Newcastle Minerals Ltd. - 43-101 Report Submitted on Iskut Gold-Copper-Molybdenum Deposit



    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

        The TSX Venture Exchange does not accept responsibility for the
                        adequacy or accuracy of this release.
    




For further information:

For further information: Kevin Whelan, President, T (250) 474-7999,
visit the web site at www.newcastleminerals.com

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