Castle Minerals Limited announced that a 4-hole, 365m diamond core drilling program to obtain samples for Phase 2 test work has been completed and a 31-hole RC drilling program just commenced at the Kambale graphite project, Ghana. Some 300kg of core has been collected, bagged, placed in drums and will shortly be on its way to Perth where test work will be undertaken at the Independent Metallurgical Operations Ltd. laboratory. Phase 2 test work will comprise a series of beneficiation, flotation and grinding cycles on composited core aimed at producing a quantity of as near-to commercial grade fine flake graphite concentrate as possible.

This concentrate will then be assessed by another specialist metallurgical laboratory for its ability to be upgraded and processed (micronised, purified, spheronised and coated) into a battery-grade fine flake concentrate for possible application in electric vehicle battery anode manufacture. Phase 1 test work was conducted on near-surface, trench excavated material where weathering of the graphite and gangue material will have impacted the mineralogy and subsequent bench-scale concentration process. Whilst this `orientation' test work went relatively well (refer ASX release 21 September 2021), the weathering profile is observed to extend to a depth of 30-40m below surface.

Therefore, the samples used are only partially representative of the deposit which has been drill confirmed to over 100m depth and is likely to go even deeper. The diamond drill core has been obtained from four locations providing a broader representation of the graphitic schist material and its variability, especially below the weathering profile. A development Scoping Study will be considered once the Phase 2 test work, Mineral Resource estimate and other related studies are available.

Exploration target estimate: Castle recently announced an independently estimated Exploration Target of 16.82 million tonnes to 50.46 million tonnes at a grade between 6.74%TGC and 10.40%TGC (Total Graphitic Carbon). The estimate was limited to a vertical depth of 100m below surface and highlights that Kambale may have the scale, grade and other attributes to justify its continuing evaluation as a possible producer initially of a commercially acceptable fine flake graphite concentrate. A series of sub-parallel lodes over a 2.7km north-south strike and within an up to 500m-wide corridor has been outlined at Kambale with mineralisation remaining open to the north, south and also to depth.

RC Drilling commenced: A follow-on 31-hole, 2,460m RC drilling program has now commenced to increase drill density, especially within the higher grade graphitic zones. Combined, with information from the diamond core program such as rock density measurements, these two programs will facilitate a Mineral Resource estimate planned to be delivered around end-Q1 2023, subject to a number of factors including assay turnaround times.