Castleworth drills Pan (August 11, 2003)

Vancouver — The first drill results from an ongoing program indicate an expansion of the resource at the Pan gold project in Nevada.

Castleworth Ventures (WTH-V) has intersected encouraging values in three of the four holes collared at the Syncline target, 900 ft. west of the Pan fault zone. Hole 7 returned 35 ft. grading 0.064 oz. gold per ton at a down-hole depth of 45 ft., while hole 9 yielded 60 ft. averaging 0.057 oz. gold. The holes include 10-to-20-ft. sections grading just over 0.1 oz. gold per tonne. Hole 8 cut 145 ft. grading 0.003 oz. gold. However, hole 6 failed to yield any significant values.

“These additional 0.1-ounce-per-ton intercepts add encouragement for the deep ore model at Pan,” says Castleworth President John Watson. “The results illustrate a clearer structural interpretation of these higher-grade zones and help refine a proposed plan for a series of intermediate-depth holes [+1,000 ft.] later this year.”

The 20-hole program has yet to test the Red Hill, Horseshoe, Middle Pan and Gnarly targets.

Earlier this year, the junior tabled a revised resource estimate for the Pan deposit. The new figure, calculated by Reno-based Mine Development Associates (MDA), marks a 33% increase over previous estimates and includes 17.9 million tons of material grading 0.019 oz. gold per ton in the indicated category and 8 million tons grading 0.016 oz. gold in the inferred section.