VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 23, 2014) - Duncastle Gold Corp. ("Duncastle" or the "Company") (TSX VENTURE:DUN)(FRANKFURT:5D3) announced today that the Government of Yukon has awarded a Yukon Mineral Exploration Program grant to its Catalyst PGM-Ni-Cu Project, located 260 kilometers west of Whitehorse and adjacent to the Wellgreen PGM-Ni-Cu project, presently under advanced assessment by Wellgreen Platinum Ltd. with 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). The Yukon Mineral Exploration Program (YMEP) is a funding program designed to support individuals and companies in their search of mineral deposits by shouldering a portion of the risk capital required to explore for mineral occurrences. The Arch Zone, located on the western portion of Catalyst and adjacent to Wellgreen, may receive contribution funds in an amount equal to 50% of eligible exploration expenses up to $50,000 dollars, the maximum allotted by the Government of Yukon.
The Catalyst Project
The Catalyst Project is one of Duncastle's three PGM-Ni-Cu projects that, taken together, total over 262 square kilometers (km) 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. The Catalyst Project is located 35 km northwest of Burwash Landing and only 15 km south of the Alaska Highway along a maintained gravel road. The project covers 16,310 hectares, and is positioned directly northwest of and adjacent to the Wellgreen deposit, with portions of the project southeast and also adjacent to Wellgreen.
Several historic PGM-Ni-Cu showings are present at Catalyst. Within the Arch Zone, the Teck showing is located on the western edge of the Wellgreen property and consists of ultramafic rocks in fault contact with sedimentary rocks with historic assays of 0.36 g/t PGM+Au, 581 ppm Ni and 709 ppm Cu from chip samples over two meters. More recent results from the altered peridotite returned 0.535 ppmPGM+Au, 2,130 ppm Ni and 1,660 ppm Cu over 0.8 meters. Just over one kilometer to the north, the Conwest showing is a 90 meter-long exposure of oxidized, medium-grained gabbro with historic assays of 2,015 ppm Ni, 5,448 ppm Cu and 154 ppb Au. Numerous historic magnetic, EM and VLF anomalies on the property have also been identified 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). A previous YMEP grant was used to support geophysical and geochemical orientation surveys over the Arch Zone with positive results, and the new grant will be used to extend those surveys to untested anomalies.
Duncastle is focused on exploration for platinum group metals, nickel, copper and gold in emerging districts in Canada. Per a binding Letter of Intent announced June 23, 2014, Duncastle plans to acquire over 262 square kilometers of highly prospective claims on the Kluane belt in the southwest Yukon including the flagship Catalyst project which adjoins Wellgreen Platinum's world-class Wellgreen deposit on three sides. Duncastle also has the Black Lake/Drayton gold project in northwest Ontario which features multiple high-grade gold showings and historic bulk samples over 79 square kilometers of claims. All projects are road accessible and offer Duncastle potential for 100% earn-in.
The technical contents of this release have been reviewed by Tom E. McCandless, Ph.D., P. Geo., Chief Operating Officer of Duncastle and qualified person as defined by National Instrument 43-101. The property has 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.
For further information, please visit the company's website at duncastlegoldcorp.com.
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
1.888.456.1112 or 604.641.2742
Source: Duncastle Gold Corp.