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Thursday, 11 October 2012
Castle Peak Mining's stock rises, exceeds 50-day average volume
Castle Peak Mining's (CVE:CAP) stock exceeded its 50-day average trading volume as it rose more than 33 per cent Wednesday.
Shares in the junior miner were lately trading 3 cents higher, at 12 cents.
Earlier this month, the Ghana-focused company unveiled strong gold grades from its final drill results from the Apankrah target at its Akorade project.
The company said drilling at the Apankrah shoot intersected 19 metres of 1.5 grams per tonne (g/t) of gold, including 6 m of 3.2 g/t.
Drilling at the Scorpio target returned 4.11 g/t over 4 m, including 16.1 g/t over 1 m.
“We are pleased with the successful completion of our drill program, highlighted by the strength of the Apankrah Shoot target,” said chief executive Darren Lindsay at the time.
“Strong grades associated with coarse visible gold and no arsenopyrite provides us with a great style of mineralization to follow up.”
Lindsay added that the next step is to revisit the geology model to define the additional potential at Apankrah.
The Apankrah target is located on the Ashanti gold belt approximately 15km west of the Mpohor deposits (Golden Star Resources (TSE:GSC)), 30km east of the Nzema Mine (Endeavour Mining Corp.(TSE:EDV)) and 25km south of the Iduapriem Mine (AngloGold-Ashanti (NYSE:AU)).
Castle Peak also revealed road construction at the Dansuom target on the POW concession – another high priority area picked out in the drill program – has resumed.
The company added that it is waiting on the final geophysical interpretation and data from the Nkwanta, Asuogya-Ayiem and Great Yorkshire concessions, which will help “enhance target generation”.