News: Castle Minerals shares fly on graphite and increased gold

Castle Minerals (ASX:CDT) shares are up 66% to $0.025 in the past 7 days following an upgraded gold resource and its exposure to graphite in Africa.

On the 2nd July, Castle revealed that it had upgraded its total gold resources in Ghana by 29% to 361,700 ounces at around 1.2g/t.

Castle is the largest exploration landholder in Ghana with 12,000 square kilometres and has also recently made significant zinc sulphide intersections of 10 metres at 1.16% and 5 metres at 1.54%.

These zinc intervals complement gold intersections during the quarter of 28 metres at 2.26 g/t gold from 81 metres, and 16 metres at 3.23 g/t  from 9 metres, which remain open along strike and at depth.

Notably, Castle also holds the substantial Kambale graphite resource of 14.4 million tonnes at 7.2% TGC for 1.03mt contained graphite.

Flotation testwork has been conducted on samples of fresh and weathered graphitic schist, which highlighted graphite flakes up to 250 microns long.

Multiple new, near surfaced rill intercepts since the establishment of this maiden graphite resource indicate the potential for a much larger deposit.

These graphite hits from outside the known resource area include 23 metres at 6.21% TGC from 5 metres, 36 metres at 10.68% TGC from 5 metres, 10 metres at 8.76% TGC from 10 metres, and 19 metres at 7.64% TGC 5 metres.

Castle is modestly capitalised at $2.5 million, holds $750,000 in cash, 2 million shares in Merah Resources (ASX:MEH), is debt free and owns its own drilling rig.