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 RIU Sydney Resource Roundup May 2010 0
Slide 2: Castle History and Overview
Castle History and Overview For personal use only » ASX listed (2006) gold explorer » Greenfield Akoko Discovery 2008 » Greenfield Julie West Discovery 2008 » First Resources Defined 2009 » Largest Landholder in Ghana >12,000km2 » Major Exploration Effort 2009/10 has Commenced » Numerous Gold Target
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 81.5m Options 11.2m Market Cap $32m Cash (April 2010) $3.5 m Shareholders Holder No Held % 1 MACQUARIE BANK LTD 6,350,000 7.85% 2 SEAMANS CAPITAL 5,250,000 6.49% 3 M IVEY PL 5,183,000 6.41% Tight Capital Structure 4 BLUESTAR RES LT
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: Wa Project
Wa Project For personal use only • 180km long, • 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 5
Slide 7: Wa Project
Wa Project For personal use only • 2 Birimian greenstone belts • 15 large scale gold targets defined including; • 80km Jang Fault • 100km Wa-Lawra greenstone belt • 40km Batie West 6 extension
Slide 8: Wa Project - Julie West Vein
Wa Project Julie West Vein For personal use only Julie West Vein 415,000 tonnes @ 4.2g/t gold (56,000 ozs) • Discovered June 2008 • 44 samples average 13.2 g/t gold • 500m long laminated pyritic quartz vein occurring as one continuous vein ALPHA • 56,000 oz high grade BRAVO resource defined • Drilli
Slide 9: Wa Project – Julie West quartz vein
Wa Project – Julie West quartz vein For personal use only 8
Slide 10: Wa Project – Julie West quartz vein
Wa Project – Julie West quartz vein For personal use only 9
Slide 11: Julie West – new veins discovered 2009
Julie West – new veins discovered 2009 – extensional drilling in 2010 For personal use only 10
Slide 12: Wa Project
For personal use only Wa Project 11
Slide 13: Wa Project
Wa Project For personal use only 9m @ 22.1g/t gold primary vein intercept March 2010 12
Slide 14: 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 13
Slide 15: 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 has commenced to be followed by drilling in 2010 14
Slide 16: Wa – Batie West
Wa – Batie West For personal use only • Castle’s Wa Project • Batie West structure can be traced onto Castle ground for >40km • 4,000 sample program near completion 30km granite/greenstone contact along Batie west structure 10km intersection of Batie West and Wa-Lawra greenstone belt 15
Slide 17: Batie West structure over aeromagnetic image
For personal use only Castle’s Wa Project showing interpreted trace of Batie West Structure over aeromagnetic image 16
Slide 18: NE trending gold anomaly – associated with granite
NE trending gold anomaly – associated with granite For personal use only Strong gold anomaly up to 1.2km wide over 5km strike. Associated with potential dilational zone on regional scale structure Strong gold anomaly - 2km wide zone > 100ppb gold Intersection of Batie West and NE trending structures
Slide 19: South Wa Soil Anomalies
South Wa Soil Anomalies For personal use only • Assay detail for sample traverse on 1,028,000 mN where sampling reported +100ppb gold values over a 2km wide zone against a background of <1ppb gold. In this area east-west sample traverses were completed every 5 kilometres. The width and tenor of thes
Slide 20: Kandia Prospect
Kandia Prospect For personal use only • New area of extensive artisanal gold workings discovered April 2010 heralding a new unexplored gold exploration corridor over 25km long • Includes three main groups developed over approximately 600m of strike • The largest single group of workings is developed
Slide 21: Kandia Prospect
Kandia Prospect For personal use only Gold mineralisation at Kandia is seen to occur within altered Birimian age metasediments and schists, 20 that on a regional scale sit on a major granite/sediment contact that can be traced within Castle’s licences for about 25km
Slide 22: Kandia Prospect
Kandia Prospect For personal use only Kandia Prospect Kandia workings on radiometric image showing granitic rocks (red) in contact with NE trending Birimian sediments, defining a +25km corridor for Bisakan Prospect exploration 10 Km 21
Slide 23: Kandia Prospect
For personal use only Kandia Prospect 22
Slide 24: Kandia Prospect
For personal use only Kandia Prospect 23
Slide 25: Kandia Prospect
For personal use only Kandia Prospect 24
Slide 26: Kandia Prospect
Kandia Prospect For personal use only • No historic reference to this prospect • No known exploration • Sediment hosted i.e. not quartz vein style as at Julie/Julie West • Visible gold and rock chips from metasediment up to 16g/t gold • +25km trend – soil sampling underway • Drilling to commence May
Slide 27: Wa - Summary
Wa - Summary For personal use only • Massive landholding that is largely unexplored - 250 strike km of UNTESTED Birimian greenstone • Larger land holding than, Ampella (AMX), Azumah (AZM), Gryphon (GRY), Perseus (PRU), Adamus (ADU) • Wa-Lawra Belt south of AZM covers 100km and is untested • Jang Fau
Slide 28: 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 27
Slide 29: Akoko
Akoko For personal use only • 102,000 ounce resource discovered by Castle in 2009 • Mineralisation completely open • January 2010 drilling discovers extension and new east lode at Akoko North 28
Slide 30: Akoko North
Akoko North For personal use only • Extensive shallow oxide mineralisation up to 150m wide that offers obvious open cut opportunities • Southern extension to Akoko North discovered January 2010 Optimised Pit Shell 29
Slide 31: Akoko North
Akoko North For personal use only • Significant extension and new high grade east lode discovered • Gold mineralisation for both these zones remains completely open to the south and at depth • RC drilling was completed on 200m spaced lines south of the Akoko North resource and returned 6m @ 4.94 g/t
Slide 32: Akoko North – east lode
Akoko North – east lode For personal use only • New high grade east lode • Previous drilling reported a intercept of 1m @ 84.5g/t. • A deeper hole in Dec 2009 returned 1m @ 47.8 g/t gold • Hosted within a zone of silica/pyrite alteration • Drill testing at depth and along strike in Jan 2010 has conf
Slide 33: Akoko North – east lode
Akoko North – east lode For personal use only 32
Slide 34: Summary
Summary For personal use only • Akoko and Julie West are greenfield discoveries with intrinsic value and strong resource growth potential • Exploration ground is exceptional and largely unexplored • Targets are numerous and capable of producing major discovery • New Akoko extension and high grades l
Slide 35: Going Forward
Going Forward For personal use only • Wa South – infill soils and drilling • Kandia – first soils and propose to drill before June 2010 • Detailed aeromagnetic survey to be flown covering Julie-Jang – Kandia trend in May 2010 • Julie West - Jang – detailed soils, mapping and rock chip sampling • Soi