Castle Minerals Limited announced that it has commenced a 4-hole, 370m diamond core drilling program at its emerging Kambale graphite project, Ghana, to retrieve samples for Phase 2 test work aimed at producing a fine flake graphite concentrate that could be sold for use in the manufacture of electric vehicle battery anodes. A follow-on 31-hole, 2,460m RC drilling program is aimed at better defining high-grade graphitic schist zones and for infill purposes to support a maiden JORC 2012 Mineral Resource estimate scheduled for end-Q1 2023. Castle recently reported results from the final 29 holes of a 52 hole, 5,353m RC drill program where mineralisation comprising a series of sub-parallel graphitic schist zones was confirmed to extend north- south for 2.5km.

Several of the RC holes returned thick, high-grade and multiple intercepts of graphite with results overall reinforcing expectations that ultimately a series of higher-grade zones will be outlined within a broader but still well mineralised envelope. The diamond drill core will be obtained from four locations providing a good representation of the graphite schist material and its variability. Phase 1 test work was conducted on near-surface, trench excavated material where weathering of the graphite and gangue material will have impacted the mineralogy and subsequent concentration process.

The weathering profile is observed to extend to a depth of 30-40m below surface. Fresh graphitic schist has been drilled to a vertical depth of at least 100m and remains open at depth. Phase 2 test work will comprise a series of beneficiation, flotation and grinding cycles on composited core to develop a preliminary process flowsheet design aimed at producing a commercial grade fine flake graphite concentrate for possible application in electric vehicle battery anode manufacture.

The rock density, structural integrity and other attributes of the core will be measured for use in the proposed Mineral Resource estimate and in any mining scoping studies, should they be warranted. An independent Exploration Target estimate based on the recently completed and historical drilling is planned to be delivered by end-November 2022. The mineralisation consists of north-east trending, sub-parallel zones of graphitic schists found within the Lower Proterozoic Birimian (~2.2Ma) Wa-Lawra Greenstone belt.

The schists generally trend north- easterly and dip between 50o and 75o to the north west. They are hosted mainly in granodiorite to the north and biotite and quartz mica schists in the south. The genesis of the flake graphite in Kambale is believed to be associated with high-grade metamorphism (amphibolite-granulite facies) where metamorphic derived CO2 rich hydrothermal fluids have infilled shear related dilational zones and formed the graphite during the extreme metamorphic event.

Castle has reviewed this historical work and a wide-spaced, regional-scale electromagnetic survey dataset inherited from previous licence holder, Newmont Limited. This outlined a roughly elongate, north- south orientated, ~10km-long region considered prospective for graphitic schist horizons which may host multiple lenses of graphite mineralisation, similar to what is already outlined from drilling and trenching at Kambale. These lenses or horizons can vary in length and be up to 50m wide, creating substantial deposits of graphite.

Encouraged by firm graphite prices in 2012, Castle undertook three consecutive phases of drilling comprising RAB (251 holes, 5,621m), aircore (89 holes, 2,808m) and reverse circulation (3 holes, 303m). Mapping noted occasional outcrops of manganese and graphitic schist as well as graphite in termite mounds.