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TSXV:DUN | TSX Venture | Common Stock |
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Duncastle Gold Corp. (TSX VENTURE:DUN) reported today high-grade gold and bonanza silver results from its 1,763m Phase II 2008 drilling program and surface sampling on its Yankee-Dundee project located three kilometres northeast of Ymir, in southeastern British Columbia. The company has received assay results from 10 drill holes which targeted mineralization along the main Yankee Girl structure and related splays. Five of the drill holes targeted down dip and lateral extensions of the Yukon Shoot, a thick accumulation of precious and base metal mineralization located 275 metres west along the Yankee Girl structure from the main historical mine workings. Highlights from the Yukon Shoot drilling include: - a 1.8 metre interval (est. true thickness) averaging 14.4g/t Au, 73.3g/t Ag, 2.2% Pb and 1.9% Zn within a broader 11.5 metre interval averaging 3.74g/t Au, 20.3g/t Ag, 0.52% Pb and 0.94% Zn from drill hole YD08-37 and - a 2.0 metre interval averaging 6.2g/t Au, 28.6g/t Ag, 1.1% Pb and 0.4% Zn from drill hole YD08-33 Drill hole YD08-37 represents a 35 metre lateral offset from a previously reported high-grade intercept in YD08-25 (3.2m of 14.1g/t Au, 281g/t Ag, 11.1% Pb and 12.6% Zn). To date, thicker portions of the Yukon Shoot (greater than 5 metres) have been drilled with significant mineralization intersected to a depth of some 256 metres with a minimum strike length of 50 metres. The Yukon Shoot is open along strike to the east and west, and sits within a largely untested 150 metre section of the Yankee Girl vein system. The definition and extension of the Yukon Shoot and similar higher-grade lenses along the Yankee Girl structure remain a priority for the 2009 exploration season. Drilling also encountered a bonanza-grade silver intercept of 1,508g/t Ag and 1.1g/t Au over 1.0 metre (est. true thickness) in drill-hole YD08-29 in what may be a splay of the main Yankee Girl structure. The drill hole is located just west of the main Yankee Girl mine workings and due to drilling difficulties ended only 10 metres below this intercept and therefore the down dip potential of this target remains open. The 2008 drill hole location map is available on the company's website at www.duncastlegoldcorp.com. Surface Exploration Surface work on the property, during the 2008 field season, included stream sediment sampling of the secondary and tertiary tributaries within the Wildhorse drainage basin, and reconnaissance rock sampling of the major mineral occurrences. High-grade rock samples ranging from 9.5g/t to 154g/t Au were returned from waste dumps from the old Goodenough, Blackcock and Arizona workings and highlight the regional potential of this 5,376ha property. In preparation for its 2009 drilling campaign, Duncastle has developed four shallow drill targets on the Goodenough prospect that will test down-dip and on strike extensions of the historically mined stopes. Unverified historical records indicate that small scale mining on the Goodenough mine of 16,745 tons contained an average grade of 0.64opt Au and 5.0opt Ag prior to the shutdown of the local processing mill. Table 1: Selected Assays from 2008 Phase II drilling on Yankee-Dundee Property --------------------------------------------------------------------------- Collar Data Est. -------------------- Inter- True Hole AZ DIP Depth From To val Thick- Au Ag Pb Zn No. Deg Deg (m) m m m ness g/t g/t % % --------------------------------------------------------------------------- YD08-29 160.00 -45.00 155.8 144.2 145.4 1.2 1.1 1.1 1508 0.08 0.66 and 154.7 154.9 0.2 0.1 1.2 13 0.08 12.47 --------------------------------------------------------------------------- YD08-30 161.00 -50.00 208.5 161.6 161.8 0.2 0.2 6.9 4 0.01 0.06 --------------------------------------------------------------------------- YD08-31 140.00 -60.00 206.4 172.0 172.5 0.5 0.4 1.0 37 0.73 0.66 --------------------------------------------------------------------------- YD08-32 132.00 -45.00 102.4 57.0 58.0 1.0 0.9 1.4 9 1.11 0.53 --------------------------------------------------------------------------- YD08-33 193.00 -50.00 191.1 65.0 66.5 1.5 1.3 0.1 19 0.89 1.23 and 124.0 128.5 4.5 4.0 3.5 15 0.61 0.42 inc. 124.7 127.0 2.3 2.0 6.2 29 1.12 0.44 --------------------------------------------------------------------------- YD08-34 183.00 -60.00 206.4 81.5 81.8 0.3 0.3 7.1 47 1.74 10.61 and 95.5 95.8 0.3 0.2 5.5 18 0.64 0.81 and 138.0 139.9 1.8 1.6 2.4 41 0.85 1.92 --------------------------------------------------------------------------- YD08-35 175.00 -65.00 101.5 46.7 48.0 1.3 1.1 1.3 8 0.32 0.15 --------------------------------------------------------------------------- YD08-36 150.00 -60.00 160.6 41.2 42.0 0.8 0.7 2.4 8 0.50 0.19 --------------------------------------------------------------------------- YD08-37 150.00 -62.00 203.0 170.0 194.7 24.8 21.8 2.2 12 0.32 0.60 inc. 170.0 183.0 13.0 11.5 3.7 20 0.52 0.94 inc. 170.0 172.0 2.0 1.8 14.4 73 2.18 1.92 --------------------------------------------------------------------------- Company Overview Duncastle Gold Corp. is a mineral exploration company based in British Columbia, Canada with projects in both central and southeastern BC. The Yankee-Dundee project comprises 26 crown grants under a 100% option agreement and 89 tenured mineral claims totaling approximately 5,376 hectares in the Nelson Mining District, located three kilometres northeast of the town of Ymir in southeastern British Columbia. Gold mineralization was first reported near Ymir in the late 1800s, with much of the mining taking place at the Yankee Girl, Dundee and Ymir mines during the period 1907 to 1951. Historical records indicate that a total of 375,000 tonnes grading 9.9g/t Au and 57g/t Ag were mined from the Yankee Girl vein during this time. Exploration by the company is targeting high-grade Au-quartz veins throughout the Ymir district which historically, together with the adjacent Sheep Creek district is reported to have produced more than one million ounces of gold(1). In central B.C. the company has the 7,216 hectare Porphyry Creek property in the Rocher Deboule Mountains near Smithers, with a porphyry or IOCG copper-gold target. Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical results in this release. On behalf of the Board of Directors, Lawrence Page, Q.C., President, Director, Duncastle Gold Corp. (1) Production data was obtained from historical government records and has not been independently verified by the current operators of the project. 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. Duncastle Gold Corp. relies upon litigation protection for forward looking statements.
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