Castle Resources Announces Impressive 1st Results from 2012 Campaign at the Granduc Copper Project
- GD12-01 intersects 1.81% Cu over 25.5 meters, including 2.13% Cu over 15.51 meters- Excellent drill results confirm higher copper grades and wider intersections on the Granduc South Zone
TORONTO, ONTARIO -- (Marketwire) -- 07/16/12 -- Castle Resources Inc. (TSX VENTURE: CRI) ("Castle" or the "Company") is pleased to announce its first set of drill core assay results from the ongoing surface exploration program at the Granduc Copper Project located near Stewart, B.C.
"These impressive results once again underscore just how important the Granduc South Zone has become," stated Mr. Mike Sylvestre, President & CEO of Castle Resources. "Our goal in the South Zone is to significantly grow resource tonnes as part of our overall strategy of expanding the inferred resource footprint at the Granduc."
Granduc Drilling Results - 2012 Surface Program
Complete Assays for Holes GD12-01, GD12-02, GD12-03 & GD12-06
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
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 2.13 0.29 9.07 16.07
and 397 421.46 24.46 1.40 0.17 10.21 10.2
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GD12-02 550.5 558 7.5 1.97 0.20 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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GD12-06 68.84 77.24 8.4 2.56 0.27 23.91 28.64
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Castle has now completed over 12 holes of its expansion drilling program and aims to complete the surface program at the Granduc by September. There are currently 4 drills turning at site with a strategy of a) completing the drilling on the South Zone begun in 2011, an area of robust mineralization that has extended the strike of the current resource by over 600 meters to the south of the historic Granduc orebody, and b) defining the potential copper mineralization of the North Zone identified by SRK Consulting as 'exploration potential' (see SEDAR technical report dated April 9, 2012).
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 147 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
416-364-2266
lforeht@castleresources.com
www.castleresources.com
