Newcastle Engages Mph Consulting For Ni 43-101 Technical Report on Swayze Gold Properties
14.01.2013 | FSCwire
Properties adjoin IAMGOLD's multi-million ounce Cote Gold ProjectVictoria, British Columbia CANADA, January 14, 2013 /FSC/ - Newcastle Minerals Ltd. (TSXV: NCM) (USOTC: NCMBF) is pleased report it has engaged MPH Consulting Limited to complete a National Instrument (NI) 43-101-compliant technical report on the company's Swayze Belt Properties that adjoin IAMGOLD Corporation's multi-million ounce Cote Gold Project located halfway between Timmins and Sudbury, Ontario.
Based on historical and recent exploration data, MPH Consulting has concluded the following:
"Newcastle's Swayze Properties represent very good exploration prospects in an established, formerly producing, gold district and adjacent to Iamgold Corp's Cote Gold advanced gold exploration project.
Although the Swayze Belt has seen exploration activities throughout much of the 20th century and in more recent years, the overall level and sophistication of work is significantly less here than along the more famous and productive paleotectonic settings along the Porcupine-Destor and Larder Lake-Cadillac Breaks. It is rare to encounter a section along the Larder Lake-Cadillac Break without extensive multidisciplinary exploration and drilling campaigns. Even areas with hundreds of meters of Proterozic cover sediments have been drilled. Geological studies have now clearly established that both major Breaks extend into the Swayze Belt and that the Ridout Deformation Zone is the extension of the Larder Lake-Cadillac Break. Newcastle's Neville-Potier Property covers an approximately fifteen kilometre swath along the Ridout Break and that section has a grand total of four drill holes.
There have been significant advances in geophysical surveying since the 1980s when the bulk of the historical exploration work was done on the Properties. This is particularly relevant with respect to interpretation of high-resolution magnetic surveys for structural/stratigraphic mapping and the detection and delineation of deeper resistivity and chargeability targets by Induced Polarization/Resistivity surveying."
Proceeds from the proposed flow-through financing previously announced on January 10th will be used to initiate an exploration program based on the recommendations made by MPH Consulting.
"Given the findings of MPH Consulting, it only makes sense to focus our initial 2013 exploration activities on our Swayze Properties that adjoin IAMGOLD's multi-million ounce Cote Gold Project. Particularly as IAMGOLD is Newcastle's largest shareholder," said Newcastle's President, Michael Romanik.
The NI 43-101 technical report will be completed in the coming weeks and made available online at www.sedar.com.
The technical information herein was prepared under the supervision of Howard Coates, MSc., P.Geo., of MPH Consulting Limited, who acts as Newcastle's Qualified Person as defined by National Instrument 43-101.
About Newcastle Minerals
Newcastle Minerals Ltd. is a Canadian gold exploration company trading on the TSX Venture Exchange (TSXV: NCM). The Company is advancing its three key properties: the 15,500-hectare Pickle Lake Property in northwestern Ontario, its 6,898-hectare property located in the Swayze greenstone belt of Ontario near IAMGOLD's Cote Gold Project, and its 120-hectare Carscallen Property in the West Timmins area of Ontario.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.