Ann: Castle Acquires Pilbara Gold Interests, page-53

Castle’s share price storms ahead on Pilbara gold prospects

Stunning share price gains for companies invoking the Pilbara conglomerate gold story continued yesterday with Castle Minerals joining the rush.

Castle is focused on gold exploration in Ghana, but its shares closed up more than 200 per cent at a three-year high of 3.4¢ yesterday after it announced it had secured an 80 per cent interest in two exploration licence applications 40km south-west of Marble Bar.

Castle said it had been advised by the prospector applicants they had found gold nuggets on the land.
The applications are said to lie on the so-called Hardey Formation and Mt Roe Basalts at the base of the Fortescue Group, which some believe is geologically linked with the well-endowed Witwatersrand gold basin in South Africa.

Castle’s managing director Stephen Stone admitted the transaction was opportunistic, but also based on sound geological research supported by government mapping.

“Castle’s geologists will shortly travel to site to determine if the area meets its geological expectations, to undertake first-pass reconnaissance rock chip sampling, metal detecting and mapping with a view to planning follow-up programs upon licence grant,” he said.
.