Castle Resources Targets 30,000 Metre Drill Program in 2011 at the Granduc Copper Project, Stewart, British Columbia
March 07 2011 - 8:30AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce it will launch a 30,000 metre
drill program beginning this May at the Granduc Copper Project near
Stewart, B.C. The objective of the drill program is to move the
existing resources from the inferred to the indicated category as
well as to allow the previously reported significant exploration
potential tonnage to be upgraded and reported as a NI 43-101
compliant mineral resource.
Drilling Highlights:
-- Infill drill the Granduc resource zones to upgrade the initial resource
from inferred to the indicated category; also progress exploration
potential identified by SRK in their recent NI 43-101 resource estimate
dated February 28, 2011 into a resource category
-- Drill downdip on the main Granduc zone beneath the 1600 foot horizon
identified as a historical non NI 43-101 compliant resource of 24
million tons grading 1.82% Cu (see Granduc Technical Report dated July
5, 2010)
-- Target the South Zone that Bell Copper successfully drilled in 2005/06
to delineate mineralized zones and potential resource (see Bell Copper
release dated Dec 14, 2005)
-- Infill drill the North Zone resource to bring NI 43-101 inferred
resource into the indicated category; graduate exploration potential
identified by SRK in their recent NI 43-101 resource estimate dated
February 28, 2011 into a resource category
"Castle's drill program this year will be very aggressive and
will further delineate the downdip extent of the known Granduc
mineralized zones," stated Mr. Mike Sylvestre, President & COO.
"It is our goal to continue to demonstrate to our shareholders the
potential for increasing copper resources at the Granduc."
Granduc Resource Estimate:
-- SRK Consultants provided the following NI 43-101 compliant resource
estimate using a 0.8% Cu cut-off grade: Indicated Resources of 3.75
million tonnes grading 1.59% Cu containing 131.4 million pounds of
copper; Inferred Resources of 15.8 million tonnes grading 1.36%
containing 471.5 million pounds of copper
-- Exploration Potential is estimated to contain an additional 17 to 23
million tonnes grading between 1.3% Cu to 1.6% Cu. The potential
quantity and grade of the exploration potential is conceptual in nature
and there has been insufficient exploration to define a mineral
resource. It is uncertain if further exploration will result in the
exploration targets being delineated as a mineral resource
-- View the Castle press release dated February 28, 2011 for the complete
NI 43-101 Granduc resource, including Cu cut-off sensitivity and
identified exploration potential on the Main and North Zones
Granduc Highlights:
-- Newmont and Esso Minerals operated the Granduc Mine between 1971-1984;
processed over 15 million tonnes of ore grading 1.71% Cu; produced 420
million pounds of copper (plus gold and silver credits); the mine was
closed in 1984 due to low copper prices
-- Operators of the Granduc Mine invested over $115 million from Oct 1965
until start-up operations began in 1971; 17 km haulage tunnel remains in
good condition today
-- Mining operations at the Granduc Mine consisted of crushing underground
then processing of up to 9000 tpd. The concentrate was trucked on a 54
km all weather road to the year-round deep sea port facility in Stewart
which remains in operation today
-- Bell Copper's exploration activities between 2004 and 2007 have
confirmed mineralization within 4 km to the north and south of the main
Granduc orebody
Brad Leonard, P. Geo., Castle's Exploration Manager, is the
Qualified Person responsible for the scientific and technical work
(as defined under National Instrument 43-101) discussed in this
press release, and has reviewed this press release.
PDAC Booth
Castle Resources is an exhibitor at the Prospectors and
Developers Association of Canada 2011 Convention this year in
Toronto, Ontario. Please visit the booth #2319 to learn more about
the Granduc Copper Project and meet management.
About Castle Resources
Castle Resources Inc. is a Toronto-based junior mineral
development company focusing on high-quality, advanced projects.
Management's goal is to continue the redevelopment of the 100%
owned past producing Granduc Copper Mine and begin new exploration
activities; as well, management is quickly advancing the Elmtree
Gold Project in New Brunswick toward feasibility in 2011. Castle
currently has $15 million in treasury and has issued and
outstanding shares of 102 million.
For more information please visit the Castle Resources' website
at www.castleresources.com
Disclaimer
Certain statements contained in this news release may contain
forward-looking information within the meaning of Canadian
securities laws. Such forward-looking information is identified by
words such as "estimates", "intends", "expects", "believes", "may",
"will" and include, without limitation, statements regarding the
company's plan of business operations (including plans for
progressing assets), estimates regarding mineral resources,
projections regarding mineralization and projected expenditures.
There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially
from such statements. Factors that could cause actual results to
differ materially include, among others, metal prices, risks
inherent in the mining industry, financing risks, labour risks,
uncertainty of mineral resource estimates, equipment and supply
risks, title disputes, regulatory risks and environmental concerns.
Most of these factors are outside the control of the company.
Investors are cautioned not to put undue reliance on
forward-looking information. Except as otherwise required by
applicable securities statutes or regulation, the company expressly
disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new
information, future events or otherwise.
This news release does not constitute an offer to sell or
solicitation of an offer to sell any of the securities in the
United States. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States or to a
U.S. Person unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
Neither the 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.
Contacts: Castle Resources Inc. Mike Sylvestre President &
Chief Operating Officer 416-366-4100 mike@castleresources.com
Castle Resources Inc. Lenny Foreht VP Corporate Development
416-364-2266 lforeht@castleresources.com
Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Churchill Resources (TSXV:CRI)
Historical Stock Chart
From Jul 2023 to Jul 2024