Castle Managing Director, Stephen Stone commented 'The infill and extensional RC drilling and Loupe EM geophysics campaigns have gone extremely well at the Kambale Graphite Project, Ghana.
We are looking forward to updating the present Mineral Resource Estimate of 15.6Mt at 9.0% TGC in addition to being able to identify additional zones of graphite on the broader 149km2 Project licence.
Recent discussions with senior government officials confirmed a high level of support for the Project which was mirrored during meetings with key community leaders. Kambale continues to evolve as a credible addition to the Critical Minerals strategic supply chain where graphite's key and largely irreplaceable role in electric vehicle battery and stationary power storage units is becoming more apparent to a world focused on achieving clean energy targets. A widely forecast looming supply shortage is expected to manifest favourably on fine flake graphite concentrate and precursor Battery Anode Material prices.'
Next Steps at Kambale
Complete RC drilling programme and report results; Update MRE; Process recently completed Loupe EM geophysics survey data to identify any new zones of graphitic schist within the broader licence area; Complete Phase 2 metallurgical test work to produce a commercial-grade, bulk, fine flake graphite concentrate that will then be evaluated for its capability to produce higher-value precursor Battery
Anode Material ('BAM') and 4. Commence a development Scoping Study
Castle Minerals Limited (ASX: CDT) ('Castle' or the 'Company') advises that in order to test recently identified new zones of interest it has extended to 44 holes and nearly completed an RC drilling campaign primarily designed to increase the current JORC Code (2012) Mineral Resource Estimate ('MRE') of 15.6Mt at 9.0% TGC containing 1.41Mt of graphite at its flagship Kambale Graphite Project, Ghana ('Project')(Photos 1 to 3). A large component of the campaign (originally 35-holes for 4,100m) is aimed to infill drill a considerable volume of mineralisation and enable it to qualify to be included in the maiden MRE (refer ASX 12 April 2023) and to extend this along strike and to depth. Independent geologist, Palaris Australia Pty Ltd, is on standby to undertake an updated MRE as soon as all assays become available. The updated MRE will underpin a Scoping Study that will evaluate the merits of a long-life, open-cut mining operation producing at site a bulk fine-flake graphite concentrate and possibly higher-value precursor material for use in Battery Anode Material ('BAM') manufacture.
Loupe EM geophysics survey completed
A Loupe EM geophysical survey has just been completed after being increased in order to extend and infill new zones of interest identified as the survey progressed across the broader 149km2 Kambale licence (refer ASX 22 May 2023). This is the first time the new, state-of-the-art Loupe EM technology has been used in Ghana. It was specifically chosen after having successfully delineated EM conductor zones at Castle's KendenupMartagallup graphite project in Western Australia where there is similarly extensive soil cover obscuring the hard rock geology. Data is now being processed and interpreted by Perth-based consultants, Terre Resources Pty Ltd.
Comment
The well-advanced RC drilling programme, the just completed and extended Loupe EM geophysical survey, the progressing metallurgical test work and recent governmental and community engagements are all components of Castle's quest to fast-track the Kambale Graphite Project. This is to take advantage of the widely forecast looming supply deficit and hopefully attendant price increases for fine flake concentrate and precursor BAM used in the manufacture of electric vehicle battery and stationary power storage units. Once the MRE has been updated and the Perth-based phase of metallurgical test work completed Castle will be in a position to commence a high-level Scoping Study. The Company is adequately funded to complete planned programmes.
Maiden MRE
In early-March 2023 Castle reported that robust lenses of graphitic mineralisation containing high-grade zones with excellent continuity had been delineated by a 30-hole, 2,622m RC infill and 4-hole, 365.2m diamond core drilling campaign. In April 2023 a maiden JORC Code (2012) Mineral Resource Estimate ('MRE') of 15.6Mt at 9.0% TGC containing 1.41Mt of graphite was provided by independent consultants. The MRE is hosted by twelve, sub-parallel, steep to moderately dipping graphitic schist zones. These were delineated using data from several phases of trenching and drilling which comprised 386-holes for a combined 16,018m of RAB, aircore, RC and diamond core drilling. Of this database, 85 RC and 4 diamond core holes for a total of 8,644m were used in the actual estimation, in comparison to the previous JORC Code 2006 MRE undertaken in 2012 which incorporated 54 aircore and only 3 RC drill holes for a total of 2,233m.
About Castle Minerals Limited
Castle Minerals Limited is an Australian Securities Exchange (ASX: CDT) listed and Perth, Western Australia headquartered company with interests in several projects in Western Australia and Ghana that are prospective for Battery Metals (lithium and graphite), base metals (zinc, lead and copper) and gold. The Earaheedy Basin project comprises the Withnell, Terra Rossa and Tableland sub-projects with the Withnell licence strategically located adjacent to the evolving World-Class ChinookMagazine zinc-lead project of Rumble Resources Ltd (ASX: RTR) and north of the Strickland Metals Limited (ASX: STK) Iroquois prospect. The Terra Rossa licences have additional prospectivity for copper. The Beasley Creek project is prospective for gold and lithium and lies on the northern flanks of the Rocklea Dome in the southern Pilbara. The Success Dome project lies in the Ashburton structural corridor midway between the Paulsen's and Ashburton gold deposits and is prospective for gold and base metals. The Polelle project, 7km southeast of the operating Bluebird gold mine near Meekatharra, hosts a mainly obscured and minimally explored greenstone belt prospective for gold and possibly base metals whilst the Wanganui project is prospective for down-plunge high-grade gold shoots. The Wilgee Springs project, along strike from and within the same metamorphic belt as the world-class Greenbushes lithium mine 25km to the south, is prospective for spodumene bearing pegmatites as is the Woodcutters project, 25km south east of the Bald Hill lithium mine and 25km north west of the Buldania lithium deposit. The Woomba Well project will also be evaluated for lithium bearing pegmatites. The Great Southern Graphite project comprises granted licences encompassing the historical Kendenup graphite workings and the adjacent Martagallup graphite occurrences and one application covering a graphite occurrence at Mt. Barrow. In Ghana, West Africa, Castle's substantial and contiguous tenure position in the country's Upper West region encompasses large tracts of highly prospective Birimian geological terrane, the host to many of West Africa's and Ghana's multi-million-ounce gold mines. The emerging flagship Kambale Graphite Project lies within the Ghana tenure. Castle retains a 4% net smelter precious metal royalty over the Julie West licence, a key component of Azumah Resources Limited's Wa Gold Project, Upper West region, Ghana.
Cautionary Statement
All of Castle's projects are considered to be of grass roots or of relatively early-stage exploration status. Other than for the Ghana projects, there has been insufficient exploration to define a Mineral Resource. No Competent Person has done sufficient work in accordance with JORC Code 2012 to conclusively determine or to estimate in what quantities gold or other minerals are present. It is possible that following further evaluation and/or exploration work that the confidence in the information used to identify areas of interest may be reduced when reported under JORC Code (2012).
Forward Looking Statement
Statements regarding Castle's plans, forecasts and projections with respect to its mineral properties and programmes are forward-looking statements. There can be no assurance that Castle's plans for development of its mineral properties will proceed. There can be no assurance that Castle will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will be successfully developed on any of Castle's mineral properties. The performance of Castle may be influenced by a number of factors which are outside the control of the Company, its Directors, staff or contractors.
Competent Persons Statements
The scientific and technical information in this Report that relates to the geology of the deposits and exploration results is based on information compiled by Mr Stephen Stone, who is Managing Director of Castle Minerals Limited. Mr Stone is a Member of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Stone is the Qualified Person overseeing Castle's exploration projects and has reviewed and approved the disclosure of all scientific or technical information contained in this announcement that relates to the geology of the deposits and exploration.
CASTLE MINERALS LIMITED 
