Castle Minerals (ASX:CDT) Stephen Stone discusses high-grade growth at Kpali

Castle Minerals (ASX:CDT) is steadily advancing its Kpali prospect in northern Ghana, with the latest drill results pointing to both continuity and scale within a growing gold system.

Executive Chairman Stephen Stone says the emerging picture is one of a robust and expanding mineralised footprint, supported by encouraging intercepts across both the footwall and hangingwall lodes.

In this Q&A, Stone discusses the significance of recent drilling, how Kpali compares to nearby regional discoveries, and what’s coming next for the company across its Ghanaian gold portfolio.

What do these latest drilling results mean for the scale of the Kpali prospect?

These latest results represent a very encouraging step forward in the development of the Kpali prospect.

We are seeing clear evidence that both the footwall and hangingwall lodes are not only well mineralised, but also exhibit continuity over a meaningful strike length currently extending 650 metres with mineralisation remaining open both along strike and at depth.

This level of continuity suggests we are working with a robust mineral system.

The grades speak for themselves: high-grade intercepts such as 1 metre at 20.66 grams per tonne from shallow depth, and broader mineralised zones including 19 metres at 2.93 grams per tonne, indicate that we are steadily building something of real substance.

While it’s still early days, each drilling campaign has consistently added scale to the project, reinforcing our confidence in Kpali’s potential.

How does Kpali compare to other gold projects in the region?

Kpali is situated in a highly prospective geological setting at the convergence of the Bole-Bolgatanga and Wa-Lawra greenstone belts an area that is becoming increasingly recognised for its gold potential.

If you look at the development trajectory of nearby projects like Namdini and Black Volta, which both began with modest drill programs before evolving into major discoveries, you can start to see the parallels.

Kpali shares the same Birimian rock types and key structural features, and with each round of drilling, we are seeing early signatures that align with those larger systems.

As we continue to expand the mineralised footprint and improve our geological understanding, the prospect of a significant discovery grows.

This is the kind of terrain where persistence, systematic work, and a strong technical approach can unlock something substantial.

What are the next major catalysts for Castle investors to watch?

We have a solid pipeline of exploration activity in motion.

Our immediate focus is on the assay results from recent drilling at the Bundi prospect, located just four kilometres north of Kpali, those results are expected in early July.

Following that, we anticipate receiving assays from ten holes drilled at the Kandia Gold Project a promising standalone discovery in its own right  with results due around mid July.

Beyond that, we are planning further RC drilling at both Kpali and Kandia, likely commencing in September depending on rig availability and weather conditions. In parallel, we will be launching an auger drilling program across several regional targets, starting in July.

That program will help us identify and prioritise new areas for follow up work.

All up, investors can expect consistent news flow and strong operational momentum through the second half of the year.

What is the significance of the footwall and hangingwall lodes?

The footwall and hangingwall lodes form the structural and mineralogical backbone of the Kpali system.

The footwall lode, which extends for approximately 490 metres, continues to deliver strong and consistent grades, especially in the southern portion of the prospect.

Meanwhile, the hangingwall lode is producing some of our highest-grade intercepts to date including the standout result of 1 metre at 20.66 grams per tonne and that zone is now being traced further north.

What is particularly encouraging is that we are seeing both grade and scale develop across these structures, providing a strong foundation for future resource definition.

In addition, the early identification of narrower lodes adjacent to the main mineralised zones may offer further upside as the project continues to advance.

How is Castle using geophysical data to drive exploration?

Castle Minerals exploration strategy is grounded in a disciplined and methodical use of data, and geophysics plays a central role in that process.

We recently completed a high-resolution aeromagnetic survey across the Kpali area, and the resulting data has already been used to undertake a detailed structural interpretation led by a West African gold expert.

This work has sharpened our understanding of the key geological features and refined our target areas for future drilling.

We are also reprocessing historical geophysical datasets and integrating them with the new magnetic data to ensure a comprehensive view of the subsurface architecture.

The upcoming auger drilling program is specifically designed to test these interpreted structures at surface and confirm the presence of mineralised systems.

Final Thoughts

Ultimately, the goal is to build a pipeline of well defined, drill ready targets and to ensure that each metre we drill is as informed and impactful as possible.

With further assay results due from Bundi and Kandia in the coming weeks, and a multi-phase drilling and auger campaign on the horizon, Castle Minerals is entering a news-heavy period.

Backed by growing geological confidence and a structured exploration strategy, the company is well-positioned to build momentum as it unlocks the broader potential of its Ghanaian gold projects.

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