Business
Greencastle Options Gold Property to Golden Lake
Toronto, Ontario--(Newsfile Corp. - November 4, 2019) - Greencastle Resources Ltd. (TSXV: VGN)...
About this update from Greencastle Resources Ltd.
[{"type":"text","content":"Greencastle Options Gold Property to Golden LakeToronto, Ontario--(Newsfile Corp. - November 4, 2019) - Greencastle Resources Ltd. (TSXV: VGN) (\"Greencastle\" or the \"Company\") is pleased to announce an agreement with Golden Lake Exploration Inc. (CSE: GLM) \"GLM\" for the 100% acquisition of Greencastle's Jewel Ridge gold property lease near Eureka, Nevada, in the heart of a major gold-producing district. Jewel Ridge is located on the south end of Nevada's prolific Battle Mountain - Eureka trend, strategically along strike and contiguous to the former Barrick Gold, two million gold ounce Archimedes/Ruby Hill mine to the north and Timberline Resources' advanced-stage Lookout Mountain project to the south.The property consists of 96 unpatented lode mining claims and 30 patented claims covering approximately 728 hectares (1800 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. • Mineralization in the Eureka district, and on the Jewel Ridge property is mainly of two types; 1) Carbonate replacement deposits of Ag-Pb-Zn and Au, mined in the early days of the district, and 2) Carlin-style disseminated gold deposits, the primary focus since the late 1970's.• Nevada \"Carlin Type Gold Deposits\" (\"CTGD\") have a combined endowment of more than 250 million ounces, which are concentrated (85%) from only four trends or \"camps\" of deposits: Carlin, Cortez (Battle Mountain-Eureka), Getchell, and Jerritt Canyon (Kitco, J. Graham, June 20, 2019).• Based on the due diligence of an extensive data base of shallow RC drill holes, rock and soil geochemistry and limited geophysics, GLM feels the property has excellent potential for discovery of significant CTGD mineralization. The previous work represents millions of dollars of exploration expenditures and allows GLM to \"fast-track\" the vectoring of high priority drill targets. • In addition to CTGD mineralization, GLM will investigate high grade silver values discovered in drilling in 2012 (hole JR-12-04, 601 grams silver per tonne or 21.2 ounces silver per ton (and 1.15 grams gold per tonne) over 3.0 meters from a depth of 15.2 metres)....