Newcastle Minerals (CVE:NCM)
said Thursday that NY85 Capital has started a drill program on
Newcastle's 120 hectare Carscallen property in the West Timmins area of
Ontario.
NY85 Capital has the option to earn a 60-per-cent
interest in the property by making total cash payments of $85,000 to
Newcastle over a period of two years and issuing a total of 750,000 NY85
common shares.
In addition, NY85 Capital must spend exploration costs totaling $900,000 on the property over a period of three years.
In
addition to Carscallen, Canadian gold explorer Newcastle is advancing
its 11,100-hectare Pickle Lake property in northwestern Ontario, and its
6,898-hectare property in the Swayze greenstone belt of Ontario near
Iamgold's Cote Lake deposit.
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