Beasley Creek Project
The Beasley Creek project lies on the northern flanks of the Rocklea Dome in the southern Pilbara. The strategy is to define structurally controlled gold targets within the older Archean sequences. These lie immediately below the 16km east-west striking conglomerate horizons which had been the primary focus of exploration by Castle. The sheared granite – greenstone contact and the “Paulsen Gold Mine” type setting within the gabbro/dolerite units, that intrude the Hardy Sandstone in the northern part of the project are, are of particular interest. A stream sediment sampling program completed in July 2020 defined four distinct zones of strong gold anomalism associated with these and a total of four different geological settings.
Within the tenement the unconformity contacts between the old Archean basement and overlying Mt Roe Basalt and Hardey Sandstone Formations have been mapped for 16 kilometres.
Castle Minerals hold an 80% interest in the tenement with the balance held by Rosane Pty Ltd, an entity associated with prospector, Bob Creasy. Rosane is free carried to decision to a mine. Once Castle has advanced the project to a decision to mine, the vendor will be required to contribute pro-rata to all future expenditure or dilute according to standard industry terms.
In order to complete the transaction, Castle must make a final milestone payment comprising 2.0M Castle Performance Rights that will vest as and when Castle submits a Form 5 expenditure report of greater than $500,000 expenditure.
Castle undertakes to keep the licence in good standing at all times that it retains an interest.