Welcome!

News Feed Item

Duncastle Gold Signs Agreement for Black Lake Gold Project in Northwest Ontario

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
SYS-CON Events announced today that FalconStor Software® Inc., a 15-year innovator of software-defined storage solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. FalconStor Software®, Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged, hardware-agnostic, software-defined storage and data services platform. Its flagship solution FreeStor®, utilizes a horizonta...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
SYS-CON Events announced today that (ISC)²® (“ISC-squared”) will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Two leading non-profits focused on cloud and information security, (ISC)² and Cloud Security Alliance (CSA), developed the Certified Cloud Security Professional (CCSP) certification to address the increased demand for cloud security expertise due to rapid growth in cloud. Recently named “The Next...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...