Duncastle Gold Corp.

Published : June 23rd, 2014

Duncastle to Acquire PGM-Ni-Cu Properties in Southwestern Yukon

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Duncastle to Acquire PGM-Ni-Cu Properties in Southwestern Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 23, 2014) - Duncastle Gold Corp. ("Duncastle" or the "Company") (TSX VENTURE:DUN) (FRANKFURT:5D3) has signed a binding Letter of Intent (the "LOI") with Ashburton Ventures Inc. ("Ashburton") (ABR.TSX.V) and Denali Resources Ltd. ("Denali") to acquire a 100% interest in three PGM-Ni-Cu mineral properties located in the southwestern Yukon. The Spy, Ultra and Catalyst/CKR properties total over 262 square kilometers in the Kluane Ultramafic Belt, a 600km-long sequence of igneous and sedimentary rocks extending from northern British Columbia through the Yukon and into Alaska. Within the belt, mineralization occurs at the contact between ultramafic and sedimentary rocks, with the most notable being the Wellgreen deposit. Wellgreen Platinum Ltd. is currently completing a prefeasibility study at the Wellgreen deposit and has previously reported an Indicated Resource of 14.4 Mt at 0.68% Ni, 0.62% Cu, with 2.23 g/t Pt+Pd+Au grade, and an Inferred Resource of 446.6 Mt at 0.31% Ni, 0.25% Cu, with 0.87 g/t Pt+Pd+Au grade at a 0.22% NiEq cut-off (see Wellgreen Platinum Ltd. news release, June 18, 2012).

Duncastle President Michael Rowley comments: "We are very pleased to be in a position to acquire such excellent properties in an emerging district for platinum group elements plus nickel and copper at a time when forecasts for these metals - in particular platinum, palladium and nickel - are very positive. The properties have substantial exploration potential based on their size and location in the Kluane belt and, in the case of Catalyst/CKR, their position directly adjacent to the Wellgreen Project. Additionally, we are expanding the Board of Directors to include professionals with experience in these metals as well as in exploration in the Yukon. In addition, with all three properties less than 20 kilometers from the Alaska Highway, we have a logistical advantage which we will benefit from as we advance them through well-planned exploration programs."

Project Summary

The Catalyst/CKR Project covers 16,310 hectares that are positioned northwest and southeast of the Wellgreen deposit. On the northwest claims adjacent to Wellgreen, altered carbonate at the contact with a serpentinized peridotite sill, historic assays returned 0.11 g/t Pt, 0.11 g/t Pd, 0.14 g/t Au, 0.07% Cu and 0.16% Ni. Additional historic magnetic and VLF anomalies are present on the property that require follow-up prospecting and sampling (from Yukon Geological Survey Minfile Nos. 115G-026, -033, and -088, Assessment Report Nos. 094396, 093662, 017513, 092578, 092575, 092744, 094253, 094250, 094466, 094217, 017459).

The Spy Project covers 1,250 hectares and encompasses much of the ultramafic Spy Sill, which is 75-100m thick and intrudes the Hasen Creek siltstone for six kilometers along a northwest strike. Mineralization along the contact varies from disseminated sulfides to massive sulfide lenses, with historic grab samples assaying as high as 75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au, 2.6% Ni and 10.45% Cu (Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Dept. of Energy, Mines and Resources, Assessment Report #093371, 244p.).

The Ultra Project covers 8,650 hectares and includes the Frohberg PGM-Ni-Cu showing, which was explored by trenching in 2002 and returned 5.54 g/t Pt, 13.46 g/t Pd, 4.07% Cu and 1.73% Ni. Numerous ultramafic occurrences elsewhere on the property have not been assessed for PGM-Ni-Cu potential. (Pautler, J. 2012, Geological and geochemical assessment report on the Ultra Project, Whitehorse Mining District, Yukon, 47p.).

Deal Structure

Duncastle may acquire a 100% interest in the Spy, Ultra and Catalyst/CKR properties by completing the following:

  1. Paying $50,000 and issuing an aggregate 8.5 million shares to Denali over 3 years for the Catalyst project;
  2. assuming the requirements of existing property agreements now in place for the Spy and Ultra properties by assignment from Ashburton, including the completion of $500,000 in exploration work, $85,000 in cash payments, and the issuance of 650,000 shares over 5 years;
  3. paying $5,000 to Ashburton for the Ultra property and a further $5,000 to the underlying vendor of the Ultra property; and
  4. Issuing 350,000 shares to Ashburton for purchase of the CKR claims and a further 150,000 shares to Ashburton for assignment of the Spy and Ultra claims.

The Company will appoint Dr. Tom E. McCandless, P.Geo., as a director and Chief Operating Officer, Mr. Eugene D. Spiering as a director and Vice President Exploration, and Mr. Bill Harris as director. Dr. McCandless is President of MCC Geoscience Inc. and an adjunct professor at the University of Arizona, where for ten years he conducted research on PGM mineralization in the world-class Bushveld igneous province. Mr. Spiering is presently VP Exploration for Quaterra Resources Inc. and has over 30 years of experience in the mining and exploration industry. He was formerly VP Exploration with Rio Narcea Mines Ltd., where he managed the team that discovered and developed the Aguablanca nickel mine as well as the El Valle and Carles gold mines in Spain. Mr. Harris is a second-generation prospector and miner, born and raised in the Yukon. He is the founder and a director of Northern Freegold Resources Ltd. with several significant gold-copper-silver deposits at Freegold Mountain in the Yukon. Mr. Harris' experience ranges from project generation through acquisition, exploration management, permitting, and mining. Bill was awarded the Yukon Prospectors Association prospector of the year in 1994.

Duncastle will enter into a debt settlement agreement with its two largest creditors, both of whom are insiders of the Company, and will effect a corporate name change to reflect the acquisition.

The LOI is subject to approval by the TSX Venture Exchange of a formal agreement to conclude the transaction by July 30, 2014, and to completion of a financing to fund exploration work during the 2014 season as well as acquisition costs and general and administrative requirements.

Other Properties

Duncastle also reported today that it has negotiated an assignment of the Black Lake property agreement in Northwestern Ontario from the underlying vendor of the current agreement, effectively removing Fortune Tiger Resources Ltd as the intermediate Optionor by issuing two million shares to Fortune Tiger Resources Ltd. for the assignment. By doing so Duncastle eliminates work requirements totaling $1.35 million and gains the potential to earn 100% of the project instead of the 80% it can currently earn.

The Company further reported that Armex Mining Corp. has received its exploration permit at the Yankee-Dundee project in Southeast BC. By the terms of the sale agreement announced January 21, 2013, the next advance royalty payment of $50,000 is therefore due from Armex Mining Corp. on or about August 28, 2015 and will continue annually from that date until the start of commercial production at which time production payments commence which may total about $4 million or more by way of cash and royalty payments depending on mine performance, commodity markets and other factors.

Duncastle also reported that, subject to approval by the TSX Venture exchange, it has amended two property agreements in light of current market conditions. The Company has negotiated postponement of a cash payment for the Black Lake claims by agreeing to a payment of $2,000 cash and 300,000 shares to Rubicon Minerals Corp. The Company also amended an agreement in order to postpone a $60,000 payment for the Porphyry Creek project from January 1, 2014 until May 30, 2014. Optionors of the Porphyry Creek property include Michael Rowley, President and director, and Crucible Resources Limited, a company owned by director Douglas Warkentin, and a third party. Duncastle is now in default of the amended agreement and has received a notice of default from the Optionor.

The technical contents of this release have been reviewed by Tom E. McCandless, Ph.D., P. Geo., independent consultant to Duncastle and qualified person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed 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.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Spain | All
Gold and Silver Prices for these countries : Spain | All

Duncastle Gold Corp.

EXPLORATION STAGE
CODE : DUN.V
ISIN : CA2651512097
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Duncastle is a gold exploration company based in Canada.

Its main exploration properties are PORPHYRY CREEK and YANKEE-DUNDEE in Canada.

Duncastle is listed in Canada. Its market capitalisation is CA$ 579 950 as of today (US$ 464 018, € 410 285).

Its stock quote reached its highest recent level on August 14, 2009 at CA$ 2.00, and its lowest recent point on September 20, 2013 at CA$ 0.01.

Duncastle has 16 570 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Duncastle Gold Corp.
6/30/2011Closes Tranche of Private Placements
6/9/2011Closes First Tranche of Flow-Through Private Placement
6/7/2011Extends Warrant Expiry Dates
5/26/2011Announces Private Placements
Option Grants of Duncastle Gold Corp.
2/3/2015Announces Stock Option Grant and Board Change
Project news of Duncastle Gold Corp.
6/25/2013(Yankee-dundee)Receives Advance Royalty from Sale of Yankee-Dundee Mine Pro...
5/25/2011(Porphyry Creek)Commences Drilling at Porphyry Creek
Corporate news of Duncastle Gold Corp.
2/25/2015Duncastle Announces Name Change to Group Ten Metals Inc.
2/3/2015Duncastle Announces Stock Option Grant and Board Change
1/7/2015Duncastle Closes Private Placement
1/5/2015Duncastle Closes Private Placement
12/5/2014Duncastle Progresses With Yukon Acquisitions and Provides Co...
12/4/2014Duncastle Progresses With Yukon Acquisitions and Provides Co...
10/3/2014Duncastle Extends Completion Date for Wellgreen Area PGM-Ni-...
8/27/2014Duncastle Acquires CKR Property and Extends Completion Date ...
7/23/2014Catalyst PGM-Ni-Cu Project Receives Grant from the Governmen...
7/8/2014Duncastle Appoints Directors and Officers for Yukon PGM-Ni-C...
6/23/2014Duncastle to Acquire PGM-Ni-Cu Properties in Southwestern Yu...
3/25/2014Duncastle Appoints Brian Cloney to Board
3/24/2014Duncastle Appoints Brian Cloney to Board
9/19/2013Focuses Projects and Completes Prospecting Program in NW Ont...
1/21/2013(Yankee-dundee)Signs Production Agreement for Yankee-Dundee Mine in Southea...
1/17/2013Initiates Airborne Survey at Drayton Gold Project in Ontario
11/13/2012Signs Agreement for Pipestone Project Acquisition in Northwe...
10/16/2012Acquires Option on Bravada's Drayton Property in Ontario
7/5/2011(Porphyry Creek)Completes Second Drill Program at Porphyry Creek
4/28/2011(Porphyry Creek)Signs Agreements With First Nations at Porphyry Creek, Adds ...
2/22/2011Projects, Plans 2011
2/22/2011 Projects, Plans 2011
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (DUN.V)
0.0350
TSX-V
CA$ 0.035
02/06 13:03 -
0%
Prev close Open
0.030 0.030
Low High
0.030 0.035
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.035 16.67%
Volume 1 month var.
20,000 16.67%
Produces
Develops
Explores for Copper - Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 5/27/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.75-1.02%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.28-6.82%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.60+0.67%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.11+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.13-11.98%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.44-8.39%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26-7.14%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.32-5.88%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.95-10.14%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 57.69-8.60%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :