Castle Resources Intersects 18 Meters of 1.90% Cu at Granduc Copper Project
September 20 2011 - 6:00AM
Marketwired
Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the
"Company") is pleased to announce its third positive set of drill
core assay results from the ongoing 35,000 meter surface
exploration program at the Granduc Copper Project located near
Stewart, B.C.
"These impressive Main Zone drill results reveal that copper
mineralization beneath the historic mine workings is very thick and
carries excellent copper grade," stated Mr. Mike Sylvestre,
President & CEO of Castle Resources. "It is clear we have
intercepted a major copper rich section of the Main Zone based on
assays from holes GD11-21 and GD11-25. This represents one of the
largest zones of high grade copper mineralization intersected to
date and will likely add significant tonnage to our updated NI
43-101 resource estimate expected later this year."
Highlights:
----------------------------------------------------------------------------
Start End Width Au Ag
Hole (m) (m) (m) % Cu (g/t) (g/t) %Fe
----------------------------------------------------------------------------
GD11-21 351 373 22 1.38 0.17 9.78 18.28
inc 363 373 10 2.07 0.23 14.2 16.53
----------------------------------------------------------------------------
GD11-25 412 430 18 1.90 0.26 19.28 11.74
----------------------------------------------------------------------------
Castle has now completed over 55 holes of its 60+ hole step out
and expansion drilling program and aims to complete the surface
program at the Granduc by early October. There are currently 5
drills turning at site with a focus on testing potential down dip
zones identified by SRK Consulting as 'exploration potential' and
targeting potential non-compliant NI 43-101 historic copper
resources down to sea level (see SEDAR July 4, 2010). In addition,
a large percentage of this year's drilling has been focused on
defining the potential copper mineralization in the South Zone and
as previously press released drill core assays results clearly show
high grade mineralization extending over 600 meters on strike and
to the south of the Main Zone (see press release dated July 27,
2011) and 600 meters down dip to sea level (see press release dated
Sept 8, 2011) It is increasingly evident that Granduc
mineralization remains open at depth beneath sea level and open
along strike to the south, beyond Castle's most southern step-out
hole.
Granduc Drilling Results - 2011 Surface Program
Complete Assays for GD11-18, GD11-21, GD11-23 and GD11-25
Note: all widths are downhole thickness,
core intersection thicknesses may not
represent true thickness
----------------------------------------------------------------------------
Start End Width Au Ag
Hole (m) (m) (m) % Cu (g/t) (g/t) %Fe
Complete Assays
GD11-18 500 506.6 6.6 0.78 0.07 4.17 6.97
556 560.14 4.14 0.71 0.11 7.47 15.36
571.4 573.66 2.26 1.66 0.20 6.78 9.59
----------------------------------------------------------------------------
Complete Assays
GD11-21 312 337 25 0.88 0.12 6.75 9.78
inc 327 337 10 1.28 0.16 6.20 10.70
and 351 373 22 1.38 0.17 9.78 18.28
inc 363 373 10 2.07 0.23 14.20 16.53
inc 370 373 3 3.17 0.40 24.40 22.25
and 384 390 6 0.81 0.12 12.67 22.14
and 405 409 4 2.75 0.53 16.90 9.64
----------------------------------------------------------------------------
Complete Assays
GD11-23 544 554 10 0.50 0.14 7.96 10.57
----------------------------------------------------------------------------
Complete Assays
GD11-25 282 307 25 0.71 0.12 4.26 14.08
inc 298 304 6 1.02 0.15 5.68 11.74
and 412 430 18 1.90 0.26 19.28 11.74
----------------------------------------------------------------------------
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 $6 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 figure associated with this press release, please
visit the following link:
http://media3.marketwire.com/docs/cri0920_figure.pdf
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 www.castleresources.com
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