Castle Minerals Limited (ASX: CDT) ('Castle' or the 'Company') advises that it has increased its JORC Code (2012) Mineral Resource Estimate ('MRE') by 38% to 22.4Mt grading 8.6% TGC containing 1.94Mt of graphite (previously 15.6Mt at 9.0% TGC containing 1.41Mt of graphite) at its 100%1 owned flagship Kambale Graphite Project, Ghana ('Project'.
This has also included a 55% increase in contained graphite in the higher confidence Indicated Mineral Resource which now stands at 43% (9.6Mt at 8.8% TGC containing 843,000t of graphite) of the overall MRE (previously 39%).
Castle Managing Director, Stephen Stone commented 'We are delighted to deliver for the fast-emerging Kambale Graphite Project a 38% increase in contained graphite and can now boast a Mineral Resource Estimate of 22.4 million tonnes grading 8.6% TGC containing 1.94 million tonnes of graphite. Forty-three percent of the MRE is in the higher confidence Indicated Resource category.
The MRE increase provides a very solid platform upon which to advance our development ambitions, especially now that Castle has demonstrated in test work that a fine flake graphite concentrate of commercial specifications can be produced using a conventional flotation process. This is the primary material used in the manufacture of lithium-ion battery anodes. This all comes just as China this week has introduced a surprise ban on natural and synthetic graphite exports to protect its battery and car manufacturing industries. This will immediately intensify the multi-billion dollar rush by the USA, EU and other non China EV manufacturing nations to secure other sources of graphite, battery anodes and EV batteries which they are presently almost totally reliant on China for. The accelerating take-up of EVs alone is driving an enormous increase in demand for graphite for use in lithium-ion batteries for EVs, power storage units and other chargeable consumer devices.
Each EV contains between 30kg and 60kg of battery grade graphite where every kg of that is derived from at least 3kg of natural flake concentrate. With another 100 million light EVs forecast to be on the road by 2030, it's no surprise that forecasters are predicting a natural graphite concentrate supply deficit as current and proposed supply is wholly inadequate. Castle continues to fast-track and de-risk its Kambale Graphite Project and has just kicked off a specialist evaluation in Germany of the concentrate to confirm its suitability for the manufacture of lithium-ion batteries. Mining and metallurgical engineering groups will be appointed shortly to assess the technical and commercial merits of establishing on-site a commercial-scale mining and processing facility. With good access to two international ports in Ghana that can service the USA and EU markets, Kambale has a strategic importance as a still uncommitted resource. The Project will also use mainly hydro-generated 'green-grid' power. With Ghana recognised as a safe, stable and established mining jurisdiction, this all bodes well for the Project's future.'
The MRE update includes 43 RC holes drilled in August 2023. The holes provided better definition of mineralisation that had been either excluded from the maiden MRE due to lack of drilling support or they enabled it to be reclassified as the higher confidence Indicated Resource. Mineralisation was also extended 200m further north. Whilst drilling has confirmed that mineralisation in some zones extends to at least 150m below surface, where it still remains open, only mineralisation grading above the 5% TGC cut-off applied that was no deeper than 120m (previously 100m) below the topographic surface (180m RL) was included in the MRE. No mining parameters were used in the MRE. Mineralisation at Kambale has been delineated over 2.3km north-south within a corridor up to 0.5km wide by several phases of trenching and a combined 424-holes for 21,569m of RAB, Aircore, RC and diamond Page 3 of 25 Castle Minerals Limited: Kambale Graphite Project JORC CODE (2012) Mineral Resource Estimate Increase - 23 October 2023 core drilling campaigns. These have all been used to inform the geological interpretation but the MRE only used the data from the RC and diamond core holes. Recent drilling also highlighted some schist zones where additional drilling, based on an adjusted geological interpretation, might confirm greater continuity of mineralisation and eventual inclusion of additional material in any future MRE update.
Contact:
Tel: +61 (0)418 804 564
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 Ghana and Western Australia that are prospective for Battery Metals (graphite and lithium), base metals (zinc, lead and copper) and gold. In Ghana, West Africa, the emerging flagship Kambale Graphite Project owned by 100% Ghanaian subsidiary, Kambale Graphite Limited, is located in the country's Upper West region. In the same region, Castle's 100% owned Ghanaian subsidiary, Carlie Mining Ltd, holds a 2,686km2 tenure position encompassing large tracts of highly prospective Birimian geological terrane, the host to many of West Africa's and Ghana's multi-million-ounce gold mines. It has delineated several advanced gold exploration targets including at Kpali, Bundi and Kandia. Castle also 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. In Western Australia, The Earaheedy Basin project comprises the Withnell and Terra Rossa sub-projects. The Withnell licence is strategically located adjacent to the evolving World-Class Chinook Magazine 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 is also prospective for lithium bearing pegmatites. The Great Southern Graphite project comprises granted licences encompassing the historical Kendenup graphite workings and the adjacent Martagallup graphite occurrences.
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. Information in this report that relates to the geological interpretation and Mineral Resources is based on information compiled by Jamie Logan, a full time employee of Palaris Australia Pty Ltd, under the direction and supervision of Dr Allan John Parker. Dr Parker is a Member of the Australasian Institute of Geoscientists, an employee of Palaris Australia Pty Ltd, Director of Geosurveys Australia Pty Ltd, a Non Executive Director of Centrex Limited and was formerly Managing Director of Lincoln Minerals Limited. Dr Parker has sufficient experience relevant to the styles of mineralisation and to the activities which are being presented to qualify as a Competent Person as defined by the JORC code, 2012. Dr Parker consents to the release of the information compiled in this presentation in the form and context in which it appears.
CASTLE MINERALS LIMITED 
