– The Titan 24 geophysical survey by Quantec Geoscience Ltd. indicates that the mineralized structure extends along strike southwest of the old Hope Brook mine area for at least one kilometre and to depths of at least 400 metres.
– Induced polarization (IP) surveys done by Castillian north of the Hope Brook deposit suggest the Mine zone has been offset to the north along a fault and potentially extends much further northeast than previously thought.
– Grab samples taken from outcrop proximal to this potential northeast extension returned values of up to 168.9 g Au/t.
TORONTO, ONTARIO–(Marketwire – Nov. 3, 2011) – Castillian Resources Corp. (“Castillian” or the “Company”) (TSX VENTURE:CT) is pleased to announce the results from the Quantec Geoscience Ltd. (“Quantec”) Titan 24 geophysical survey (“Titan 24” or the “Survey”) and the Castillian induced polarization (“IP”) surveys completed at the Company’s Hope Brook gold property located in southwest Newfoundland. These surveys are described in a press release by the Company dated June 28, 2011. In addition, Castillian has completed a prospecting and mapping program along approximately 8km strike length of the mineralized structure extending from about 1 km northeast of the open pit southwestwards through historical showings in the Chetwynd and Chetwynd South areas.
Prospecting has identified a number of occurrences of gold in bedrock along the 8km strike length (Figure 1), including the potential northeast extension where one sample returned 168.9 g Au/t (Figure 2). Several samples also contain significant Cu values up to 10.2% Cu. A total of 213 samples were taken, of which 42 returned values of 0.5 g Au/t or greater as shown in Figure 1. Significant results are listed in Table 1.
Table 1: Summary of Significant Prospecting Results, Hope Brook Gold Project, November 3, 2011
Sample # Northing Easting Description Gold (g/t) Copper (%) Type
Northeast Extension
L733602 5288602 418304 Brittle quartz vein – trace pyrite, galena 168.9 tr outcrop
Northwest of Open Pit (cleared area)
L733524 5287748 417687 Silicified metasediments – 10% pyrite, 5% chalcopyrite, trace bornite 8.29 2.46 outcrop
L733631 5287801 417760 Silicified metasediments – 20% sulphides 2.63 9.00 outcrop
L733527 5287772 417728 Silicified mafics – with pyrite, chalcopyrite, bornite 2.15 2.36 outcrop
Chetwynd Shafts
L733652 5286610 416355 Silicified metasediments – 10% chalcopyrite, 1% pyrite 3.23 1.16 subcrop
L733587 5286637 416395 Felsic? – leached with pyrite, malachite staining 2.71 tr outcrop
L732974 5286719 416500 Metasediments – local semi-massive pyrite with chalcopyrite 2.28 1.28 outcrop
L733645 5286657 416412 Metasediments – iron formation., semi-massive with pyrite, chalcopyrite 2.18 10.2 subcrop
Chetwynd South Extension
L733561 5285026 415104 12cm quartz vein in metasediments with trace pyrite 2.19 tr outcrop
Woodman’s Droke
1517 5284092 412912 Quartz vein with 10% very fine grained sulphides 3.74 0.54 outcrop
The Titan 24 and Castillian IP surveys indicate that the Hope Brook mineralized structure appears to be offset approximately 150 to 200 meters to the north along a north-south striking fault (see Figure 2). The Hope Brook mineralized structure likely continues along strike to the northeast on the other side of this fault. As shown in Figure 2, no historical drill holes have previously tested this target area.
The Company also announces the start up of a third diamond drill, which will accelerate the delineation of the resource at Hope Brook. The drill will be targeting deeper parts of the deposit in the vicinity of Hole HB11-046, which as previously reported (see press release dated September 14, 2011) returned 4.05 g Au/t over a core length of 29.3m (22.0m true width). According to Dr. Bill Pearson, P.Geo., President and CEO of Castillian, “The third drill will allow us to accelerate the step out drilling and more quickly evaluate the extensions of the deposit at depth.”
The Titan 24 Survey was completed over a total strike length of 1.6 kilometres from immediately north of the former open pit mine. Castillian extended the Survey area an additional 600 meters further north with induced polarization (IP) surveys using similar parameters to the Titan 24 Survey. Figure 3 is a three dimensional (3D) representation showing the location of the resistivity results from the Titan 24 Survey relative to the longitudinal section of the Hope Brook mine. The Titan survey demonstrates that the mineralized structure extends more than 1 kilometer to the southwest from the Hope Brook Deposit that was previously mined. Drilling by Castillian to date has confirmed gold mineralization continues at least 500 meters along the structure. Additional drilling is in progress to test the structure further along strike.
Dr. Pearson commented: “The Titan 24 Survey, coupled with our drill results to date, confirms that the mineralized structure at Hope Brook is very extensive both along strike and downdip. This survey combined with Castillian’s detailed IP surveys has outlined a number of targets for future drilling. The identification of a northeast extension of the mineralized structure supported by a number of mineralized surface samples is a very exciting development for the project.”
Dr. Chris Hale, P.Geo., Chief Geophysicist for Castillian, commented: “Drilling near the old mine clearly shows that the large, conductive anomaly plotted at a depth of 300 metres in the Titan 24 model (Figure 2) reflects the pyrite-bearing footwall of the deposit. Detailed resistivity measurements carried out by Castillian to 100 metres depth and in drill holes indicate that gold mineralization typically occurs in more resistive, silicified rocks just above this marker. The footwall conductivity zone extends from surface to depths over 400 metres and for at least a kilometre southwest of the old mine. This is as far as we have IP data; however, airborne magnetic and resistivity data suggest that the structure may extend even farther.”
ABOUT THE TITAN 24 SURVEY
Titan 24 is a specialized ground geophysical survey system developed by Quantec that has been successfully applied on many mineral exploration projects worldwide. The survey covered the major target areas identified by Castillian in the Hope Brook Mine and 240 Zone areas.
This proprietary system acquires large amounts of subsurface physical property information including induced polarization chargeability and direct current resistivity at depths of up to 750 metres.
The Titan 24 Distributed Acquisition System (DAS) employs a combination of multiplicity of sensors, 24-bit digital sampling, and advanced signal processing. It provides three independent datasets capable of measuring subsurface resistivity (structure, alteration & lithology) and chargeability (mineralization) to depth.
SAMPLING, ASSAYING AND QUALITY CONTROL
All assays for the surface prospecting and sampling program were completed by Eastern Analytical Limited of Springdale, Newfoundland by the ICP (Inductively Coupled Plasma Optical Emission Spectroscopy) method (ICP-30). Gold assays were completed by standard 1 assay ton fire assay using the AA method. Samples with Cu values great than 10,000 ppm were analyzed by ore grade assay analysis with AA finish. Internal quality control includes the use of blanks, duplicates and standards in every batch of samples. The Company also conducts internal check assaying using certified external reference standards and blanks.
QUALIFIED PERSONS
Dr. Bill Pearson, P.Geo., President and CEO of Castillian, Dr. Chris Hale, P.Geo., Chief Geophysicist for Castillian, and Mr. Dan Lee, P.Geo., Chief Geologist, Hope Brook Project, all of whom are qualified persons as defined by National Instrument 43-101, have reviewed and approved the scientific and technical content of this press release.
ABOUT CASTILLIAN RESOURCES
Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol “CT”, which has gold and base metal properties in Canada and South America. Castillian’s flag ship property is the Hope Brook Gold Project located in southwestern Newfoundland, where it is carrying out a 25,000 metre diamond drill program. Castillian also recently completed exploration on its Canadian Creek property in the Yukon that is adjacent to Kaminak’s Sugar Gold-in-Soil trend.
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the results of the Titan 24 Survey and the induced polarization surveys, exploration prospects, the identification of mineral reserves and resources and timing of future exploration. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; acquisition risks; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; the Property not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Figuresct1103.pdf.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact Information
Castillian Resources Corp.
Sabina Srubiski
Investor Relations Manager
+1-416-309-2957
Castillian Resources Corp.
Bill Pearson
President & CEO
+1-416-861-2968
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