9,700m Drilling Yields Multiple Gold Intercepts Up to 22.5 g/t at Redcastle Projects

Exploration Momentum Builds in Eastern Goldfields

Redcastle Resources Ltd (ASX: RC1) has reported a robust March 2025 quarter marked by a 9,700-metre Reverse Circulation (RC) drilling campaign across its flagship Queen Alexandra (QA), Redcastle Reef (RR), and Morgan’s Castle East (MCE) projects in Western Australia’s prolific Eastern Goldfields region. The drilling program, aimed at expanding JORC resources and identifying new mineralisation targets, has delivered encouraging early assay results that reinforce the company’s exploration strategy.

Initial results reveal multiple high-grade gold intercepts at all three prospects, including standout shallow intercepts at QA such as 4 metres at 10.94 g/t Au from just 6 metres depth, and a remarkable 1 metre at 22.5 g/t Au at MCE. These findings confirm widespread mineralisation potential and underpin Redcastle’s commitment to unlocking value from its Eastern Goldfields assets.

Queen Alexandra: A Continuous High-Grade Gold Zone Emerges

At Queen Alexandra, drilling has delineated the Kestrel Lode, a continuous high-grade gold structure with an impressive 82% hit rate for intercepts exceeding 1 g/t Au over at least 2 metres. Notably, 15 intercepts surpass 2 g/t Au, including historical highlights such as 3 metres at 26.6 g/t Au. The lode remains open in multiple directions, suggesting significant expansion potential both near surface and at depth.

The presence of high-grade near-surface mineralisation supports plans for a scoping study and bulk sampling program to evaluate open-pit development potential, including toll treatment options. Deeper zones with grades up to 37.5 g/t Au hint at future underground mining possibilities, positioning QA as a cornerstone project for Redcastle’s growth ambitions.

Redcastle Reef and Morgan’s Castle East: Satellite Opportunities

Redcastle Reef is on track for a maiden Mineral Resource Estimate (MRE) expected by mid-June 2025, which will complement QA’s resource base. Recent drilling confirmed mineralisation remains open to the east, with notable intercepts such as 2 metres at 9.14 g/t Au. Meanwhile, Morgan’s Castle East drilling confirmed a gold mineralised structure within an oxide zone extending up to 400 metres strike, with shallow, high-grade intercepts that could support low-cost open-pit mining and processing.

Both RR and MCE are viewed as promising satellite open-pit developments that could drive commercial expansion of any future mining operations, enhancing the overall project economics and operational flexibility.

Corporate and Financial Position

During the quarter, Redcastle announced the resignation of Non-executive Director Jeremy King and relocated its registered office to Subiaco, WA. The company reported cash reserves of approximately $1.473 million at quarter-end, with exploration expenditure of $1.109 million primarily directed towards drilling and assays. No mining production activities occurred during the period.

With the majority of the drilling program completed and cash outflows expected to decline, the Board expressed confidence in sustaining operations without immediate capital raising. The company’s strategic focus remains on systematic exploration and resource growth to unlock value from its tenements situated within the highly prospective Leonora-Laverton greenstone belt.

Looking Ahead

Redcastle anticipates reporting the balance of assay results from the RC drilling campaign during April, with the maiden MRE for Redcastle Reef due mid-year. The forthcoming scoping study and bulk sampling at Queen Alexandra will be critical in assessing the economic viability of near-term open-pit mining. These developments will be closely watched by investors seeking clarity on the path to commercialisation and potential production.