leader in the prolific northern Ontario Cobalt-Silver Camp," Basa concluded.
The drill program at Castle is under the supervision of GoldMinds Geoservices' geological team led by Claude Duplessis, P.Eng., in collaboration with Doug Robinson, P.Eng., geologist for CSR. The drilling contract was awarded to Laframbroise Drilling based in Earlton, Ontario.
Claude Duplessis, P.Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in accordance with National Instrument 43-101, and has reviewed and approved the contents of this news release.
About Castle Silver Resources Inc.
Castle Silver Resources Inc. (formerly Takara Resources Inc.) is a TSX Venture-listed junior natural resource company focusing on the exploration and development of past producing silver and cobalt mines in northern Ontario including the Castle Silver-Cobalt Project near Gowganda and the Beaver and Violet mines near Cobalt. Additional information on the Company's properties and strategies related to the battery sector are available by visiting its website at www.CastleSilverResources.com.
"Frank J. Basa"
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Castle Silver Resources Inc.
For further information: Frank J. Basa, P. Eng., President and CEO at 1-819-797-4144, or Wayne Cheveldayoff, Investor Relations, [email protected], 416-710-2410