Duncastle Further Consolidates Black Lake and Drayton Projects in NW Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/14/13 -- Duncastle
Gold Corp. ("Duncastle" or the "Company") (TSX VENTURE:DUN)
(FRANKFURT:5D3) announced the acquisition of additional mineral
claims between its Drayton and Black Lake projects in northwest
Ontario, completion of a final agreement for the Black Lake project,
and the issuance of shares per the Drayton property agreement.
Duncastle announced today the acquisition of additional claims to
further consolidate its Drayton and Black Lake projects located 10
kilometres south of Sioux Lookout and 70 kilometres east of Dryden in
This strategic acquisition adds valuable targets and known
mineralized zones while also bringing the combined project to about
7,584 hectares (over 75 square kilometers). The consolidated land
position includes over 25km of largely untested strike on the Sioux
Lookout Deformation Zone in the rapidly developing Wabigoon
Greenstone belt which has added over 14 million ounces gold in the
past ten years including the Rainy River Resources deposit, among
other significant discoveries.
Under the terms of the agreement Duncastle can acquire 100% of the
right and title to six claims covering 1,024 hectares by completing
cash payments of $86,000 and issuing 1,000,000 million shares over 4
years. The vendors retain a 2% net smelter royalty with a buy-down to
1% for $1 million. The agreement, and the issuance of shares per the
agreement, are subject to acceptance of the TSX Venture Exchange.
Final Black Lake Agreement
Duncastle also announced that it has completed a final agreement for
the Black Lake project as contemplated by the Letter of Understanding
announced November 21, 2012. The final agreement incorporates
amendments which reflect market conditions including:
-- reducing the exploration work requirement due October 28, 2013 to
$50,000 from $150,000;
-- deferring the $25,000 cash payment due October 28, 2013 to February 28,
-- issuing 100,000 shares to each of Fortune Tiger Resources Ltd. and
Rubicon Minerals Corporation, as the optionor and sub-optionor of the
property respectively, in consideration for amending the
issuance of such additional shares is subject to acceptance of the TSX
Duncastle will issue shares to Bravada Gold as required in the option
agreement and reports the project is in good standing. The Drayton
project occupies the southwest portion of the now consolidated
Drayton-Black Lake project and includes a number of mineralized zones
as well as a possible dilational zone identified in a geophysical
survey completed in 2013 (see March 6, 2013 press release).
About Duncastle Gold
Duncastle Gold Corp. is a Vancouver-based gold exploration company
with projects in Ontario and British Columbia, Canada. In addition to
the consolidated Drayton-Black Lake gold project in Ontario and its
royalty interest in the past-producing Yankee-Dundee Mine in
southeast BC, Duncastle controls the highly prospective polymetallic
Porphyry Creek project in northwest BC.
As part of the Manex Resource Group, Duncastle benefits from shared
expertise in corporate finance, public company administration 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 $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.
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.
Duncastle Gold Corp.
1.888.456.1112 or 604.641.2742
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