Castle Resources Announces Complete 2012 South Zone Drill Results from the Granduc Copper Project, B.C.
- Positive South Zone drilling identifies new zones of high grade copper mineralization near surfacTORONTO, ONTARIO -- (Marketwire) -- 10/25/12 -- Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the "Company") is pleased to announce its 2nd positive set of drill core assay results from the recently completed surface exploration program at the Granduc Copper Project located near Stewart, B.C.
"As part of our overall objective of growing the inferred copper resource at the Granduc, our 2012 strategy on the South Zone was designed to identify near surface mineralization and target higher grade zones at depth," stated Mr. Mike Sylvestre, President & CEO of Castle Resources. "I am pleased to report drilling was very successful; first, we further delineated the up-dip extent of copper mineralization in the foot wall zone thorough a series of shallow holes, and second, we encountered deeper copper intersections immediately adjacent to our current NI 43-101 resource estimate."
Mr. Sylvestre continued, "At this juncture we can clearly state that these new exploration results confirm that the South Zone is in fact an extension of Main Zone mineralization. In other words, it is all part of the same mineralized system, a large VMS Besshi-style copper rich environment that notably remains open to the south and at depth."
Granduc 2012 Drilling Results - Shallow SZ Foot Wall Lens Targets
Complete Assays for Holes GD12-06, GD12-08 & GD12-14B
Note: all widths are downhole thickness
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Hole Start (m) End (m) Width (m) % Cu Au (g/t) Ag (g/t) %Fe
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GD12-06 68.84 77.24 8.4 2.56 0.27 23.91 28.64
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GD12-08 75.28 84.3 9.02 1.35 0.15 10.71 12.61
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GD12-14B 89 102 13 1.26 0.11 10.69 10.24
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Note: a) GD12-06 previously released (see press release dated July 16, 2012)
b) GD12-09 - no reportable copper mineralization encountered
Granduc 2012 Drilling Results - Deeper SZ Targets
Complete Assays for Holes GD12-01, GD12-02, GD12-03, GD12-5A, GD12-07, GD12-13 & GD12-17
Note: all widths are downhole thickness
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Hole Start (m) End (m) Width (m) % Cu Au (g/t) Ag (g/t) %Fe
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GD12-01 262 279.8 17.8 1.28 0.12 5.77 19.76
Inc 271.62 277 5.38 1.83 0.2 8.8 36.09
And 289.5 315 25.5 1.81 0.23 7.13 13.99
Inc 295.49 311 15.51 2.2 0.31 10.65 19.61
And 397 421.46 24.46 1.4 0.17 10.21 10.2
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GD12-02 550.5 558 7.5 1.97 0.2 23.61 9.36
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GD12-03 508 529 21 1.47 0.14 2.08 18.11
Inc 515.5 523 7.5 1.94 0.18 2.09 15.86
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GD12-5A 240 247 7 1.20 0.10 1.34 12.24
And 295 300 5 1.63 0.17 10.20 12.90
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GD12-07 616.5 627 10.5 1.01 0.08 2.03 18.79
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GD12-13 452 461 9 1.19 0.20 15.69 8.33
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GD12-17 279 288 9 2.19 0.31 30.56 15.01
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Note: a) GD12-01, GD12-02 & GD12-03 previously released (see press release
dated July 16, 2012)
b) GD12-4A, GD12-10 & GD12-15B - no reportable copper mineralization
encountered
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 focused on the exploration and redevelopment of the 100% owned past producing Granduc Copper Mine. Castle currently has 173 million shares outstanding shares. 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.
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Contacts:
Castle Resources Inc.
Mike Sylvestre
President & CEO
416-366-4100
msylvestre@castleresources.com
Castle Resources Inc.
Lenny Foreht
VP Corporate Development
416-366-4100
lforeht@castleresources.com