Castle Peak Mining Ltd. (TSX-V: CAP) is a Canadian-based exploration and development company focused on advancing greenfields and early stage gold projects. The Company holds a strategic land package, known as the Akorade project, in the southern portion of the Ashanti belt, in Ghana, West Africa. The Ashanti belt is known as one of the most prolific gold belts in the world, putting Ghana as the second largest gold producer in Africa with past production of >150 million ounces. Within 50 kilometres of Castle Peak's Akorade Project there are five producing gold projects which account for more than 50 million ounces in gold reserves and resources.
Ghana-focused Castle Peak Mining (CVE:CAP) reported promising preliminary results from exploration activities at the Akorade project located in the prolific Ashanti Gold Belt.
The ongoing program is aimed at generating targets for further exploration and includes geophysical surveying, channel and chip sampling and grab sampling.
The results of an induced polarization (IP) survey, completed over the Apankrah and Nana targets, indicate additional potential to the west on the Apankrah target and to the east on Nana.
These results confirm proposed follow-up drilling to be initiated later this month and points to additional exploration targets.
The structural zone covered by the Enyinase and Great Yorkshire concessions also received initial field work, Castle Peak said.
The current geophysical program includes an approximate 32 kilometres of IP surveys on a series of four target areas: Apankrah/Nana, Ayiem South, Ayiem North and the Asuogya-Ayiem trend.
The IP surveys for the first three are completed, with preliminary results available for Apankrah/Nana.
Both the Apankrah and Nana targets exhibit anomalous signatures defining generally east-northeast trending structures, approximately 300 metres and 500 metres long, respectively.
There are further anomalies to the north and the south.
The company has scheduled a magnetics survey of the area over approximately 65 kilometres once the IP surveys are complete.
President and chief executive Darren Lindsay said: "Our systematic approach to exploration allows us to further understand this large underexplored land package, identify new areas of potential mineralization, such as the Great Yorkshire concession, and to reduce the drilling risk in our phase I drill programs.”
Channel or chip sampling on all concessions has returned 342 samples to date, and the results range from detection limit to 4.4 grams per ton gold.
Initial prospecting passes of sampling have been returned with values ranging from detection limit to 6.6 g/t Au. A total of 192 prospecting or grab samples have been collected over the Great Yorkshire, Enyinase, Nkwanta and POW concessions to date.
Castle Peak is a Canadian-based exploration and development company focused on advancing greenfield and early stage gold projects.
The company holds a strategic land package in the Ashanti belt adjacent to several producing gold mines in Ghana, West Africa.