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Stratabound's Elmtree Gold Property Moves Towards Preliminary Economic Assessment
Stratabound's Elmtree Gold Property Moves Towards Preliminary Economic Assessment
About this update from Churchill Resources Inc
[{"type":"text","content":"\n\n\n\nOct. 27, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 27 /CNW/ -- Castle Resources Inc. has today announced highlights of drill results on Stratabound's 100%-owned Elmtree Gold project. Castle can acquire a 60% interest in the property by:- Spending $2,500,000 on drilling and exploration before June 1, 2012,including a minimum of $750,000 before June 1, 2010, and an additional$750,000 before June 1, 2011- Paying Stratabound $100,000 and 200,000 shares of Castle upon signingof the agreement (received)- Making additional payments of $50,000 to Stratabound on June 1, 2010and June 1, 2011Castle can acquire another 10% by paying Stratabound $1,000,000 within 90days of earning the initial 60%.The verbatim text of Castle's press release follows:\"Castle Resources Announces 29 Meters of 2.43 g/t Gold at Surface from----------------------------------------------------------------------Elmtree Gold Project in New Brunswick-------------------------------------- Moving Elmtree gold project toward Preliminary Economic AssessmentToronto, Ontario, October 27, 2009: Castle Resources Inc. (TSX.V: CRI)(\"Castle\" or the \"Company\") is pleased to announce drill results from itsPhase I (3,135 metre) diamond drill program at the Elmtree Gold Project nearBathurst, New Brunswick. The company has recently completed its Phase II(1,986 metre) drill program and is awaiting results.Drill Highlights at the West Gabbro Zone Include:- 29 metres of 2.43 g/t Au, incl. 20 metres of 3.19 g/t Au- 18.5 metres of 1.27 g/t Au, incl. 3 metres of 4.58 g/t AuPhase I drilling results have successfully delineated the West Gabbro Zone and has confirmed mineralization intersected at depth under the main core of the West Gabbro Zone resource. Drilling to the west found that the West Gabbro Zone narrows and drilling to the east confirms that there is no fault-offset extension of the West Gabbro Zone.\"The drill program was designed not only to test along strike and down dip in the West Gabbro Zone, but to gain a better understanding of known mineralization and we have successfully achieved these goals,\" said Mr. Stephen Shefsky, President & CEO of Castle Resources Inc. \"Drilling at the West Gabbro Zone has more clearly defined the shape of the gold deposit and we are now in the process of advancing the deposit towards a Preliminary Economic Assessment.\"The Compan...