Castle Peak Provides Exploration Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 26, 2014) -
Castle Peak Mining Ltd. ("Castle Peak" or the "Company"),
(TSX-VENTURE:CAP) is pleased to provide a corporate update and an
update of our exploration activities at the Akorade Project located
in the southern Ashanti Belt, Ghana.
Highlights of this announcement:
- Update regarding current status of discussions on the Apankrah
Deposit; and additional targets identified on the Nkwanta
prospecting license;
- High priority targets identified on structural splays along the
Birimian-Tarkwaian structural corridor host to deposits such as
Damang, Wassa and Akyem;
- Western POW targets adjacent to Birimian-Tarkwaian boundary
defined by >100ppb gold in soil contour; 2000m x 400m and 1800m
x 500m.
Castle Peak is pleased to announce that over the past few months
it has been in discussions with various parties interested in the
opportunity to the advance the high-grade Apankrah Deposit. The
company is diligently continuing these discussions to find the
right partner for the Apankrah Deposit. These negotiations
contemplate the potential unlocking of potential value of smaller
higher grade resources in hand with a continued progressive
approach to community relations and environmental activities
initiated by the company. The company cautions that there is no
guarantee that these negotiations will result in a transaction or
if a transaction is undertaken, as to its terms or timing. Further
updates will be provided to Castle Peak's shareholders as these
negotiations are further advanced.
Darren Lindsay, President and CEO of Castle Peak, commented:
"We are firmly committed to the potential of the high-grade
Apankrah Shoot resource and surrounding targets. We have also been
compiling our expanding dataset in the prolific southern Ashanti
which has resulted in identifying a handful of high potential and
high priority targets in both our Apankrah Target Area and in our
'North-East Structure' target corridor. Compilation work is being
completed on the 'North-East Corridor' before moving on to the
'North-South Structure' target corridor. Our current efforts are to
identify additional high grade targets around the known Apankrah
resource, as well as, identify targets on the larger structures
nearby. Our next steps for these substantial targets are to
complete follow up auger sampling, target prioritisation, and
ultimately drill evaluation."
The Apankrah Target
Area
Two key structural trends have been identified with one minor
trend on the Nkwanta prospecting license ("PL"). Combined, these
host five general target areas with the main target area
(Nkwanta-Main) hosting the Apankrah high grade inferred
mineral resource (Figure 1).
A north-south corridor defined by a magnetic anomaly is host to
numerous known and inferred ENE trending structures known to host
gold mineralisation (Apankrah, Scorpio, Nana). A limited induced
polarisation survey in the area characterised the Apankrah Shoot
resource as having a coincident chargeability and resistivity
anomaly; an identical anomaly is observed in the data ENE along the
Nana structure. To the south of the Apankrah Shoot a strong
resistive anomaly occurs very similar to that of the Apankrah
Shoot. There are four drill ready targets within 700m of the
Apankrah Shoot resource.
Coincident geochemical anomalies on the inferred and known
structures provide blue sky targets on the prospecting license. The
Nkwanta-A target area is host to a 1000m x 400m area
returning greater than 30ppb gold in the multi-element soil survey
(values range from 43ppb to 86ppb gold); this is interpreted to be
the western extension of the Apankrah and Scorpio structural
corridor intersecting the granitoid-metavolcanic boundary, an area
of high rock competency contrast and therefore very high potential
for gold deposition. The Nkwanta-C target is also focussed
on the granitoid boundary where its intersection with the magnetic
anomaly is projected to occur.
The Nkwanta-B target area is host to a large area of
galamsay activity on a structure parallel or sub-parallel to
Apankrah and occurs where the magnetic anomaly occurs within a
larger geochemical anomaly, 1600m x 400m of >30ppb Au (ranges
from 15ppb to 877ppb gold in multi-element soil survey).
The Nkwanta-D target occurs in a NW orientation along a
geophysical inferred structure that is coincident with a 1000m x
200m >30ppb gold in multi-element soil survey anomaly (range of
21ppb to 249 ppb gold).
North-East Structure
target corridor
This corridor is comprised of the Enyinase, Great Yorkshire,
Dompem prospecting licenses and the western side of the POW
prospecting license. To date compilation has occurred on the Great
Yorkshire and POW prospecting licenses and is ongoing on the
others.
Targets on the western side of the POW PL occur outside of the
Forest Reserve; approximately 80% of the PL hosts a geochemical
anomaly of >30ppb gold from the multi-element soil sample survey
(ranges from below detection limit to 1405ppb gold). Targets were
therefore developed using a >100ppb gold contour which
highlighted the Dansuom target (best drill hole 10.8m of 2.8 g/t
Au; see NR dated November 15, 2011) and a number of other
anomalies, two of which are considered high priority due to the
inferred geological complexity (Figure 2).
The POW-A target is a >2000m x 400m gold in soil
anomaly (range of 64ppb to 1405ppb gold) coincident with an
inferred NW trending structure off-setting a NE trending inferred
thrust fault, associated with a nearby inferred intrusive body.
This target occurs within 3km of the Birimian-Tarkwaian boundary
structure ("B-T structure").
The POW-B target is focused on a geophysical based
inferred structure that is coincident with a 1800m x 500m
>100ppb gold in soil anomaly (range of 108ppb to 521ppb
gold).
On the Great Yorkshire PL, similar associations of faults
defined by the geophysical surveys are coincident with the
geochemical anomalies obtained from the multi element soil survey.
The faults appear to be splays off of the main B-T structure that
are rooted where the main structure jogs or changes orientation.
Other anomalies also exist but are of lower priority at this
time.
The Great Yorkshire-Main (GY-Main) and
GY-A anomalies appear to be directly associated with the
B-T structure and closely associated with late time (deeper) VTEM
anomalies from an airborne survey completed in 2011 (NR dated May
30, 2011). GY-Main is an irregular anomaly with maximum
length of 2200m and average width of 500m as defined by the
>30ppb gold contour (range 21ppb to 555ppb gold) from the
multi-element soil survey. This area is broken down into a T1 or
northern target and T2 a southern target based on the structural
interpretation of the area. GY-A is defined by a 700m x
700m gold in soil anomaly (range 21ppb to 66ppb) that overlays a
NNE trending late time VTEM geophysical anomaly.
The GY-B target is similar to those of GY-Main but of
lesser areal extent and strength, 1800m x 400m (range 15ppb to
59ppb gold), and has the inferred structure hosted in the
metavolcanic sequence approximately 1000m south of the B-T
structure.
The GY-C target area is located on the inferred margin
of a granitoid intrusion that appears to have intruded near the
confluence of the structures that bound the Tarkwaian basin. It is
a relatively small anomaly but is of interest due to the geological
associations. The anomaly is approximately 700m x 400m with soil
samples ranging from 43ppb gold to 80ppb gold.
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'). The
exploration activities reported in the release were supervised by
Clive Arthur, Castle Peak's ex-VP Exploration. Soil sampling
reported herein was collected as approximately 2kg samples at
roughly 1m depth at sites located using handheld GPS. Castle Peak
inserted control samples every tenth sample (one of field
duplicate, blank, low grade standard material). Samples were
analyzed for gold and an additional 32 elements by fire assay and
ICP analytical methodologies, respectively at ALS Chemex Laboratory
in Kumasi, Ghana. The Akorade Project represents early stage
exploration properties which include a mineral resource on the
Apankrah Deposit with an effective date of June 1, 2013, as
described in the "NI 43-101 Technical Report on The Apankrah
Project, Western Region, Ghana" dated June 1, 2013, prepared by
Simon Meadows Smith (IOM3) a Qualified Person as defined by NI
43-101. A copy of the report is filed under the Company's profile
on SEDAR at www.sedar.com and the Castle Peak website.
The potential quantities and grades disclosed herein relating to
targets outside the Apankrah Deposit are conceptual in nature and
there has been insufficient exploration to define a mineral
resource for those targets disclosed herein. It is uncertain if
further exploration will result in those 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" authored by Daniel Gaudreault, P.Eng. and Alain-Jean
Beauregard, P.Geol. of Geologica Groupe-Conseil Inc., 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 mineral exploration
company focused on advancing greenfields and early stage gold
projects. The Company holds a large, 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, putting Ghana as the second largest gold
producer in Africa with past production of >150 million
ounces.
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
including statements regarding potential exploration and
development at the Akorade Project. 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 those risk
factors identified in the Company's Annual MD&A 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
To view Figure 1: Apankrah Target Area, Nkwanta prospecting
license, please visit the following link:
http://media3.marketwire.com/docs/Figure1-CAP.pdf.
To view Figure 2: Targets on the POW prospecting license, the
western ones discussed in this release, please visit the following
link: http://media3.marketwire.com/docs/Figure2-CAP.pdf.
To view Figure 3: Targets on the Great Yorkshire prospecting
license, please visit the following link:
http://media3.marketwire.com/docs/Figure3-CAP.pdf.
Castle Peak Mining Ltd.Darren LindsayPresident and Chief
Executive Officer604 681 1466
(X222)darrenl@castlepeakmining.comwww.castlepeakmining.com
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