Why is the Kambale Graphite Project Delivering More High-Grade Drill Intercepts?
Castle Minerals Limited
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Why is the Kambale Graphite Project Delivering More High-Grade Drill Intercepts?

The Kambale Graphite Project has recently obtained additional impressive drill intercepts. The final 21 holes of a recent drilling campaign revealed multiple wide and high-grade intercepts near the surface. The mineralization extends over a distance of 2. 5 kilometers north-south and reaches a depth of more than 120 meters below the surface. This consistent high-grade mineralization will be included in the forthcoming Mineral Resource Estimate update.

These newly obtained results add to an already extensive inventory of intercepts from various drilling methods. In total, 21,367 meters of combined drilling has been conducted, including RC, DDH, RAB, and aircore drilling.

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The drilling data, along with the Mineral Resource Estimate update and successful metallurgical test work previously reported, will be incorporated into a scoping study starting in the fourth quarter of 2023.

Kambale is strategically positioned to potentially become a long-term supplier of quality natural graphite concentrate and value-added products. This is particularly significant as battery makers in the USA and EU are seeking to secure critical mineral supply chains for their battery "gigafactories. "

Improved Drill Intercepts from Final 21 Holes:

The final 21 holes of the recent drilling campaign yielded even better intercepts. Here are some notable results:

Hole 23CKRC107: 17 meters width with 8. 2% Total Graphitic Carbon (TGC) from 95 meters, including 3 meters with 14. 3% TGC from 99 meters.

Hole 23CKRC114: 15 meters width with 10. 2% TGC from 35 meters, including 4 meters with 13. 4% TGC from 44 meters.

Hole 23CKRC115: 9 meters width with 11. 4% TGC from 3 meters, including 2 meters with 24. 1% TGC from 3 meters.

Hole 23CKRC120: 14 meters width with 9. 6% TGC from 5 meters.

Hole 23CKRC121*: Impressive 86 meters width with 8. 2% TGC from 104 meters, including 33 meters with 9. 7% TGC from 104 meters and 50 meters with 8. 1% TGC from 140 meters.

Hole 23CKRC122: 19 meters width with 9. 6% TGC from 25 meters and 15 meters with 8. 7% TGC from 87 meters, including 2 meters with 15. 1% TGC from 98 meters.

Hole 23CKRC123: Significant 53 meters width with 11. 5% TGC from 120 meters, including 11 meters with 13. 7% TGC from 127 meters and 12 meters with 14. 2% TGC from 143 meters.

These intercepts were obtained using a 5% TGC cut-off, with a minimum width of 2 meters and a maximum internal dilution of 2 meters (except for Hole 23CKRC121). It's important to note that these widths are not true widths. For full details, please refer to Tables A and B.

Opportunity for the Kambale Graphite Project:

Stephen Stone, Castle Minerals Limited's Managing Director, expressed his excitement about the drilling results. He stated that these results support their expectation of a substantial increase in contained graphite, in addition to their already robust 15. 6 million tons Mineral Resource Estimate, which grades at 9. 0% TGC and contains 1. 41 million tons of graphite.

The multiple wide, near-surface intercepts with excellent grades, such as the 86 meters at 8. 2% TGC and 53 meters at 11. 5% TGC, emphasize the good quality and continuity of the Kambale deposit. This indicates the potential for open-cut extraction.

With the growing demand for electric vehicles, there is a significant supply deficit of natural graphite. The forecasted increase in electric vehicles by 2030 will require substantial amounts of battery grade graphite. Kambale's strategic location, with access to hydro-generated "green-grid" power, excellent roads, and two international ports, positions it as a possible reliable source of quality flake graphite. This is especially important as the USA and EU seek to reduce their reliance on Chinese anodes and batteries.

In conclusion, the Kambale Graphite Project has delivered impressive drill intercepts, indicating a promising future as a supplier of quality natural graphite concentrate and value-added products. The company plans to commence a scoping study in the fourth quarter of 2023 to evaluate the feasibility of establishing a mining and processing operation at Kambale.

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