Saturday 22nd October 2016

Resource Clips

Castillian President/CEO Bill Pearson on Nfld gold assays of 2.41 g/t over 20.5 metres

“The Hope Brook Property is a past producer—it produced about 752,000 ounces of gold from 1987 to 1997. Then it was closed in ’97, because the gold price was very low, and the mine was considered to be exhausted. Nothing has happened on the property since that time.

“We picked it up early this year because there were several things we liked about it. Firstly we liked the geological environment. We liked the fact that it was seen to be quite underexplored; there was a pre-production resource of about 1.6 million ounces at a 4.5 g/t grade—which is a quite attractive grade at current prices—and less than half of that was produced. So we felt that there must be some significant historic resource remaining, as well as exploration potential. We started putting up the camp in late August, starting drilling in mid-September. A couple of weeks ago we put out our first results which were very positive. We hit a nice hanging wall zone. Most significantly the new holes—one and three—confirmed our feeling that the whole structure was vertical. Previously it was thought to flatten at depth. And one of the other targets we’d identified was the surface target, which extends from the open pit—about 500 metres out—and we put some holes in there to confirm the historical results and assess that target. Those are the results in this release. And they’re excellent numbers.

“Even though we’ve had a relatively limited number of drill holes so far, we’ve certainly confirmed our target around the mine area. And I think the potential is tremendous. If you look at our geophysics, you’re looking at something that’s in excess of five kilometres long. I’m very enthusiastic about the picture here. I see a big, previously unexplored system, and we’ve got some very good results from our initial drilling. And we’ve got an excellent camp in there—fully winterized so we can go through the winter. I’m very optimistic going forward.”

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