Newcastle Provides Drilling Update From Pickle Lake
14 January 2011 - 12:18AM
Marketwired
Newcastle Minerals Ltd. (TSX VENTURE: NCM) is pleased to provide an
exploration update from its Pickle Lake property in northwestern
Ontario. Management is encouraged by the results of this initial
exploration program covering a small portion of its 11,100-hectare
land package. Gold intercepts received demonstrate potential
continuity of mineralization in the Field Zone contiguous with PC
Gold Inc.'s Pickle Crow property. In the Southwest Powderhouse
Zone, gold intercepts obtained at the contact with the Banded Iron
Formation are the foundation of an ongoing reinterpretation of the
new and known gold occurrences on this property. Highlights of the
drilling include:
---------------------------------------------------------------
Gold
From To Length (grams per
Hole Number (feet) (feet) (feet) tonne)
---------------------------------------------------------------
NCM-10-01 367 387 20 0.66
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including 377 382 5 1.51
---------------------------------------------------------------
NCM-10-06 39 54 15 2.63
---------------------------------------------------------------
including 44 49 5 6.50
---------------------------------------------------------------
NCM-10-07 99 189 90 0.52
---------------------------------------------------------------
including 119 124 5 4.28
---------------------------------------------------------------
and including 174 189 15 1.39
---------------------------------------------------------------
Samples were selected in the field under the supervision of
Brian H. Newton P.Geo, transported by bonded courier to the
facilities of Activation Laboratories Ltd. in Thunder Bay, and
assayed using Fire Assay ICPOES for gold and Total Digestion ICP
(total) for other metals.
The holes drilled in this program are summarized as follows:
Field Zone
Holes NCM-10-01 through NCM-10-04 were exploration holes planned
to determine an extension of the No. 20 Vein discovery adjacent to
PC Gold Inc.'s property to the east. Each hole reported some level
of gold mineralization; in particular NCM-10-01 intersected 1.51
grams of gold per tonne over five feet from 377 feet to 382 feet
down the hole as stated above. In addition to the gold results,
these holes provide valuable structural and geological information
regarding this area, an extensive system of silicified and
brecciated veining was uncovered, and a potential offset of the
mineralization seen on PC Gold Inc.'s property. This information
reveals a structurally complex mineralized system of quartz veined,
silicified and brecciated material requiring further exploration to
assess fully the potential of the Field Zone.
Southwest Powderhouse Zone
Holes NCM-10-05 through NCM-10-09 were collared in the area of
the Southwest Powderhouse Zone. Historically, there was a
significant amount of drilling in this area by different operators,
but it lacked a consistent approach and comprehensive modeling of
the area. This drill program successfully intersected numerous gold
occurrences, including a 15-foot section in Hole NCM-10-06, which
averaged 2.63 grams of gold per tonne, including five feet of 6.5
grams of gold per tonne. The program targeted VLF anomalies in
contact with mag highs that exhibited offsets, and the results of
the program suggest to management that the occurrence of better
gold grades is coincident with the silicified and often brecciated
contact zone between the Banded Iron Formation and the surrounding
mafic volcanics. This interpretation requires follow-up
exploration, as the Banded Iron Formation is known to be extensive
in this area.
Future Exploration
Newcastle is excited by its two areas of ongoing exploration and
will continue its efforts in this area. The Field Zone requires
further drilling to better define the system and further explore
the gold intercept found in Hole NCM-10-01 over five feet. In the
Southwest Powderhouse zone, management commenced a compilation
study to target further exploration drilling to test the
relationship between the Banded Iron Formation and the silicified
zone.
To view the map accompanying this press release please click on
the following link:
http://media3.marketwire.com/docs/0113NCM.gif
In addition, Newcastle will focus on the Central Pat project
area located west of the Southwest Powderhouse zone. The historic
Central Patricia Gold Mine, located approximately eight kilometres
southwest of the project area, operated from 1934 to 1949 and
produced 621,000 ounces of gold from 1.7 million tons with an
average grade of 0.36 ounces per ton. The mineralization is hosted
in Iron Formation which contains stringers and discontinuous lenses
of quartz with sulphides in both the quartz and Iron Formation. The
mineralized zones appear to plunge to the east-southeast and are
interpreted to move onto Newcastle's claims at a depth of
approximately 1,000 meters below surface. The property package
assembled by Newcastle hosts several gold showings, as well as
having approximately 30,000 ounces of historical production
reported as coming from our claims adjoining the Central Patricia
Mine. Newcastle is planning a program to test the possible
extensions of Iron Formation-hosted gold zones interpreted to lie
below the limits of the Central Patricia Mine workings. Based on
the recent discovery by PC Gold Inc. of a shallow-lying,
large-scale gold arsenic system at their Central Pat East project,
Newcastle will also conduct appropriate exploration to examine the
extensive land package held between the historical Central Patricia
Mine and the PC Gold Inc. discovery to identify similar
mineralization.
Newcastle's President, Michael Romanik, said, "Based on these
results, a more detailed and comprehensive drill program will be
designed and implemented once the company has completed the
historical data compilation of the Southwest Powderhouse Zone.
Newcastle will also shift focus to the Central Patricia Mine
project area and will start preliminary work to drill test the
possible extension of the Central Patricia Mine onto Newcastle's
ground. The company remains committed to the advancement of its
flagship Pickle Lake property."
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 and base metal
exploration company trading on the TSX Venture Exchange (TSX
VENTURE: NCM). The company is advancing its three key properties:
its 11,100-hectare Pickle Lake Property in northwestern Ontario,
its 120-hectare Carscallen Property in the West Timmins area of
Ontario and its 6,600-hectare property located in the Swayze
greenstone belt of Ontario near Trelawney Mining and Exploration
Inc.'s Chester Project.
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
Direct line: (204) 724-0613 info@newcastleminerals.com
www.newcastleminerals.com
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