Newcastle Reports Drill Results on Mollie River Property
March 02 2011 - 5:04PM
Marketwired
Newcastle Minerals Ltd. (TSX VENTURE: NCM) is pleased to announce
that it has received results from First Lithium Resources Inc.'s
drill program on Newcastle's Mollie River Property located
approximately four kilometres east of Trelawney Mining and
Exploration Inc.'s Chester Gold Complex in northwestern Ontario.
First Lithium has an option to earn up to a 75% interest in
Newcastle's property.
First Lithium tested geophysical anomalies with 10 drill holes
totalling approximately 2,000 metres. They reported intersecting a
nine metre zone between 185 metres and the bottom of Hole MR-10-10
at 194 metres with gold values ranging from less than 5 ppb to
1,830 ppb (1.8 grams per tonne), including single sample analyses
of 346 ppb and 96 ppb. This zone is encapsulated by a broader zone
of elevated copper with concentrations ranging from 92 ppm to 1510
ppm (0.15%). Mineralization is present as one-millimetre blebs,
wisps and fracture fillings of pyrrhotite, chalcopyrite and pyrite
hosted by chloritic and silicified gabbro.
First Lithium believes this gold-mineralized zone was not
truncated by Hole MR-10-10, and as such is open at depth. It is
their opinion that the association of gold mineralization in
altered mafic to intermediate intrusions is strongly suggestive of
the geologic setting of the Trelawney gold deposits. First Lithium
intends to perform additional drilling in the immediate proximity
of this hole following review of geophysical survey results to
further determine the extent of gold mineralization. Arrangements
have reportedly been made with their drill contractor to return to
the site within the next few weeks.
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 - including the Mollie River
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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