Castle Minerals Limited (ASX: CDT) ('Castle' or the 'Company') advises that a 200-line km geophysical survey has commenced at its flagship Kambale Graphite Project, Ghana, aimed at identifying new graphite occurrences to add to the recently delivered maiden JORC Code (2012) Mineral Resource Estimate ('MRE') of 15.6Mt at 9.0% TGC containing 1.41Mt of graphite (Refer ASX 12 April 2023) ('Project')(Fig 1).
Using state-of-the-art, low-impact Loupe EM survey technology, the survey will evaluate several areas within the broader 149km2 Kambale licence which is characterised by extensive soil cover and little to no outcrop. Recently observed graphitic material in termite mounds is encouraging as is also graphite observed in historical drilling. The EM survey is expected be completed mid-June and is running alongside a 35-hole, 4,100m infill and extensional drilling programme which commenced last week. This will largely be the infill drilling of graphitic mineralisation successfully confirmed by a first-pass drill testing of several HLEM geophysical survey conductors generated in an early-2022. It is hoped that the infill drilling plus several holes designed to extend several graphitic schist zones along strike and to depth will result in a material increase in the Kambale Mineral Resource Estimate. Any robust Loupe EM conductors identified during this new survey will be considered for immediate testing using the RC drill rig presently on site. The current EM survey and resource extension drilling along with continuing metallurgical test work and other studies are all components of Castle's quest to fast-track Kambale. This is to position the Project to take advantage of the widely forecast looming supply deficit for fine flake concentrate which is used in the manufacture of electric vehicle and stationary power storage battery units. Castle will shortly commence a high-level Project Concept Study that will transition into a Scoping Study once the MRE has been updated and metallurgical test work results become available.
Castle Managing Director, Stephen Stone, commented.... 'We have just kicked-off an EM geophysical survey aimed at locating additional graphite occurrences on the broader 149km2 Kambale licence. Graphitic material observed by our geologists in several termite mounds bodes well for the success of the 200-line km survey which is expected to be completed mid-June. The programme is running alongside a recently commenced 35-hole, 4,100m RC drilling campaign designed to materially increase the very solid Mineral Resource Estimate of 1.4Mt of graphite at a healthy grade of 9.0% TGC reported last month. Castle is fast-tracking Kambale to ensure that the Project is well positioned to take advantage of the forecast looming supply deficit for fine flake graphite concentrate used in the manufacture of electric vehicle and stationary power storage battery units.'
Contact:
Stephen Stone
Tel: +61 (0)418 804 56
About Castle Minerals Limited
Castle Minerals Limited is an Australian Securities Exchange (ASX: CDT) listed and Perth, Western Australia headquartered company with interests in several projects in Western Australia and Ghana that are prospective for battery metals (lithium and graphite), base metals and gold. The Earaheedy Basin project comprises the Withnell, Terra Rossa and Tableland sub-projects with the Withnell licence strategically located adjacent to the evolving World-Class ChinookMagazine zinc-lead project of Rumble Resources Ltd (ASX: RTR) and north of the Strickland Metals Limited (ASX: STK) Iroquois prospect. The Terra Rossa licences are east of the Thaduna copper deposit. The Beasley Creek project is prospective for gold and lithium and lies on the northern flanks of the Rocklea Dome in the southern Pilbara. The Success Dome project lies in the Ashburton structural corridor midway between the Paulsen's and Ashburton gold deposits and is prospective for gold and base metals. The Polelle project, 7km southeast of the operating Bluebird gold mine near Meekatharra, hosts a mainly obscured and minimally explored greenstone belt prospective for gold and possibly base metals whilst its partner , Wanganui project, is prospective for down-plunge high-grade gold shoots. The Wilgee Springs project, along strike from and within the same metamorphic belt as the world-class Greenbushes lithium mine 25km to the south, is prospective for spodumene bearing pegmatites as is the Woodcutters project, 25km southeast of the Bald Hill lithium mine and 25km northwest of the Buldania lithium deposit. The Woomba Well project will also be evaluated for lithium bearing pegmatites. The Great Southern Graphite project comprises granted licences encompassing the historical Kendenup graphite workings and the adjacent Martagallup graphite occurrences and one application covering a graphite occurrence at Mt. Barrow. In Ghana, West Africa, Castle's substantial and contiguous tenure position in the country's Upper West region encompasses large tracts of highly prospective Birimian geological terrane, the host to many of West Africa's and Ghana's multi-million-ounce gold mines. The emerging Kambale graphite project lies within the Ghana tenure. Castle retains a 4% net smelter precious metal royalty over the Julie West licence, a key component of Azumah Resources Limited's Wa Gold Project, Upper West region, Ghana
Forward Looking Statement
Statements regarding Castle's plans, forecasts and projections with respect to its mineral properties and programmes are forward-looking statements. There can be no assurance that Castle's plans for development of its mineral properties will proceed. There can be no assurance that Castle will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will be successfully developed on any of Castle's mineral properties. The performance of Castle may be influenced by a number of factors which are outside the control of the Company, its Directors, staff or contractors
Competent Persons Statements
The scientific and technical information in this Report that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is Managing Director of Castle Minerals Limited. Mr Stone is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Stone is the Qualified Person overseeing Castle's exploration projects and has reviewed and approved the disclosure of all scientific or technical information contained in this announcement that relates to the geology of the deposits and exploration. Information in this report that relates to geological interpretation, exploration activities, graphite mineralisation, Mineral Resources and results was reviewed by Dr Allan John Parker who is a Member of the Australian Institute of Geoscientists. Dr Parker is an employee of Palaris Australia Pty Ltd which provides geological consultancy services to Castle. Dr. Parker is also Director of Geosurveys Australia Pty Ltd, a non-Executive Director of Centrex Limited and was formerly Managing Director of Lincoln Minerals Limited. Dr Parker has sufficient experience relevant to the styles of mineralisation and to the activities which are being presented to qualify as a Competent Person as defined by the JORC code, 2012. Dr Parker consents to the release of the information compiled in this announcement in the form and context in which it appears.
CASTLE MINERALS LIMITED 
