Initial Results from the Phase 1 Drill Program at Castle Mountain Project Yield Thick Intercepts of Ore-Grade Gold Mineraliza...
20 Junho 2013 - 5:12PM
Marketwired Canada
Castle Mountain Mining Company Limited (TSX VENTURE:CMM) ("Castle Mountain
Mining", "we", "our" or the "Company") is pleased to announce initial results
from its Phase 1 drill program at the Company's Castle Mountain Project in San
Bernardino County, California. To date 2,063 m of Reverse Circulation ("RC")
drilling has been completed and 5,500 m of Core drilling has been completed in
the Phase 1 program. Additional results from the drill program will be released
once all assays have been received which is anticipated to occur in July. At
that time, management also intends to provide an update with respect to the
Company's recently submitted application for a five year extension to December
31, 2025 for the current permit for the Castle Mountain open pit heap leach
mine.
Drilling has been completed in 30 holes with assay results for 27 holes included
in the table attached to this news release. Assay results for three holes are
pending and three of the holes reported in this release had no significant
intervals. The average intercept of the 24 holes with reportable intervals was
29 m at an average grade of 0.93 g/t Au. The number of intervals per hole ranged
from one to nine with interval lengths ranging from 2 m to 288 m. There has been
no evidence of a transition or sulphide zone produced from Phase 1 drilling. The
table below highlights four of the better holes:
Table 1: Current Phase 1 Drill Highlights(1)
----------------------------------------------------------------------------
From To Interval Au Assay
Hole ID (m) (m) (m) (g/t)
----------------------------------------------------------------------------
CMM-001 0 30 30 2.32
including 8 14 6 8.24
----------------------------------------------------------------------------
CMM-030 100 122 22 2.33
including 112 115 3 9.95
122 324 202 0.54
including 122 234 112 0.72
----------------------------------------------------------------------------
CMM-035 47 190 143 1.27
including 173 190 17 4.47
----------------------------------------------------------------------------
CMM-036 0 288 288 0.79
including 100 159 59 1.01
----------------------------------------------------------------------------
Reported intervals may not correspond precisely to the 'From' and 'To' due to
rounding. The reader should refer the attached table in its entirety for a
complete review of the reported results.
"We are very encouraged as results to date confirm our belief that there is
significant gold mineralization below and surrounding the previously mined pits,
and that the exploration target areas to the South and East hold potential to
add meaningfully to future mineable zones. This is a robust mineralized system
with encouraging gold grades over substantial intervals throughout the target
areas. These results are consistent with the historic studies performed by AMEC
in 2002 and Mine Development Associates in 2012," commented Gordon McCreary,
President and CEO.
The Phase 1 drill program at Castle Mountain was designed to twin and scissor
historic drill holes in and around the previously mined pits as well as to test
mineralization in certain exploration target areas allowing us to further define
plans of a more extensive Phase 2 program. A surprise from the Phase 1 program
has been that oxidation extends much deeper than had previously been assumed.
Although sporadic sulphides have been detected at depth, the high level of
oxidation bodes well with respect to metallurgical recovery for the potential
reactivation of the Castle Mountain heap leach mine.
Gold mineralization at Castle Mountain is hosted in a sequence of Miocene
(17Ma-14Ma) rhyolite domes, flows and associated sedimentary units. The
hydrothermal system is typical of other low-sulfidation gold deposits within the
Great Basin. Very fine-grained gold and electrum occurs disseminated in and
adjacent to quartz-stockwork veins, brecciated rhyolite domes, structures and
silicified volcanic rocks.
Previous exploration at Castle Mountain focused on northeast-trending structures
and rhyolite domes as the principle ore-controlling features. The initial
targets for CMM's Phase 1 drill program focused on these features. As CMM's
drill program progressed the importance of other structural and lithologic
settings for gold mineralization became apparent. Later holes were re-directed
to test targets identified through interpretation of early results.
Intersections of northwest- and northeast-trending structures, and structural
intersections within other lithologies other than the rhyolite domes, contain
gold mineralization. An example of this change in interpretation is at the north
end of the Oro Belle pit. Early holes (CMM-005 through CMM-009) were directed
northwesterly to test projected northeast structures. Results from these holes
were below expectations. After reviewing the information, CMM-036 was drilled in
a northeasterly direction. Gold grades in CMM-036 were significantly higher and
over longer intervals than in the earlier holes.
Additional holes were planned for the Phase 1 program in the area of CMM-015 and
CMM-016 (assay results pending) but these were not drilled. Based on the
results, expected in July, from the two holes that were drilled, a decision will
be made whether or not to include these six planned holes in a future drill
program.
Upon completion of the Phase 1 program and analysis of the results with the aid
of computer generated models, Castle Mountain Mining expects to start a Phase 2
program at the property. Castle Mountain Mining has engaged RPA Inc. to work
with the Company in developing a program that will, amongst other things,
identify optimal drill locations, meet and exceed QA/QC standards, and allow the
historic drilling on the property made up of 354,800 m of drilling across 1,729
drill holes to be used to create a mineral resource on the property that is in
accordance with National Instrument 43-101 ("NI 43-101"). The Company
anticipates the release of the technical report following the completion of the
Phase 2 drill program.
About Castle Mountain Mining Company
Subject to certain obligations, Castle Mountain has 100% of the right, title and
beneficial interest in and to the Castle Mountain Venture, a California general
partnership, which owns the Castle Mountain property in San Bernardino County,
California. The Castle Mountain heap leach gold mine produced over one million
ounces of gold from 1992 to 2001, when mining was suspended due to low gold
prices.
The Castle Mountain venture land holdings (7,458 acres total) include patented
claims (1,298 acres), and unpatented claims (3,209 acres), covering
approximately 4,507 acres, plus additional leased claims of approximately 2,951
acres. The Company has recently completed the Phase 1 drill program which tested
several exploration targets at various locations on the property. Assay results
are pending on three holes from the Phase 1 program and are expected to be
available for release in July.
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 news release.
Sampling Procedures and Quality Assurance
The scientific and technical information in this news release has been reviewed
and approved by Kevin Kunkel, CPG, Castle Mountain Project Manager, who is a
Qualified Person as defined by NI 43-101. The exploration activities at Castle
Mountain were carried out under the supervision of Mr. Kunkel.
All gold assays are by a 30 g Fire Assay charge followed by an atomic absorption
finish (with a 0.0005 g/t lower reporting limit). Samples reporting values
greater than 10 g/t are re-analyzed using a 30 g Fire Assay charge followed by a
gravimetric finish. All composites utilize a 0.2 g/t cut off and may include
internal waste. Some intervals may not add or subtract correctly due to
rounding, but are deemed insignificant. Analyses are carried out by ALS in their
Reno, Nevada laboratory. ALS is independent of Castle Mountain Mining Limited
and any of its subsidiaries. Blank and standard samples are used for quality
assurance and quality control and a review of the results of analyses of the
blanks, standards and duplicates by the Company's Qualified Person indicates
values are within normal and acceptable ranges. Mr. Kunkel has verified the data
underlying the results contained in this news release.
About Castle Mountain Mining and the Castle Mountain Project
Castle Mountain Mining Company Limited, through its wholly owned subsidiaries
including Castle Mountain Venture, is focused on the exploration and, if
warranted, development of deposits in San Bernardino County, California. The
principal gold mineralization identified to date within the Project are below
and surrounding the historically mined Pits on the Property including the Oro
Belle-Hart Tunnel, Jumbo, and Lesley Anne-Jumbo South Pits, as well as in the
South Domes area. Historic non-compliant NI 43-101 mineral resources for the
project were outlined in a technical report entitled "NI 43-101 REPORT ON THE
CASTLE MOUNTAIN PROPERTY, SAN BERNARDINO COUNTY, CALIFORNIA USA" by Thomas
Temkin, CPG, dated October 24, 2012 which is available on SEDAR at
www.sedar.com.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are
"forward-looking information" or "forward-looking statements" (collectively,
"Forward-Looking Information") within the meaning of applicable Canadian
securities legislation and the United States Private Securities Litigation
Reform Act of 1995. Forward Looking Information includes, but is not limited to,
disclosure regarding possible events, conditions or financial performance that
is based on assumptions about future economic conditions and courses of action;
the timing and costs of future exploration activities on the Company's
properties; success of exploration activities; results of assays; permitting
time lines and requirements; time lines for technical reports; planned
exploration and development of properties and the results thereof; and planned
expenditures and budgets and the execution thereof. In certain cases,
Forward-Looking Information can be identified by the use of words and phrases
such as "plans", "expects" or "does not expect", "is expected", budget",
"scheduled", "suggest", "optimize", "estimates", "forecasts", "intends",
"anticipates", "potential" or "does not anticipate", believes", "anomalous" or
variations of such words and phrases or statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved".
In making the forward-looking statements in this news release, the Company has
applied several material assumptions, including, but not limited to, that the
current exploration and other objectives concerning the Castle Mountain Project
can be achieved and that its other corporate activities will proceed as
expected; that the current price and demand for gold will be sustained or will
improve; that general business and economic conditions will not change in a
materially adverse manner and that all necessary governmental approvals for the
planned exploration on the Castle Mountain Project will be obtained in a timely
manner and on acceptable terms; the continuity of the price of gold and other
metals, economic and political conditions and operations. Forward-Looking
Information involves known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by the Forward-Looking Information. Such risks and other
factors include, among others, risks related to the availability of financing on
commercially reasonable terms and the expected use of proceeds; operations and
contractual obligations; changes in exploration programs based upon results of
exploration; future prices of metals; availability of third party contractors;
availability of equipment; failure of equipment to operate as anticipated;
accidents, effects of weather and other natural phenomena and other risks
associated with the mineral exploration industry; environmental risks, including
environmental matters under U.S. federal and California rules and regulations;
impact of environmental remediation requirements and the terms of existing and
potential consent decrees on the Company's planned exploration on the Castle
Mountain Project; certainty of mineral title; community relations; delays in
obtaining governmental approvals or financing; fluctuations in mineral prices;
the Company's dependence on one mineral project; the nature of mineral
exploration and mining and the uncertain commercial viability of certain mineral
deposits; the Company's lack of operating revenues; governmental regulations and
the ability to obtain necessary licenses and permits; risks related to mineral
properties being subject to prior unregistered agreements, transfers or claims
and other defects in title; currency fluctuations; changes in environmental laws
and regulations and changes in the application of standards pursuant to existing
laws and regulations which may increase costs of doing business and restrict
operations; risks related to dependence on key personnel; and estimates used in
financial statements proving to be incorrect; as well as those factors discussed
in the Company's public disclosure record.
Although the Company has attempted to identify important factors that could
affect the Company and may cause actual actions, events or results to differ
materially from those described in Forward-Looking Information, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that Forward-Looking
Information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking Information. Except
as required by law, the Company does not assume any obligation to release
publicly any revisions to Forward-Looking Information contained in this news
release to reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
Castle Mountain Mining Company Limited
Table 2: Phase 1 Drill Intercepts, Castle Mountain Project, California
(To Accompany News Release Dated June 20, 2013)
----------------------------------------------------------------------------
Total
Depth Target
Hole Type (m) Area
----------------------------------------------------------------------------
CMM-001 RC 122 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-002 RC 274 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-003 RC 182 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-004 RC 261 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-005 Core 231 Oro Belle
----------------------------------------------------------------------------
CMM-006 Core 232 Oro Belle
----------------------------------------------------------------------------
CMM-007 Core 226 Oro Belle
----------------------------------------------------------------------------
CMM-008 Core 240 Oro Belle
----------------------------------------------------------------------------
CMM-009 Core 270 Oro Belle
----------------------------------------------------------------------------
CMM-010 RC 152 Oro Belle
CMM-010 Core 152-334
----------------------------------------------------------------------------
CMM-011 RC 225 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-015 Core 372 621 Target
----------------------------------------------------------------------------
CMM-016 Core 377 621 Target
----------------------------------------------------------------------------
CMM-020 Core 254 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-021 Core 299 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-022 RC 182 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-023 Core 147 Oro Belle
----------------------------------------------------------------------------
CMM-024 Core 231 Oro Belle
----------------------------------------------------------------------------
CMM-025 Core 184 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-026 RC 243 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-027 Core 217 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-028 RC 178 Jumbo/Oro Belle highwall
----------------------------------------------------------------------------
CMM-029 Core 337 Lucky John
----------------------------------------------------------------------------
CMM-030 RC 122 JSLA
CMM-030 Core 122-324 JSLA
----------------------------------------------------------------------------
CMM-031 RC 122 JSLA
CMM-031 Core 122-313 JSLA
----------------------------------------------------------------------------
CMM-032 301 JSLA
----------------------------------------------------------------------------
CMM-033 Core 301 Lucky John Target
----------------------------------------------------------------------------
CMM-034 Core 145 JSLA
CMM-035 Core 295 Lucky John Target
----------------------------------------------------------------------------
CMM-036 Core 288 Oro Belle
----------------------------------------------------------------------------
----------------------------------------------------------------------------
From To Interval Gold
Hole (m) (m) (m) (g/t) Comments
----------------------------------------------------------------------------
CMM-001 0 30 30 2.32
Includes 8 14 6 8.24
----------------------------------------------------------------------------
CMM-002 249 252 3 0.53
260 272 12 0.44
----------------------------------------------------------------------------
CMM-003 No significant intervals
----------------------------------------------------------------------------
CMM-004 No significant intervals
----------------------------------------------------------------------------
CMM-005 29 32 3 0.40
41 47 6 0.51
64 67 3 0.26
125 137 12 0.74
Includes 128 133 5 2.52
158 161 3 0.21
166 174 8 0.40
----------------------------------------------------------------------------
CMM-006 0 232 232 0.22
54 60 6 1.13
143 151 9 1.15
163 175 12 0.47
200 205 5 0.45
214 230 16 0.56
----------------------------------------------------------------------------
CMM-007 No significant intervals
----------------------------------------------------------------------------
CMM-008 14 27 13 0.30
154 161 7 0.42
----------------------------------------------------------------------------
CMM-009 5 9 4 0.51
140 143 3 1.85
----------------------------------------------------------------------------
CMM-010 27 30 3 0.33
55 99 44 0.63
Includes 76 91 15 1.30
CMM-010 182 193 11 0.42
270 275 5 1.45
290 295 5 0.42
----------------------------------------------------------------------------
CMM-011 8 11 3 0.29
17 21 4 0.25
----------------------------------------------------------------------------
CMM-015 Assays pending
----------------------------------------------------------------------------
CMM-016 Assays pending
----------------------------------------------------------------------------
CMM-020 53 63 10 0.31
92 100 8 1.09
118 146 28 0.39
150 157 8 0.63
----------------------------------------------------------------------------
CMM-021 4 7 3 0.44
80 83 3 0.48
95 98 3 0.71
113 117 4 0.38
145 158 13 0.40
167 173 6 0.86
181 185 4 0.25
215 218 2 1.03
----------------------------------------------------------------------------
CMM-022 0 36 36 1.22
Includes 0 12 12 3.05
53 61 8 0.32
157 176 19 0.61
----------------------------------------------------------------------------
CMM-023 12 44 32 0.36
61 65 4 0.27
81 85 4 0.41
97 106 9 0.21
116 119 3 0.36
123 129 6 0.39
----------------------------------------------------------------------------
CMM-024 30 35 5 1.05
45 49 4 0.36
72 82 10 0.85
----------------------------------------------------------------------------
CMM-025 33 36 3 0.70
----------------------------------------------------------------------------
CMM-026 226 243 17 0.26 Bottomed in mineralization
----------------------------------------------------------------------------
CMM-027 64 75 11 0.32
----------------------------------------------------------------------------
CMM-028 23 29 6 1.05
35 47 12 0.68
50 55 5 0.79
93 96 3 0.35
112 119 7 0.26
----------------------------------------------------------------------------
CMM-029 Assays pending
----------------------------------------------------------------------------
CMM-030 Mineralization in RC section
100 122 22 2.33 continues into core section
Includes 100 103 3 6.15
Includes 112 115 3 9.95
CMM-030 122 324 202 0.54
Includes 122 234 112 0.72
Includes 125 134 9 1.26
Includes 200 203 3 2.11
Includes 239 275 36 0.35
Includes 284 295 11 0.29
----------------------------------------------------------------------------
CMM-031 71 122 51 0.47
Includes 97 103 6 1.58
CMM-031 122 313 191 0.38
Includes 122 150 28 0.85
Includes 128 130 2 2.10 Includes 55 g/t Ag
157 167 10 0.88
189 195 6 0.67
298 304 6 0.60
----------------------------------------------------------------------------
CMM-032 18 285 267 0.37 Top 18 m dump material
Includes 30 33 3 0.63
Includes 53 55 3 1.63
Includes 75 80 5 1.58
Includes 108 111 3 0.25
Includes 120 138 18 0.47
Includes 143 242 99 0.52
Includes 143 155 12 0.82
Includes 164 172 8 0.62
Includes 192 196 4 1.62
Includes 199 202 3 1.45
----------------------------------------------------------------------------
CMM-033 28 301 273 0.37 Top 28 m dump material
Includes 147 211 64 0.89
Includes 168 177 9 1.27
Includes 189 197 8 1.01
Includes 208 211 3 1.00
----------------------------------------------------------------------------
CMM-034 133 145 12 0.30 Bottomed in mineralization
CMM-035 47 190 143 1.27 Top 25 m dump material
Includes 89 108 19 2.30
Includes 103 108 5 4.60
Includes 132 138 6 3.11
Includes 173 190 17 4.47
Includes 183 190 7 7.98
----------------------------------------------------------------------------
CMM-036 0 288 288 0.79
Includes 42 47 5 1.25
Includes 60 65 5 0.46
Includes 66 87 21 3.27
Includes 68 80 12 4.68
Includes 80 85 5 0.40
Includes 100 159 59 1.01
Includes 117 122 5 6.36
Includes 122 137 15 1.19
Includes 224 228 4 0.23
Includes 257 271 14 0.34
Includes 277 288 11 0.59
----------------------------------------------------------------------------
To view the Drill Hole Location Map (To Accompany News Release Dated June 20,
2013), please visit the following link:
http://media3.marketwire.com/docs/cmm0620fig1.pdf.
(1) These holes are among 30 holes with assay results for 27 holes included in
the table attached to this news release. The reader should refer the table in
its entirety for a complete review of the reported results.
FOR FURTHER INFORMATION PLEASE CONTACT:
Castle Mountain Mining Company
Gordon McCreary
President and CEO
(416) 572-0152
gmccreary@castlemountainmining.com
Castle Mountain Mining Company
Fraser Buchan
VP Corporate Development
(416) 640-1933
fbuchan@83yonge.com
www.castlemountainmining.com
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