Castle Peak Mining Ltd. ('Castle Peak' or the 'Company'), (TSX
VENTURE: CAP), is pleased to report it has identified +16
kilometers ('km') of VTEM conductors coincident with the 9,500
metre ('m') Asuogya-Ayiem geochemical anomaly previously defined by
soil and auger sampling at the Company's Akorade project in the
southern Ashanti belt in Ghana, West Africa (see figure 1
http://www.castlepeakmining.com/i/pdf/Aug152011_NRa.pdf). These
signatures are similar to Golden Star's Bogoso/Prestea structural
trend to the north, and Golden Star's Wassa/HBB trend lying
immediately east of Castle Peak's concessions. The Company will now
be able to compile the completed geophysical interpretation (the
first modern compilation of geology at a concession and prospect
level for this land package) with known geology and geochemistry to
further refine drill targets.
Advisory Board member Dr. David I. Groves stated that the
geophysical survey now allows us to better understand the
geological controls on gold mineralization and use these in
improved targeting; these advances include the geological
interpretations and lineament/fault/shear zone interpretations from
the recently completed aeromagnetic survey. "Definition of
resistors could define zones of silicification as at Newmont's
Ahafo deposit, and significant potential exists on anomalous
east-north-east trending segments of the Birimian-Tarkwaian
boundary, a location that hosts deposits such as Obuasi/Ashanti,
Konongo and Akyem."
In addition, Castle Peak reports results from 11 more diamond
drill holes completed on the Asuogya and Nkwanta concessions.
Results from a 500m section of the 9,500m Asuogya-Ayiem trend have
returned encouraging values from limited shallow testing of the AA
Vein target; including 16.5m of 1.1 grams per ton ('g/t') gold
('Au') including 7.0m of 2.2 g/t Au from ASUDD008, 7.5m of 1.7 g/t
Au from ASUDD007, and 13.0m of 1.0 g/t Au from ASUDD001 previously
reported, July 18, 2011. The 8 additional holes on Nkwanta have
returned encouraging values from limited shallow testing of the
Nana target; including 3.0m of 1.95 g/t Au from NKDDH012.
These drill results represent the continuing initial target
testing in the systematic evaluation of high priority targets
within the Company's strategic land position hosting kilometer
scale, untested soil and auger anomalies. The Phase I drill
campaign started in late April, with a single core drill
undertaking a 7,500m program on initial drill ready targets on
Nkwanta, Asuogya-Ayiem, and POW (see figure 1 at
http://www.castlepeakmining.com/i/pdf/Aug152011_NRa.pdf). A total
of 29 holes have been completed to date; all 15 holes from Nkwanta
have been reported including those in this release, and five of 14
holes from Asuogya-Ayiem have now been reported with more assays
pending.
Asuogya-Ayiem
The Asuogya-Ayiem area is highlighted by a 9,500m x 1,000m soil
anomaly defined by gold values greater than 30 parts per billion
('ppb'). Two initial target areas have been identified based on
historical mapping, artisanal workings and preliminary geophysical
results: the AA Veins target and the AA Central target both located
on the central, western edge of the anomaly (see figure 2 at
http://www.castlepeakmining.com/i/pdf/Aug152011_NRa.pdf).
AA Veins Target
A total of 12 holes have been completed to date with two holes
abandoned due to ground conditions for a total of 2,503m (see
figure 2 at
http://www.castlepeakmining.com/i/pdf/Aug152011_NRa.pdf). The holes
are testing a 500m portion of a large interpreted structural trend
that is host to greater than 100m of meter-scale quartz vein blocks
appearing to represent two separate parallel veins located
approximately 15-20m apart. These veins and parallel shear
structures have been the focus of continuous artisanal workings in
the area. Highlights of the initial drill holes are presented in
the following table. Please refer to the Projects section at
www.castlepeakmining.com to view complete table of drill
results.
----------------------------------------------------------------------------
Hole From To Length Au
ID Target (m) (m) (m) (g/t) notes
----------------------------------------------------------------------------
Previously reported July
ASUDDH001 AA Veins 47.0 60.0 13.0(i) 1.00 18, 2011
----------------------------------------------------------------------------
hole abandoned; assays
ASUDDH002 AA Veins pending
----------------------------------------------------------------------------
ASUDDH003 AA Veins 70.0 74.5 4.5 0.38
----------------------------------------------------------------------------
anomalous halo around
and 109.0 116.0 7.0 0.09 structures
----------------------------------------------------------------------------
hole abandoned; assays
ASUDDH004 AA Veins pending
----------------------------------------------------------------------------
anomalous halo around
ASUDDH005 AA Veins 143.0 151.0 8.0 0.06 structures
----------------------------------------------------------------------------
anomalous halo around
ASUDDH006 AA Veins 46.5 82.0 35.5 0.08 structures
----------------------------------------------------------------------------
anomalous halo around
ASUDDH007 AA Veins 0.0 16.0 16.0 0.08 structures
----------------------------------------------------------------------------
anomalous halo around
and 34.0 69.0 35.0 0.45 structures
----------------------------------------------------------------------------
includes 34.0 41.5 7.5 1.70
----------------------------------------------------------------------------
additional assays
ASUDDH008 AA Veins 32.5 49.0 16.5 1.13 pending
----------------------------------------------------------------------------
includes 40.0 47.0 7.0 2.18
----------------------------------------------------------------------------
(i) Previously reported drill hole; core recovery through this zone was
approximately 60%
i. Lengths are core lengths; estimated true widths range from 75% to 85%
ii. Composites are length weighted averages with a cut off of 0.1 g/t Au
and inclusive of up to 3m of assays below the cut off value.
iii. Lengths considered as anomalous haloes around structures are length
weighted composites with a cut off of 0.03 g/t Au.
Nkwanta
The Nkwanta area is highlighted by a 2,000m x 400m soil anomaly
defined by gold values greater than 30 ppb. Two initial target
areas defined by artisanal workings include the Apankrah and Nana
structures which are east-north-east trending structures
approximately 1000m apart in the northern portion of the soil
anomaly.
Nana Target
A total of eight core holes have been completed for a total of
960m evaluating approximately 450m of strike and approx. 100m of
elevation on 100m fences in an area of abundant historical
artisanal workings. Highlights of the eight holes are presented in
the following table. Please refer to the Projects section at
www.castlepeakmining.com to view complete table of drill
results.
--------------------------------------------------------------------------
Hole From To Length Au
ID Target (m) (m) (m) (g/t) notes
--------------------------------------------------------------------------
anomalous halo around
NKDD001 Nana 96.0 100.4 4.4 0.05 structures
--------------------------------------------------------------------------
anomalous halo around
NKDD002 Nana 0.0 35.8 35.8 0.04 structures
--------------------------------------------------------------------------
very poor recovery
includes 5.0 14.3 9.3 0.04 through zone
--------------------------------------------------------------------------
anomalous halo around
and 74.0 86.1 12.1 0.03 structures
--------------------------------------------------------------------------
NKDD003 Nana NSV
--------------------------------------------------------------------------
NKDD004 Nana 100.0 104.0 4.0 0.06
--------------------------------------------------------------------------
143.0 147.0 4.0 0.07
--------------------------------------------------------------------------
anomalous halo around
NKDD005 Nana 37.0 60.0 23.0 0.08 structures
--------------------------------------------------------------------------
includes 38.0 40.0 2.0 0.15
--------------------------------------------------------------------------
includes 54.0 57.0 3.0 0.25
--------------------------------------------------------------------------
EOH; anomalous halo off
and 92.0 100.0 8.0 0.06 end of hole
--------------------------------------------------------------------------
NKDD012 Nana 38.0 50.0 12.0 0.53
--------------------------------------------------------------------------
includes 46.0 49.0 3.0 1.95
--------------------------------------------------------------------------
anomalous halo around
NKDD013 Nana 53.7 99.0 45.3 0.06 structures
--------------------------------------------------------------------------
anomalous halo around
NKDD014 Nana 21.0 32.0 11.0 0.10 structures
--------------------------------------------------------------------------
anomalous halo around
84.0 101.0 17.0 0.16 structures
--------------------------------------------------------------------------
includes 93.4 96.0 2.6 0.40
--------------------------------------------------------------------------
i. Lengths are core lengths; estimated true widths range from 75% to 85%
ii. Composites are length weighted averages with a cut off of 0.1 g/t Au
and inclusive of up to 3m of assays below the cut off value.
iii. Lengths considered as anomalous haloes around structures are length
weighted composites with a cut off of 0.03 g/t Au.
Non-Brokered Private Placement
Castle Peak is pleased to announce it plans to undertake a
private placement of units, consisting of one common share and
one-half of one common share purchase warrant, to raise gross
proceeds of $3 million to support further exploration at the
Akorade Project. The price and terms of the private placement
will be determined in the context of the market.
Technical Disclosure
Castle Peak's technical disclosure in this news release has been
reviewed and approved by Darren Lindsay, P.Geo., Castle Peak's
President and CEO, who serves as a Qualified Person under the
definition in National Instrument 43-101 ('NI 43-101'). Mr. Joe
Amanor and Mr. John Coates of SEMS Exploration Services Ltd. in
Accra, Ghana have reviewed and approved the technical information
in this news release and serve as Qualified Persons for the Castle
Peak exploration program. The quality assurance and quality control
procedures are being established by Mr. Coates of SEMS Exploration
Services. The procedures include the systematic insertion of
blanks, standards and duplicates into the sample stream either in
the field or at the lab; samples are placed in sealed bags and are
delivered to SGS Laboratory Services GH Ltd. in Tarkwa, Ghana, for
routine gold analysis by 50g charge fire assay with atomic
absorption finish. The Akorade project is an early stage
exploration project and does not contain any mineral resources as
defined by NI 43-101. The potential quantities and grades disclosed
herein are conceptual in nature and there has been insufficient
exploration to define a mineral resource for the targets disclosed
herein. It is uncertain if further exploration will result in these
targets being delineated as a mineral resource. Further information
is available in the NI 43-101 compliant technical report dated
February 14, 2011 and entitled "NI 43-101 Technical Evaluation
Report on Nkwanta & Ayiem Concessions, Wassa-West District,
Republic of Ghana, West Africa", a copy of which is filed under the
Company's profile on SEDAR at www.sedar.com.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration and
development company focused on advancing greenfields and early
stage gold projects. The Company holds a strategic land package in
the Ashanti belt adjacent to several producing gold mines in Ghana,
West Africa. The Ashanti belt is known as one of the most prolific
gold belts in the world with over 150 million proven ounces
uncovered and current investment in excess of $2.5 B USD. Castle
Peak is now executing an aggressive Phase I exploration program on
identified gold targets.
On behalf of the Board of Castle Peak Mining Ltd.:
Darren Lindsay, President and Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release
contains certain 'forward-looking information' and 'forward-looking
statements' within the meaning of applicable securities laws. Such
forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to known and unknown risks, uncertainties and assumptions that
could cause actual results to vary materially from the anticipated
results or events predicted in these forward-looking statements,
including, among others, pending results from additional drilling,
as well as those risk factors identified in the Company's Filing
Statement filed under the Company's SEDAR profile. As a result,
readers are cautioned not to place undue reliance on these
forward-looking statements. The forward-looking statements
contained in this news release are made as of the date of this
release. Except as required by applicable law, Castle Peak
disclaims any intention and assumes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Castle Peak Mining Ltd. Marlo Hamer-Jackson Investor
Relations Manager 604 681 1466 (X4) 604.681.1404 (FAX)
marlo@castlepeakmining.com www.castlepeakmining.com
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