Castle Minerals : High-Grade Mineralisation Extended South at Wanganui Main Lode

RocJulieHigh-GradeWestMineralisationLicenceTransferExtendedCompletedSouth at Wanganui Main Lode

• 4m at 8.33g/t Au from 18m, including 2m at 15.39g/t Au from 18m (CWRC042) and 2m at 1.27 g/t Au from 25m (CWRC043) extends near-surface Main Lode mineralisation further south
• 4m at 1.32g/t Au from 71m (CWRC045) extends mineralisation and host structure further below South Pit
• Consistent anomalism intersected in several holes drilled to test a magnetic low coincident with the interpreted northern extension of the Main Lode (North Target)
• Previously unknown zones of alteration identified in reconnaissance drilling to test several structural targets interpreted from aeromagnetics

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Castle Managing Director, Stephen Stone said "We are pleased to have confirmed that near-surfacemineralisation at Main Lode South Pit continues to the south and to also encounter encouraging anomalism in reconnaissance holes to the north of the North Pit.

Zones of alteration usually associated with gold mineralisation in the project area were also intersected in holes drilled to investigate several new targets derived from the recent aeromagnetic survey."

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Castle Minerals Limited (ASX: CDT) ("Castle" or the "Company") advises that a recently completed 3172m, 48-holemulti-target reverse circulation (RC) programme has extended Main Lode shallow high-grade mineralisation further south at the Company's Wanganui project in the Meekatharra gold mining district of Western Australia (Figs 1 to 4)(JORC Appendix Table 1 and 2).

Drilling to test a magnetic low anomaly immediately south of the Main Lode South Pit returned 4m at 8.33g/t Au from 18m, including 2m at 15.39g/t Au from 18m (CWRC042) and 2m at 1.27g/t Au from 25m (CWRC043).

Other holes drilled under the South Pit were designed to test for depth extensions to mineralisation previously intersected by Castle (refer ASX release 19 August 2020). An intercept of 4m at 1.32g/t Au from 71m (CWRC045) was from one of several holes that also intersected at depth the strong shearing with sericite-pyrite alteration and quartz veins that is usually associated with the mineralised host structure.

Two holes (CWRC054 and CWRC055) to test for the interpreted down-plunge extensions of a high-grade shoot at the shallow Main Lode North Pit, successfully intersected the targeted zone of alteration, confirming the presence of the mineralised structure. However, the relatively low-grade anomalism indicates that the plunge of the high-grade mineralised ore shoot within the host structure is also most likely steeper than interpreted.

Reconnaissance holes, CWRC056-057 and CWRC069-073, drilled on east-west sections approximately 100m apart, were designed to test a 300m north-south trending magnetic low coincident with the interpreted northern extension of the Main Lode, commencing approximately 100m north of the North Pit (North Target).

ASX & Media

Release

ASX Code: CDT

16 December 2020

Principal and

Registered Office:

Suite 2 / 11 Ventnor Ave West Perth WA 6005

PO Box 437 West Perth WA 6872

Tel:[phone]

ACN 116 095 802

www.castleminerals.com

[e-mail]

Board:

Michael Atkins

Chairman

Stephen Stone

Managing Director

James Guy

Non-Executive Director

Company Secretary:

Jade Styants

Capital Structure:

Ordinary Shares: 732.5M Unlisted Options: 35.5M

Castle Minerals Limited: Wanganui RC Drilling Results - 16 December 2020

Results from this step-out drilling to locate the inferred mineralised structure included 2m at 1.02gt Au from 21m (CWRC056) which, when combined with multiple zones of low-grade anomalism observed in CWRC072, provide encouragement as to the prospectivity of the Main Lode away from the area of historical mining.

Twenty-eight holes comprising more reconnaissance-style drilling were designed to test additional linear structures inferred from the recent aeromagnetic survey. Several holes successfully intersected zones of shearing and alteration that elsewhere on the project area are indicative of the presence of a mineralised structure. This will provide a solid basis for follow-up work aimed at vectoring in towards any high-grade mineralisation that may be present.

Fig 1: Plan of recent RC drilling at Wanganui Project

Additional information

The recently flown high-resolution aeromagnetic survey confirmed that known gold mineralisation and shearing at Wanganui is associated with a series of north to north-east trending structurally-controlled linear magnetic lows, possibly representing magnetic destruction or other alteration features within the granodiorite host. Historical mining and drilling data has shown that gold mineralisation is associated with at least four of these linear magnetic low zones. The recent geophysics highlighted extensions to the known Main and East Lode structures as well as identifying two additional parallel structures west of the main lode which were obscured by surface cover.

Planned follow-up work

Castle will review these latest results and refine its structural interpretations to improve ore plunge predictions and the design of a follow-up programme that will also focus on the newly identified zones of encouraging alteration.

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Castle Minerals Limited: Wanganui RC Drilling Results - 16 December 2020

Figure 2: Plan of RC Drilling Results at Wanganui Main Lode

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Castle Minerals Limited: Wanganui RC Drilling Results - 16 December 2020

Figure 3: Drill Section 7034608N

Polelle Project

Results from the extensive soil sampling programme over targets at the Polelle project are still awaited. The assay laboratory is dealing with a very large backlog of samples following an enormous surge in exploration drilling in the run up to the Christmas holiday break.

Authorised for release to ASX by the Board of Castle Minerals Limited:

Stephen Stone Managing Director [e-mail] [phone]

About Castle Minerals Limited

Castle Minerals is an Australian Stock Exchange (ASX: CDT) listed and Perth, Western Australia headquartered company with interests in several projects in Western Australia and Ghana that are prospective for gold and other minerals.

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