Castle Resources Starts Drilling at the Granduc Copper Project, B.C.
June 08 2011 - 11:28AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce it has begun drilling at its 100%
owned Granduc Copper Project located near Stewart in northwest B.C.
"Castle's primary objective for the surface drill program this
year is to expand the known footprint of copper mineralization,"
stated Mr. Mike Sylvestre, President & COO of Castle Resources.
"Based on the initial resource estimate SRK published in February
2011, historical Newmont and Esso assays, recent Bell Copper drill
results and historical non NI 43-101 estimates, we are confident we
will be able to demonstrate the potential for a much larger and
significant copper resource at the Granduc."
Castle's surface program will focus on growing the inferred
resource initially published by SRK Consulting by drilling downdip
on the main Granduc zone beneath the 1600 foot horizon identified
as an historical non NI 43-101 compliant resource estimate of 24
million tons grading 1.82% Cu (see Granduc Technical Report dated
July 5, 2010). Castle will also target the South Zone that Bell
Copper successfully drilled in 2005/06 to delineate additional
copper mineralization (see Bell Copper release dated Dec 14, 2005)
in addition to surface drilling on the North Zone. The focus of the
surface drilling is to graduate the exploration potential
identified by SRK in their recent NI 43-101 resource estimate dated
February 28, 2011 into a resource category.
Beginning last month, Castle re-established a large exploration
camp to support drilling and exploration operations at the Granduc
Copper Project. Minconsult Exploration Services Ltd. currently
manages all camp logistics and operations, including the assembly
of a highly qualified geological technical team that will log and
process all core under the supervision of Castle's Exploration
Manager. Stewart based More Core Diamond Drilling Services Ltd. is
managing all drilling operations at the Granduc. To facilitate
ongoing camp and drilling activities, Castle has engaged VIH
Helicopters Ltd. to provide helicopter support for all
operations.
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 Castle press release dated February 28, 2011 for 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 along a 4+ km trend, with the main Granduc
orebody centrally located within the trend
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.
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 106 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
416-644-9003 lforeht@castleresources.com
www.castleresources.com
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