Join our daily newsletter At The Bell to receive exclusive market insights
- Materials stock Castile Resources (CST) has received assay results from the last holes drilled during its 2020 drilling program at the Rover 1 Gold Project
- The holes were designed to test the plunge extents of the interpreted Ganymede mineralisation discovered at the Northern Territory project
- The results received from the holes suggests drilling was peripheral to mineralisation, with no high grades intercepted
- Despite the result, Castile remains confident there is potential to extend the known Rover 1 ore system at the asset
- Moving forward, the company said it will focus on finalising a pre-feasibility study for Rover
- Shares in Castile Resources have slumped following the assay results release, dropping over 20 per cent in early trade
- CST stock is currently trading down 21.7 per cent at 23.5 cents each
Castile Resources (CST) has received assay results from the last holes drilled at the Rover 1 Gold Project in the Northern Territory.
The materials stock spent much of 2020 drilling at the iron oxide copper gold project, targeting a number of gold exploration targets.
The last two holes drilled at Rover were designed to test the plunge extents of the interpreted Ganymede mineralisation discovered at the asset.
However, the results received from the holes suggests drilling was peripheral to mineralisation, with no high grades intercepted.
Despite the result, Castile’s Managing Director Mark Hepburn remains confident there is potential to extend the known Rover 1 ore system at the asset
“Castile will continue to proactively work through the numerous conceptual opportunities contained within the Castile tenements in parallel with advancing development at Rover 1,” Mark said.
“The extensional holes drilled into the main Rover 1 ore system during the shortened season did return outstanding intercepts including 30.4 metres at 35.6g/t gold and 1.46 per cent copper and 12.3 metres at 4.5g/t gold and 1.49 per cent copper,” he explained.
Moving forward the company said it will focus on finalising its planned pre-feasibility study for Rover 1.
Shares in Castile Resources have slumped following the assay results release, dropping over 20 per cent in early trade
CST stock is currently trading down 21.7 per cent at 23.5 cents each at 11:44 am AEDT.
