Castle Resources Inc.
TSX VENTURE : CRI

October 27, 2009 09:37 ET

Castle Resources Announces 29 Meters of 2.43 g/t Gold at Surface From Elmtree Gold Project in New Brunswick

- Moving Elmtree gold project toward Preliminary Economic Assessment

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2009) - Castle Resources Inc. (TSX VENTURE:CRI) ("Castle" or the "Company") is pleased to announce drill results from its Phase I (3,135 metre) diamond drill program at the Elmtree Gold Project near Bathurst, New Brunswick. The company has recently completed its Phase II (1,986 metre) drill program and is awaiting results.

Drill Highlights at the West Gabbro Zone Include:

  • 29 metres of 2.43 g/t Au, incl. 20 metres of 3.19 g/t Au
  • 18.5 metres of 1.27 g/t Au, incl.3 metres of 4.58 g/t Au

Phase I drilling results have successfully delineated the West Gabbro Zone and has confirmed mineralization intersected at depth under the main core of the West Gabbro Zone resource. Drilling to the west found that the West Gabbro Zone narrows and drilling to the east confirms that there is no fault-offset extension of the West Gabbro Zone.

"The drill program was designed not only to test along strike and down dip in the West Gabbro Zone, but to gain a better understanding of known mineralization and we have successfully achieved these goals," said Mr. Stephen Shefsky, President & CEO of Castle Resources Inc. "Drilling at the West Gabbro Zone has more clearly defined the shape of the gold deposit and we are now in the process of advancing the deposit towards a Preliminary Economic Assessment."

The Company began drilling in early August and finished the Phase I program in September. A total of 3,135 metres were drilled in 16 holes and 732 samples were sent for analyses and all analyses have been received. Two of the 16 holes were designed to replicate older Lacana drilling results as recommended by Mercator Geological Services in their NI 43-101 compliant technical report dated February 12, 2008.

Highlights of drilling results

HoleFromtodownhole thicknessg/t AuComments
ELM09-5217.5191.51.70includes 115g g/t Ag, 1.88% Zn, 1.96% Pb
ELM09-52126.5128.51.53.52 
ELM09-52175.5177.521.30 
ELM09-52188191.53.51.05 
ELM09-542958292.43replicated Lacana hole ME85-001
includes a higher grade section of 3.19 g/t Au across 20 m(downhole thickness)
ELM09-5681.583.521.74 
ELM09-5717417621.25 
ELM09-58237.525618.51.27includes a higher grade section of 4.58g/t Au across 3 m (downhole thickness)
ELM09-612530.55.51.58replicated Lacana hole ME86-022
ELM09-6620921121.15 
ELM09-6723323521.60 

The Elmtree Gold 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. 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; 1,556,000 inferred tonnes in the West Gabbro Zone grading 2.01 g/t gold; 2,367,000 indicated tones in the South Gold Zone grading 0.74 g/t gold; 583,000 tonnes in the Discovery Zone grading 1.15 g/t gold only, as well as 117,000 inferred tonnes in the Discovery Zone grading 1.77 g/t gold, 44.36 g/t silver, 0.78% lead and 2.17% zinc.

In addition, the Phase II program at the Elmtree Gold Project has recently been completed. Ten holes were drilled (1,986 metres) testing the South Gold Zone & Discovery Zone at depth and infilling previously unexplored areas. The goal of this Phase II program is to further define mineralization and test the relationship between the South Gold Zone and Discovery Zone. Assays are pending and results are expected in November.

Brad Leonard, P. Geo., Castle's Exploration Manager, is the Qualified Person responsible for the scientific and technical work discussed as defined under National Instrument 43-101 and has reviewed this press release.

About Castle Resources

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. For more information please visit the Castle Resources' website at www.castleresources.com

Disclaimer

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes","may", "will" and include, without limitation, statements regarding the company's plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Castle Resources Inc.
    Stephen Shefsky
    President & CEO
    416-366-4200
    or
    Castle Resources Inc.
    Lenny Foreht
    Corporate Development
    416-364-2266