Castle Resources Inc. is pleased to announce it has begun drilling at its 100% owned Granduc Copper Project located near Stewart in northwest B.C.
“Castle’s primary objective for the surface drill program this year is to expand the known footprint of copper mineralization,” stated Mr. Mike Sylvestre, President & COO of Castle Resources. “Based on the initial resource estimate SRK published in February 2011, historical Newmont and Esso assays, recent Bell Copper drill results and historical non NI 43-101 estimates, we are confident we will be able to demonstrate the potential for a much larger and significant copper resource at the Granduc.”
Castle’s surface program will focus on growing the inferred resource initially published by SRK Consulting by drilling downdip on the main Granduc zone beneath the 1600 foot horizon identified as an historical non NI 43-101 compliant resource estimate of 24 million tons grading 1.82% Cu (see Granduc Technical Report dated July 5, 2010). Castle will also target the South Zone that Bell Copper successfully drilled in 2005/06 to delineate additional copper mineralization (see Bell Copper release dated Dec 14, 2005) in addition to surface drilling on the North Zone. The focus of the surface drilling is to graduate the exploration potential identified by SRK in their recent NI 43-101 resource estimate dated February 28, 2011 into a resource category.
Beginning last month, Castle re-established a large exploration camp to support drilling and exploration operations at the Granduc Copper Project. Minconsult Exploration Services Ltd. currently manages all camp logistics and operations, including the assembly of a highly qualified geological technical team that will log and process all core under the supervision of Castle’s Exploration Manager. Stewart based More Core Diamond Drilling Services Ltd. is managing all drilling operations at the Granduc. To facilitate ongoing camp and drilling activities, Castle has engaged VIH Helicopters Ltd. to provide helicopter support for all operations.
|Granduc Resource Estimate:|
- SRK Consultants provided the following NI 43-101 compliant resource estimate using a 0.8% Cu cut-off grade: Indicated Resources of 3.75 million tonnes grading 1.59% Cu containing 131.4 million pounds of copper; Inferred Resources of 15.8 million tonnes grading 1.36% containing 471.5 million pounds of copper
- Exploration Potential is estimated to contain an additional 17 to 23 million tonnes grading between 1.3% Cu to 1.6% Cu. The potential quantity and grade of the exploration potential is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the exploration targets being delineated as a mineral resource
- View Castle press release dated February 28, 2011 for complete NI 43-101 Granduc resource, including Cu cut-off sensitivity, and identified exploration potential on the Main and North Zones
- Newmont and Esso Minerals operated the Granduc Mine between 1971-1984; processed over 15 million tonnes of ore grading 1.71% Cu; produced 420 million pounds of copper (plus gold and silver credits); the mine was closed in 1984 due to low copper prices
- Operators of the Granduc Mine invested over $115 million from Oct 1965 until start-up operations began in 1971; 17 km haulage tunnel remains in good condition today
- Mining operations at the Granduc Mine consisted of crushing underground then processing of up to 9000 tpd. The concentrate was trucked on a 54 km all weather road to the year-round deep sea port facility in Stewart which remains in operation today
- Bell Copper’s exploration activities between 2004 and 2007 have confirmed mineralization along a 4+ km trend, with the main Granduc orebody centrally located within the trend
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.
About Castle Resources
Castle Resources Inc. is a Toronto-based junior mineral development company focusing on high-quality, advanced projects. Management’s goal is to continue the redevelopment of the 100% owned past producing Granduc Copper Mine and begin new exploration activities; as well, management is quickly advancing the Elmtree Gold Project in New Brunswick toward feasibility in 2011. Castle currently has $15 million in treasury and has issued and outstanding shares of 106 million.
For more information please visit the Castle Resources’ website atÂ www.castleresources.com.
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