Duncastle Gold Corp. reported today encouraging high-grade results from its 2008 Phase I drilling on its Yankee-Dundee property located three kilometres northeast of Ymir, in southeastern British Columbia.
The company reported it has now received final fire-assay gold and ICP assays from nine of 11 core holes which comprised the first phase program, highlighted by a 2.28 metre interval grading 15.97g/t Au, 324.1g/t Ag, 12.9% Pb and 13.9% Zn within a broader mineralized zone of 13.93 metres grading 3.06g/t Au, 63.9g/t Ag, 2.5% Pb and 3.1% Zn.
These higher grade results were returned from one of four drill holes that tested the Yukon shoot along the main Yankee-Girl vein and is an approximately 17 metre off-set from drill hole YD07-15 which returned a 6.72 metre interval grading 4.6g/t Au, 46.5g/t Ag, 1.2% Pb and 3.4% Zn from the 2007 winter program. Highly anomalous gold and silver mineralization (up to 3.88g/t Au and 13.5g/t Ag over 5.81 metres) was encountered in each of the three other holes which tested the Yukon Shoot that together with previous drilling from 2007 define a target area in excess of 150 metres strike and over 400 metres down dip. Previously unknown hangingwall veins containing anomalous gold were intercepted that also expand the potential of the project.
Anomalous gold and silver mineralization was returned from four of the five remaining drill holes which tested other drill targets on the property including the adjacent Lakeview structure, Bonus vein and splays on the main Yankee Girl vein system.
Click on the PDF link at the bottom of this release for Highlights of the Phase I drilling program
The company also reported today that Phase II drilling on the Yankee-Dundee property has started. To date five drill holes for over 700 metres of an anticipated 1000m drill program have been completed. Drilling is targeting step-outs from the high-grade mineralization of the Yukon shoot and several additional veins and should be completed by the end of September.
Archaeological Study Completed at the Yankee-Dundee Mine for the Ktunaxa First Nation
Duncastle said a summary report from Eagle Vision Geomatics and Archaeology Ltd on the results of a Preliminary Field Reconnaissance completed on the Yankee Dundee Mine and surrounding crown grants, as requested by the Ktunaxa First Nation, concludes that, “No archaeological materials or sites were observed, recorded or are otherwise suspected within the area of the identified development boundaries.”
Other Projects – Porphyry Creek
Duncastle Gold Corp. also reported that it has signed an access agreement with the Gitxsan Nation for its wholly-owned Porphyry Creek project in the Rocher Deboule Mountains 10 km south of Hazelton and 20 km northwest of Smithers in northwest BC. Under the terms of the agreement the company will pay an access fee and provide employment opportunities to the Gitxsan Nation.
A work program was completed at Porphyry Creek in August 2008 which involved assessment of the known mineral occurrences and expansion of the property-wide database through a reconnaissance rock sampling and stream sediment sampling program. Assay results are pending. The program was intended to firm up and further delineate potential identified by BC Government in 2001 which places the area in the highest percentile for possible ‘Olympic Dam’ or Iron Oxide Copper Gold (IOCG) deposits. No significant exploration work has been done to investigate the potential of either IOCG or porphyry-related deposits on the Property.
Duncastle Gold has a 100% interest in the Porphyry Creek property comprising 21 mineral claims totaling approximately 7,216 hectares.
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 owns 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 gold¹. 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. Duncastle Gold Corp is a Manex Resource Group company.
Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical results reported in this release.
On behalf of the Board of Directors,
“Lawrence Page, Q.C.”
Lawrence Page, Q.C., President, Director, Duncastle Gold Corp.
For further information, please visit the company’s website at www.duncastlegoldcorp.com or contact Jay Oness at either 1-888-456-1112 or 604-684-9384 or by email at corpdev@mnxltd.com.
¹ Production data from the Ymir and Sheep Creek districts 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.