Castle Minerals (ASX:CDT) has fired up a 410-sample power auger drilling campaign at Kandia in Ghana, with the gold-focused program designed to extend known mineralisation and build a “new frontier” across prospects.
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This September run will also stretch to the Bulenga licence, part of the same supergroup as Kandia; Castle believes there’s gold and diamonds there.
Most importantly, though, is the hunt for a “deeply penetrating regional-scale structure” seen running through Kandia and adjacent tenures. Similar structures have been known to host multi-million ounce gold systems.
One such expansive project is Azumah Resources’ Black Volta, which lies to Kandia’s northeast; HotCopper expects Castle to prioritise that region.
Castle geotechs now plan to use recently reprocessed high-resolution aeromagnetic survey data to “more accurately position where these structures coincide with the prospective Birimian rocks” – and then dig there.
“If positive results are returned, then the sampling grid will be closed-in to better delineate a particular target,” the company wrote this week.
Beyond Kandia, the $10.8M smallcap explorer has more plans to stretch its frontier, too, namely expansion. Alongside the auger drilling campaign, Castle has also put a bow on a share purchase agreement with African Resources (ASX:WAF) to acquire the last 10% of interest in U.K.-incorporated Mineralis.
The Mineralis move gives Castle access to a farm-in and JV agreement with African Resources regarding a 343sqkm exploration permit in Côte d’Ivoire.
Under this agreement, Mineralis – which we can now read as Castle – can inject funds up to $1.266 million to earn a 90% interest. Once that 90% breaker is hit, the permit then swaps over to a JV on a 90:10 basis.
“By securing full ownership of Mineralis, we have strengthened our commitment to exploration in Côte d’Ivoire, one of West Africa’s most prospective gold regions,” Castle’s chairman Stephen Stone explained.
CDT shares have been at 7.5cps heading into trade today.
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