TORONTO, ONTARIO--(Marketwire - July 11, 2012) - Greencastle Resources Ltd. (TSX VENTURE:VGN) ("Greencastle" or the "Company"), is pleased to announce that it has begun a diamond drilling program at its Rockstone property. The property, comprising a total of 340 claim units, is located between Shebandowan and Thunder Bay in Northwest Ontario. The property is one of three properties in Northwest Ontario whose option was announced in the Company's press release dated March 27, 2012, and where the exploration targets are base metal sulphide deposits.
The Rockstone claims are located over a large number of geophysical anomalies generated from an earlier airborne electromagnetic (VTEM) survey supplied by the property vendor and covering an area of some 270 square kilometres. Rock outcrop on the property is sparse but the geology is interpreted to be typical Archean greenstone belt rocks comprising mafic to felsic metavolcanics with iron formation and clastic metasediments.
The current initial drill program will consist of a minimum of 800 metres and test up to four geophysical conductor targets for the presence of base metal massive sulphides and will provide valuable information from which to further interpret the large number of geophysical anomalies in the database.
At the Stake property, located at the southwest end of the Sturgeon Lake greenstone belt, the Company has recently completed a small soil survey to test an area up-ice from some float boulders of quartz diorite containing disseminated chalcopyrite and pyrite with anomalous gold values. Some of the soil samples have returned anomalous copper and gold values, indicating a possible bedrock source for the mineralized boulders.
At the Phyllis property, prospecting and sampling are continuing to follow up on anomalous copper and nickel values identified earlier in association with mafic and ultramafic rocks in the area.
This news release includes certain "forward looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of commodities, general market conditions, risks inherent in exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.
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.