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Greencastle Reports New Mineralized Zone at Jewel Ridge, Nevada

Greencastle Resources Ltd.
·3 min read

TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Greencastle Resources Ltd. (“Greencastle” or ‘the Company”) (TSXV: “VGN”) is pleased to report encouraging drill results at Jewel Ridge, Nevada and receipt of two million common shares of Golden Lake Exploration Inc. (CSE: "GLM").

"We are very encouraged by the Golden Lake results at Jewel as we turn our attention to the Seagrave property and the Red Lake area of NW Ontario. These are two of the world's great gold mining districts." commented Anthony Roodenburg, Greencastle, CEO.

On November 19, 2020, Golden Lake Exploration Inc. reported: "A new mineralized zone was intersected in hole JR-20-09 at a depth of 160.0 metres, averaging 1.48 grams per tonne gold and 1.3 grams per tonne silver over an interval of 10.67 metres. This represents a second mineralized horizon hosted in dolomite, in addition to the upper mineralized zone, which returned 1.25 grams per tonne gold and 5.5 grams per tonne silver over 16.76 metres from surface in hole JR-20-09. These four holes wrap up the summer program results; assays are now pending from the most recent program announced Oct. 20, 2020."

Golden Lake can earn a 100-per-cent interest in Jewel Ridge, subject to certain royalties, by paying Greencastle $155,000 in cash, issuing five million Golden Lake Exploration shares and spending $750,000 over three years. Greencastle has received three million common shares of GLM.

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About Greencastle

Greencastle is advancing two gold projects on the prolific Battle Mountain gold trend in Nevada, U.S.A. and the recently acquired Seagrave gold property in the Red Lake area, Ontario.

Greencastle is also a founding shareholder and owns 10,700,000 common shares of Deveron Corp. (TSXV: “FARM”). Deveron is a Canadian technology company that is revolutionizing precision agriculture in North America.

Qualified person

Golden Lake Exploration's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Garry Clark, PGeo, who serves as a qualified person under the definition of National Instrument 43-101

For additional information, please visit www.greencastle.ltd or contact Anthony Roodenburg, CEO, 416-367-4571 ext. 222.

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.

Cautionary Note Regarding Forward-looking Statements

This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.