The September Quarter 2020 saw Castle receive some excellent high-grade intercepts from RC drilling at the Wanganui project in the Meekatharra district, complete a high-resolution aeromagnetic survey at the Wanganui and Polelle projects, identify four strongly anomalous zones in bulk stream sediment sampling at Beasley Creek in the Pilbara, apply for an exploration licence at Success Dome in the Ashburton region, commence a 3,000m, 40-hole follow-up RC drilling programme at Wanganui and commence a large-scale multi-target soil sampling programme at Polelle.
GHANA
Awaited a determination by the Ghana Government of the fee payable by Castle's farm-in partner, Iguana Resources Limited, for the approval of the farm-in arrangement (refer ASX release 14 August 2019).
Undertook a review of the Company's Ghana licence holdings.
Retained a 4% net smelter precious metal royalty over the Julie West licence that was sold to Azumah Resources Limited and which comprises a key component of Azumah's Wa Gold Project. The Julie West licence hosts the Julie West and Danyawu Ore Reserves of 49,300oz and 10,500oz respectively and the Julie West, Danyawu and Alpha-Bravo Mineral Resources of 64,100oz, 16,000oz and 20,000oz respectively (JORC 2012)(Refer Azumah ASX release 23 October 2019. NB: Azumah now delisted).
Subsequent to the end of the Quarter
Commenced at Wanganui a 3,000m, 40-hole follow-up, multi-target RC drilling programme to better define high-grade mineralisation on the Main and East Lodes and to extend this to greater depth and along strike. In addition, to investigate several targets on other structural trends and some new targets identified by the recently completed high-resolution aeromagnetic survey.
Commenced at Polelle a large-scale, multi-target soil sampling campaign with a particular focus on prospective lithological units and major structural features associated with the Albury Heath deposit, immediately adjacent to the east of licence.
Planned, and will commence the first week of November, at Beasley Creek a field verification and additional sampling programme to follow-up the four strongly anomalous gold zones identified by recent bulk stream sediment sampling.
Committed to a first-pass, reconnaissance field trip in early-November to Success Dome.
NEW OPPORTUNITIES
Continued to generate and review against its stringent acquisition criteria, an array of mainly Western Australia gold opportunities for possible acquisition.
CORPORATE AND FINANCIAL
Maintained, as at 30 September 2020, a consolidated cash position of $868,000.
Announced on 13 October 2020 that the Company had received firm commitments from professional and sophisticated investors to subscribe for 100,000,000 new fully paid ordinary shares in the Company at an issue price of $0.01 per share to raise $1 million (before costs), subject to shareholder approval at the upcoming AGM to be held on 25 November 2020.
Offered eligible shareholders on 19 October 2020 the opportunity to participate in a share purchase plan (SPP) to raise a further $1 million (before costs). The SPP is expected to close on Monday 2 November 2020.
Provided shareholders with a Notice of Annual General Meeting to be held at the Company's offices at 9.00am (WST) on Wednesday 25 November 2020
During the Quarter the Company spent $345,000 on exploration and evaluation costs ($294,000 Wanganui and Polelle, $17,000 Beasley Creek, $12,000 Success Dome and $22,000 Ghana). Further details of the exploration and evaluation activity during the September Quarter is set out in the accompanying Appendix 5B report.
Contact:
Stephen Stone
Tel: +61 (0)418 804 564
About Castle Minerals Limited
Castle Minerals is an Australian Stock Exchange (ASX: CDT) listed and Perth, Western Australia headquartered company with interests in several projects in Western Australia and Ghana that are prospective for gold and other minerals.
At the Wanganui project (E51/1703, 18.4km2 ), 33km south-west of the active Meekatharra mining centre and 15km south-west of the operating Bluebird gold mine, the opportunity is to test for downplunge and along strike extensions to the existing Main Lode North and South deposits, as well as for other similar targets. The Main Lode mineralisation, which can be intermittently traced for at least 1km, is one of at least four structurally related mineralised zones.
The Polelle project (E51/1843, 144.5km2 ), 25km south of Meekatharra and 7km southeast of the operating Bluebird Mine, hosts a mainly obscured and minimally explored greenstone belt comprising a combination of prospective lithological units and major structural features. This includes the Albury Heath shear which hosts the Albury Heath deposit (Inferred Resource of 528,000t at 2.09g/t Au for 35,479oz Au) immediately adjacent to the east boundary of the licence. Aeromagnetics have indicated that the southwest trending Albury Heath shear is traceable onto the Polelle project area for some 7.5km.
The Beasley Creek project lies on the northern flanks of the Rocklea Dome in the southern Pilbara. The strategy is to define structurally controlled gold targets within the various Archean sequences. These lie immediately above and below the 16km east-west striking conglomerate horizons which had been the initial focus of exploration by Castle. The sheared granite - greenstone contact and the 'Paulsen Gold Mine' type setting within the gabbro/dolerite units, that intrude the Hardy Sandstone in the northern part of the project area, are of particular interest.
The Success Dome project is a recent application for an exploration licence in the Ashburton structural corridor and is located midway between the Paulsen's and Ashburton gold deposits. It is prospective for gold and base metals. More locally, Success Dome lies immediately adjacent to the southern margin of the Hamersley Basin and 40km southwest of Castle's Beasley Creek gold project. Major thrust faults and sub-parallel shear zones highlighted in the regional magnetic and gravity data, combined with additional detailed geophysics data from previous explorers, brought this available area to Castle's attention.
In West Africa, Castle has a substantial and contiguous tenure position in Ghana's Upper West region. Ghana has a long history of gold exploration and mining with several world-class gold mining operations owned by Tier 1 mining companies. Castle's Ghana licence holdings encompass extensive tracts of highly prospective Birimian geological terrane, the host to many of West Africa's and Ghana's multimillion-ounce gold mines. Castle also retains a 4% net smelter precious metal royalty over the adjacent Julie West licence that was sold to Azumah Resources Limited and which comprises a key component of Azumah's Wa Gold Project.
Cautionary Statement
All of Castle's projects in Australia are considered to be of grass roots or of relatively early stage exploration status. There has been insufficient exploration to define a Mineral Resource. No Competent Person has done sufficient work in accordance with JORC Code 2012 to conclusively determine or to estimate in what quantities gold or other minerals are present. It is possible that following further evaluation and/or exploration work that the confidence in the information used to identify areas of interest may be reduced when reported under JORC Code 2012.
Forward Looking Statement
Statements regarding Castle's plans, forecasts and projections with respect to its mineral properties and programmes are forward-looking statements. There can be no assurance that Castle's plans for development of its mineral properties will proceed as currently expected. There can be no assurance that Castle will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will be successfully developed on any of Castle's mineral properties. The performance of Castle may be influenced by a number of factors which are outside the control of the Company, its Directors, staff or contractors.
CASTLE MINERALS LIMITED 
