RETRANSMISSION: Castle Peak Intersects 4M of 22.8 G/T Au and 7M of 7.0 G/T Au in Definition Drill Program
04 Febbraio 2014 - 3:30PM
Marketwired
RETRANSMISSION: Castle Peak Intersects 4M of 22.8 G/T Au and 7M of
7.0 G/T Au in Definition Drill Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 4, 2014) -
Castle Peak Mining Ltd. ("Castle Peak" or the "Company")
(TSX-VENTURE:CAP) is pleased to provide the results from the
definition drill program envisioned to lead to a Preliminary
Economic Assessment (PEA) and ultimately lead to a potential bulk
sample of a shallow portion of the Apankrah Deposit, southern
Ashanti Belt, Ghana.
Highlights of this announcement:
- Drill intercepts of:
- NKDD043: 1.0m of 89.00 g/t Au within structural corridor of
4.0m at 22.87 g/t Au,
- NKDD038: 2.0m of 23.20 g/t Au within structural corridor of
7.0m at 7.05 g/t Au,
- NKDD041: 1.8m of 16.37 g/t Au within structural corridor of
10.8m at 4.48 g/t Au,
- NKDD040: 2.0m of 14.08 g/t Au, and
- NKDD034: 4.5m of 2.74 g/t Au within structural corridor of
13.8m at 1.30 g/t Au.
- Program is completed with a 90% hit rate of target zone.
- Visible gold observed in seven holes.
Apankrah Drill Program
The Company has completed a 1,084 metre, 10 hole drill program
targeted at refining the upper 100m of the existing inferred
mineral resource reported at the Apankrah Deposit. Results are
tabulated below (Table 1) for all drill holes with drill hole
descriptions to be made available on the Company's website
(http://www.castlepeakmining.com/s/Apankrah.asp). The more tightly
spaced drilling is providing improved geological, alteration and
gold zone interpretations expected to lead to a more refined
estimation model at shallow levels of the deposit (Figure 1). The
expected outcome of this effort is to be able to upgrade the
confidence of the resource estimation at shallow levels, use the
resource estimation as the basis for a Preliminary Economic
Assessment (PEA), and undertake a conceptual review for the
potential to utilise open pit mining methodologies at Apankrah for
collecting a bulk sample.
Darren Lindsay, President and CEO of Castle Peak, commented:
"The definition drill results are as expected with visible gold
in the more robust structure delivering higher grades at shallow
elevations. What we are seeing is a predictable, coherent
structural corridor hosting a number of narrower gold bearing
structures within it. We are on track to better defining our
shallow high grade resource which in turn supports our conceptual
plan for bulk sampling."
Technical Disclosure
Castle Peak's technical disclosure in this news release has been
reviewed and approved by Darren Lindsay, P.Geo., Castle Peak's
President and CEO, who serves as a Qualified Person under the
definition in National Instrument 43-101 ('NI 43-101'). The drill
program was supervised by Clive Arthur, Castle Peak's former Vice
President Exploration. The Akorade Project represents early stage
exploration properties which include a mineral resource on the
Apankrah Deposit with an effective date of June 1, 2013, as
described in the "NI 43-101 Technical Report on The Apankrah
Project, Western Region, Ghana", dated June 1, 2013, authored by
Andrew Netherwood (AusIMM), Joe Amanor (AusIMM), Simon Meadows
Smith (IOM3) and John Coates as fulltime employees of SEMS, all of
whom act as independent consultants to the Company. Mr Netherwood
prepared the mineral resource estimate and is an independent
Qualified Person as defined by NI 43-101. A copy of the report is
filed under the Company's profile on SEDAR at www.sedar.com and the
Castle Peak website.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based mineral exploration
company focused on advancing greenfields and early stage gold
projects. The Company holds a large, strategic land package in the
Ashanti belt adjacent to several producing gold mines in Ghana,
West Africa. The Ashanti belt is known as one of the most prolific
gold belts in the world, putting Ghana as the second largest gold
producer in Africa with past production of greater than 150 million
ounces. The investment inflow for Ghana's mining sector since 1983
has been about $12.5 billion, with production the highest in the
history of the country at 4.2 million ounces in 2012 (source:
Ghana Business News, April 8, 2013).
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President and Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release
contains certain 'forward-looking information' and 'forward-looking
statements' within the meaning of applicable securities laws
including statements regarding future exploration and development
at the Akorade Project, the preparation and publication of a
revised resource estimate and PEA on the Apankrah Deposit, as well
as the potential results of additional exploration on the Company's
Akorade Project. Such forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are subject to known and unknown risks, uncertainties and
assumptions that could cause actual results to vary materially from
the anticipated results or events predicted in these
forward-looking statements, including those risk factors identified
in the Company's Annual MD&A filed under the Company's SEDAR
profile. As a result, readers are cautioned not to place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this news release are made as of the date
of this release. Except as required by applicable law, Castle Peak
disclaims any intention and assumes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither 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.
To view Figure 1 and Table 1, please visit the following link:
http://media3.marketwire.com/docs/925618i.pdf
Castle Peak Mining Ltd.Darren LindsayPresident and Chief
Executive
Officer604.681.1466604.681.1404darrenl@castlepeakmining.comwww.castlepeakmining.com
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