Purecore Metals Inc. press release
Newcastle Minerals Ltd. - 43-101 Report Submitted on Iskut Gold-Copper-Molybdenum Deposit
CSE - Canadian National Stock Exchange ยท Canada
VICTORIA, BC, Feb. 22 /CNW/ - Newcastle Minerals Ltd. (TSXV:NCM) is pleased to announce the completion of a National Instrument 43-101-compliant report, by Burgoyne Geological Inc., on its Iskut Deposit on the Snip North Property in Northwestern British Columbia. This report evaluates and makes recommendations for further exploration on the newly discovered and defined Iskut gold-copper-molybdenum porphyry deposit.
Drilling programs in 2006 and 2007 and historical drilling have defined the Iskut Deposit, a mineralized porphyry gold-copper-molybdenum system, in the order of 500 to 600 meters trend length, 200 to 300 meters in width, and to a depth of 200 meters. The deposit sub-crops below a thin cover of overburden and glacial cover. This deposit is located adjacent and on the north side of the Iskut River and parallels the river where defined. Four drill hole sections over an approximate strike distance of 600 meters define the deposit. Using dimensions of 500 to 600 meters in strike length, a width of 225 meters and a depth of 175 meters along with a specific gravity of 2.90 yields a potential quantity of 57.1 to 68.5 million tonnes. The grade varies from 0.3 to 0.6 g/t gold, 0.09 to 0.17% copper and 0.003 to 0.023% molybdenum. This estimate of quantity and grade is conceptual in nature and there has been insufficient exploration and drilling to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The Iskut Deposit is open along trend to the west, possibly to the east, and to depth.
Widespread mineralization and alteration consisting of pyrite, chalcopyrite, molybdenite, magnetite, calcite, chlorite, and quartz are found in veins, veinlets, fractures, and stockworks, minor breccias, and as disseminations. Pyrite is found in vein/veinlets and as disseminations and can vary from 1-10%. The rocks are locally silicified and have calcite flooding and also contain in the groundmass, pyrite, magnetite, carbonate, chlorite, biotite, hematite, and epidote. Quartz-carbonate and quartz veins and veinlets, associated with pyrite and chalcopyrite and molybdenite are the most prominent style of alteration. Magnetite veinlets are also common, as well, as disseminations. The veins and veinlets can vary from 1 to 30 mm but are up to 50 cm thick. The alteration package consists of both phyllic and propylitic porphyritic phases. All of these alteration packages are found in fine-grained sedimentary and probable tuffaceous rocks that have a general east-west strike and dip steeply south. The copper and gold grades may vary with the degree of silicification and the amount of quartz-pyrite-chalcopyrite veining.
The 300-hectare Snip North Property has been explored by Newcastle, in 2006 and 2007, by surface core drilling where a total of 11 drill holes totaling 2206.7 metres have been drilled. The 2007 drilling program has given in five drill holes significant and relatively long porphyry-style gold-copper-molybdenum mineralization intercepts that are potentially economic. Significant and positive drill hole intercepts from the 2007 drilling program are given below. Historically, in 1988 and 1989, extensive soil geochemistry, airborne magnetic and electromagnetic surveys, and extensive diamond drilling was completed on the property by Meridor Resources Limited.
In the vicinity of the East Zone, located some 550 meters to the east of the of the Iskut Deposit, exploration in 2007 and historical exploration in 1987 defined an area of rock sampling containing low-grade copper and gold mineralization indicative of porphyry mineralization. A single drill hole in 2007, SN07-06, returned an intercept 0.32 g/t gold over 61 meters. Untested areas of ground both to the west and east of this drill site totals approximately 700 meters of favourable trend remain to be evaluated.
The Iskut Deposit and East Zone are probably contiguous on trend and together are open on strike to the east, west, and depth and have a total potential trend length of 2000 meters. The exploration potential to define extensions and new mineralized zones along trend and at depth, down dip, is considered excellent.
It is the opinion of Burgoyne Geological Inc. that the character of the defined Iskut porphyry gold-copper-molybdenum deposit, and the continuity defined by drill results obtained historically in 1988, and in 2006 and 2007 by Newcastle, are of sufficient merit to warrant further recommended programs of exploration surveys and diamond drilling. These programs are to further define, delineate, and extend the known porphyry gold-copper-molybdenum mineralization on both the Iskut Deposit and East Zone. A two-stage program with Phase I entailing geological modeling, core logging, and mapping, Induced Polarization and Resistivity surveys, site remediation, and 3000 meters of infill diamond drilling on Iskut Deposit, costing in the order of $1.56 million was recommended. This will be followed by a Phase II recommended core drilling program of 2000 meters, assuming positive Phase I result, costing in the order of $0.9 million.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed for technical accuracy by Mr. A. A. Burgoyne, P.Eng., M.Sc., of Burgoyne Geological Inc., who serves as the Qualified Person for the property under National Instrument 43-101.
SIGNIFICANT 2007 DRILL HOLE INTERCEPTS 0.200 g/t Au and/or 0.070% Cu Cut-Off over Minimum Intercept of 6 m From (m) To (m) Intercept (m) Au, g/t Cu, % Mo % Ag, g/t SNO7-01 3.8 183.8 180.0 0.448 0.132 0.010 0.6 Including 16.2 65.7 49.5 0.622 0.134 0.003 0.9 Including 147.2 183.8 36.6 0.434 0.180 0.027 0.5 SN07-02 25.3 80.2 54.9 0.609 0.086 0.003 1.2 Including 28.3 34.4 6.1 1.615 0.119 0.001 1.5 Including 61.9 77.1 15.2 0.723 0.171 0.006 2.4 SN07-03 13.1 19.2 6.1 0.193 0.092 0.003 0.6 And 52.7 208.1 155.4 0.575 0.134 0.006 1.2 Including 52.7 83.2 30.5 0.793 0.166 0.005 2.1 Including 92.3 110.6 18.3 0.934 0.239 0.018 1.6 Including 150.3 168.6 18.3 0.863 0.240 0.007 1.0 SN07-04 4.4 31.1 27 0.417 0.173 0.020 0.6 And 46.6 162.5 115.9 0.369 0.171 0.013 0.5 Including 107.6 147.2 39.6 0.530 0.236 0.014 0.8 And 171.6 186.8 15.2 0.257 0.043 0.002 0.4 And 196.0 202.1 6.1 0.315 0.067 0.002 0.0 SN07-06 10.1 16.2 6.1 0.264 0.071 0.001 1.8 And 40.5 101.5 61.0 0.320 0.074 0.001 1.5
ON BEHALF OF THE BOARD
Signed "Kevin C. Whelan" Kevin C. Whelan, President
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