Greencastle Appoints James Borland To Board 2012-06-15 09:33 AT - News Release
An anonymous director reports
GREENCASTLE AGM RESULTS AND CORPORATE UPDATE
Greencastle Resources Ltd. has held the 2012 annual meeting and all resolutions were passed. On behalf of shareholders, the Company would like to welcome to the board of directors Mr. James (Jim) Borland. Jim has been involved in the mining industry for more than 25 years and currently serves as CEO of Strait Gold Corporation. The Company would also like to thank Richard Zakaib for his years of service on the Greencastle board and wishes him well. Richard did not stand for re-election at this year's meeting.
The Company also announces that a total of 1,850,000 stock options to purchase Greencastle common shares were granted today to directors, officers and consultants of the Company at an exercise price of
.10 per share, expiring on June 14, 2017. The grant of options is subject to Exchange approval.
Corporate Update
Preliminary fieldwork including soil sampling and prospecting are in progress on the Company's three early stage, base metal (copper and zinc) properties in the Sturgeon Lake, Ignace and Shebandowan Lake areas of Northwest Ontario.
At Greencastle's Jewel Ridge gold property near Eureka, Nevada, Rainbow Resources Inc. ("Rainbow") (TSX VENTURE:RBW), following a review of the historical data and receipt of assay results from initial sampling on the property, has reported that a 2,000-metre phase 1 RC drill program at Jewel Ridge is planned for later this year.
Jewel Ridge is located on the south end of Nevada's prolific Battle Mountain - Eureka Trend, along strike and contiguous to Barrick Gold's two-million ounce Archimedes / Ruby Hill mine to the north and the advanced-stage Lookout Mountain Project to the south. Jewel Ridge contains several historic small open-pit gold mines which align along a north-south trending stratigraphic contact of Lower Paleozoic sedimentary rocks as well as several other gold mineralized zones with a variety of structural and lithological controls. One of Rainbow's initial priorities will be to follow-up on encouraging results from Greencastle's previous drilling including 2.1 g/t Au over 39.6 metres (from 94.5 m to 134.1 m) at the old Hamburg Mine workings.
Significant results from recent work by Rainbow included chip samples across 15 metres from the south wall of the Hamburg pit (southern portion of Jewel Ridge) that assayed 0.98 g/t Au, 14.1 g/t Ag and 3.45 per cent zinc, while another chip sample across seven metres from the nearby Paroni pit assayed 0.91 g/t Au and 3.9 g/t Ag. A hematite float sample, believed to have originated from the Dunderberg mine area in the northwest section of the property, graded 3.6 g/t Au, 30.4 g/t Ag and 2.2 per cent lead.
The Jewel Ridge property consists of 96 unpatented lode mining claims and eleven patented claims covering approximately 1,510 acres. Rainbow can earn up to a 75-per-cent interest in Jewel Ridge as part of its option agreement with Greencastle, announced March 29, 2012.
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