Castle spins drilling rods chasing high-grade gold in Ghana

The West Australian12-19

With a handy US$2 million (A$3.21 million) rattling in the tin courtesy of that Ghana’s sovereign wealth fund, Castle Minerals has fast-tracked a 1500m, 12-hole reverse circulation (RC) drilling ...

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There are all key geological signatures of several world-class gold deposits in the immediate region and across Ghana.A recent nine-hole RC drilling program completed in September at the prospect jagged 3m at 5.2 g/t gold from 125m, including 1m running at 10 g/t. Other intriguing intercepts were 4m giving up 3.66 g/t gold from 26m and 11m averaging 1.86 g/t from 143m.With more than a few whiffs of smoke, management believes the results indicate the prospectivity of a possible camp-scale operation.At Kandia, the company is looking to outline a large, shallow depth, bulk tonnage gold resource in the prospective Birimian sedimentary sequence associated with a 25km prospective sheared contact with an adjacent regional-scale granodiorite intrusion.Following extensive wide-spaced reconnaissance geochemical sampling and follow up drilling of two compelling targets – targets 4000 and 8000 which are between the 2010 and 2014 zones - Castle defined a combined maiden JORC-compliant mineral resource of 92,659 ounces at Kandia.Drilling is underway at site and was designed to confirm continuity and controls of mineralisation in the 4000 zone and to identify prospective zones of higher-grade gold mineralisation.These are just two of several high conviction prosects within Castle’s regional-scale Wa gold project where the immediate aim is to build a cluster of mineral resources totalling an initial one million ounces.Castle Minerals executive chairman Stephen StoneGold might have lost a tiny bit of sparkle in recent days dropping from US$2720 (A$4,369) an ounce late last week to US$2622.44 (AU$4212) an ounce yesterday after the United States Federal Reserve lowered interest rates. However, a quick glance back over the year shows gold has been a stellar performer - rising more than 20 per cent from US$2043 (A$3282) an ounce at the start of 2024.Analysts from leading global investment bank Goldman Sachs predict the precious yellow metal will tip the US$3000 (A$4819) mark in 2025, underpinned by easing central bank policies, sustained buying by central banks and rising global political instability.Timing – as they say – is everything.With drilling scheduled to wrap up early in the new year and results soon to follow, Castle could well be on the cusp of its own multi-million-ounce discovery in a fertile patch of West African real estate as the gold price looks to regain some of its glimmer.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492197174"}