Duncastle Completes Engineering Summary Report at Yankee-Dundee
August 03 2010 - 11:21AM
Marketwired
Duncastle Gold Corp. (the "Company") (TSX VENTURE: DUN)(FRANKFURT:
5D3) reported today that it has received an engineering summary
report on its historic Yankee-Dundee mine project, located three
kilometres northeast of Ymir and 50 kilometres from Trail, in
southeastern British Columbia.
The report, prepared by Doug Irving, PEng, of Chapman, Wood
& Griswold Inc following a full data review and mine visit,
outlines on a conceptual basis two clear alternatives for potential
underground development and production and sets resource benchmarks
and timing estimates for each scenario.
The report re-affirms additional mineral resource potential in
the Yankee Girl structure which could support an initial 50,000 to
75,000 tonnes per year underground operation. Gold, silver and
polymetallic mineralization of potentially economic grade have been
identified adjacent to existing mine workings at the Yankee Girl
West zone near the 1235 adit (by Duncastle) and at the Cayzor raise
near the Wildhorse adit (historic records) that with some
additional drilling could constitute the initial tonnages required
for underground mine development.
Two possible operating scenarios are presented in the report
including a "Mine-only" alternative to produce feed ore to existing
facilities in the area on a reduced timeline with relatively low
capital requirements and a "Mine and Mill" scenario developed at a
greater cost and time requirement. Broad initial estimates in terms
of costs, time and project requirements are provided for both
scenarios.
The report concludes that the Yankee-Dundee project warrants
further exploration and recommends a minimum level of surface
drilling in order to support a NI 43-101 compliant resource
estimate which may be used as the basis for funding an underground
mining scenario with gold as the principal source of revenue,
supplemented with credits from silver, lead and zinc values.
The Company is in discussions with potential development
partners to work with in advancing the project through underground
development and a bulk sample program with the goal of
production.
About Duncastle Gold
Duncastle Gold Corp. is a Vancouver based gold exploration
company with mineral claims covering or surrounding past producing
mines in two historic BC districts. In Southeast BC Duncastle holds
a claim block with a focus on the high-grade gold-silver-lead-zinc
veins at the former Yankee-Dundee mine, 50 km from the smelter at
Trail, BC. In Northwest BC the Company's Porphyry Creek project
covers a 10 km long magnetic anomaly, previous workings, and
high-grade precious metal veins with coincident geophysical
anomalies. Duncastle has assembled contiguous claim blocks totaling
more than 190 sq km in these two productive regions.
As part of the Manex Resource Group, Duncastle benefits from
shared expertise in corporate finance, public company
administration, investor relations, and the technical and
geological services provided for the eight public companies active
in North America. Since its formation in 1997, the Manex Group
companies have raised over C$250 million in exploration
financing.
Robert Macdonald (P.Geo) is the Qualified Person as defined by
National Instrument 43-101 for the Yankee-Dundee project and has
reviewed and approved the technical contents of 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.
Contacts: Duncastle Gold Corp. Michael Rowley 1.888.456.1112 or
604.641.2742 mrowley@mnxltd.com Duncastle Gold Corp. Liana
Shahinian 1.888.456.1112 or 604.641.2773 liana@mnxltd.com
duncastlegoldcorp.com