SP:- .014c SOI:- 486 Million MC:- $6.8 Million. Cash:- $1.5 Million
The Wanganui project in WA presents an immediate opportunity to extend shallow mined mineralisation down-plunge and to delineate resources for trucking and sale to one or more regional processing facilities. The Company has had encouraging results from a reconnaissance rock-chip and mullock sampling programme at Wanganui which returned assays of up to 88.9g/t Au. Wanganui: Maiden 2,000m drilling, 30-hole RC drilling programme just completed. Results are now pending, due late August.
In West Africa, Castle has a large contiguous tenure position in Ghana’s Upper West region. Ghana has a long history of gold exploration and mining and host several world-class gold mining operations owned by Tier 1 mining companies. Castle’s Ghana licence holdings encompass large tracts of highly prospective Birimian geological terrane, the host to many of West Africa’s multi-million-ounce gold mines. The Company progressed with the Ghana Government its approval of the US$11.7 million, three-stage farm-out arrangement between Castle’s wholly-owned Ghana-based subsidiary, Carlie Mining Limited, and private Ghana company, Iguana Resources Limited. The parties are awaiting a determination by Ghana MINCOM of the fee payable by Iguana to enable agreement completion to take place.
Royalty: Valuable 4% Julie West gold royalty (73,100oz Ore Reserve). The Company 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.
Company appears undervalued and positive drilling results at the Wanganui project in WA should see a substantial rerate in coming weeks.
