Redcastle Resources Ltd introduces Queen Alexandra Maiden JORC Resource Estimate and Exploration Update

Redcastle Resources Ltd (ASX: $RC1) has reported the establishment of the maiden JORC 2012 Mineral Resource Estimate at Queen Alexandra. The resource estimate is based on a program of 20m X 20m reverse circulation drilling, focusing on the shallow resource down to a depth of 50m using a 1 g/t Au cut-off grade. Stacked shoots have been identified, north dipping and south-east plunging, with higher grades at increasing depth, indicating significant upside potential for Queen Alexandra. The company has planned a diamond drilling program to investigate deeper, plunging high-grade structures and twin the high-grade mineralisation within existing reverse circulation drillholes. Additionally, planning is underway to investigate other high priority gold targets identified during additional field work.

Executive Commentary on Maiden JORC Resource Estimate and Exploration Update

Reverse circulation drilling at Redcastle has established a Mineral Resource Estimate at Queen Alexandra. The close spaced drilling into the upper 50m supports the interpretation of stacked lodes, dipping to the north and plunging to the south-east, resulting in thicker than expected intersections with increasing grades at depth. The planned diamond drilling program aims to confirm the current interpreted mineralisation orientation, increase the definition, understanding, and extent of the deeper high-grade mineralisation, and determine the strategy for exploitation of the Queen Alexandra Mineral Resource Estimate going forward. Furthermore, the company will follow up on other high priority gold targets identified during additional field work.

Summary of Queen Alexandra Maiden JORC Resource Estimate and Exploration Update

Redcastle Resources Ltd has successfully established the maiden JORC 2012 Mineral Resource Estimate at Queen Alexandra, indicating significant upside potential. The company plans to conduct a diamond drilling program to investigate deeper high-grade structures and twin the high-grade mineralisation within existing reverse circulation drillholes. The results of the program will contribute to confirming the current interpreted mineralisation orientation and increasing the understanding of the deeper high-grade mineralisation. Redcastle Resources Ltd is also prioritizing further exploration work on other high priority gold targets identified during additional field work. The company's forward-looking statements emphasize the potential for economic extraction of the resource and the need for additional drilling and metallurgical testwork to convert the Mineral Resource Estimate to a Reserve.