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Thursday, 30 August 2012
Newcastle Minerals begins exploration program at Pickle Lake
Newcastle Minerals Ltd. (CVE:NCM) said Thursday it hired exploration consulting firm Billiken Management Services to carry out an exploration program at Pickle Lake, Ontario.
The exploration program will consist of mapping, detailed sampling of historic trenches in the Fault Creek area and drill testing along strike.
Late last year Newcastle Minerals carried out a brief program to map and sample the Fault Creek area, where it collected nine grab samples for an iron formation.
However, time constraints and bad weather crimped field work resulting in the failure to find the actual showing, but did identify anomalous gold values.
"We have structured this modest exploration plan to give Newcastle the best value for money and we look forward to the drill results in the next 8 to 10 weeks," Newcastle Minerals' president Michael Romanik said in a statement.
In addition, Newcastle also optioned another 21 mineral claims covering about 4,400 hectares near Pickle Lake, which boosts its property holdings to 15,500 hectares.
Before acquiring the mineral concessions, Newcastle must pay the unknown seller $102,000 as well as 600,000 shares over four years, and grant the optionor a 1.2 per cent smelter royalty.
Newcastle could purchase, from the optionor, one-half of the royalty for $1 million.