Castle Minerals : Polelle Soil Sampling Defines Drill Targets

ASX Announcement

10 June 2021

Polelle Soil Sampling Defines Drill Targets

• Infill soil sampling defines an 800m anomaly and drill-ready target on the northern end of Albury Heath splay structure
• Auger and soil sampling have identified gold anomalism over 2km along the interpreted splay
• Rock chip sampling of splay outcrop, 2.2kms further south, indicates anomalism could extend down to Lordy Bore where splay intercepts main Albury Heath shear zone
• Zinc, lead-zinc and copper soil and auger defined anomalies also approaching drill-ready status
• Drilling of splay target scheduled to commence pending field verifications, access permitting and securing of drill rig

Castle Managing Director, Stephen Stone said "Recent infill soil sampling has now defined

a drill-ready target within an 800m gold anomaly associated with the Albury Heath splay structure. Wider spaced soil, auger and rock chip sampling indicates that anomalism could extend further south for several kilometres."

"Exploration at Polelle has previously been hampered by its extensive and variable soil cover but that is also the opportunity. We are steadily unravelling the Project's prospectivity and systematically working up to drill status several areas of gold and base metal anomalism. The anomalies are subtle but they are real and coherent."

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Castle Minerals Limited (ASX: CDT) ("Castle" or the "Company") advises that a recently completed soil sampling program, which infilled previous wide-spaced auger sampling, has advanced several gold and base metal anomalies to drill-ready status at the Castle owned Polelle project located immediately to the east of the Meekatharra gold mining district of Western Australia ("Project")(Figs 1 and 2)(JORC Appendix Table 1).

The 827 sample point program has defined a gold anomaly of approximately 800m associated with the northern extent of an interpreted splay structure running sub-parallel to the Albury Heath shear zone. This shear zone hosts the Westgold owned Albury Heath gold deposit (ASX: WSX)(528,000 tonnes at 2.09g/t Au1) adjacent to the eastern boundary of Castle's Polelle licence.

Principal and Registered Office Suite 2 / 11 Ventnor Avenue West Perth, Western Australia 6005 | Postal PO Box 437 West Perth, Western Australia 6872

[e-mail]|www.castleminerals.com| Telephone [phone]

Board Chairman, Michael Atkins | Managing Director, Stephen Stone, | Non-ExecutiveDirector, James Guy, | Company Secretary Jade Styants

Cap ital Structure Ordinary Shares: 732.5M | Unlisted Options: 35.5M | ASX Code CDT | ACN 116 095 802

Castle Minerals Limited - Polelle Soil Sampling Results - 10 June 2021

Fig 1: Recent Polelle soil sampling results combined with previous auger and rock chip sampling

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Castle Minerals Limited - Polelle Soil Sampling Results - 10 June 2021

Previous auger sampling by Castle along the splay structure returned coherent gold anomalism extending north-south for 2km. Whilst the soil and auger anomalism is generally of low-order, this is considered reflective of the alluvial and colluvial covered regolith.

As previously disclosed, the wide-spaced auger sampling has indicated that the splay-related anomalism could extend south for an additional 2.2km towards the Lordy Bore area where the splay is interpreted to join the Albury Heath shear zone. This is supported by several anomalous rock chip samples grading up to 4.91g/t Au which were collected by Castle where the splay intermittently outcrops as a quartz vein breccia (refer ASX release 24 February 2021).

The Albury Heath shear zone and its splay extend for a combined 12km on the Polelle licence. Given the close association of gold anomalism with these structures, the scope for exploration success is considered strong.

Base metal anomalism

The recent soil and previous auger sampling results have also highlighted several areas of base metal anomalism.

Coherent lead-zinc anomalism has been better defined in the northeastern corner of the Project by the recent infill soil sampling. This anomalism is associated with basaltic rocks which would suggest an association with a VMS style of mineralisation.

The soil sampling covering the extension of the Albury Heath Shear into the far southern section of the licence has revealed a zone of anomalous zinc mineralisation with coincident low-level lead anomalism. This is associated with felsic sedimentary rocks and may be indicative of a SEDEX style geological setting.

The auger sampling also highlights several areas of copper anomalism associated with shearing in mafic volcanic / intrusive rocks as well as anomalous nickel values associated with ultramafic rocks. These will all be the subject of future exploration programs and emphasises the broad multi-metal prospectivity of the Project.

Drillind planned

Castle is planning to drill the higher priority gold and base metal anomalies pending field verification and as soon as access permitting is completed and a drill rig can be secured.

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

Stephen Stone Managing Director [e-mail]

[phone]

1. Albury Heath deposit, recently acquired by Westgold, as reported by previous owner Cervantes Corporation Limited (ASX:CVS) on 12 March 2019.

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Castle Minerals Limited - Polelle Soil Sampling Results - 10 June 2021

Fig 2: Castle's Polelle and Wanganui gold projects, Meekatharra district

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Castle Minerals Limited - Polelle Soil Sampling Results - 10 June 2021

About Castle Minerals Limited

Castle Minerals 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 gold, base metals, graphite and other minerals.

The Polelle project (E51/1843, 162.5km2), 25km south of Meekatharra and 7km southeast of the operating Bluebird Mine, hosts a mainly obscured and minimally explored greenstone belt. The belt is comprised of a combination of prospective lithological units and major structural features including the Albury Heath shear which hosts the Albury Heath deposit (Inferred Resource of 528,000t at 2.09g/t Au for 35,479oz Au) immediately adjacent to the east boundary of Castle's licence. Aeromagnetics have indicated that the southwest trending Albury Heath shear is traceable onto the Polelle project area for some 7.5km.

At the Wanganui project (E51/1703, 18.4km2), 33km south-west of the active Meekatharra mining centre and 15km south-west of the operating Bluebird gold mine, the opportunity is to test for down-plunge and along strike extensions to the existing Main Lode North and South deposits, as well as for other similar targets. The Main Lode mineralisation, which can be intermittently traced for at least 1km, is one of at least four structurally related mineralised zones.

The Beasley Creek project lies on the northern flanks of the Rocklea Dome in the southern Pilbara. The strategy is to define structurally controlled gold targets within the various Archean sequences. These lie immediately above and below the 16km east-west striking conglomerate horizons which had been the initial focus of exploration by Castle. The sheared granite - greenstone contact and the "Paulsen Gold Mine" type setting within the gabbro/dolerite units that intrude the Hardy Sandstone in the northern part of the project area, are of particular interest.

The Success Dome project is a recent application for an exploration licence in the Ashburton

structural corridor and is located midway between the Paulsen's and Ashburton gold deposits. It is prospective for gold and base metals. More locally, Success Dome lies immediately adjacent to the southern margin of the Hamersley Basin and 40km southwest of Castle's Beasley Creek gold project. Major thrust faults and sub-parallel shear zones highlighted in the regional magnetic and gravity data, combined with additional detailed geophysics data from previous explorers, brought this available area to Castle's attention.

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