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Castile Resources Limited (ASX:CST) (“Castile” or “the Company”) is pleased to advise that results from Hole 22CRD001-1 have revealed a new high grade gold zone at the Company’s 100% owned Rover 1 Project. The new gold structure occurs outside, but directly adjacent to, Castile’s current Mineral Resource Estimate (MRE) for Rover 1 in the Jupiter Deeps section of the deposit.
The upper part of Hole22CDR001 has returned an exceptional intercept of IOCG mineralisation of:
- 31m at 4.0 g/t Gold, 1.0% Copper and 0.1% Bi from 868m (TW 20.2m) downhole
This included a high grade core zone of:
- 9.5m at 9.6 g/t Gold with 1.4% Copper and 0.2% Bi from 881.5m downhole
This intercept points to the discovery a new additional high grade gold zone where late stage shears cut the IOCG alteration and also extends the Jupiter Deeps zone further down-dip.
Other results from 22CRD001-1 include:
- 7m @ 2.5% Cu with 0.5g/t Au and 0.1% Bi from 906.0m downhole
- inc 1.7m @ 6.6% Cu with 0.8g/t Au and 0.1% Bi from 907.7m downhole
- 8m @ 1.4% Cu with 0.9g/t Au, 0.1% Bi and 0.1% Co from 828.6m downhole
- inc 5m @ 1.7% Cu with 1.2g/t Au, 0.1% Bi and 0.1% Co from 831m downhole
Additionally, Hole 22CRD001-1 continued in IOCG alteration for 173.4 metres downhole expanding the interpreted true width of the Jupiter Deeps IOCG alteration to 86m (from 66m). The hole exited the IOCG alteration laterally which opens the base of the system for further extensions of the new high-grade copper-gold zones at depth.
Figure 1: Jupiter Deeps Cross Section Showing New Interpreted Gold Zone
Mark Hepburn, Managing Director of Castile commented:
“This is a major new discovery for Castile.
Not only does the interpretation suggest the discovery of a new bonanza gold zone at Rover 1, it appears the IOCG system is expanding at depth. This newly discovered gold zone sits adjacent to our current Indicated Mineral Resource in the Jupiter Deeps area and provides us with enormous potential for growth.
In addition, the discovery of the extension of ironstone into the hanging wall approximately 120m below existing drilling is significant, indicating the Jupiter Deeps ironstone is more extensive than previously thought and suggests known Cu-Au mineralisation may also continue down dip further than has currently been interpreted. Paired with the new high grade gold zone identified, this hole has changed our understanding of the Jupiter Deeps ironstone zone considerably.”
The drilling program continued with another wedge cut from this hole with the aim of testing the Ganymede high grade gold zones in the hanging-wall of the main IOCG zone. (See ASX:CST 2022 Drilling And Fieldwork Program Commences). This wedge has been completed and the core is being prepared for assay. These results will be presented to the market as they are received.
Castile Resources Limited
For further information please contact: firstname.lastname@example.org
Phone: +61 89488 4480
Castile Resources Limited
7/189 St Georges Terrace Perth, WA, 6000
This announcement was approved for release by the Castile Resources Board of Directors
Table 1: Significant Intersections Returned From Hole 22CRD001-1
Competent Person Statement
The exploration results contained in this report are based on, and fairly and accurately represent the information and supporting documentation prepared by Mark Savage. Mr Savage is a full-time employee of Castile, and a Member of The Australasian Institute of Mining and Metallurgy. Mr Savage has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves. Mr Savage consents to the inclusion in the report of the matters based on the exploration results in the form and context in which they appear.
Forward Looking Statements
Certain statements in this report relate to the future, including forward looking statements relating to Castile’s financial position and strategy. These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause the actual results, performance, or achievements of Castile to be materially different from future results, performance or achievements expressed or implied by such statements
Actual events or results may differ materially from the events or results expressed or implied in any forward- looking statement and deviations are both normal and to be expected. Other than required by law, neither Castile, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will occur. You are cautioned not to place undue reliance on those statements.
This article includes content from Castile Resources Limited (ASX:CST), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.