Castile Resources (ASX:CST) is reporting a new Mineral Resource Estimate (MRE) for Rover 1, seeing a 20% increase in total gold, 7% increase in copper, 5% increase in cobalt, and an 18% increase in magnetite at the resource, located 80km southwest of Tennant Creek in the Northern Territory.
Castile announced in July a new ‘high-grade’ gold zone discovery and also confirmed a significant extension to the mineralised Jupiter Deeps IOGC alteration.
The company was primarily targeting gold with this program so the majority of the additional tonnes are within the new ‘high-grade’ gold zones which typically carries less accompanying copper.
Analysis is now complete on all sampling collected from the Rover 1 2022 exploration drilling campaign and Castile announces that the total metal inventory of gold, copper, cobalt and magnetite have all increased significantly primarily due to large increases in the Inferred category representing extensions to the Jupiter Deeps ore body.
While the total universal copper grade decreased by 9% to 1.49%, the additional tonnes have seen total copper metal increase by 7% to 83,200t.
A significant increase of 834,000t has taken the total tonnage of the MRE to 5,581,000t
A significant increase of 834,000t has taken the total tonnage of the MRE to 5,581,000t.
The big move is in grade and tonnages for the inferred section of the additional 52,000oz of gold.
The inferred tonnes have been increased by 86% to 1.61Mt, but more importantly the gold grade has more than doubled from 0.75g/t to 1.57g/t, an increase of 110%.
Castile Managing Director Mark Hepburn said these are significant additions to the company’s overall Mineral Resources Estimate resulting from the ‘outstanding’ success of the 2022 exploration program.
“This will substantially increase our mining inventory for our Pre-Feasibility Study which is due in the December quarter of this year.
“These structures still remain open at depth and give us great confidence that there is still potential for further mineralisation in Jupiter Deeps.”
Castile has also updated its MRE to include two new discoveries from targeting extensions to gold and copper mineralisation at the Jupiter Deeps region of Rover 1, located 80km southwest of Tennant Creek in the Northern Territory.
The 2022 program was a true ‘exploration’ style drilling aimed at growing the Resource inventory by targeting extensions to the existing gold and copper mineralisation that lies down dip of the Jupiter Deeps region of the Rover 1 orebody.
Analysis is now complete on all sampling collected from the Rover 1 2022 exploration drilling campaign and Castile is pleased to announce that the total metal inventory of gold, copper, cobalt and magnetite have all increased significantly primarily due to large increases in the inferred category representing extensions to the Jupiter Deeps ore body.
Compared to the MRE released in March, increases in the new September MRE include:
- Total gold increased by 20% to 315,200oz with inferred gold increasing by 289% to 81,400oz
- Total copper increased by 7% to 83,200t with Inferred copper increasing by 44% to 20,100t
- Total cobalt increased by 5% to 4,000t with Inferred cobalt increasing by 22% to 1,100t.
- Total magnetite increased by 18% to 1,295,000t with Inferred magnetite increasing by 119% to 357,000t
- Total tonnage increased by 18% to 5.58Mt with Inferred tonnes increasing by 86% to 1.61Mt
A significant amount of this inferred material will be added to Castile’s mining inventory within the Prefeasibility Study (PFS) which is now well progressed.
The Rover project is 100% owned by Castile and is located 80km southwest of Tennant Creek in the Northern Territory.
The total area is about 1,054km-square, covering a significant proportion of the Rover Mineral Field.
Images: Castile Resources Ltd
