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Greencastle Reports on Drilling at Rockstone Base Metal Exploration Property in Northwest Ontario

Date : 08/10/2012 @ 1:50PM
Source : Marketwired

Greencastle Reports on Drilling at Rockstone Base Metal Exploration Property in Northwest Ontario


Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or the "Company"), has completed a total of 915 metres in 4 holes on its initial diamond drilling program at its Rockstone property. The property, comprising a total of 340 claim units, is located between Shebandowan and Thunder Bay in Northwest Ontario.

The Rockstone claims are located over a large number of geophysical anomalies generated from an earlier airborne electromagnetic (VTEM) survey supplied by the property vendor and covering an area of some 270 square kilometres. Rock outcrop on the property is sparse but the geology is interpreted to be typical Archean greenstone belt rocks comprising mafic to felsic metavolcanics with iron formation and clastic metasediments.

The program was planned to test for the presence of base metal massive sulphides and provide information from which to further interpret the large number of geophysical anomalies in the database. All the holes intersected a sequence of intermediate to mafic pyroclastic volcanic rocks containing common stringers and disseminations of pyrite and pyrrhotite with locally minor chalcopyrite and sphalerite. In addition, graphite is commonly observed coating planar surfaces in varying amounts throughout some sections of the drill holes. The combination of graphitic and pyrite-pyrrhotite stringer zones in the volcanic stratigraphy targeted by the drilling could explain the airborne geophysical anomalies tested to date.

A number of the sulphide-bearing intersections were sampled for gold and base metals but no significant values were returned. There remains a large number of conductive geophysical anomalies which merit being drill-tested on the property. In addition, the Company continues to evaluate the drilling data with a view to carrying out down-hole geophysical surveying on some of the holes drilled to date, once other geophysical analyses of the core have been completed.

All technical information in this press release has been reviewed and approved by James Pirie, P. Eng. who is a Qualified Person ("QP") under National Instrument 43-101.

This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward-looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Greencastle Resources Ltd. Investor Relations 416-367-4571 ext. 233 www.greencastleresources.com



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