CASTLE COMPLETES KPALI DRILLING PROGRAMME

9-hole RC drilling program to guide future West African gold exploration

Castle Minerals Limited (ASX:CDT) has successfully completed a 1,106-metre, 9-hole reverse circulation (RC) drilling programme at its Kpali Gold Project in Ghana. The results from this drilling campaign are expected by mid-September 2024 and will inform follow-on phases at Kpali and other nearby prospects.

This drilling programme marks the first phase of a broader multi-prospect exploration effort, aimed at testing the viability of establishing a new West African gold camp. Previous drilling at Kpali has confirmed shallow, high-grade gold mineralisation over a combined 850-metre strike to a depth of 100 metres. Notable past intercepts include:

22 metres at 2.85 g/t gold from 87 metres, including 17 metres at 3.40 g/t from 89 metres and 7 metres at 6.03 g/t from 90 metres (13SWRC049)
14 metres at 2.29 g/t gold from 98 metres, including 5 metres at 4.53 g/t from 99 metres (13SWRC054)
16 metres at 3.23 g/t gold from 9 metres (13SWRC057)

Located in the highly-prospective Birimian terrane, the Kpali Project is part of Castle’s broader 2,686 square kilometre Wa Gold Project, which hosts several additional gold prospects.

Castle has also entered into a drill-for-equity agreement with Geodrill Limited, West Africa’s premier drilling contractor, to preserve cash resources. Under this agreement, Geodrill will receive up to US$100,000 in Castle shares as part of their compensation for the drilling services provided.

Castle’s Executive Chairman, Stephen Stone, commented:

It’s fingers crossed that the just completed 1,106m, 9-hole round of RC drilling at Kpali delivers the encouragement needed to implement follow-on programmes there and at several nearby prospects designed to demonstrate that Castle has locked onto a possible new West African gold camp. We are expecting to report results mid-September.

Castle is also very pleased to have agreed a cash preserving drill-for-equity facility for up to US$100,000 with Geodrill Limited, West Africa’s premier drilling contractor, which undertook the drilling at Kpali.