From today, its ticker symbol on TSX-V will become CCW to reflect the change.
Castle mooted such a change almost three months ago as it continued to carry out bulk sampling of its flagship Castle project in Ontario, Canada.
The name change was proposed for three main reasons:
- It more accurately reflects the company's primary focus in Canada's main cobalt district;
- "Well before the surge in cobalt prices started in 2015, Castle Silver laid the groundwork for success on the cobalt side of its business by acquiring and advancing top properties in northern Ontario while researching technological opportunities related to the cobalt sector," it said; and,
- It will accelerate the company's brand-building efforts while increasing overall market awareness of CSR among cobalt-focused investors.
Last month, the company completed a private placement of shares raising C$1 million (US$786,718) to expand the underground cobalt programme at Castle.
In addition to 2,840ha of land in the Cobalt Camp of Ontario, it also owns the Re-2OX process, which has been pilot-plant-tested to separate the various metals that comprise the mineralisation in the Cobalt Camp vein systems. The company also thinks this potentially has applications for recycling old lithium-ion batteries.