Castle Resources Intersects 3.17% Copper Over 8 Meters at Depth at Granduc Copper Project
September 08 2011 - 6:00AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce its second positive set of drill
assay results from the ongoing 35,000 meter surface exploration
program at the Granduc Copper Project located near Stewart, B.C.
"Drill assays continue to identify high-grade copper
mineralization along the combined Main and South Zone strike,"
stated Mr. Mike Sylvestre, President & CEO of Castle Resources.
"In particular, we are very impressed with the results of GD11-16
which confirms historical assumptions that high grade copper
mineralization occurs down to sea level, over 600 meters below
historic production zones. This deep hole is important as it
clearly reveals Granduc mineralization is open at depth and
increasing in grade."
Highlight:
----------------------------------------------------------------------------
Hole Start (m) End (m) Width (m) % Cu Au (g/t) Ag (g/t) %Fe
----------------------------------------------------------------------------
GD11-16 682 690 8 3.17 0.37 7.50 11.98
----------------------------------------------------------------------------
inc 686 690 4 5.40 0.65 13.00 16.40
----------------------------------------------------------------------------
Hole GD11-16 successfully tested the deeper portion of the Main
Zone mineralization approximately 100 to 200 m above sea level. The
high grade intersection appears to be the highest grade and the
deepest intersect of the program to date and confirms that the Main
Zone mineralization may be further encountered at elevations at sea
level or below. All assay results to date continue to demonstrate
high grade copper mineralization downdip of the historic Main Zone
production zones and along strike on the South Zone (see attached
location map). Castle has completed over 50 holes of its 60+ hole
step out and expansion drilling program and aims to complete the
surface program at the Granduc by the end of September.
Granduc Drilling Results - 2011 Surface Program
Results for GD11-06, GD11-07, GD11-08, GD11-09, GD11-10, GD11-12, GD11-14
and GD11-16
Note: all widths are downhole
thickness, core intersection
thicknesses may not represent true
thickness
----------------------------------------------------------------------------
Hole Start (m) End (m) Width (m) % Cu Au (g/t) Ag (g/t) %Fe
----------------------------------------------------------------------------
Complete Assays
(1)
GD11-06 173.25 187 13.75 1.27 0.13 6.96 16.55
inc 178.25 183.25 5 1.81 0.18 9.68 18.58
and 199.9 226.5 26.6 1.12 0.12 4.29 11.56
inc 199.9 208.5 8.6 1.92 0.22 8.35 15.95
----------------------------------------------------------------------------
Complete Assays
(1)
GD11-07 233.25 241.25 8 1.21 0.14 6.75 20.45
inc 233.25 237.25 4 1.96 0.22 9.90 23.35
----------------------------------------------------------------------------
Complete Assays
GD11-08 380 390 10 1.68 0.71 53.14 12.61
inc (2) 383.3 390 6.7 2.09 0.96 74.29 12.78
and 412 420 8 1.05 0.14 8.50 24.12
inc 417 420 3 3.00 0.18 11.20 13.70
----------------------------------------------------------------------------
Complete Assays
(1)
GD11-09 415.5 426 9.5 1.01 0.14 7.09 13.92
and 444 450 6 0.80 0.10 6.83 30.40
----------------------------------------------------------------------------
Complete Assays
GD11-10 570 578 8 1.53 0.28 12.70 8.31
----------------------------------------------------------------------------
Complete Assays
GD11-12 540 556 16 0.33 7.64 4.50 0.06
----------------------------------------------------------------------------
Complete Assays
GD11-14 171 181 10 1.27 0.17 18.86 11.00
inc 177 181 4 2.09 0.33 32.30 17.16
----------------------------------------------------------------------------
Complete Assays
GD11-16 682 690 8 3.17 0.37 7.50 11.98
inc 686 690 4 5.40 0.65 13.00 16.40
----------------------------------------------------------------------------
(1) Holes GD11-06, GD11-07, GD11-09 partially released July 27, 2011
(2) Note sample 134082 from GD11-08 ran 3% Cu, 4.3 g/t Au, 400 g/t Ag and
12.8% Fe
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. Castle
implemented a QA/QC protocol for all its exploration and diamond
drilling program on the Granduc.
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 advancing the Elmtree Gold Project in New Brunswick
toward feasibility in 2011. Castle currently has $7 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.
To view the map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/locationmap.jpg.
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 416-364-2266
lforeht@castleresources.com
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