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Castle Minerals (ASX:CDT)- Managing Director, Stephen Stone
Managing Director, Stephen Stone
Source: Business News
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  • Castle Minerals (CDT) provides an update for the June quarter which was spent focusing on its Ghana and Western Australia-based projects
  • The miner applied for three exploration licences within the Earaheedy Basin as part of its goal to become a key base and precious metals explorer
  • Castle also completed infill soil sampling at the Polelle Project which defined a drill-ready target within an 800-metre gold anomaly
  • In terms of cash, the company allocated about $225,000 to exploration and evaluation, and ended the quarter with just under $1.8 million
  • Company shares are trading up 3.33 per cent at 1.6 cents at 12:50 pm AEST

Castle Minerals (CDT) has provided an update for the June quarter which was spent focusing on its Ghana and Western Australia-based projects.

Earaheedy Basin

At the start of the quarter, the miner applied for three exploration licences (Terra Rosa, Marymia, and Withnell) which are located within the Earaheedy Basin of Western Australia (WA).

The company claimed the tenements aligned with its strategy of becoming a key explorer in regions which are prospective for base and precious metals.

Castle conducted a review of historical data and confirmed base metals at both the Withnell and Terra Rosa project areas.

In the current quarter, the company will undertake field reconnaissance work and sampling.

However, the application process for the Earaheedy Basin licences is still in the early stage and there’s no guarantee they will be approved.

Polelle

During the quarter, the company completed an infill soil sampling program at the Polelle Project which defined a drill-ready target within an 800-metre gold anomaly.

Additional sampling suggested the gold anomalism could extend south for around 4.2 kilometres towards the Lordy Bore area where the splay is interpreted to join the Albury Heath shear zone.

Kambale

Castle’s Ghanaian subsidiary, Carlie Mining, has been re-evaluating the Kambale Graphite Project given the positive outlook for the graphite and electric vehicle markets.

Three samples of graphitic material arrived in Perth for test work during the quarter. This work involves assaying, flotation and other tests to produce concentrates for flowsheet design, characterisation and benchmarking studies.

If the results are positive, the next phase of work will include drilling to obtain more test work samples and to test for limits of the existing resource.

Financials

Castle spent around $435,000 on operation activities with just over half of this used for exploration and evaluation.

At the end of the June quarter, the company had around $1.8 million and it expects to have another 4.1 quarters left of available funding.

Company shares were trading up 3.33 per cent at 1.6 cents at 12:50 pm AEST.

CDT by the numbers
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