Newcastle Earns 100% Interest in Pickle Lake Claims
October 12 2011 - 12:26PM
Marketwired
Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce
that it has exercised its option early and purchased a 100%
interest, subject to a 2% NSR royalty payable to Cadillac Ventures
Inc., in its Pickle Lake property. The former Cadillac claims
consist of 21 mining claims covering 2,960 hectares located in
Connell and Dona Lake townships of the Patricia Mining division in
northwestern Ontario.
Several of the Cadillac claims are located southwest of, and
adjoining, PC Gold Inc.'s Pickle Crow property. On September 15,
2011, PC Gold announced a major shallow drill program of 22,000
meters targeting the near surface banded-iron formation designed to
expand their existing open pit resources. This banded-iron
formation trends southwest onto Newcastle's property. There are
several areas of known mineralization on Newcastle's property, such
as the Bridge Zone, Field Zone and the most well-known, the
Southwest Powderhouse zone. Several holes were drilled in 2010 in
the Southwest Powderhouse zone area and near the northeast boundary
of the property with the PC Gold property. Most holes returned gold
mineralized intersections with results ranging from 0.82 g/t gold
over 15 feet to 4.2 g/t gold over 5 feet in brecciated, quartz
flooded iron formation. Follow-up drilling based on these and
historic results is warranted.
The technical information herein was prepared under the
supervision of Mr. Brian Newton, P. Geo., of Billiken Management
Services Inc., who acts as Newcastle's Qualified Person as defined
by National Instrument 43-101.
Newcastle Minerals Ltd. is a Canadian gold exploration company
trading on the TSX Venture Exchange (TSX VENTURE:NCM). The company
is advancing its three key properties: the 11,100-hectare Pickle
Lake Property in northwestern Ontario, its 6,898-hectare property
located in the Swayze greenstone belt of Ontario near Trelawney
Mining and Exploration Inc.'s Cote Lake deposit, and its
120-hectare Carscallen Property in the West Timmins area of
Ontario.
ON BEHALF OF THE BOARD
Michael Romanik, President
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: Newcastle Minerals Ltd. Michael Romanik President
(204)
724-0613info@newcastleminerals.comwww.newcastleminerals.com
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