Castle Peak Mining Ltd. Launches 2012 Drill Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/06/12 -- Castle Peak Mining Ltd. ("Castle Peak" or "the Company") (TSX VENTURE: CAP) is pleased to provide an update on its 2012 exploration program at the Akorade Project, Ghana, Africa.
The initial follow up drill program has commenced on the higher grade Apankrah target (2.8 metres ('m') of 17 grams per tonne ('g/t') gold ('Au') and 2.2m of 24 g/t Au; previously reported January 3 ,2012 and June 6, 2011) and then will move to evaluate exploration targets identified on parallel and link structures (Nana and Scorpio). Additional follow up drill metres are allocated to the Dansuom target (11m of 3 g/t Au; previously reported November 15, 2011), which is host to a sheared contact zone between metavolcanic rocks and a deformed small volume intrusive unit.
Drilling at the Apankrah target will focus on confirming the geometry of the potential high grade shoot, then on success shift to evaluating shoot expansion potential. Based on the confirmed Apankrah geometry, further exploration targeting will be conducted on parallel structures in the area; more specifically the Nana target, a known parallel structure north of Apankrah, and at the Scorpio target, which is interpreted to be a NNE control or link structure for the higher grade shoot(s). Refer to http://www.castlepeakmining.com/i/maps/Nkwanta-Plan-Map_Zoom.pdf for further information on the interpreted link structure.
President & CEO, Darren Lindsay states, "This follow up drill program on the higher grade Apankrah target will give us further indications of resource potential for the Apankrah, Nana, Scorpio and a new artisanal mining site just north of our planned drilling. Additional phase I targets are being generated around the Dansuom target, the Asuogya-Ayiem trend and initial field work is occurring on areas such as Great Yorkshire and Dompem. All activities are progressing well for Castle Peak and should allow us to start unlocking new resource potential on the southern Ashanti Belt."
The exploration program is currently being carried out on two fronts: target generation which includes mapping, prospecting, line cutting, sampling, trenching and geophysical surveys within key structural corridors; and a drill evaluation program split between initial target testing (Phase 1) and high potential follow up drilling (Phase 2). Initial passes of reconnaissance have been completed on all 9 concessions within the Akorade Project, with additional field activities currently prioritized for target development on the Great Yorkshire, Dompem, POW and Asuogya-Ayiem concessions. Exploration activities on all concessions are continually compiled and re-evaluated in order to prioritize the targets that have the strongest potential to provide Castle Peak with its initial resource base.
It is anticipated that the target generation and drill evaluation programs of 2012 will allow Castle Peak to identify and focus on key targets in order to initiate potential resource definition drilling programs by the time the dry season returns late in 2012.
Technical Disclosure
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 in National Instrument 43-101 ('NI 43-101'). The procedures include the systematic insertion of blanks, standards and duplicates into the sample stream both in the field and at the lab; samples are placed in sealed bags and are delivered to SGS Laboratory Services GH Ltd. in Tarkwa, Ghana, for routine gold analysis by 50g charge fire assay with atomic absorption finish. The Akorade project is an early stage exploration project and does not contain any mineral resources as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource. Further information is available in the NI 43-101 compliant technical report dated February 14, 2011 and entitled "NI 43-101 Technical Evaluation Report on Nkwanta & Ayiem concessions, Wassa-West District, Republic of Ghana, West Africa" authored by Daniel Gaudreault, P.Eng. and Alain-Jean Beauregard, P.Geol. of Geologica Groupe-Conseil Inc., and in the NI 43-101 compliant technical report dated January 2, 2012 and entitled "NI 43-101 Technical Report on the Asuogya License, Ghana" authored by Gareth O'Donovan, Corporate Exploration Consultant, of SRK Exploration Services Ltd, copies of which are filed under the Company's profile on SEDAR at www.sedar.com.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and development company focused on advancing greenfield 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 $3.3B USD.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President & CEO
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws including statements regarding proposed exploration, sampling and drilling at the Akorade Project. Such forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from the anticipated results or events predicted in these forward-looking statements, including those risk factors identified in the Company's Annual MD&A and Filing Statement filed under the Company's SEDAR profile. As a result, readers 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.
Ashlee Utterback
Investor Relations Manager
604 681 1466 (X225)
604 681 1404 (FAX)
ashleeu@castlepeakmining.com
www.castlepeakmining.com
