Duncastle Announces Porphyry Copper-Molybdenum Discovery and Stakes Additional Claims
17 December 2010 - 7:18AM
Marketwired
Duncastle Gold Corp. (TSX VENTURE: DUN)(FRANKFURT: 5D3) reported
today on results from the fall 2010 drill program at its Porphyry
Creek project located 20 kilometers northwest of Smithers, in
northwest British Columbia.
Three drill holes totaling 1,330 meters were completed at a
nominal 100 meter spacing to test a 200 meter strike length of
coincident geophysical and surface geochemical anomalies at the
Sultana prospect, one of seven priority targets on the 130 square
kilometer project.
All three drill holes were mineralized throughout their length
with chalcopyrite and lesser molybdenite. Overall, copper values
are seen increasing down hole towards the magnetic low that
encircles the drill sites (see figure at
http://duncastlegoldcorp.com). The best results were returned from
PC10-01 which averaged 0.055% copper over its entire 441 meter
length including a lower 105 meter interval averaging 0.10% copper
increasing to 0.20% copper over the final 30 meters of the hole.
PC-10-01 also intersected two separate three meter intervals with
0.34% and 0.35% copper, and a six meter zone of high-grade
molybdenum with copper and precious metals values grading 0.30%
molybdenum, 0.30% copper, 13.9 g/t silver and 0.16 g/t gold.
Mineralization is associated with moderate to strong potassic
alteration of the intrusive host rock with later-phase phyllic and
propylitic alteration associated with some of the higher copper
values.
Similarly, PC10-02 averaged 0.037% Cu over 304 meters and
PC10-03 averaged 0.033% Cu over 580 meters in the same altered host
rock. All values are reported as down hole thickness.
The holes were collared within a strong magnetic high and
drilled westward into an area of low magnetics and a strong
in-phase electromagnetic (EM) signature. Increasing copper grades
correlate closely with the transition toward the electromagnetic
high in both drill holes PC10-01 and PC10-03 and stronger phyllic
alteration of the host rock with a higher overall pyrite
content.
The annular shape of the magnetic response, together with the
massive nature of the host rock (granodiorite), alteration styles,
and the persistent concentrations of copper and molybdenum suggest
that the holes were collared in the centre of a porphyry
copper-molybdenum system.
Duncastle Gold is planning follow-up drilling at Sultana to test
the adjacent electromagnetic high which extends for over 800 meters
width x 1,200 meters strike length. Work is also being planned for
other areas on the property where airborne and geochemical survey
work has identified multiple targets that will be followed up with
groundwork in spring 2011.
President Michael Rowley commented: "We are very pleased with
the results from our first drill program on the property. We have
the potential to define a well-mineralized porphyry
copper-molybdenum system that is consistent with the area geology
and existing discoveries. In addition, the airborne geophysical
survey has demonstrated excellent value in terms of target
identification and definition, which should accelerate future
target development."
The Porphyry Creek project covers over 130 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 in the region, including Berg, Bell, Huckleberry, Mt
Milligan, and Galore Creek among others, plus other deposit types
(eg Eskay Creek).
New Claims Added
Duncastle Gold also reported today that it added 1,515
contiguous hectares to the Porphyry Creek mineral claim group via
direct staking based on the positive drill and airborne results,
bringing the property total to about 13,097 hectares (over 130
square kilometers).
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 addition to the Porphyry
Creek project, Duncastle holds the Yankee-Dundee mine in Southeast
BC with a focus on high-grade gold-silver-lead-zinc veins just 50
km from the smelter at Trail, BC. Duncastle has assembled
contiguous claim blocks totaling more than 190 sq km in 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$275 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
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