Newcastle Minerals Ltd. (TSXV:NCM) announced that it has exercised its option early and purchased a 100% interest, subject to a 2% NSR royalty payable to Cadillac Ventures Inc.(TSXV:CDC) in its Pickle Lake property.
As quoted in the press release:
The former Cadillac claims consist of 21 mining claims covering 2,960 hectares located in Connell and Dona Lake townships of the Patricia Mining division in northwestern Ontario.
Several of the Cadillac claims are located southwest of, and adjoining, PC Gold Inc.’s Pickle Crow property. On September 15, 2011, PC Gold announced a major shallow drill program of 22,000 meters targeting the near surface banded-iron formation designed to expand their existing open pit resources. This banded-iron formation trends southwest onto Newcastle’s property. There are several areas of known mineralization on Newcastle’s property, such as the Bridge Zone, Field Zone and the most well-known, the Southwest Powderhouse zone. Several holes were drilled in 2010 in the Southwest Powderhouse zone area and near the northeast boundary of the property with the PC Gold property. Most holes returned gold mineralized intersections with results ranging from 0.82 g/t gold over 15 feet to 4.2 g/t gold over 5 feet in brecciated, quartz flooded iron formation. Follow-up drilling based on these and historic results is warranted.
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