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Tuesday, 2 April 2013
Castle Peak Mining seeks small-scale development at Apankrah target, upcoming resource estimate expected
Castle Peak Mining (CVE:CAP) says it is seeking to move toward small-scale development at the high grade Apankrah target area in the southern Ashanti belt of Ghana in West Africa.
Last year, the company drilled 4,470 metres on the target area, to define the Apankrah shoot and further test the associated Nana and Scorpio targets.
Drilling highlights included an intercept of 6.0 metres at 80 grams per tonne (g/t) gold, including 1.6 metres of 296 g/t gold in hole NKDDH022. Hole NKDDH030 also hit 5.0 metres of 8.5 g/t gold.
Moreover, the initial testing of the Scorpio target indicated shoot potential with visible gold in the core, and drill results of 16.5 metres of 1.1 g/t gold, including 4 metres of 4.1 g/t gold.
Meanwhile, the company said the Apankrah shoot has been intersected by 12 drill holes with average intercept length of 6.6 metres, and an average intercept grade of 5.7 grams per tonne (g/t) gold.
"In comparison, the average grade of these drill intercepts is akin only to two other deposits currently being mined in Ghana," Castle Peak said in its statement Tuesday.
The company is now working to complete a preliminary resource estimate on the project, expected in the coming weeks.
It has also been working toward completing preliminary metallurgical analysis in an effort to initiate a preliminary economic assessment for developing the Apankrah target area. The company said Tuesday the samples needed for this work are currently being held due to government controls in Ghana, with Castle Peak now working through this delay.
The junior explorer says it is also prioritizing targets that have the potential to become additional shoots.
It said in the statement: "The exploration team continues to explore high potential targets with focus on identifying larger, lower grade systems to compliment the known higher grade Apankrah area.
"Given the current market environment, Castle Peak is also considering strategic alternatives such as joint venture partners for earlier stage targets to reduce exploration risk for shareholders."