Newcastle Minerals Ltd.

Newcastle Minerals Ltd.

March 02, 2011 18:04 ET

Newcastle Reports Drill Results on Mollie River Property

VICTORIA, BRITISH COLUMBIA--(Marketwire - March 2, 2011) - Newcastle Minerals Ltd. (TSX VENTURE:NCM) is pleased to announce that it has received results from First Lithium Resources Inc.'s drill program on Newcastle's Mollie River Property located approximately four kilometres east of Trelawney Mining and Exploration Inc.'s Chester Gold Complex in northwestern Ontario. First Lithium has an option to earn up to a 75% interest in Newcastle's property.

First Lithium tested geophysical anomalies with 10 drill holes totalling approximately 2,000 metres. They reported intersecting a nine metre zone between 185 metres and the bottom of Hole MR-10-10 at 194 metres with gold values ranging from <5 ppb to 1,830 ppb (1.8 grams per tonne), including single sample analyses of 346 ppb and 96 ppb. This zone is encapsulated by a broader zone of elevated copper with concentrations ranging from 92 ppm to 1510 ppm (0.15%). Mineralization is present as one-millimetre blebs, wisps and fracture fillings of pyrrhotite, chalcopyrite and pyrite hosted by chloritic and silicified gabbro.

First Lithium believes this gold-mineralized zone was not truncated by Hole MR-10-10, and as such is open at depth. It is their opinion that the association of gold mineralization in altered mafic to intermediate intrusions is strongly suggestive of the geologic setting of the Trelawney gold deposits. First Lithium intends to perform additional drilling in the immediate proximity of this hole following review of geophysical survey results to further determine the extent of gold mineralization. Arrangements have reportedly been made with their drill contractor to return to the site within the next few weeks.

Newcastle Minerals Ltd. is a Canadian gold and base metal exploration company trading on the TSX Venture Exchange (TSX VENTURE:NCM). The company is advancing its three key properties: its 120-hectare Carscallen Property in the West Timmins area of Ontario, its 11,100-hectare Pickle Lake Property in northwestern Ontario and its 6,600-hectare property – including the Mollie River Property – located in the Swayze greenstone belt of Ontario near Trelawney Mining and Exploration Inc.'s Chester Project.


Michael Romanik, President

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.

Contact Information