By Kalwinder KaurSep 1 2012
Billiken Management Services has been engaged by Newcastle Minerals, a Canada-based gold exploration firm, to carry out an exploration campaign at the Pickle Lake project.
The program includes a comprehensive compilation of current data, mucking out, mapping and complete sampling of a number of prominent historic trenches found in the Fault Creek region, and drill testing below the popular showings and along strike with the help of a man portable prospector drill rig. However, the limited available time along with the commencement of bad weather conditions affected the field work. This campaign discovered anomalous values of gold. The company has planned a follow-up work campaign.
According to Michael Romanik, President of Newcastle, the company has designed this plan for modest exploration in order to provide the best money value and is expecting the drilling results in the coming 8 to 10 weeks.
Newcastle is delighted to report that further 21 mineral claim areas, around 4,400 ha adjacent to the Pickle Lake project in Ontario, have been optioned. The new claim areas are located near the company’s current land package and are contiguous and towards the eastern part of the Dona Lake mine of Goldcorp. This mine produced 210,000 oz gold, at 0.25 oz/t of average grade. This option expands the holdings of the property to about 15,500 ha.
The company will have to pay 600,000 common shares and $102,000 to the optionor and give a 1 1/2% net smelter returns royalty to the optionor, in order to exercise option and purchase the 21 mineral claim areas.
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