Duncastle to Acquire PGM-Ni-Cu Properties in Southwestern Yukon

Duncastle Gold Corp. ("Duncastle" or the "Company") (TSX VENTURE:DUN)
(FRANKFURT:5D3) has signed a binding Letter of Intent (the "LOI") with Ashburton
Ventures Inc. ("Ashburton") (ABR.TSX.V) and Denali Resources Ltd. ("Denali") to
acquire a 100% interest in three PGM-Ni-Cu mineral properties located in the
southwestern Yukon. The Spy, Ultra and Catalyst/CKR properties total over 262
square kilometers in the Kluane Ultramafic Belt, a 600km-long sequence of
igneous and sedimentary rocks extending from northern British Columbia through
the Yukon and into Alaska. Within the belt, mineralization occurs at the contact
between ultramafic and sedimentary rocks, with the most notable being the
Wellgreen deposit. Wellgreen Platinum Ltd. is currently completing a
prefeasibility study at the Wellgreen deposit and has previously reported an
Indicated Resource of 14.4 Mt at 0.68% Ni, 0.62% Cu, with 2.23 g/t Pt+Pd+Au
grade, and an Inferred Resource of 446.6 Mt at 0.31% Ni, 0.25% Cu, with 0.87 g/t
Pt+Pd+Au grade at a 0.22% NiEq cut-off (see Wellgreen Platinum Ltd. news
release, June 18, 2012). 


Duncastle President Michael Rowley comments: "We are very pleased to be in a
position to acquire such excellent properties in an emerging district for
platinum group elements plus nickel and copper at a time when forecasts for
these metals - in particular platinum, palladium and nickel - are very positive.
The properties have substantial exploration potential based on their size and
location in the Kluane belt and, in the case of Catalyst/CKR, their position
directly adjacent to the Wellgreen Project. Additionally, we are expanding the
Board of Directors to include professionals with experience in these metals as
well as in exploration in the Yukon. In addition, with all three properties less
than 20 kilometers from the Alaska Highway, we have a logistical advantage which
we will benefit from as we advance them through well-planned exploration
programs."


Project Summary

The Catalyst/CKR Project covers 16,310 hectares that are positioned northwest
and southeast of the Wellgreen deposit. On the northwest claims adjacent to
Wellgreen, altered carbonate at the contact with a serpentinized peridotite
sill, historic assays returned 0.11 g/t Pt, 0.11 g/t Pd, 0.14 g/t Au, 0.07% Cu
and 0.16% Ni. Additional historic magnetic and VLF anomalies are present on the
property that require follow-up prospecting and sampling (from Yukon Geological
Survey Minfile Nos. 115G-026, -033, and -088, Assessment Report Nos. 094396,
093662, 017513, 092578, 092575, 092744, 094253, 094250, 094466, 094217, 017459).


The Spy Project covers 1,250 hectares and encompasses much of the ultramafic Spy
Sill, which is 75-100m thick and intrudes the Hasen Creek siltstone for six
kilometers along a northwest strike. Mineralization along the contact varies
from disseminated sulfides to massive sulfide lenses, with historic grab samples
assaying as high as 75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au, 2.6% Ni and 10.45% Cu
(Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu
property. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371,
244p.).


The Ultra Project covers 8,650 hectares and includes the Frohberg PGM-Ni-Cu
showing, which was explored by trenching in 2002 and returned 5.54 g/t Pt, 13.46
g/t Pd, 4.07% Cu and 1.73% Ni. Numerous ultramafic occurrences elsewhere on the
property have not been assessed for PGM-Ni-Cu potential. (Pautler, J. 2012,
Geological and geochemical assessment report on the Ultra Project, Whitehorse
Mining District, Yukon, 47p.).


Deal Structure 

Duncastle may acquire a 100% interest in the Spy, Ultra and Catalyst/CKR
properties by completing the following:




1.  Paying $50,000 and issuing an aggregate 8.5 million shares to Denali
    over 3 years for the Catalyst project; 
2.  assuming the requirements of existing property agreements now in place
    for the Spy and Ultra properties by assignment from Ashburton, including
    the completion of $500,000 in exploration work, $85,000 in cash
    payments, and the issuance of 650,000 shares over 5 years; 
3.  paying $5,000 to Ashburton for the Ultra property and a further $5,000
    to the underlying vendor of the Ultra property; and 
4.  Issuing 350,000 shares to Ashburton for purchase of the CKR claims and a
    further 150,000 shares to Ashburton for assignment of the Spy and Ultra
    claims.



The Company will appoint Dr. Tom E. McCandless, P.Geo., as a director and Chief
Operating Officer, Mr. Eugene D. Spiering as a director and Vice President
Exploration, and Mr. Bill Harris as director. Dr. McCandless is President of MCC
Geoscience Inc. and an adjunct professor at the University of Arizona, where for
ten years he conducted research on PGM mineralization in the world-class
Bushveld igneous province. Mr. Spiering is presently VP Exploration for Quaterra
Resources Inc. and has over 30 years of experience in the mining and exploration
industry. He was formerly VP Exploration with Rio Narcea Mines Ltd., where he
managed the team that discovered and developed the Aguablanca nickel mine as
well as the El Valle and Carles gold mines in Spain. Mr. Harris is a
second-generation prospector and miner, born and raised in the Yukon. He is the
founder and a director of Northern Freegold Resources Ltd. with several
significant gold-copper-silver deposits at Freegold Mountain in the Yukon. Mr.
Harris' experience ranges from project generation through acquisition,
exploration management, permitting, and mining. Bill was awarded the Yukon
Prospectors Association prospector of the year in 1994.


Duncastle will enter into a debt settlement agreement with its two largest
creditors, both of whom are insiders of the Company, and will effect a corporate
name change to reflect the acquisition.


The LOI is subject to approval by the TSX Venture Exchange of a formal agreement
to conclude the transaction by July 30, 2014, and to completion of a financing
to fund exploration work during the 2014 season as well as acquisition costs and
general and administrative requirements.


Other Properties

Duncastle also reported today that it has negotiated an assignment of the Black
Lake property agreement in Northwestern Ontario from the underlying vendor of
the current agreement, effectively removing Fortune Tiger Resources Ltd as the
intermediate Optionor by issuing two million shares to Fortune Tiger Resources
Ltd. for the assignment. By doing so Duncastle eliminates work requirements
totaling $1.35 million and gains the potential to earn 100% of the project
instead of the 80% it can currently earn.


The Company further reported that Armex Mining Corp. has received its
exploration permit at the Yankee-Dundee project in Southeast BC. By the terms of
the sale agreement announced January 21, 2013, the next advance royalty payment
of $50,000 is therefore due from Armex Mining Corp. on or about August 28, 2015
and will continue annually from that date until the start of commercial
production at which time production payments commence which may total about $4
million or more by way of cash and royalty payments depending on mine
performance, commodity markets and other factors.


Duncastle also reported that, subject to approval by the TSX Venture exchange,
it has amended two property agreements in light of current market conditions.
The Company has negotiated postponement of a cash payment for the Black Lake
claims by agreeing to a payment of $2,000 cash and 300,000 shares to Rubicon
Minerals Corp. The Company also amended an agreement in order to postpone a
$60,000 payment for the Porphyry Creek project from January 1, 2014 until May
30, 2014. Optionors of the Porphyry Creek property include Michael Rowley,
President and director, and Crucible Resources Limited, a company owned by
director Douglas Warkentin, and a third party. Duncastle is now in default of
the amended agreement and has received a notice of default from the Optionor.


The technical contents of this release have been reviewed by Tom E. McCandless,
Ph.D., P. Geo., independent consultant to Duncastle and qualified person as
defined by National Instrument 43-101. The properties have not been the subject
of a National Instrument 43-101 report, and Dr. McCandless has not verified the
technical data disclosed in this release.


On behalf of the Board of Directors,

Michael Rowley, President, Director, Duncastle Gold Corp.

This News Release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements. These statements are based on a number of assumptions, including,
but not limited to, assumptions regarding general economic conditions, interest
rates, commodity markets, regulatory and governmental approvals for the
company's projects, and the availability of financing for the company's
development projects on reasonable terms. Factors that could cause actual
results to differ materially from those in forward looking statements include
market prices, exploitation and exploration successes, the timing and receipt of
government and regulatory approvals, and continued availability of capital and
financing and general economic, market or business conditions. Duncastle Gold
Corp. does not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent required by applicable law.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Duncastle Gold Corp.
Michael Rowley
President, Director
1.888.456.1112 or 604.641.2742
mrowley@duncastlegoldcorp.com
www.duncastlegoldcorp.com
(TSXV:DUN)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024