News.There sure isn't much to go on in this press release. This seems to be par for the course. At only 90,000$ cash, the property doesn't appear to have much work done on it. So little information, has the property been drilled before (I guess not, they didn't say so). Geologically on trend with the Blackwater property of Richfield Ventures, it doesn't say how close they are to the property, i.e. a mile or 100 miles.
Anyways, good lack of information to allow the price to appreciate in anticipation of this survey and then drilling sometime in the spring I suspect at the earliest.
Greencastle Resources options Blackwater area property
2010-10-13 08:40 ET - News Release
Mr. Anthony Roodenburg reports
GREENCASTLE ANNOUNCES OPTION AGREEMENT ON GOLD EXPLORATION PROPERTY IN THE BLACKWATER AREA, BRITISH COLUMBIA
Greencastle Resources Ltd. has entered into an option agreement to acquire a 100-per-cent interest in a property covering approximately 13,000 hectares (28 claims) in the Nechako Plateau region of British Columbia. The property is geologically on trend with the Blackwater property of Richfield Ventures Corp., where that company is currently working to delineate its bulk-tonnage gold project.
In order to acquire its interest in the property, Greencastle is required to pay to the vendor a total of $90,000 in cash, 500,000 shares in the Company and complete at least $350,000 of exploration work over 2 years.
The Greencastle property is interpreted to be underlain by Jurassic volcanic and sedimentary rocks and younger intrusive rocks. Initial exploration over the property will use Fugro Airborne Surveys state-of-the-art detailed heli-borne magnetic and EM geophysical survey, expected to commence later this month, to define targets for follow up exploration.