Castile Resources Ltd (ASX:CST)
Castile Resources Limited (ASX:CST) owns the tenements within the Rover Mineral Field south west of Tennant Creek and the Warumpi Tenements in the West Arunta of the Northern Territory. The flagship asset of the company is the Rover 1 Project situated within the Rover Mineral Field which is a ready-made pre-development. The deposit is a very high-grade Iron Oxide Copper Gold (IOCG) polymetallic asset typical of the Tennant Creek goldfields that were amongst the most prolific in Australia’s mining history.
The Rover Mineral Field is interpreted to be a westerly extension of the Tennant Creek Mineral Field. The high grades of gold and copper hosted in banded ironstones found in Rover 1 display very similar characteristics to the Warrego Deposit in Tennant Creek that produced over 1.6Moz of gold and 174Tt of copper. A virgin lead zinc deposit at the Explorer 108 Prospect and a high-grade copper prospect both with contained mineral resources have also been uncovered with previous exploration efforts within the Rover Mineral Field.
The Rover 1 Deposit
A scoping study and Mineral Resource completed in 2011 on the Rover 1 Deposit calculated over 1 million ounces of gold equivalent when taking only copper credits into account at prevailing metal prices. The Rover 1 Deposit is also known to contain cobalt, bismuth and silver.
Castile has launched a Pre-Feasibility Study (PFS) on Rover 1 in early March that will include current $A gold prices, modern mining and processing techniques, assessing the by-products value and flexible financing options to suit the high-grade boutique nature of this asset. The company has the benefit of all the data from the previous drilling programs (approximately 85,000m) and technical assessment and study work completed by the previous owners of Castile, mainly Metals X and Westgold Resources.
The Warumpi Project
The Company’s tenement package also includes the Warumpi Project which is a highly prospective grass-roots exploration project located approximately 300 km west of Alice Springs in the West Arunta region of the Northern Territory. . The age of the Warumpi Province (1690–1610 Ma) is a particularly significant epoch in the evolution of the Australian continent as the stratigraphy of this period hosts the these similar world-class stratabound Pb-Zn-Ag mineralisations:
- Broken Hill (1690 Ma)
- Mount Isa Group (1654 Ma)
- McArthur River (1640 Ma)
- Century (1610 Ma)