Castle Peak Commences 2011 Exploration Program With Airborne Survey-Pow Trench Resampling Validates 14m of 1.0 g/t Au
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/11 -- Castle Peak Mining Ltd. ('Castle Peak' or 'the Company') (TSX VENTURE: CAP), is pleased to announce it has commenced a 3,425 kilometre airborne survey program (VTEM, magnetics, radiometrics) over the Company's entire land package in the southern Ashanti belt in Ghana. The survey kicks off the $4 million exploration program announced on March 21, 2011, which will include a 15,000 metre ('m') Phase I drill program. The aggressive exploration program will also include the continued consolidation of the overall land package and the refinement of soil anomalies, through the collection of 10,000 auger and trench samples, into drill ready targets on the Ayiem, POW and Kedadwen properties.
Castle Peak's strategic land holdings in the southern Ashanti belt are host to gold in soil anomalies that range in strike from 200m to over 5,000m and range in width from 100m to 500m. These anomalies are defined by gold ('Au') values in excess of 50 parts per billion ('ppb') but values contained within the trends vary from less than 20ppb to greater than 8000ppb Au. The airborne survey currently underway has been contracted to Geotech Airborne Ltd., and will assist in defining the structural framework hosting the numerous auriferous trends identified in the soil surveys. The initial field crews are now in place undertaking auger drilling on high priority soil anomalies in order to refine drill targets.
In addition, a final 43-101 technical report on the POW property prepared by SEMS Exploration has validated previous trench sample results from two trenches that were resampled. Previous sampling of DT5 crossing a silicified zone at a contact of metavolcanic rocks and granitoid rocks returned 18m of 0.99 g/t Au; a 14m subsection of this contact zone was resampled by SEMS with the resampling returning 14m of 0.97 g/t Au (previous sampling of the same interval returned 14m of 0.92 g/t Au). A resampled silicified section of trench DT8 returned eleven samples averaging 0.88 g/t Au (ranging from 0.07 to 1.51 g/t Au) which compared favourably to the previous sampling of the same section of eleven samples averaging 0.97 g/t Au (ranging from 0.09 to 1.85 g/t Au). The full report is available at http://www.castlepeakmining.com/s/Windsor.asp?ReportID=430050.
'Our goal is to ultimately define near-surface gold resources across our land holdings,' stated Darren Lindsay, Castle Peak's President and CEO. 'Through geological compilation and systematic exploration, regional gold anomalies will be refined to the target evaluation stage; once prioritized they will be aggressively tested in order to rapidly evaluate resource potential.'
Qualified Person
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 of National Instrument 43-101. The SEMS Exploration POW 43-101 technical report was completed by Simon Meadows Smith, an independent Qualified Person as defined by National Instrument 43-101. Quality assurance and quality control procedures currently being established include the systematic insertion of blanks, standards and duplicates into the sample stream either in the field or at the Lab; samples are placed in sealed bags and are delivered to Intertek Mineral Services (previously Transworld) Laboratories in Tarkwa, Ghana. The Castle Peak projects are early stage exploration properties and do not contain any mineral resources as defined by National Instrument 43-101.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and development company focused on advancing greenfields and early stage gold projects. The Company holds a 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 with over 150 million proven ounces uncovered and current investment in excess of $2.5 B USD. Castle Peak is now working to commence an aggressive exploration program on identified gold targets.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from targeted results the results or events predicted in these forward-looking statements. As a result, investors 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.
Contacts:
Castle Peak Mining Ltd.
Marlo Hamer-Jackson
Investor Relations Manager
604 681 1466 (X 235)
marlo@castlepeakmining.com
www.castlepeakmining.com