Work Begins at Greencastle’s Jewel Ridge Gold Property, Nevada, USA
February 25 2020 - 11:45AM
Greencastle Resources Ltd. (“Greencastle" or the
“Company") (TSXV: VGN) is pleased to report that Golden Lake
Exploration Inc. (CSE “GLM") has begun a ground magnetic survey on
Greencastle's Jewel Ridge gold property near Eureka, Nevada, where
GLM can earn a 100% interest, subject to certain conditions set out
below.
The Jewel Ridge property 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 gold mine to the north and Timberline Resources'
advanced-stage Lookout Mountain project to the south.
The geophysical survey will cover the entire
Jewel Ridge property and comprise approximately 137 line-kilometres
of high-resolution ground magnetics at 50 metres line spacing in an
east-west direction. The magnetic survey will assist in the
structural interpretation and analysis related to oxide mineralized
gold zones.
The Jewel Ridge property comprises 96 unpatented
lode mining claims and 30 patented claims covering approximately
728 hectares (1,800 acres). The Jewel Ridge property contains
several historic small 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. The
company's focus is on Carlin-type disseminated gold deposits, the
primary focus in the area since the late 1970s.
Nevada Carlin-type gold deposits have a combined
endowment of more than 250 million ounces, which are concentrated
(85 per cent) in only four trends or camps of deposits: Carlin,
Cortez (Battle Mountain-Eureka), Getchell and Jerritt Canyon.
Golden Lake can earn a 100 percent interest in
the Jewel Ridge property by paying Greencastle $155,000 in cash,
issuing five million Golden Lake shares and spending $750,000 over
three years. Golden Lake will also cover the costs of the
underlying lease and all BLM (Bureau of Land Management) and county
fees. Varying net smelter return (NSR) royalties are applicable on
the property with buy-downs in place to reduce the NSRs to nil and
1 per cent on various claims and leases.
Qualified person
Greencastle disclosure of a technical or
scientific nature in this news release has been reviewed and
approved by James Pirie, P.Eng., who serves as a qualified person
under the definition of National Instrument 43-101.
For more information, please visit
www.greencastle.ltd
Or contact Anthony Roodenburg, CEO416-367-4571
ext. 222info@greencastleresources.com
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.
This news release contains forward-looking
statements. These statements are based on information currently
available to the Company and the Company provides no assurance that
actual results will meet management’s expectations. Forward-looking
statements include estimates and statements that describe the
Company’s future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by
such terms as “believes”, “anticipates”, “expects”, “estimates”,
“may”, “could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things,
results of exploration, project development, reclamation and
capital costs of the Company’s mineral properties, and the
Company’s financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with the activities of the Company; and other matters
discussed in this news release. This list is not exhaustive of the
factors that may affect any of the Company’s forward-looking
statements. These and other factors should be considered carefully
and readers should not place undue reliance on the Company’s
forward-looking statements. The Company does not undertake to
update any forward-looking statement that may be made from time to
time by the Company or on its behalf, except in accordance with
applicable securities laws.
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