|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.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 25, 2016 04:00 AM EDT Reads: 1,168
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Jul. 25, 2016 04:00 AM EDT Reads: 1,833
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 25, 2016 03:45 AM EDT Reads: 2,143
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jul. 25, 2016 03:15 AM EDT Reads: 985
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Jul. 25, 2016 03:15 AM EDT Reads: 799
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 25, 2016 01:45 AM EDT Reads: 1,208
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 25, 2016 01:30 AM EDT Reads: 1,247
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 25, 2016 01:00 AM EDT Reads: 1,627
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 25, 2016 12:45 AM EDT Reads: 2,155
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 25, 2016 12:30 AM EDT Reads: 1,873
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 25, 2016 12:15 AM EDT Reads: 2,483
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 25, 2016 12:15 AM EDT Reads: 1,429
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:30 PM EDT Reads: 1,263
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 24, 2016 11:15 PM EDT Reads: 959
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 11:00 PM EDT Reads: 1,262