Castle Peak Mining Ltd. Provides Third News Release on Corporate Developments Since its TSX Venture Exchange Trading Halt 90 Days Ago
Castle Peak Mining Ltd. Provides Third News Release on
Corporate Developments Since its TSX Venture
Exchange Trading Halt 90 Days Ago
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2019) -
Castle Peak Mining Ltd.
(TSXV: CAP)
("Castle Peak"
or the
"Company")
hereby provides a third news release on corporate developments since its TSX Venture Exchange trading halt 90
days ago.
The Company is pleased to announce that it has concluded the NI 43-101 technical report ("technical report") on the Kunsu PL
property, which has been authored by Prosper Mackenzie Nude, PhD., MAIG, a
member
of the Australian Institute of
Geoscientists with registration number 7381. Following the approval of the technical report by the TSX Venture Exchange the
Company has filed the technical report with signature date of 3
rd
May, 2019 on Sedar.
Finally the Company is pleased to announce the latest field progress update on the ongoing follow-up exploration work. This
work commenced on the 22
nd
February, 2019 and has covered the 5.8 km Induced Polarization (IP) geophysical survey at the
North Grid zone, followed by 882 meters
of trenches excavated on the geophysical defined targets. This involved 737 samples,
comprising 668 trench samples and 69 Quality Control-Quality Assurance samples, submitted to the ALS laboratories in
Kumasi, Ghana for Au analysis by Fire Assay and AAS finish.
The Company is pleased to report that the current trench results returned significant Au grade (> 100 ppb Au) intersections
hosted within quartz vein lodes. Notable are trenches GKUTR004, GKUTR005 and GKUTR006 which are on strike length of
300m within the West-North Grid anomaly zone, and trenches GKUTR009 and GKUTR010 on 100m strike length within the
East-North Grid anomaly zone; mineralization is open ended west of GKUTR004.
A 300m lateritic zone, inferred at this stage to
be masking mineralization and Au expressions, separates the West-North Grid and the East-North Grid anomaly zones. A
summary of results from trench samples of significance Au grades (>0.1g/t Au) is presented in Table 1.
Table 1: Results from the trench intersections with Au grades >0.1g/t
Trench ID
Line
Total Length (m)
From (m)
To (m)
Intercept Width
(m)
[Au (g/t)]
Remarks
GKUTR004
L1000
79.2
13
33
20
0.35
Including 2.36 g/t
@ 19m, & 1.08g/t
@ 27m
53.7
64.7
11
0.48
Including 3.54 g/t
@ 62.7 m
GKUTR005
L800
108.6
13
18
5
0.32
Including 0.68 g/t
@ 18 m
83
84
1
0.66
GKUTR006
L700
162.2
41.8
42.8
1
0.248
96.8
98.4
1.6
1.28
GKUTR009
L400
93*
117
121
4
0.32
GKUTR010
L300
108.1*
0
8
8
0.134
101.3
111.3
10
1.06
Including 9.55 g/t
@ 104.3m
112.3
114.3
2
0.43
Including 0.75 g/t
@ 112.3m
115.3
119.3
4
0.2
Including 0.47 g/t
@ 115.3m
* Excludes zones not sampled
These results from the trench samples provide compelling evidence of significant Au mineralization within the North Grid zone of
the Kunsu property; the mineralized zone is traceable 1km on strike, separated by 300m of lateritic zone which is being
investigated further.
The Company is in progress to preparing for a drilling exercise to be based on a combination of the gold in trench sample
anomalies and the geophysical IP survey result.
ON THE KUNSU PROPERTY
The Kunsu PL is located approximately 35 Km Northwest of Kumasi and 240 Km Northwest of Accra; the property is centred
approximately on Latitude 6°48'00'' North and Longitude 1° 56.00'' West (WGS84 Zone 30N). The property which is situated in
close proximity to the Sefwi gold belt is strategically placed on the Asankragwa-Manso Nkwanta gold belt. The Kunsu
concession is about 27 Km north of Asanko Gold's mine, and even closer to the Asanko Esaase gold prospect, all of which are
inferred to be underlain by similar geology regionally as Kunsu.
TECHNICAL DISCLOSURE
Castle Peak's technical disclosure in this news release has been reviewed and approved by Prosper Mackenzie Nude,
PhD.,MAIG who serves as a Qualified Person under the definition in National Instrument 43-101 ('NI 43-101').
ABOUT CASTLE PEAK
Castle Peak Mining Ltd. is a Canadian-based junior exploration company focused on advancing greenfields and early stage
gold projects. Castle Peak has successfully discovered and sold the high grade Apankrah deposit with an associated strategic
land package. The Company is in process of acquiring the Kunsu prospecting license strategically placed on the Asankragwa -
Manso Nkwanta gold belt in Ghana, West Africa.
On behalf of the Board of Castle Peak Mining Ltd.:
"Iyad Jarbou"
Chief Financial Officer
Tel: 604-362-7685
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) nor the Investment Industry Regulatory Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.
FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release,
other than statements of historical facts,that address the planned operations are forward-looking statements.
Although the
Company believes the forward-looking statements are based on reasonable assumptions, such statements should not be in
any way construed as guarantees of future performance and actual results or developments may differ materially from those
in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking
statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, the timely renewal
of key permits, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of
availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all. The Company
is subject to the specific risks inherent in the mining business as well as general economic and business conditions. For
more information on the Company, Investors should review the Company's Annual Form 40-F filing with the United States
Securities Commission and its home jurisdiction filings that are available at
www.sedar.com
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/44876