Castle Minerals Limited (ASX:CDT) has secured the right to acquire an 80% interest in an exploration licence prospective for conglomerate hosted gold at Beasley Creek in the West Pilbara region.
The license encompasses 16 kilometres strike of Hardey Formation stratigraphy including 2+ kilometres of a conglomerate horizon with coincident historical gold workings and recent detector diggings.
The Hardey Conglomerate unit, as mapped by the Geological Survey of Western Australia (GSWA), is described as a ‘clast supported polymictic, pebble to boulder conglomerate’.
This description is consistent with field observations by Castle geologists who have observed boulders of Hardey Conglomerate on spoil dumps.
The vendor of the 79 square kilometre licence application is Rosane Pty Ltd, an entity associated with prospector, Bob Creasy.
Castle is presently compiling and reviewing historical reports and data and collating other available datasets prior to planning a first-pass field evaluation program.
This will comprise detailed mapping to confirm in-situ and define the Hardey Conglomerate horizon, to determine if there are unexposed east-west extensions to what was mapped by the GSWA.
Castle will also map other key stratigraphic units in the area; rock-chip, lag, soil and stream sediment sampling and metal detecting.
The consideration payable to the vendor for the 80% interest includes $80,000 in cash and 2 million new ordinary Castle shares (worth circa $106,000).