- Akorade Project
Castle Peak Refines Dansuom Target With Geophysical Surveys; Road Sampling Returns 70.0M Of 1 G/T AU
Vancouver, B.C., December 5, 2012 - Castle Peak Mining Ltd. ('Castle Peak' or the 'Company', TSX.V: CAP), is pleased to announce promising surface sampling results at the Dansuom target on the POW concession at the Company's Akorade project in the southern Ashanti belt in Ghana, West Africa. The reported results represent approximately 25% of the road samples collected to date. Concurrently a gradient induced polarization survey and subsequent pole-dipole induced polarization survey was completed in order to better refine drill targets in the area.
Highlights of the sampling include:
- Channel POWCS008: 70.0m of 1.01 g/t Au including 26.0m of 1.76 g/t Au;
- Channel POWCS007: 12.0m of 0.54 g/t Au;
- Channel POWCS005: 2.0m of 2.38 g/t Au.
Commenting on the results Darren Lindsay stated, "Although dealing with a less than predictable rainy season this year, we have been able to forge ahead with geophysical surveying, mapping and sampling to better determine the resource potential in the Dansuom target area. Strong geophysical anomalies coincident with our existing geochemical anomalies and new road cuts exposing vein stock works, alteration zones and contact zones are showing the promise of this exceptional target."
Update on Regional Exploration
A total of 690 samples for multi-element analysis have been collected across the Akorade project area, with approximately 300 samples remaining to be collected across the mineral licenses at 400m by 400m spacing. To date all samples from Enyinase, Bonsaso, Kedadwen and Dompem have been collected, while mapping and sampling still continues across the POW and Great Yorkshire licenses. Mapping from these efforts is being compiled to refine our existing base map.
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'). The exploration activities are supervised by Clive Arthur, Castle Peak's Vice President Exploration. The procedures include the systematic insertion of blanks, standards and duplicates into the sample stream both in the field and 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. Samples with visible gold or returning greater than 5 g/t Au from fire assay are subject to analysis using screen metallic assay. 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" authored by Daniel Gaudreault, P.Eng. and Alain-Jean Beauregard, P.Geol. of Geologica Groupe-Conseil Inc., and in the NI 43-101 compliant technical report dated January 2, 2012 and entitled "NI 43-101 Technical Report on the Asuogya License, Ghana" authored by Gareth O'Donovan, Corporate Exploration Consultant, of SRK Exploration Services Ltd, copies of which are 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, putting Ghana as the second largest gold producer in Africa with past production of >150 million ounces. The investment inflow for Ghana's mining sector was $2.5 billion from 2009 to 2011, with increasing annual production reaching 3.6 million ounces in 2011 (source: Ghana Business News, November 11, 2012).
On behalf of the Board of Castle Peak Mining Ltd.:
President and Chief Executive Officer
For additional information please visit www.castlepeakmining.com or contact:
Marlo Hamer-Jackson, Investor Relations Manager
Tel: 604 681 1466 (X4)
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 including statements regarding proposed exploration, sampling and drilling at the Akorade Project and statements concerning the anticipated results of that exploration, sampling and drilling. 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 those risk factors identified in the Company's Annual MD&A and 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.
FIGURE 1: Anomalies in Dansuom Target Area