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Tuesday, 30 April 2013
Castle Peak's Apankrah target shows 76,000 ounces of contained gold
Castle Peak Mining (CVE:CAP) has revealed that the Apankrah target at its Akorade project in Ghana is estimated to house 76,000 ounces of contained gold.
The firm announced a major milestone on Tuesday - a preliminary resource estimate for this part of the project.
SEMS carried out the inferred resource estimate, which shows 275,000 tonnes with 76,000 tonnes of contained gold at a grade of 8.6 grams per tonne (g/t).
The company's president and chief executive Darren Lindsaytold investors: "This is one of only a handful of high grade projects in West Africa, and one of only a few in Ghana.
"This is a major milestone for Castle Peak shareholders, and I look forward to further drill evaluation of these additional structural targets to increase our mineral resource base.
"The high grade nature of this deposit will play a key role in assessing the preliminary economics in an area that is currently known for larger, lower grade mineral resource development and mining."
The Apankrah shoot lies immediately south of two parallel structures named Nana and Scorpio, where high grade mineralisation with visible gold has been hit in drilling.
Both of these structures require further drilling to confirm their potential to host mineral resources, the company said.
In addition, Castle Peak has identified two other structural targets in the area, both of which require drill testing.
These are an IP anomaly lying around 250 metres to the south of the Apankrah structure, which mimics the geophysical characteristics of the Apankrah Shoot, and an artisanal mining operation - the Galamsay Structure - running along an east-north-east trending structure around 700 metres to the north of the Nana structure
"These targets remain a top priority for further exploration designed to expand the newly defined high grade mineral resource base," said the company.
The company now plans to complete initiall metallurgy testing of samples in order to trigger the preliminary economic assessment for developing the Apankrah target.
"Our goal is to create value by defining a pipeline of economic deposits focusing on strong grades. Staged development of the higher grade Apankrah area with eventual expansion to potentially larger deposits within our key structural corridors provides a solid strategy for increasing shareholder value and attracting potential partnership interest," said Lindsay.