Junior explorer and project incubator, Castle Minerals Limited (ASX: CDT) ('Castle' or the 'Company'), advises that it has completed 52 RC holes for 5,353m at its flagship Kambale graphite project, Ghana with six holes added to the program in response to excellent looking graphitic schist encountered in new areas and along trend from previously drilled zones.

The program was designed primarily to expand the footprint of the deposit and to better understand those areas outside of the known Inferred Resource of 14.5Mt at 7.2%C (graphitic carbon) for 1.04Mt contained graphite (JORC 2004). An additional aim was to investigate the continuity of higher grade zones that will be the focus of HQ diamond core drilling in Q4 to obtain samples for Phase 2 test work on fresh, un-weathered material.

Most of the RC drill hole locations were guided by a recently completed ground HLEM geophysical survey that identified numerous conductive plates many of which correlate well with known areas of graphitic schist but with several having no drill holes nearby. First assay results are expected to be received from Intertek laboratory, Perth, in September. Numerous drill hole chip samples were also collected for petrological examination to better understand the mineralogy of the deposit and any implications this may have for processing and purification.

Most of the intersected graphitic zones are within shears within a granodiorite host. Proposed HQ diamond core drilling will commence as soon as possible and most likely in late October / early-November after the assay results and petrological work have been evaluated and subject to the cessation of seasonal rains and local crop harvesting. The field team is also undertaking a broad reconnaissance of the Kambale region to evaluate for additional graphite occurrences. Ghana-based Sahara Mining Services has been appointed to provide independent in-country QA/QC review and a JORC Exploration Target range estimate once the assay results become available.

Test work and preliminary flow sheet development is scheduled for later in 2022 and will be undertaken in Perth by IMO Pty Ltd. It is hoped that this work will also produce a suitable quantity of concentrate to enable a high-level market positioning assessment to be undertaken.

Castle Managing Director, Stephen Stone commented 'The 52-hole, 5,353m Kambale graphite project RC drilling program went extremely smoothly with six holes added to extend some new and excellent looking zones of graphitic schist encountered in several fringe areas. We are expecting to receive assays in early September and once these are processed and evaluated we will design a diamond core drilling program to obtain samples for Phase 2 test work. Everything we read about the graphite market forecasts a major supply deficit if the expected growth in electric vehicle manufacture is realised and the world continues its decarbonisation quest.'

The Kambale graphite deposit was identified in the 1960s by Russian geologists prospecting for manganese. They undertook a program of trenching and drilled 25 holes to a maximum depth of 25m. A subsequent report noted 'two main zones of graphitic schists averaging around 10% to 15% graphite within which there were higher grade zones and that the graphite is the flaky variety with fine crystals (usually less than 0.25mm).' (Report on the Geology and Minerals of the South Western Part of the Wa Field Sheet, Pobedash, I.D. 1991). The mineralisation consists of north-east trending, sub-parallel zones of meta-sediment which is host to the fine flake graphite. The Lower Proterozoic Birimian (2.2Ma) meta sedimentary rocks, namely phyllites, and quartz - biotite schists, generally trend north-easterly and dip between 50o and 75o to the north west. The schists are hosted mainly in granodiorite. The genesis of the flake graphite in Kambale is believed to be the result of high-grade metamorphism (amphibolite-granulite facies) which has converted trapped amorphous carbon into the characteristic fine crystalline layers. Castle reviewed this historical work and a wide-spaced, regional-scale electromagnetic survey dataset inherited from previous licence holder, Newmont Limited. This work outlined a roughly elongate, northsouth orientated, 10km-long region considered prospective for graphitic schist horizons which may host multiple lenses of graphite mineralisation, similar to what is already outlined from drilling and trenching at Kambale. These lenses or horizons can vary in length and be up to 50m wide, creating substantial deposits of graphite. Encouraged by firm graphite prices in 2012, Castle undertook three consecutive phases of drilling comprising RAB (251 holes, 5,621m), aircore (89 holes, 2,808m) and reverse circulation (3 holes, 303m). Mapping noted occasional outcrops of manganese and graphitic schist as well as graphite in termite mounds. Following the completion of the first two phases of Castle's drilling, an independent Mineral Resource estimate defined a maiden Inferred Resource (JORC 2004) of 14.5Mt at 7.2%C (graphitic carbon) for 1.03Mt contained graphite, including 6.0Mt @ 8.6%TC for 0.52Mt contained graphite (JORC 2004). This extended over a strike of 1.25km and to a maximum depth of 110m. A third phase of drilling extended mineralisation to a total strike length of 2km. In 2012 Castle undertook a very limited program of bench-scale test work on RC chips, which was not an ideal sample, and which returned mixed results. Thereafter, little work was undertaken until the more recent improvement in graphite prices prompted a re-evaluation of the Project in early 2021. In September 2021 Castle reported that preliminary test work on sub-optimal near-surface, weathered graphitic schists yielded very encouraging fine flake graphite concentrate grades of up to 96.4% and recoveries of 88% using a conventional multiple grind and flotation concentration flowsheet. Three excavated and composited samples provided for the test work graded 12.56%, 16.09% and 17.16% total carbon. In March 2022, a ground electromagnetic (HLEM) survey demonstrated a strong correlation between drill confirmed graphite mineralisation and zones of high conductivity. Several high conductivity zones extending well outside of the existing Inferred Resource boundary were also highlighted indicating the possibility of extensions of the known graphitic schists into sparsely or undrilled areas.

The Mineral Resource estimate was made in July 2012 and complied with recommendations in the Australasian Code for Reporting of Mineral Resources and Ore Reserves (2004) by the Joint Ore Reserves Committee (JORC). Castle is not aware of any new information or data that materially affects the information included in the JORC 2004 Mineral Resource estimate and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply. The resource estimate released in July 2012 did not include any assumptions about mining, mining dilution, metallurgy or processing methods. No bulk density measurements were undertaken. The Mineral Resource estimate is not compliant with Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves - 2012 edition. No additional technical work has been done since the Mineral Resource estimate was made. There is insufficient information available for the resource to be re-estimated to be compliant with the Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves - 2012 edition. It is possible that following additional technical work, and should a Competent Person be able to undertake a re-estimation of the Mineral Resource to comply with JORC Code 2012, that the Mineral Resource may materially change and/or reduce.

Castle Minerals Limited is an Australian Securities Exchange (ASX: CDT) listed and Perth, Western Australia headquartered company with interests in several projects in Western Australia and Ghana that are prospective for battery metals (lithium and graphite), base metals and gold. The Earaheedy Basin project encompasses terrane prospective for base and precious metals in the Earaheedy and Yerrida basins base metals provinces. The project comprises the Withnell, Terra Rossa and Tableland sub-projects. The Withnell granted licence is adjacent to the evolving Chinook-Magazine zinc-lead project of Rumble Resources Ltd (ASX: RTR) and north of the Strickland Metals Limited (ASX: STK) Iroquois prospect. The four Terra Rossa licences (three granted, one application) are east of the Thaduna copper deposits. The Beasley Creek project lies on the northern flanks of the Rocklea Dome in the southern Pilbara. The strategy is to define orogenic-style, structurally controlled gold targets within the various Archean sequences. Lithium anomalism is also being followedup.

The Success Dome project lies in the Ashburton structural corridor and is located midway between the Paulsen's and Ashburton gold deposits. It is prospective for gold and base metals. The Polelle project (E51/1843, 162.5km2), 25km south of Meekatharra and 7km southeast of the operating Bluebird Mine, hosts a mainly obscured and minimally explored greenstone belt.

The belt is comprised of a combination of prospective lithological units and major structural features including the Albury Heath shear which hosts the Albury Heath deposit immediately adjacent to the east boundary of Castle's licence. At the Wanganui project (E51/1703, 18.4km2), 33km south-west of the active Meekatharra mining centre and 15km south-west of the operating Bluebird gold mine, the opportunity is to test for down-plunge and along strike extensions to the existing Main Lode North and South deposits, as well as for other similar targets. The Wilgee Springs project (ELA70/5880, 120km2 ), along strike from and within the same metamorphic belt as the World-Class Greenbushes lithium mine, 25km to the south in Western Australia's SouthWestern region, provides an opportunity to explore using the latest geochemical and geophysical techniques for spodumene bearing pegmatites beneath a lateritic cover that has previously hampered exploration. The Woodcutters project (ELA15/1847/1847, 242km2) is prospective for lithium bearing pegmatites, 25km southeast of the Bald Hill lithium mine in the Bald Hill pegmatite field region and 25km northwest of the Buldania lithium deposit

Statements regarding Castle's plans, forecasts and projections with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that Castle's plans for development of its mineral properties will proceed. There can be no assurance that Castle will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will be successfully developed on any of Castle's mineral properties. The performance of Castle may be influenced by a number of factors which are outside the control of the Company, its Directors, staff or contractors

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