A primary aim of the programme will be to infill drill a considerable volume of mineralisation that did not qualify to be included in the maiden MRE. This includes mineralisation intersected by the successful firstpass testing of several HLEM geophysical survey conductors (red shaded area in Fig 1). The drilling will also look to extend along strike and to depth several of the well delineated graphitic lenses. Drilling results are expected to be available in August whereupon an updated MRE will be undertaken by independent consultants,
Castle Managing Director,
Geology
The Kambale graphite deposit was identified in the 1960s by Russian geologists prospecting for manganese. They undertook a programme of trenching and drilled 25 holes to a maximum depth of 25m. The mineralisation consists of north-east trending, sub-parallel zones of meta-sediment which is host to the graphitic schists. 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.
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Graphite market
The graphite market is diverse across industrial, metallurgical, chemical and specialised areas with each sector requiring graphite concentrates with specific qualities. Deposit type, size and geometry, flake size, flake shape, grade, impurities, capital and operating costs, ability to be refined, proximity to specific markets, supply logistics, jurisdiction, fiscal regime and many other factors all combine to determine the commercial viability of a particular deposit. The current medium to long term outlook for the broader graphite concentrates market is one of escalating demand and a looming supply deficit driven in particular by its use in the fast-growing EV battery and stationary power storage sectors. At present, there is no viable high-volume viable substitute for graphite. There is an increasing proportion of natural graphite, over high CO2 generating synthetic graphite, being used in battery anode manufacture which also requires a fine flake graphite as the primary raw material. Hence, prices for fine flake graphite concentrates have shown a firming of late although markets remain generally opaque. The reader is directed to numerous recent publications, conference proceedings, market research papers and corporate websites of companies engaged in graphite exploration, project development or production for informed commentary and analysis of the graphite market
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Cautionary Statement
All of Castle's projects in
Forward Looking Statement
Statements regarding Castle's plans, forecasts and projections with respect to its mineral properties and programmes 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
Competent Persons Statements
The scientific and technical information in this Report that relates to the geology of the deposits and exploration results is based on information compiled by Mr
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