Castle Minerals Ltd · ASX:CDT
Castle Minerals — RIU Explorers Conference 2011
39 slides from Castle Minerals's conference presentation, Feb 22, 2011
Slide 1: Exploring the Largest Land Holding in Ghana
Castle Minerals Limited ASX: CDT For personal use only Exploring the Largest Land Holding in Ghana INVESTOR PRESENTATION - RIU EXPLORERS CONFERENCE February 2011 0
Slide 2: Castle History and Overview
Castle History and Overview For personal use only » Ghana focused gold explorer since 2006- ASX: CDT » 2 greenfield gold discoveries (Julie West and Akoko) for 158,000 ounces » Largest Landholder in Ghana >12,000km2 » Four regional scale gold corridors identified » +40 targets drill ready and major
Slide 3: Board and Key Management
Board and Key Management For personal use only Michael Ivey - Chairman, MD & CEO Geologist, 25 years corporate, technical, exploration and mine development experience Former CEO of 300Koz pa Australian gold producer. 2002 Gold Mining Journal Mining Executive of the Year Michael Ashforth - Non Execut
Slide 4: Castle Market Statistics
Castle Market Statistics For personal use only Issued Shares 97m Options 10.2m Market Cap (@40c) $38m Cash (December 2010) $5.8 m ~590 Shareholders % Issued Capital 1 Lujeta Pty Ltd 6.8% Tight Capital Structure 2 Seamans Capital 6.8% 3 Yandal Investments Pty Ltd 6.3% Strong Shareholder Suppo
Slide 5: Project Locations
Project Locations For personal use only » Largest land holder in Ghana » 6 exploration projects covering more than 12,000 sq km » Two gold discoveries in 2008 » Focus on Akoko and Wa projects 4
Slide 6: Project Locations
For personal use only Project Locations 5
Slide 7: Wa Project
Wa Project For personal use only • 12,000km2 • 180km long, 80km wide • acquired Nov 2007 • Julie West defined 2009, (415,000t @ 4.2g/t) • 4 advanced regional exploration areas 1. Wa-Lawra Belt 2. South Wa 3. Julie west – Jang 6 4. Kandia
Slide 8: Wa-Lawra Greenstone Belt
Wa-Lawra Greenstone Belt For personal use only • 100km portion of Wa-Lawra greenstone belt • South of 0.8Moz Kunche deposits • 100km strike of Birimian greenstone – never drilled • Regional soil sampling/ Auger drilling underway 7
Slide 9: Wa-Lawra Greenstone Belt
Wa-Lawra Greenstone Belt For personal use only ~4m alluvial cover Bedrock 8
Slide 10: For personal use only
For personal use only 9
Slide 11: Wa – South Wa
Wa – South Wa For personal use only • Castle’s Wa Project • Batie West structure can be traced onto Castle ground for ~30km • Initial sampling completed on 5km lines (250 line km) 30km granite/greenstone contact along Batie west structure 10
Slide 12: For personal use only
For personal use only • +10km zone aligned NW-SE below internal granite • 10,000m drill program proposed • Auger sampling along roads suggests shallow ~5m alluvial cover 11
Slide 13: Soil geochemistry map
535,000mE 536,000mE 537,000mE 538,000mE 538,000mE Legend Soil Geochemistry Numeric Value 1,029,000:mnN- | | r
Slide 14: Wa South (Batie West)
Wa South (Batie West) For personal use only • Auger drilling is intersecting between 3 and 7m of alluvial cover • Possibly masks gold mineralisation that earlier conventional soil sampling could have missed. • 20,000m auger program underway 13
Slide 15: For personal use only
For personal use only 14
Slide 16: Wa – Batie West
Wa – Batie West For personal use only • Highly prospective • Batie West structure and Wa Lawra Greenstone belt intersection • Auger, RC drilling and ongoing soils planned for this prospect Wa South soil anomalies (red) with hatching showing • Never drilled area of infill sampling currently underway
Slide 17: Julie West – Jang Corridor
For personal use only • Julie West – Jang Corridor • Hosts Julie West deposit and Koda Hill target • 3km west of AZM Julie deposit • 50km of anomalous soil geochemistry defined • Drill ready targets
Slide 18: Kjersti Prospect
Kjersti Prospect New gold anomalies for Koda Hill Anomaly RC drill testing within For personal use only Julie – Jang exploration corridor Julie West 56 Koz 415,000t@ 4.2g/t Julie Deposit 350 Koz 17 2500m
Slide 19: Julie West
Julie West Outcropping For personal use only Julie West Vein 415,000t@ 4.2g/t • Defined by soil gold (56,000 geochemistry and first ounces) drilled in Dec 2008 • Single linear reef of laminated vein quartz • Detailed soil sampling is outlining numerous other targets in the district 18 N © DigitalGlo
Slide 20: Julie West conceptual open pit study
Julie West conceptual open pit study (no capex assumptions) For personal use only $US600 shell captures 250,000 tonnes @ 4.9g/t gold Cash Cost ~US$295/oz Recovery 90% Operating Surplus @US$1350 US$ 35M Processing Cost and Admin US$20/tonne ore Mining/grade control US$20/tonne ore Mining dilution 20%
Slide 21: Julie West
Julie West For personal use only • September 2010 drilling reports 20m @ 1.79g/t gold inc. 6m@5.02g/t gold in new area 20
Slide 22: Julie West – Jang Trend
Julie West – Jang Trend Koda Hill – to be drilled late 2010 For personal use only 21
Slide 23: Wa Project Jang Fault
Wa Project Jang Fault For personal use only • Vacant ground (2,000km2) pegged following Julie West discovery • Sampled Dec 2009 • 50km long trend of anomalous gold geochemistry exactly coincident with the position of the Jang Fault • Infill soils planned to define drill targets 22
Slide 24: Kandia
For personal use only • 180km long, Kandia • 30-80km wide • acquired Nov 2007 • Julie West discovered 2008, first resource 2009 • New vein discovery March 2010 • Batie West extension target first sampling 2010 23
Slide 25: Kandia Prospect
For personal use only Kandia Prospect 24
Slide 26: Kandia Prospect
For personal use only Kandia Prospect 25
Slide 27: Kandia
Kandia TMI Survey <- mineralisation Legend “RC Drilling at Kandia workings _/ iy joan ] : i ~ 2 / . 4 x oe a ame x q, ar , i rag if c ‘ . . if z ~ 7 ‘ 2.5km Dm gold anomalism 4 for drill testing =
Slide 28: Kandia Prospect
Kandia Prospect For personal use only RC drilling defines 40m wide mineralised corridor 5m @ 0.45 g/t from 35m 16m @ 0.51 g/t from 50m (EOH) 20m @ 0.53 g/t from 15m inc. 5m @ 1.11 g/t from 25m 27
Slide 29: Bulenga Prospect
Bulenga Prospect For personal use only New gold target defined Jan 2011 SE end of Kandia Trend but different orientation 28
Slide 30: Bulenga Prospect
Bulenga Prospect For personal use only • +3km long soil anomaly • Two trenches dug January 2011 • Bedrock gold mineralisation in sediments reported 19m @ 1.14g/t gold from 10m inc. 3m @ 2.63g/t gold from 10m and 13m @ 1.17g/t gold from 16m • First drill testing planned for March 2011 29
Slide 31: Wa Project Summary
Wa Project Summary For personal use only 12,000km2 Wa Project is an exceptional underexplored landholding. Exploration is focussing on four regional scale prospect corridors: Julie-Jang Trend 50km long trend Kandia new 30km corridor of anomalous gold in soils Wa South (Batie West trend) 60km long co
Slide 32: Akoko
Akoko For personal use only • Akoko South and Akoko North prospects • 10km east of Adamus Resources 2 Moz Salman/Anwia project • 30km south of 22 Moz Tarkwa goldmine • Ashanti Gold Belt 31
Slide 33: Akoko
Akoko For personal use only • 102,000 ounce resource discovered by Castle in 2009 • Mineralisation completely open • Recent drilling discovers significant shallow extension at Akoko North 32
Slide 34: Akoko North
Akoko North For personal use only • Significant extensions discovered Jan 2011 21m @ 3.01g/t gold from 11m 5m @ 9.55g/t gold from 15m 16m @ 2.53g/t gold from 10m 2m @ 17.3g/t gold from 54m 16m @ 1.55g/t gold from 6m 12m @ 1.55g/t gold from 12m 11m @ 1.17g/t gold from 10m • Compelling open pit econom
Slide 35: Akoko North prospect RC sections
T 596,400mE AKOKO NORTH PROSPECT FS". AKOKO NORTH PROSPECT : RC Section 559 800 mN ase AKOKO NORTH PROSPECT RC Section 559 760 mN a 559,600mN. 559,600mN 559,200mN 559,200mN [i Nees gt gold AKOKO NORTH prospect \. RC Section 559 680 mN f= S0mRL 1 1 1 L
Slide 36: Akoko North
Akoko North For personal use only • Extensive shallow oxide mineralisation up to 200m wide that offers obvious open cut opportunities - pit optimisation (@US800/oz) recovers 58,000 ozs in shallow open pit with low strip ratio • Scoping study (assuming toll milling) estimates ~US$35M operating surplu
Slide 37: For personal use only
For personal use only 36
Slide 38: Best Value Gold Explorer in West Africa
Best Value Gold Explorer in West Africa For personal use only Potential for multiple uplift on exploration success web: www.castleminerals.com email: mivey@castleminerals.com phone: +618 9322 7018 post: PO Box 437 West Perth WA 37 Unit 6, 1 Clive Street West Perth
Slide 39: Appendix - Resource Estimates
Appendix - Resource Estimates For personal use only Julie West Deposit April 2009 OK Resource Estimate 1g/t cut-off Indicated Inferred Total Type Tonnes Au Au Tonnes Au Au Tonnes Au Au t g/t Ounces t g/t Ounces t g/t Ounces Oxide Transitional 66,700 3.8 8,200 3,500 7.8 900 70,200 4.0 9,000 Fresh 316