Greencastle options Seagrave Gold Exploration property in Red Lake
Greencastle Resources Ltd. has entered into an option agreement to earn an undivided 100% interest in the Seagrave property. The property consists of 131 claim units in the Birch-Uchi Greenstone Belt, Red Lake Mining District in northwestern Ontario and is approximately 12 kilometers south of the Springpole Gold Deposit of First Mining Gold Corp.
Anthony Roodenburg, Greencastle CEO, commented, “We are very pleased with the progress being made by Golden Lake on our Jewel Ridge property in Nevada and position in Deveron Corp. (TSXV: "FARM"), where we own more than 10,000,000 common shares, has been performing very well. We are bullish on the gold price and It is not often you get an opportunity to acquire a strategic, unexplored block of claims in the Red Lake District, one of the largest and highest grade gold producing areas in Canada.”
The terms of the agreement call for Greencastle to pay Gravel Ridge Resources Ltd. (50%) and 1544230 Ontario Inc. (50%) a total of $95,000 cash, issue a total of 600,000 shares of Greencastle subject to TSX Venture Exchange approval, and complete a total of $350,000 in Exploration Expenditures to earn a 100% interest in the Property, subject to a 1.5% Net Smelter Return Royalty. Greencastle retains the option to purchase sole rights to 0.5% of the 1.5% Net Smelter Return Royalty from the vendors for a payment of $500,000.
About Greencastle
In addition to this acquisition, Greencastle is advancing two gold projects on the prolific Battle Mountain gold trend in Nevada, U.S.A. The 2020 field program is continuing at the Jewel Ridge property, currently under option to Golden Lake Exploration Inc. (CSE: “GLM”).
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