Company: Castle Minerals Limited
ASX Code: CDT
Share Price: $0.046 (As at 21/1/22)
Market Cap: $46m (As at 21/1/22)
Cash in Bank: $6.0M Approx
Company Website: https://www.castleminerals.com/
Castle Minerals is a very active, cost-effective acquirer and value-adding incubator of quality, early-stage exploration opportunities providing investors with exposure to the battery metals, base metals and gold sectors. Its very experienced and motivated team ensures that there is a high-level of on-the-ground activity and that investors enjoy a strong news flow and an array of investment catalysts. Its hope is that one or more flagship discoveries will emerge from their portfolio.
Castle has almost a dozen early-stage mineral projects it has been beavering away at as it looks to get to “drill-ready” status, including battery metals, base metals and gold.
12 January 2022 – Castle Completes Oversubscribed $3.6M Placement
Heavily oversubscribed placement completed to raise $3.6M (before costs) from
professional and sophisticated investor clients of Peak Asset Management.
• Increases working capital to ~$6.0M.
• Places Castle on stronger footing to accelerate work at its Battery Metals
projects in Western Australia and Ghana and drill in the first half of 2022 several
of the targets it has been defining at its Earaheedy, Beasley Creek and Polelle
base metals and gold projects.
24 November 2021 – Kendenup Graphite Project Acquired
150km2 of tenure secured over Kendenup graphite field in the southwest of
• Purchase of granted exploration licence hosting the historical Kendenup
• Application for adjacent open ground hosting the historical Martigallup
• Graphite mineralisation intersected on Martigallup licence by recent diamond
drill testing of an EM anomaly for base metals.
• The EM anomaly appears to be along strike from the Kendenup workings and
may represent an extension to the horizon that hosts the graphite.
• Staged, multi-phase exploration program proposed once application approved
and all access permits acquired.
• Acquisition complements Kambale graphite, Wilgee Springs and Woodcutters
lithium battery metals projects.
10 November 2021 – Bald Hill Lithium Pegmatite Corridor Applications
25km north of the Liontown Resources Limited (ASX: LTR) Buldania lithium
• Adjoins the Castillo Copper Ltd (ASX: CCZ) Picasso lithium project.
• GSWA has mapped numerous pegmatite veins which do not appear to have
been drilled or sampled for lithium.
• Elevated lithium values noted in multi-element geochemical data from regolith
sampling during historical exploration focused on gold.
• Castle will shortly undertake a field orientation and reconnaissance site visit
as a precursor (subject to licence grant) to a proposed sampling confirmation
• Woodcutters complements Castle’s Wilgee Springs lithium and Kambale
graphite Battery Metals sector projects.
7 October 2021 – Drill Targets Added and Refined at Potelle
Increasing Activity in the Eastern Meekatharra Region
• Specialist geochemical data analysis adds new and refines all gold and base metal
drill targets at Polelle
• Polelle is 15km south of the Great Boulder Resources (ASX: GBR)($60M market cap)
Side Well gold project and its 5.1km-long Mulga Bill intrusive related anomaly1
• Adjoining Polelle to the north is the SensOre (unlisted) Tea Well project where its
proprietary technology has predicted a large mineral system2
• Five of eight prospecting licences extending Polelle 4km north are now granted and
multi-element geochem sampling will be extended across these.
5 October 2021 – Castle Advances Battery Metals Strategy
Lithium Targeted North of Greenbushes Mine
• 120km2 “Wilgee Springs” exploration licence application prospective for
lithium bearing pegmatites.
• Within same metamorphic belt and along strike of the Greenbushes lithium
• Greenbushes is the World’s largest, highest grade and lowest cost, hard rock,
spodumene concentrate producing operation, supplying 21% of global lithium
from a Mineral Resource of 178.5Mt at 2.0% Li2O1.
• Castle also joins Lithium Australia P/L, CMC Lithium P/L and Lithium Power
Holdings P/L in same belt.
• Modern advanced geochemical and geophysical exploration technologies will
be used to ‘peer’ through the thick laterite cover which has previously
• Orientation site visit confirms good access for first-pass, low-impact
21 September 2021 – Encouraging Graphite Test Work Results
Preliminary test work on near-surface, weathered graphitic schists achieves
fine flake graphite concentrate grades of up to 96.4% and recoveries of 88%
using a conventional grind and flotation concentration flowsheet.
• Three excavated and composited samples provided for test work graded
12.56%, 16.09% and 17.16% total carbon.
• Drilling program now being designed to delineate full extent of deposit, to
identify areas of highest quality graphite and to provide diamond core for test
work on fresh, unweathered material.
• Kambale is Ghana’s only known graphite deposit and is located 6km west of
the Upper West capital, Wa, with reliable grid power, water, good roads and
commercial air services available.
• Ghana is an established and safe mining jurisdiction with a highly skilled
workforce, a strong mining services sector and excellent infrastructure
7 September 2021 – Geophysics Prioritises Targets at Earaheedy
High priority targets highlighted on Withnell and Terra Rossa licences by a
review of multiple geophysical and geological datasets.
• Several targets have a basin margin setting and structural architecture
consistent with SEDEX-style exploration models.
• Similar study underway on recent Tableland licence applications.
• Castle’s geologists have just completed a field orientation site visit to
Withnell and Terra Rossa to prepare for the first phase of exploration.
11 August 2021 – Castle Increases Earaheedy Basin Footprint
Two additional exploration licence applications located in southeast margin of
the Earaheedy Basin increase Castle’s basin footprint to 870.5km2.
• Stratigraphy and structural architecture comparable to setting of Rumble
Resources Ltd Chinook-Magazine mineralisation (ASX: RTR) as well as Castle’s
Sioux prospect on its adjacent Withnell licence.
• Management is this week undertaking a field orientation mission to the
Earaheedy Basin which will include checking historical drill holes, examining
areas of known base metal anomalism and reconnaissance sampling.
5 August 2021 – Beasley Creek Soil Sampling Outlines Gold Corridor
Soil sampling has defined a broad, north-northwest trending anomalous gold
• Peak soil value of 202ppb Au with several samples assaying above 50ppb Au.
• Several of the soil anomalies are proximal to anomalous drainages outlined by
prior bulk steam sediment sampling.
• Validates strategy to target structurally-controlled, orogenic-style gold
mineralisation within the older Archean greenstone terrane.
• Anomalous gold values also returned in Hardey Formation stratigraphy in a
geological setting analogous to the Paulsen’s gold mine.
• Results pending from a second phase of reconnaissance soil sampling just
completed over western and eastern areas of licence.
• Infill soil sampling to define RC drilling targets planned to commence shortly.
• Three GSWA EIS co-funded 250m diamond core holes being planned to test a
high priority target and provide important stratigraphic and structural
information within the older Archean metasedimentary rocks.
The recent heavily oversubscribed $3.6 million placement is a great start to 2022. This will boost Castle’s working capital to $6.0 Million placing the company on a stronger footing to accelerate work at its Battery Metals projects in Western Australia and Ghana and to drill in coming months, several of the targets it has been defining at its Earaheedy, Beasley Creek and Poelle base metals and gold projects.
Existing and new shareholders can look forward to a strong new flow in the coming months covering progress on Castle’s range of exciting and evolving projects.
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