NCM Goldon Resources Ltd.

Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to provide an update on its
exploration activities from its Pickle Lake Property in northwestern Ontario. A
key part of the planning for the program has been flying a high-resolution mag
and VLF airborne survey over a large portion of the property. The purpose of the
survey is to better define structural relationships between the geology and
mineralization on the property and to define associations with structure and
geology between the known vein systems on the adjacent PC Gold Inc. property
that may continue onto Newcastle's ground.


Historic work focused on known mineralized quartz vein systems mined by Pickle
Crow Gold Mines and Central Patricia Mining in the early- to mid-1900s. The vein
systems were very high grade, narrow and continuous to depths beyond 3,000
vertical feet. PC Gold Inc. has been successful in expanding the extent of the
known vein systems both along strike and at depth beyond the historic Pickle
Crow gold workings, and has also defined new vein systems with excellent grades
that demonstrate good continuity. One such vein - the No. 20 Vein - appears to
trend onto Newcastle's property and is targeted for the first part of
Newcastle's drilling program.


While interpretation of the airborne survey data continues, a number of
interesting features have already been outlined in the area of the postulated
extension to the No. 20 Vein mineralized systems onto Newcastle's property and
the Southwest Powderhouse Zone. Coincident mag and VLF anomalies were found in
both areas. Drilling is underway, with four holes completed in the area of the
No. 20 Vein extension. Below is a summary of the first two holes completed:


NCM-10-01

Total Depth: 410 feet

This hole was drilled through mafic volcanics, into Banded Iron Formation, and
back into mafic volcanics. The Banded Iron Formation ran from 308 - 381 feet.
The iron formation is brecciated and silicified, with minor disseminated and
clots of pyrite and pyrrhotite. Some mineralization was noted along the contact
of silicified cherty bands with magnetite-enriched bands. Twenty-nine samples
were taken.


NCM-10-02

Total Depth: 601 feet

Hole 10-02 was drilled principally into mafic volcanics and intersected two
quartz veins at depths of 234 and 551 feet down hole. They were narrow with
abundant chlorite and carbonate alteration. Clots of pyrrhotite, pyrite and
chalcopyrite were noted. These veins were oriented very close to parallel to the
core axis. A well-mineralized interval at 364 feet was intersected with abundant
pyrite, pyrrhotite, and chalcopyrite. The mafic volcanics throughout the hole
were weakly mineralized with stringers of pyrrhotite and pyrite. A quartz vein
with abundant brecciation and silicification with disseminated pyrite and
importantly arsenopyrite needles was noted towards the end of the hole. The core
showed fluid action with bands of anchorite and calcite mobilized forming stock
work area that run parallel to the core axis. A total of 23 samples, including a
duplicate and blank, were cut and sent to Actlabs in Thunder Bay on a rushed
basis. Preliminary assays are expected within 10 days.


NCM-10-03 and 10-04

Holes 10-03 and 10-04 were completed and are currently being logged in the
field, and the company will report additional information as it becomes
available.


The drill is now being moved to the Southwest Powderhouse Zone where another
four holes will be drilled to better define the known mineralization outlined by
previous operators and to test some interesting structural offsets with
coincident mag and VLF anomalies that are considered potential hosts to gold
mineralization.


Other Areas of Interest

Other areas of immediate interest include locations proximal to the Central
Patricia mine workings in the western part of the property, the Southwest
Powderhouse Zone which will be targeted in the first part of this campaign, and
the northeast corner of the property which includes the Crowshore Shaft and a
portion of the Cohen-Macarthur deformation zone.


The Cohen-Macarthur deformation zone is oriented in a southwest-northeast
direction and hosts lower grade gold mineralization over larger widths than
previously seen in the vein systems to the south. PC Gold Inc. is currently
drilling a newly discovered occurrence near Newcastle's boundary in this area.
These areas will likely be targeted later in this drilling campaign as the
compilation of historic data progresses. The focus, however, remains on the No.
20 Vein extension and the Southwest Powderhouse Zone.


Newcastle's President, Michael Romanik, said "We are exceptionally pleased with
the progress of the drilling program to date and we are looking forward to
receiving the assay results within 10 days. There are several areas of interest
within our large land package. Our geologists are prioritizing those targets and
we are assembling a preliminary plan for an expanded near-term exploration
program."


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 120-hectare Carscallen Property in the West
Timmins area of Ontario, its 11,100-hectare Pickle Lake Property in northwestern
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

Goldon Resources Ltd. (TSXV:NCM)
Historical Stock Chart
From Jun 2024 to Jul 2024

Goldon Resources Ltd. (TSXV:NCM)
Historical Stock Chart
From Jul 2023 to Jul 2024