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Castle Minerals' shares rise after lifting cash for conglomerate-hosted gold project

Artemis Resources has taken a 4.8% stake in Castle.

Australian dollar currency notes
Heavily over-subscribed placement

Castle Minerals Limited (ASX:CDT) has raised $1,225,000 via a placement of shares at $0.035 each in which Artemis Resources (ASX:ARV) participated and will now hold a 4.8% stake in Castle.

The funds raised will be directed towards Castle’s recently acquired Coolyia Creek conglomerate-hosted gold project in the Pilbara region of Western Australia.

Castle’s shares were trading circa 15.5% higher intra-day following the heavily over-subscribed placement, at $0.052.

The company is also identifying opportunities to acquire additional interests in licences prospective for conglomerate-hosted gold and is also maintaining activities at its Ghanaian gold interests.

Projects

Castle has secured the rights to acquire an 80% interest in the Coolyia Creek gold project encompassing the prospective basal conglomerate horizon of the Hardey Formation.

The applications comprise a total of four blocks (12.8 square kilometres) at Coolyia Creek, 40 kilometres southwest from Marble Bar in the East Pilbara region of Western Australia.

In addition to Castle’s interest in the Coolyia Creek gold project, it has a large contiguous tenure position in the Upper West region of Ghana, West Africa.

Castle’s licence holdings in Ghana encompass large tracts of highly prospective Birimian geological terrane, the host to many of West Africa’s multi-million ounce gold projects.

The company has discovered several advanced stage gold prospects including at Kpali and Kandia.

Much of Castle’s ground in Ghana is at an early stage of exploration and offers considerable opportunity for more discoveries.

Quick facts: Castle Minerals Ltd

Price: 0.009 AUD

ASX:CDT
Market: ASX
Market Cap: $2.01 m
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