Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to provide investors an update on ongoing
drilling, tunnel rehabilitation and general operations at the
Granduc Copper Project near Stewart, British Columbia.
"I am very pleased with the progress at the Granduc towards our
2011 objectives" stated Mr. Mike Sylvestre, President & CEO of
Castle Resources Inc. "Significant developments on all operational
fronts, notably exploration drilling, tunnel rehabilitation and
environmental data collection have well positioned the Granduc
Copper Project as we move to expand the footprint of copper
mineralization and ultimately the mineral resource inventory. In
addition, our technical and mine modeling teams are finalizing the
initial conceptual mine design which will eventually form the basis
of a preliminary economic analysis, to be completed early
2012."
Granduc Exploration Drilling:
Castle's surface program is focused on significantly expanding
the inferred resource initially published by SRK Consulting by
drilling downdip on the main Granduc zone and stepping out towards
the South Zone. Drilling on the Main Zone is targeting below 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 is also
targeting the South Zone that Bell Copper successfully drilled in
2005/06 to delineate additional copper mineralization (see Bell
Copper release dated Dec 14, 2005) and confirm continuity on strike
with the Main Zone. The historical estimates above should not be
relied upon. A qualified person has not done sufficient work to
classify the historical estimates as current mineral resources or
reserves and the Company is not treating the historical estimates
as current mineral resources or reserves.
To date Castle has completed over 10,000 meters of the targeted
30,000 meter surface drill program. Four (4) diamond drills have
been turning since early June and it is anticipated the program
will be completed by early September. In addition, a 5th drill is
being mobilized to the North Zone where a 5,000 meter drill program
will begin August 1st with the goal of expanding known
mineralization on strike and down dip of the initial NI 43-101
inferred resource estimate published by SRK Consulting earlier this
year.
Tide Tunnel Rehabilitation:
Castle engaged Procon Mining & Tunneling to rehabilitate the
17 km long haulage tunnel in late spring and is pleased to report
that Procon has made excellent progress to date. Procon has
mobilized men and equipment, reconditioned the tunnel entrance,
removed sections of old rail, established ditching, installed
ventilation and generators, built a repair shop and has begun
advancing into the tunnel, reconditioning as they go.
Northern EM Target:
As part of Castle's overall Granduc exploration strategy, a team
of geologists has begun a sampling program on a large, highly
prospective electromagnetic (EM) anomaly 3 km to the north of the
Granduc mine workings and current drilling activity. Initial sample
assay results are expected in August at which point Castle will
determine if further exploration activity is warranted. Please view
page 12 of Castle's corporate presentation by visiting
www.castleresources.com to view airborne geophysics and see photos
of this prospective target.
Environmental Data Collection:
Castle has begun a Phase I environmental data collection program
as a first step in a comprehensive environmental process. These
baseline studies are focused on geochemistry, water quality,
hydrology, hydrogeology, fisheries and aquatic biota, vegetation,
wildlife, social, economic, and heritage topics, to name a few.
Castle Resources has assembled a team of highly rated technical
specialists with proven track records for all necessary
environmental disciplines.
Technical Advisory Board:
Castle is pleased to inform investors that it has formed a
Technical Advisory Board to oversee the environmental, resource
definition and mine planning strategies at the Granduc Copper
Project. Castle is excited that Mr. Mark Selby, Mr. William Napier
and Mr. Mark Forsyth have joined the Technical Advisory Board and
looks forward to working with them on an ongoing basis as the
Company advances the Granduc towards feasibility and hopefully full
mining operations and production.
Mark Selby is a recognized authority on base metal markets, with
over 20 years experience in finance, corporate development and
market research. Prior to joining Royal Nickel as Senior
Vice-President Business Development in 2010, Mark worked as
Vice-President Business Planning & Market Research with Quadra
Mining Inc.
Mr. Napier is a career environmental professional with
international experience in all aspects of the environmental
sciences applicable to the mining industry. In 1996, Bill joined
the Voisey's Bay Nickel Company and was responsible for the
Environment, Health and Safety matters including the environmental
assessment aspects of the project. In 1999, he transferred to the
parent company, Inco Limited where he was named Vice-President of
Environment, Health and Safety in 2000.
Mark Forsyth has spent 25 years working in commodity trading
houses in various locations. He started his career in London in
1986 working for Marc Rich and also Pechiney World Trade. For the
past 9 years, he has been based in Zug, Switzerland where he was
Head Trader at Marc Rich & Co Investment AG for 7 years and
then spent 1 year as a senior trader with the Trafigura Group in
Luzern, Switzerland. His insight into the trading world is
invaluable for optimizing marketing and operations strategies for
mining companies.
Granduc Resource Estimate:
-- SRK Consultants completed a 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
-- See 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 and Castle has engaged Procon Mining & Tunneling
Ltd. to rehabilitate
-- 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
mineralization centrally located within the trend
-- Castle has begun a 30,000 metre surface drill program June 2011; 4
diamond drills are currently in operation
About Castle Resources
Castle 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 $14
million in its 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 &
CEO 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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