Akorade Project Gold Properties
Ghana is the second largest gold producer in Africa with a number of new mines in development or recently declaring commercial production (Obotan, Akyem, Subika, Prestea). Castle Peak's Akorade project is located in southwest Ghana, in the southern portion of the Ashanti gold belt. This prospective land package encompasses ~225 square kilometres, lying within 50 kilometres of five current and past producers accounting for nearly 50 million ounces in gold reserves and resources. Due to the proximity of multi-million ounce producers, all nine concessions making up the Akorade Project are within an area of well-established mining infrastructure and support. The main road between the regional mining centre of Tarkwa and the port city of Takoradi runs through the Akorade Property.
The Company has an initial discovery, the Apankrah Deposit, an inferred mineral resource estimate of 275,000 tons at 8.6 g/t Au for a total of 76,000 contained ounces. This inferred resource models a single shoot on the Apankrah Structure which is open to expansion along the host structure and on parallel structures that have demonstrated similar styles of mineralisation in limited drilling.
Numerous prospects and anomalies are distributed throughout the land package. These include conceptual geology targets based on known settings of existing Ghana gold deposits, coherent geochemical anomalies and, geophysical (magnetics and induced polarisation) discontinuities and anomalies. Additionally, historical mines and deposits are inferred to be located on structural trends that continue onto and through Castle Peak’s land position forming highly prospective trends for the discovery of new deposits.