Castle Minerals Limited (ASX: CDT) ('Castle' or the 'Company') is pleased to report excellent intercepts, including 86m at 8.5% TGC from 104m (23CKRC121), 53m at 11.5% TGC from 120m (23CKRC123) and a peak 2m at 24.1% TGC from 2m (23CKRC115), from the final 21 holes of the recently completed 43-hole, 5,335m infill RC drilling programme at the rapidly advancing Kambale Graphite Project, Ghana ('Project')(Figs 1 and 2.
These latest results, and those from the initial reported batch, bode well for the forthcoming update to the already robust maiden MRE of 15.6Mt grading 9.0% TGC containing 1.41Mt of graphite that was delivered in April 2023 (refer ASX release 12 April 2023). Grades are excellent, broad and consistent within multiple sub-parallel lens commencing at or near to surface. It's also very pleasing to see that this is the case at least 100m below surface where mineralisation remains open. The majority of these new holes were designed to better define zones of mineralisation whose presence had only recently been successfully confirmed by just one or two prior RC holes drilled to test a series of HLEM geophysical conductor anomalies (ASX release 31 March 2022). Increasing the drill density of this mineralisation will enable it to be included in the planned MRE update and, given its extent, management is expecting to report a material increase in the MRE. Castle has now completed 21,367m of drilling at Kambale, much of it within the past 18 months. This has comprised 13,614m of RC, 365m of diamond coring, 2,809m of aircore and 4,579m of RAB drilling.
Castle Managing Director, Stephen Stone, commented 'The results from the final 21 holes of the recently completed 43-hole, 5,335m RC drilling programme at the Kambale Graphite Project provide additional support to our expectation of a material increase in contained graphite in what is an already robust 15.6Mt Mineral Resource Estimate grading 9.0% TGC and containing 1.41Mt of graphite. Once again multiple, broad, near-surface intercepts of excellent grade have been returned including 86m at 8.2% TGC and 53m at 11.5% TGC with a peak intercept of 2m grading 24.1% TGC. This highlights the good quality and continuity of the Kambale deposit and a geometry that lends itself to open-cut extraction. These RC drilling results, the pending MRE update and the recently reported metallurgical test work results, where a commercial grade 95.1% TGC bulk fine graphite concentrate was successfully produced, will enable us to commence in Q4 2023 a scoping study that will evaluate the technical and commercial merits of establishing a mining and processing operation at Kambale. With another 100M to 120M new light EVs forecast to be on the road by 2030 and each of these requiring 30kg and 60kg of battery grade graphite, which itself requires three times as much natural flake graphite to make it, there just isn't enough natural graphite supply now or planned to meet this demand. The forecast looming supply deficit and in particular the present over reliance of USA and EU battery and vehicle manufacturers on Chinese supplied anodes and batteries means that Kambale is well placed as a possible strategically located, uncommitted source of quality flake graphite. Close to site mainly hydro-generated 'green-grid' power, excellent roads and two international ports within a well-established and safe mining jurisdiction all combine to enhance the development credentials of Kambale.'
Metallurgical test work Castle
recently reported that metallurgical test work under the supervision of consultants, IMO Pty Ltd, at its affiliated Perth laboratory, Metallurgy Pty Ltd, has successfully produced a commercial grade 95.1% TGC bulk fine flake graphite concentrate. This is being transported to ProGraphite GmbH in Germany to undergo detailed evaluation of its possible use as a base for the production of Battery Anode Material ('BAM') used in the manufacture of lithium-ion batteries.
Expanding Kambale's footprint
A field evaluation was recently completed of a series of Loupe ground EM conductor targets that were recently delineated as part of an initiative to evaluate more distal areas of the 149km2 Kambale prospecting licence. This has enabled them to be prioritised ahead of testing by shallow auger drilling. A prior ground HLEM survey was very successful in highlighting the presence of graphitic schist below the soil covered surface in the vicinity of the main Kambale deposit
Authorised for release to ASX by the Board of Castle Minerals Limited: Stephen Stone Managing Director stone@castleminerals.com +61 (0)418 804 564
ABOUT CASTLE MINERALS
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, Castle's 2,686km2 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. 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. The emerging flagship Kambale Graphite Project is also located in the same region. 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 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.
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 
