Castle Peak Reports 5.0m of 1.4 g/t Au From Nkwanta, 13.0m of 1.0 g/t Au From Asuogya-Ayiem
July 18 2011 - 9:00AM
Marketwired Canada
Castle Peak Mining Ltd. ('Castle Peak' or the 'Company') (TSX VENTURE:CAP) is
pleased to report results for additional diamond drill holes completed on the
Nkwanta concession and the initial drill test on the large Asuogya-Ayiem
anomalous trend at the Company's Akorade project in the southern Ashanti belt in
Ghana, West Africa. The additional holes on Nkwanta have returned encouraging
values from limited shallow testing of the Apankrah target; including 3.0 metres
('m') of 1.2 grams per ton ('g/t') gold ('Au') from hole NKDDH009 and 5.0m of
1.4 g/t Au including 1.0m of 6.0 g/t Au from hole NKDDH011. In addition, hole
ASUDDH001 on the Asuogya-Ayiem trend has returned 13.0m of 1.0 g/t Au from the
initial testing of the AA Veins target.
These drill results represent the continuing initial testing stage in the
systematic evaluation of high priority targets within the Company's strategic
land position hosting kilometer scale, untested soil and auger anomalies. The
Phase I drill campaign started in late April and continues with a total of 21
holes completed to date; 10 of 15 holes from Nkwanta, and one of six holes from
Asuogya-Ayiem have now been reported with more assays pending.
The 2011 Phase I exploration program is two-fold: i) evaluate high priority
drill targets to advance to a Phase II definition stage, and ii) continue to
generate high quality targets to fill the exploration pipeline. Currently a
single core drill is undertaking a 7,500m Phase I drill program on initial drill
ready targets on Nkwanta, Asuogya-Ayiem, and POW (see plan map Figure 1 at
http://www.castlepeakmining.com/i/pdf/July182011_NR.pdf). As part of this
systematic approach, the Company is currently awaiting the geophysical
interpretation on the 3,425 kilometre VTEM/magnetic/radiometric airborne
geophysical survey completed in June. This third-party interpretation is
expected in mid-August, and will enhance target generation and compilation by
providing an initial interpretation of the underlying geology and structure of
this key land position in the southern Ashanti gold belt. This will be the first
modern compilation of the geology at a concession and prospect level for this
highly prospective land package.
Nkwanta
The Nkwanta area is highlighted by a 2,000m x 400m soil anomaly defined by gold
values greater than 30 parts per billion ('ppb'). Two initial target areas
defined by artisanal workings include the Apankrah and Nana structures which are
east-north-east trending structures approximately 1000m apart in the northern
portion of the soil anomaly (see plan map Figure 2
http://www.castlepeakmining.com/i/pdf/July182011_NR.pdf).
Apankrah Target
A total of seven core holes have been completed for a total of 754m evaluating
approximately 225m of strike and approx. 100m of elevation on 50m fences in an
area of abundant historical artisanal workings. Six additional holes are
reported in this release testing the structure first reported on June 6, 2011,
with the intercept of 7.5m of 7.2 g/t Au in hole NKDDH010. The drill results
display multiple, continuous auriferous structures as indicated by continuous
assays of greater than 0.03 g/t Au down hole and as haloes to logged structures
with higher assay values. Highlights from the six drill holes are displayed in
the following table.
----------------------------------------------------------------------------
Au Grade
Hole ID Target From (m) To (m) Length (m) (g/t) Notes
----------------------------------------------------------------------------
NKDDH0006 Apankrah NSV
----------------------------------------------------------------------------
NKDDH0007 Apankrah 56.00 60.00 4.00 0.17 Anomalous halo
----------------------------------------------------------------------------
and 91.00 95.00 4.00 0.33 Anomalous halo
----------------------------------------------------------------------------
NKDDH0008 Apankrah 111.00 137.00 26.00 0.19 Anomalous halo
----------------------------------------------------------------------------
includes 126.00 127.00 1.00 1.27
----------------------------------------------------------------------------
NKDDH0009 Apankrah 88.00 91.00 3.00 1.21
----------------------------------------------------------------------------
NKDDH0011 Apankrah 37.00 42.00 5.00 1.40
----------------------------------------------------------------------------
includes 38.00 39.00 1.00 6.03
----------------------------------------------------------------------------
NKDDH0015 Apankrah 44.00 45.00 1.00 0.55
----------------------------------------------------------------------------
and 49.00 49.50 0.50 2.30
----------------------------------------------------------------------------
i. Lengths are core lengths; estimated true widths range from 75% to 85%
ii. Composites are length weighted averages with a cut off of 0.1 g/t Au and
inclusive of up to 3m of assays below the cut off value.
iii.Lengths considered as anomalous haloes around structures are length
weighted composites with a cut off of 0.03 g/t Au.
Nana Target
A total of eight core holes have been completed for a total of 960m evaluating
approximately 450m of strike and approx. 100m of elevation on 100m fences in an
area of abundant historical artisanal workings. Assays are pending for the
majority of these drill holes and will be reported once received and reviewed.
Asuogya-Ayiem
The Asuogya-Ayiem area is highlighted by a 9,500m x 1,000m soil anomaly defined
by gold values greater than 30 ppb. Two initial target areas have been
identified based on historical mapping, artisanal workings and preliminary
geophysical results: the AA Veins target and the AA Central target both located
on the central, western edge of the anomaly (see plan map Figure 1 at
http://www.castlepeakmining.com/i/pdf/July182011_NR.pdf).
AA Veins Target
A total of six holes have been completed to date with two holes abandoned due to
ground conditions for a total of 787m. The holes are testing a greater than 100m
trend of meter-scale quartz vein blocks appearing to represent two separate
parallel veins located approximately 15-20m apart. These veins have been the
focus of continuous artisanal workings in the area. The initial holes are
testing 150m of strike at shallow depths on 50m drill sections with additional
holes stepping out on 100m sections and evaluating for additional parallel vein
structures. Highlights of the initial drill hole are presented in the following
table. Please refer to the Projects section at www.castlepeakmining.com to view
complete table of drill results.
---------------------------------------------------------------------------
Hole ID Target From (m) To (m) Length (m) Au Grade (g/t)
---------------------------------------------------------------------------
AUSDDH0001 AA Veins 47.00 60.00 13.00(i) 1.00
---------------------------------------------------------------------------
includes 50.00 52.00 2.00 2.10
---------------------------------------------------------------------------
(i) Core recovery through this zone was approximately 60%
i. Lengths are core lengths; estimated true widths range from 75% to 85%
ii. Composites are length weighted averages with a cut off of 0.1 g/t Au and
inclusive of up to 3m of assays below the cut off value.
iii.Lengths considered as anomalous haloes around structures are length
weighted composites with a cut off of 0.03 g/t Au.
Technical Disclosure
Castle Peak's technical disclosure in this news release has been reviewed and
approved by Darren Lindsay, P.Geo., Castle Peak's President and CEO, who serves
as a Qualified Person under the definition in National Instrument 43-101 ('NI
43-101'). Mr. Joe Amanor and Mr. John Coates of SEMS Exploration Services Ltd.
in Accra, Ghana have reviewed and approved the technical information in this
news release and serve as Qualified Persons for the Castle Peak exploration
program. The quality assurance and quality control procedures are being
established by Mr. Coates of SEMS Exploration Services. The procedures include
the systematic insertion of blanks, standards and duplicates into the sample
stream either in the field or at the lab; samples are placed in sealed bags and
are delivered to SGS Laboratory Services GH Ltd. in Tarkwa, Ghana, for routine
gold analysis by 50g charge fire assay with atomic absorption finish. The
Akorade project is an early stage exploration project and does not contain any
mineral resources as defined by NI 43-101. The potential quantities and grades
disclosed herein are conceptual in nature and there has been insufficient
exploration to define a mineral resource for the targets disclosed herein. It is
uncertain if further exploration will result in these targets being delineated
as a mineral resource. Further information is available in the NI 43-101
compliant technical report dated February 14, 2011 and entitled "NI 43-101
Technical Evaluation Report on Nkwanta & Ayiem Concessions, Wassa-West District,
Republic of Ghana, West Africa", a copy of which is filed under the Company's
profile on SEDAR at www.sedar.com.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and development company
focused on advancing greenfields and early stage gold projects. The Company
holds a strategic land package in the Ashanti belt adjacent to several producing
gold mines in Ghana, West Africa. The Ashanti belt is known as one of the most
prolific gold belts in the world with over 150 million proven ounces uncovered
and current investment in excess of $2.5 B USD. Castle Peak is now executing an
aggressive Phase I exploration program on identified gold targets.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President and Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release contains certain
'forward-looking information' and 'forward-looking statements' within the
meaning of applicable securities laws. Such forward-looking statements are based
on the opinions and estimates of management at the date the statements are made,
and are subject to known and unknown risks, uncertainties and assumptions that
could cause actual results to vary materially from the anticipated results or
events predicted in these forward-looking statements, including, among others,
pending results from additional drilling, as well as those risk factors
identified in the Company's Filing Statement filed under the Company's SEDAR
profile. As a result, readers are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements contained in this
news release are made as of the date of this release. Except as required by
applicable law, Castle Peak disclaims any intention and assumes no obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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