Greencastle Reports New Mineralized Zone at Jewel Ridge, Nevada
24 November 2020 - 9:23AM
Greencastle Resources Ltd. (“Greencastle” or ‘the Company”) (TSXV:
“VGN”) is pleased to report encouraging drill results at Jewel
Ridge, Nevada and receipt of two million common shares of Golden
Lake Exploration Inc. (CSE: "GLM").
"We are very encouraged by the Golden Lake
results at Jewel as we turn our attention to the Seagrave property
and the Red Lake area of NW Ontario. These are two of the world's
great gold mining districts." commented Anthony Roodenburg,
Greencastle, CEO.
On November 19, 2020, Golden Lake Exploration
Inc. reported: "A new mineralized zone was intersected in hole
JR-20-09 at a depth of 160.0 metres, averaging 1.48 grams per tonne
gold and 1.3 grams per tonne silver over an interval of 10.67
metres. This represents a second mineralized horizon hosted in
dolomite, in addition to the upper mineralized zone, which returned
1.25 grams per tonne gold and 5.5 grams per tonne silver over 16.76
metres from surface in hole JR-20-09. These four holes wrap up the
summer program results; assays are now pending from the most recent
program announced Oct. 20, 2020."
Golden Lake can earn a 100-per-cent interest in
Jewel Ridge, subject to certain royalties, by paying Greencastle
$155,000 in cash, issuing five million Golden Lake Exploration
shares and spending $750,000 over three years. Greencastle has
received three million common shares of GLM.
About Greencastle
Greencastle is advancing two gold projects on
the prolific Battle Mountain gold trend in Nevada, U.S.A. and the
recently acquired Seagrave gold property in the Red Lake area,
Ontario.
Greencastle is also a founding shareholder and
owns 10,700,000 common shares of Deveron Corp. (TSXV: “FARM”).
Deveron is a Canadian technology company that is revolutionizing
precision agriculture in North America.
Qualified person
Golden Lake Exploration's disclosure of a
technical or scientific nature in this news release has been
reviewed and approved by Garry Clark, PGeo, who serves as a
qualified person under the definition of National Instrument
43-101
For additional information, please visit www.greencastle.ltd or
contact Anthony Roodenburg, CEO, 416-367-4571 ext. 222.
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.
Cautionary Note Regarding
Forward-looking Statements
This news release contains forward-looking
statements. These statements are based on information currently
available to the Company and the Company provides no assurance that
actual results will meet management’s expectations. Forward-looking
statements include estimates and statements that describe the
Company’s future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by
such terms as “believes”, “anticipates”, “expects”, “estimates”,
“may”, “could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things,
results of exploration, project development, reclamation and
capital costs of the Company’s mineral properties, and the
Company’s financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with the activities of the Company; and other matters
discussed in this news release. This list is not exhaustive of the
factors that may affect any of the Company’s forward-looking
statements. These and other factors should be considered carefully
and readers should not place undue reliance on the Company’s
forward-looking statements. The Company does not undertake to
update any forward-looking statement that may be made from time to
time by the Company or on its behalf, except in accordance with
applicable securities laws.
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