Castle reclaims high-grade gold ground near Meekatharra

Castle Minerals has terminated an option with Great Boulder Resources and retaken 100 per cent control of its prospective Poleele and Wanganui gold projects near multiple operating gold mines. The ground offers strategic value near Meekatharra in Western Australia’s goldfields.

The Polelle project lies 25 kilometres south of Meekatharra and 7 kilometres southeast of Westgold Resource’s 1.4-million-ounce Bluebird gold mine. The 37,000-ounce Albury Heath deposit, also owned by Westgold, lies adjacent to the eastern boundary of Castle’s Polelle tenement. At the same time, the hosting Albury Heath shear structure itself strikes straight through Polelle for 7.5 kilometres.

At Wanganui, shallow RC drilling conducted by Castle in 2020, when the gold price was much lower than today’s levels, picked up good sniffs of gold shoots underneath the project’s North and South open pits as well as at other targets along a three-kilometre-long shear called the Main Lode that dominates the area.

Best Intercepts from the Main Lode at Wanganui included 3m grading 18.66 grams per tonne (g/t) gold from 62m, 8m running 4.10g/t gold from 66m and 10m grading 3.34g/t gold from 56m. Castle says these shallow intersections clearly highlight the prospect’s potential at depth.

Additional parallel gold-bearing lodes tested by Castle include the Far East, East and Far West lodes, with intersections running up to 8m grading 3.25g/t gold and 6m grading 3.68g/t gold.

With the GBR option over the Polelle and Wanganui gold projects having lapsed, Castle has made the decision to retain the projects. Our attention now turns to conducting a strategic review of the Projects to decide how best to extract value for shareholders.

With gold now roaring past US$5000 an ounce, Castle’s timing suddenly looks spot on. After regaining complete control of Polelle and Wanganui, the company is staring at shallow high-grade hints across multiple shear zones and the very real chance that the best ounces still lie deeper down. In a district known for rewarding persistence, Castle is gearing up to see just how far this gold story really runs.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au