Castle Minerals Raises $3.3M, Reports Multiple Gold Hits in Ghana and Acquires Mineralis Ltd

Strategic Expansion into Côte d’Ivoire

Castle Minerals Limited has taken a decisive step in broadening its West African presence by acquiring full ownership of Mineralis Ltd, securing rights to earn up to 90% across seven permits totaling approximately 1,842 square kilometres along the Côte d’Ivoire–Ghana border. This acquisition not only consolidates Castle’s position in a highly prospective Birimian gold belt but also simplifies governance and accelerates exploration activities in the region.

The company has already initiated a regional-scale soil sampling campaign on the Ebony permit, aiming to identify primary sources of alluvial gold. This groundwork is critical for prioritising targets ahead of first-pass drilling, which is expected to follow once permitting is secured.

Robust Exploration Progress in Ghana

Meanwhile, Castle’s Ghana projects continue to deliver encouraging results. A five-hole reverse circulation (RC) infill drilling program at the Bundi Prospect within the Kpali Project confirmed continuity of mineralisation with multiple gold intercepts exceeding 1 gram per tonne, including a standout 7 metres at 3.26 g/t. Similarly, drilling at Kandia extended mineralisation to depths of around 150 metres, revealing high-grade shoots that sharpen the focus for future drilling.

Complementing these efforts, extensive auger drilling programs; comprising 220 holes at Kandia and a follow-up 214 holes at Kpali; are underway. These programs integrate reprocessed aeromagnetic data with geochemical results to refine target rankings, enabling a more efficient allocation of resources in upcoming drilling campaigns.

Governance and Capital Strengthening

Castle Minerals has also restructured its Board and leadership team to better align with its expanded West African strategy. The appointment of Steven Zaninovich as Non-Executive Chairman, alongside Mohamed Niaré as Non-Executive Director and in-country project manager, brings seasoned expertise and local insight. These changes coincide with the stepping down of previous directors, signaling a clear focus on execution and community engagement.

Financially, the company raised $3.3 million through a two-tranche placement, bolstering its cash position to A$2.7 million at quarter-end. This funding supports ongoing exploration activities and the advancement of permitting processes in Côte d’Ivoire.

Looking Ahead

Castle plans to continue its soil sampling and permitting efforts in Côte d’Ivoire, aiming to unlock the potential of its newly acquired permits. In Ghana, the completion of auger programs and integration of assay results will inform the design of further RC drilling to test high-priority targets. The company’s methodical approach, combining geological data with strategic governance, positions it well to capitalise on the rich gold endowment of West Africa.