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July 22, 2010
Castle Resources Files New NI 43-101 Technical Report for Granduc Copper Mine, British Columbia |
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July 21, 2010
Castle Resources Initiates Feasibility Study at its Elmtree Gold Project in New Brunswick |
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July 19, 2010
Castle Resources Exercises Option to Acquire the Granduc Copper Mine and Completes Financing |
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Welcome
To Castle Resources
Granduc Property
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Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality,
advanced exploration projects. Management’s goal is to complete due diligence on the past producing Granduc Copper Mine and begin new exploration activities; as well, management is quickly advancing the Elmtree Project in New Brunswick toward feasibility in 2010.
Castle has signed a binding letter of intent “LOI” with Bell Copper Corporation (“Bell Copper”) to acquire up to a 90% interest in the past producing Granduc Copper Mine located near Stewart, B.C.
The Granduc Mine produced 420 million pounds of copper, along with significant silver and gold credits, from 1971 through 1984 when it was closed due to low copper prices. Newmont and ASARCO spent more than $115 million developing the project beginning in 1965, including the construction of a 15-foot diameter, 11-mile long tunnel which served as transportation for miners and equipment, as well as for ore and waste haulage. Granduc operations included underground mining, crushing, and grinding, followed by processing at a rated 9,000 ton per day millsite at the east portal of the tunnel. Concentrate was trucked 32 miles to the year-round deep sea port facility at the head of the Portland Canal in Stewart.
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Elmtree Property
Castle Resources Inc. is a Toronto-based junior mineral exploration company focusing on high-quality, advanced exploration gold projects. Management’s goal is to quickly advance the new Elmtree option and to seek additional opportunities to continue to add value for shareholders.
The Elmtree property (85 claims, 1,375 hectares) hosts at least three gold-bearing zones, the higher grade West Gabbro Zone , original Discovery Zone and the larger tonnage, lower grade South Gold Zone . A portion of the Discovery Zone contains significant stringer mineralization with appreciable zinc-lead-antimony-gold-silver-indium values.
In 2008 a NI 43-101 compliant resource estimate reported 525,000 indicated tonnes in the West Gabbro Zone grading 2.45 g/t gold (41,000 ounces gold); 4,624,000 inferred tonnes in all 3 gold bearing zones at an average grade of 1.25 g/t gold (185,500 ounces gold).
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