Newcastle Minerals Ltd. (TSXV: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:
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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.