|By Marketwired .||
|November 21, 2012 01:40 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- Duncastle Gold Corp. (TSX VENTURE:DUN)(FRANKFURT:5D3) ("Duncastle") has signed a letter of understanding with Fortune Tiger Resources Ltd. ("Fortune Tiger") to option up to 80% of the Black Lake gold property in Ontario for payments in cash and shares, and exploration work commitments. The letter of understanding is subject to TSX Venture Exchange acceptance on behalf of Duncastle.
The Black Lake property is located approximately 20km east of the town of Sioux Lookout in northwest Ontario, and about 10km northeast of, and along strike from, Duncastle's recently acquired Drayton property (see Duncastle news release Oct. 16, 2012).
Similar to the nearby Drayton project, two styles of gold mineralization occur on the property: high-grade targets in quartz vein stockwork in structural deformation zones similar to that of the Red Lake Mine located 200km northwest, and bulk tonnage targets in quartz-feldspar porphyries. Multiple occurrences of both types of mineralization are identified on the property, with the Moretti Shear Zone, a 400 meter long mineralized shear zone, being the most compelling with gold values as high as 1,212 g/t gold in a grab sample and 155g/t gold over 0.6 meters in channel samples (historical results reported by Cameco in 1998, data not independently verified by Duncastle).
To earn an initial 60% interest in the Black Lake property, Duncastle must:
-- Issue 200,000 shares upon TSX Venture Exchange acceptance; -- Pay $20,000 on or before January 28, 2013; -- Pay $25,000, issue 200,000 shares, and complete $150,000 in exploration expenditures on or before October 28, 2013; -- Pay $30,000, issue 200,000 shares, and complete an additional $250,000 in exploration expenditures on or before October 28, 2014; -- Pay $50,000, issue 200,000 shares, and complete an additional $250,000 in exploration expenditures on or before October 28, 2015; and -- Issue 200,000 shares, and complete an additional $350,000 in exploration expenditures on or before October 28, 2016.
Duncastle may earn a further 20% interest (for an aggregate 80% interest) by issuing a further 400,000 shares and completing an additional $700,000 in exploration work on or before the sixth anniversary of regulatory approval.
Upon earning the 60% or 80% interest in the property, Duncastle and Fortune Tiger will work as partners with the interest of the lesser contributing partner being diluted down accordingly. An interest of less than 10% will convert to a 1.5% NSR, with a buy-down option to 1% for a payment of $500,000. Duncastle and Fortune Tiger acknowledge an existing 2% NSR with a buy-down to 1% for payment of $1,000,000 per an underlying agreement.
President Michael Rowley, commented, "The Black Lake project makes an excellent addition to our portfolio of high quality gold projects in the Wabigoon Greenstone belt of northwest Ontario, an area that remains underexplored but is growing rapidly as a region with the development of the Rainy River and Hammond Reef deposits, among other discoveries. The Black Lake project has seen little advanced exploration work in recent decades and is only 10km from our Drayton project and about 100km north of our Pipestone project."
About Duncastle Gold
Duncastle Gold Corp. is a Vancouver-based gold exploration company with mineral claims covering or surrounding past producing mines in Ontario and British Columbia, Canada. In addition to the newly acquired gold projects in Ontario and the past-producing Yankee-Dundee Mine in southeast BC, Duncastle has an option to acquire a 100% interest in the highly prospective polymetallic Porphyry Creek project in northwest BC including a copper-molybdenum porphyry system announced December 2010.
As part of the Manex Resource Group, Duncastle benefits from shared expertise in corporate finance, public company administration, investor relations, and technical and geological services provided for seven public companies active in North America. Since its formation in 1997, the Manex Group companies have raised over C$350 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.
For further information, please visit the company's website at www.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.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Mar. 30, 2017 02:00 PM EDT Reads: 8,999
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let’s say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Mar. 30, 2017 01:58 PM EDT
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 30, 2017 01:45 PM EDT Reads: 2,360
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Mar. 30, 2017 01:45 PM EDT Reads: 541
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 30, 2017 01:45 PM EDT Reads: 1,869
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Mar. 30, 2017 01:45 PM EDT Reads: 3,179
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Mar. 30, 2017 01:15 PM EDT Reads: 953
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 30, 2017 12:00 PM EDT Reads: 2,701
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 30, 2017 11:15 AM EDT Reads: 3,596
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 30, 2017 10:45 AM EDT Reads: 1,111
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 30, 2017 10:45 AM EDT Reads: 2,966
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Mar. 30, 2017 10:30 AM EDT Reads: 1,900
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 30, 2017 10:15 AM EDT Reads: 2,463
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Mar. 30, 2017 10:00 AM EDT Reads: 4,580
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 30, 2017 09:15 AM EDT Reads: 1,794