Duncastle Gold Corp. (TSX VENTURE: DUN)(FRANKFURT: 5D3) reported
today that it has commenced ground based geological work at its
Porphyry Creek project located 20 kilometers northwest of Smithers,
in northwest British Columbia.
The work program continues the target selection and prospect
evaluation process started in 2008 and will focus on assessing
newly identified geophysical anomalies in preparation for an
anticipated Fall 2010 drilling program. Ranex Exploration Ltd has
been retained to conduct the exploration program from its Smithers
office with oversight from Duncastle's corporate office at the
Manex Resource Group.
To complement the 2008 ground program on the west side of the
property, the 2010 program will focus on priority geophysical
targets on the east side of the property which were generated from
a recently completed airborne DIGHEM survey (July 26, 2010 news
release). Targets on the eastern side of the property and are
associated with two clusters of known copper/molybdenum +/-
gold/silver mineral occurrences including the Sultana, Big Thing,
MT and Tina showings. Geophysical responses from the survey may
reflect differing host lithologies, associated alteration
assemblages and metal type and content between the different
occurrences within theses broader target areas.
Sultana, Big Thing and MT Prospects
The Sultana prospect is the most developed target on the
property and will be the focus of most of the work in this phase of
exploration. Preliminary 2010 airborne results show a coincident
600m by 400m conductive (EM) and magnetic response within a broader
1,400m by 900m anomaly. The geophysical anomalies are spatially
associated with historic trench (up to 7.5g/t Au, 2,057g/t Ag and
0.5% Cu over 2.7 meters) and drill results (up to 1.03g/t Au,
638g/t Ag, and 9.06% Cu over 0.6 meters), and also with circa
1969-70 sampling of altered intrusive by Utah Mines Ltd (1) which
identified a broad 500m x 500m Cu-Mo surface anomaly on the
property within fractured granodiorite mineralized with
chalcopyrite.
The MT Showing located 2 kilometres to the south of the Sultana
has a more muted geophysical response but features high-grade
historic rock grab samples (select) including 5,187g/t Ag and 2.34%
Cu in one sample, 23.0g/t Au, 1,817g/t Ag and 1.09% Cu in a second,
and 5.1g/t Au, 2,846g/t Ag and 3.65% Cu in a third(1).
Tina West, Tina North and Porphyry East Targets
These geophysical targets are located near the Tina molybdenum
showing and were identified recently from the preliminary airborne
survey. Tina West and Porphyry East show conductive EM anomalies,
strong magnetic response and positive potassic anomalies in the
radiometric component of the survey. Tina North shows a magnetic
anomaly.
Other targets which were identified in the 2010 geophysical
survey and are currently interpreted as distal, high-grade
polymetallic veins include the Brunswick Mine and the Brian Boru
prospect.
Brunswick Mine
The area of the historic Brunswick Mine features co-incident
geophysical anomalies including a strong EM response (conductive
high) in preliminary data. Dump and talus samples returned 2,566g/t
Ag, 11.1% Pb and 19.4% Zn in one sample and 1,131g/t Ag, 4.9% Pb
and 4.1% Zn in a second from the Brunswick Adit area in the 2008
geological program. In addition, stream sediment sampling in the
area returned anomalous copper and silver values in the 2008
program.
Brian Boru prospect
The Brian Boru prospect area shows a strong conductive high (EM
anomaly) co-incident with highly mineralized samples from the 2008
program (152g/t Ag and 22% Zn from a massive sulphide boulder), and
anomalous copper and silver values in stream sediment sampling,
also from the 2008 program.
(1) Historical results are compiled from government databases
and predate NI 43-101. Duncastle has not independently verified
past exploration results.
The Porphyry Creek project consists of over 118 sq km of mineral
claims with historic workings and numerous high-grade gold, silver
and polymetallic showings around a distinct 10 kilometer long
magnetic high with coincident copper, lead and zinc geochemical
anomalies shown in government data. Data compilation and modeling
by Duncastle has demonstrated mineral zonation on the property
consistent with porphyry style deposits. There are over 20 porphyry
discoveries within a 350km radius of the project, including Berg,
Bell, Huckleberry, Mt Milligan, and Galore Creek among others, plus
other deposit types (eg Eskay Creek).
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 Duncastle's project covers a 10 km long
magnetic anomaly, previous workings, and high-grade precious metal
veins on its Porphyry Creek claims. Duncastle has assembled
contiguous claim blocks totaling more than 170 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.
Rob Macdonald, (P.Geo.), is the Qualified Person responsible for
reviewing the technical results 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.
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
www.duncastlegoldcorp.com