Greencastle Reports on Drilling at Rockstone Base Metal Exploration Property in Northwest Ontario
August 10 2012 - 1:50PM
Marketwired
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