The former silver and cobalt producing Castle Silver Mine Property, is located 85 kilometres northwest of the historic Cobalt silver mining camp. In late 2013, Castle completed staking of 15 claims consisting of 168 16-ha claim units in Haultain and Nicol Townships. That staking significantly increased the land package which now stands at 3,252 hectares, a nearly 6-fold increase from the original 564 hectares.
The historic Castle Silver Mine operated at various times between 1917 and 1989 producing a total of 692,302,483 grams (22,257,871 oz.) silver from the No. 3 shaft. As part of the winter drill program in 2011, Castle Silver drilled a significant intersection of 3.09 metres grading 6,476 grams per tonne silver in hole CA-1108, one of 12 holes comprising that 6,000-metre program. At that time, the property was under control of Gold Bullion Development Corp (now Granada Gold Mine Inc.) See press release dated August 25, 2011. Click here to view the release.
Apart from the rich and lengthy mining history in the region, the Castle Silver Mine Property has the potential to host a significant high-grade underground silver deposit. There is also a strong likelihood future silver mining economics will be enhanced by base metal credits in addition to known cobalt mineralization and the newly discovered Golden Corridor zone.
The staking in Haultain Township included a total of 13 claims consisting of 165 claim units that were staked contiguous with, and north of, the Castle Silver Mine Property.
The staking targeted two existing geological trends as follows:
- A north-south trending Nipissing diabase intrusive – the typical host rock for Ag-Co-Ni deposits of Gowganda mining camp. The staking of this diabase trend includes two north-south trending faults: the McRae Fault and the Mire Lake Fault.
- A potential gold trend along the east-west-trending Bloom Lake Fault. A recent, significant gold discovery is located approximately 7 km south of the Bloom Lake Fault.
A potentially significant quartz float was recognized northwest of the Castle adit. Castle Silver staked claims to cover the structure and extension presumed to be the source of the float, which supports the potential of a quartz vein system in the staked ground east of the Montreal River Provincial Park along the Bloom Lake Fault.
Two additional claims consisting of three claim units were staked in Nicol Township. The claims are in close proximity to the historic O’Brien Mine that produced 1,267,059,144 grams, (40,736,585 ounces) of silver to the end of 1969 as reported in a 1978 Ontario Geological Survey Report 175. These claims cover the Castle No.1 shaft. The workings of the O’Brien Mine and the Castle No.1 Mine are interconnected. These new claims fill gaps within Castle Silver’s mining lease fabric making exploration of these isolated claims more practical.
In August 2011, Castle Silver entered into a Memorandum of Understanding (MOU) with the Matachewan First Nation in connection with exploration and development of the Castle Silver Mine Property. The MOU between Castle Silver and the Matachewan First Nation outlines agreed upon terms that delineate each party’s mutual respect for the land and provides a framework for an environmentally responsible approach to future exploration on the First Nation’s traditional territory.
The agreement remains in effect until such time as Castle Silver and the Matachewan First Nation enter into an Impact Benefit Agreement.
Castle Silver will contribute toward the First Nation Community an amount equal to 2% of all exploration expenditures incurred on the property, issue 50,000 common shares over a period of eighteen months and issue options to purchase 50,000 common shares. The MOU also includes terms outlining environmental protection, employment, training and business opportunities, and mitigation of impacts on the traditional pursuits of the members of the Matachewan First Nation Community. Details were amended on September 21, 2011 and November 9, 2011.
A National Instruments 43-101 Technical Report on the Castle Mine Property was published in 2015 and can be viewed under the investors tab