Castle Resources Provides Corporate Update on Its Granduc Copper Project, B.C.
- 24,000 metre surface drilling program completed at the Granduc Copper Project; 32 holes were focused on South Zone and North Zone targets- Continued underground rehabilitation; safe access to main underground infrastructure from 17 km haulage tunnel
- Updated NI 43-101 resource estimate due by year end; completed Preliminary Economic Assessment to follow Q1 of 2013
TORONTO, ONTARIO -- (Marketwire) -- 10/10/12 -- Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the "Company") is pleased to provide investors an update on operations at the Granduc Copper Project near Stewart, British Columbia.
"I am pleased to report the completion of a very successful operating field season at the Granduc Copper Project," stated Mr. Mike Sylvestre, President & CEO of Castle Resources Inc. "We achieved all of our objectives, notably completing a significant 24,000 metre drill program, furthering underground rehabilitation and comprehensive baseline environmental data collection. Our efforts continue to underscore the past producing Granduc is a fast growing high-grade copper story, with robust infrastructure in place in a mine-friendly jurisdiction."
24,000 Meter Drilling Program Completed:
Castle's surface program was initiated in late May and was completed in early Sept. It was a two-part program, focused on; A) completing drilling on the South Zone, an area of rich mineralization that was initially drilled in 2011, and B) expanding the North Zone inferred copper resource identified by historical drilling and three positive 2011 holes.
South Zone drill targets were specifically focused on increasing the density of drilling at depth where several 2011 holes had encountered wide intersections of above average (1.26% Cu) copper grades. Initial assay results already published (see Castle press release dated July 16, 2012) confirm this trend continues. In addition, South Zone drilling focused on shallow, closer to surface targets, notably areas of mineralization above the current NI 43-101 compliant resource. Assays results from these holes are to be made public in the coming weeks.
North Zone drilling was focused on gaining a much better understanding of the orientation and potential size of copper mineralization first discovered by the previous operators of the Granduc mine, but which was never fully explored or delineated. A program of systematic step-out holes was completed this year, begun where successful 2011 Castle drilling encountered high-grade intersects and continued northward at roughly 100 metre centers, testing both shallow and deeper targets. Assay results from this later stage program will be published in the coming months.
Underground Rehabilitation:
Castle again engaged Procon Mining & Tunneling to continue work in the mine, following the successful rehabilitation of the 17 km long haulage tunnel in 2011. The scope of Procon's contract was to recondition workings on the main 2600 level, remove sections of old rail, establish drainage, install ventilation, communications and power.
Environmental Baseline:
Diversified environmental baseline studies have been in progress this year at the Granduc, with a focus on geochemistry, water quality, hydrology, fisheries and aquatic biota, social, and economic disciplines, to name a few. The bulk of the environmental program work is expected to occur in 2013. It is anticipated that Castle's Granduc Copper Project will likely enter the B.C. Environmental Assessment process in Q4 of 2012.
About Castle Resources
Castle is a Toronto-based junior mineral development company focused on the exploration and redevelopment of the 100% owned past producing Granduc Copper Mine. Castle currently has 173 million shares outstanding.
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
msylvestre@castleresources.com
Castle Resources Inc.
Lenny Foreht
VP Corporate Development
416-366-4101
lforeht@castleresources.com