Beasley Creek Project, Pilbara, Western Australia

  • 80% interest in Project located 52km northwest of Paraburdoo, West Pilbara region
  • 16km strike of prospective Mt Roe Basalt and Hardey Formation
  • Evidence of alluvial and Eluvial gold mining on Hardey Formation conglomerate units
  • Four advanced prospects identified
  • 62 nuggets recovered near unconformity surface
  • 5 bulk stream samples from recovered visible gold

Castle Minerals has an 80% interest in an exploration licence at Beasley Creek in the West Pilbara region of Western Australia prospective for placer style gold mineralisation. The licence area lies on the northern flanks of, and unconformably above, older Archean quartzites and schists belonging to the regionally prominent Rocklea Dome. It has previously been explored for a range of commodities including gold, copper, diamonds, iron ore and gemstones.

Within the tenement the unconformity contacts between the old Archean basement and overlying Mt Roe Basalt and Hardey Sandstone Formations extend for 16 kilometres.

At the Beasley Central Prospect, scraping and eluvial mining has been undertaken along approximately 1000 metres of strike over a conglomerate unit belonging to the Hardey Formation. These workings believed to have been completed during the 1970s recovered approximately 120 ounces according to Mines Department records. Additionally, drill testing of the conglomerate unit in 1998 returned one intersection of 4 m at 11.4 g/t over a four-metre composite sample that appears to be straddling the unconformity contact and overlying conglomerates. Several other holes drilling in the program also returned anomalous gold mineralisation (refer ASX announcement 21st February 2018 “Beasley Creek Prospectivity Enhanced”).

Since Castle has acquired the property work undertaken has included detailed geological mapping along the contact, metal detecting, and bulk stream sediment sampling.

Castle has identified four advanced prospects within the tenement were conglomerates are unconformably overlying older Archean basement (figure 1) (refer ASX announcement 21st February 2018) were sequences of conglomerates belonging to either the Mt Roe Basalt or Hardey Formation are outcropping.

Semi Professional metal detector operators employed by Castle to assist in the field mapping have recovered 62 gold nuggets of many sizes and shapes from alluvial material on or close to the contact (refer photo 1) (refer ASX announcement “Extensive Exposures of Mt Roe and Hardey Conglomerates Identified at Beasley Creek” 20 December 2017). In addition, the company recently completed a bulk stream sediment sampling and panning program across several the target areas (figure 2) (refer ASX announcement 5th June 2018 “Visible Gold in Bulk Stream Sediment Samples”).

In total 12 bulk 1`5kg samples were collected with visible gold panned in furze of the samples. The program also merged the Beasley Central and Beasley West Prospects into a single area with unconformity surfaces on the Mt Roe Basalt as well as a the Hardey Sandstone Formations which are potentially auriferous.

Future Work

Castle intends to continue to refine its targets at Beasley Creek with the aim of defining areas for bulk (>1 tonne) bedrock samples in order to define nugget gold mineralisation within the conglomerates similar to Novo’s Purdey’s Find Prospect.

Ownership

Castle Minerals hold an 80% interest in the tenement with the balance held by Rosane Pty Ltd, an entity associated with prospector, Bob Creasy. Rosane is free carried to decision to mine. Once Castle has advanced the project to a Decision to Mine, the Vendor will be required to contribute prorata to all future expenditure or dilute according to standard industry terms.

In order to complete the transaction Castle must make a final milestone payment comprising 2.0M Castle Performance Rights that will vest as and when Castle submits a Form 5 expenditure report of greater than $500,000 expenditure.

Castle undertakes to keep the licence in good standing at all times that it retains an interest.