High-Grade Silver at Castle Rag Raises Questions on Resource Continuity

Castle Rag’s Silver Potential Shines Brighter

Terra Uranium Limited (ASX, T92) has announced a compelling update from its Castle Rag project in New South Wales, revealing further high-grade silver mineralisation from surface rock chip samples collected in 2022. Among 23 samples analysed, 14 returned silver grades exceeding 100 grams per tonne, with the standout assay reaching an impressive 941 g/t Ag. This discovery adds significant momentum to the company’s exploration efforts in the New England region.

The Castle Rag Silver Mine, historically noted for producing approximately 48 tonnes of silver and 692 tonnes of lead from 4,000 tonnes of ore, is now drawing renewed attention. The recent surface sampling results not only confirm the presence of rich silver veins but also highlight substantial lead and antimony concentrations, with lead reaching nearly 19% and antimony 266 g/t in the highest-grade sample. Copper mineralisation was also notable, particularly at the Matt & Walkers Prospect, where copper grades hit 2.21%.

Building on a Strong Historical Foundation

These findings complement previously reported high-grade intercepts from the Castle Rag area, which included silver grades as high as 1,670 g/t and significant base metal values. The project’s geological setting is considered analogous to the nearby Webbs Silver Deposit, though Castle Rag boasts a much larger historical production footprint, suggesting considerable upside potential.

Terra Uranium’s portfolio in NSW extends beyond Castle Rag, encompassing the Ottery Tin Mine, Mole River base metals project, and Glen Eden tungsten deposit, positioning the company well within a region rich in critical metals. The recent sampling results underscore the strategic value of Castle Rag within this broader portfolio.

Next Steps, From Data Review to Exploration

The company is currently undertaking a thorough review of historical datasets, including geophysical surveys and remote sensing data, to refine its understanding of the mineralisation. Access approvals are in progress to facilitate further fieldwork. Terra Uranium plans to develop a comprehensive exploration program, focusing on in-fill drilling to delineate higher-grade zones and testing depth extensions. This program is expected to span approximately two years, aiming to convert surface sampling success into a defined resource.

While the results are promising, it is important to note that these are surface rock chip samples without drilling confirmation, meaning the continuity and true width of mineralisation remain to be established. Nonetheless, the data provide a strong foundation for advancing Castle Rag towards resource definition.