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Published in House and Home on Tuesday, March 10th 2009 at 7:29 GMT, Last Modified on 2009-03-10 07:30:25 by Market WireTORONTO, ONTARIO--(Marketwire - March 10, 2009) - Castle Resources Limited (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to provide an update to investors about its activities at its San Ramon Silver Project within Mexico's Zacatecas silver district.
Following careful review of the San Ramon exploration project, management has elected to suspend exploration activities and focus on several options, including selling the asset or finding a potential partner to joint venture the project. Additional San Ramon targets are drill ready, with detailed mapping and sampling completed over the past two years.
The San Ramon claim group is comprised of eight concessions totaling 312.2 ha., approximately five kilometres northeast of the city of Zacatecas. The property is adjacent to Capstone Mining Corporation's recently commissioned Cozamin Mine. Total production at the Cozamin Mine since 2006 has been 1.58 million tonnes at an average grade of 1.62% copper, 0.57% lead, 1.39% zinc and 68 g/t silver.
Management has advanced the San Ramon exploration project on many fronts since acquiring the property in 2006. This includes:
- Grab samples in 2007 returned bonanza grades - 1,206 g/t Ag and 1.34 g/t Au over 0.67 metres from underground
- First phase diamond drilling completed in June 2007, designed to test depth and continuity of San Ramon and Los Gatos zones
- Prospecting and sampling from April to December 2008 was conducted on three claims on the San Ramon property with the aim of discovering new mineralized trends.
- In early September 2008, a detailed mapping and sampling program was undertaken on the Evelin and Mina del Fierro claims transecting the vein/breccia zones that returned anomalous results from the earlier prospecting program.
- Results from the prospecting and detailed mapping programs on the Evelin, La Esmeralds and Mina del Fierro claims found anomalous gold samples (greater than 0.01 ppm Au) scattered around the claims, but a collection of anomalous gold values are clustered in the northern part of the La Esmeralda claim and southern part of the Mina del Fierro claim.
Management is focused on opportunities in Canada in line with its flow-though spending obligations this year and is in the process of reviewing several suitable projects. A decision is expected later this quarter or early second quarter. As of December 31st Castle has $1.2 million of cash and cash equivalents.
Brad Leonard, M.Sc., P. Geo., Castle's Exploration Manager, is the Qualified Person responsible for the scientific and technical work for the program as defined under National Instrument 43-101 and has reviewed this press release.
About Castle Resources
Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration projects in Mexico. The Company's initial focus is on silver exploration and development in Zacatecas, Mexico, one of the most prolific silver camps in Mexico and the world. Management's goal is to quickly advance current projects and to seek additional opportunities to continue to add value for shareholders. For more information please visit the Castle Resources' website at [ www.castleresources.com ].
Disclaimer
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
