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Duncastle Gold Corp (2)
Symbol DUN
Shares Issued 13,660,726
Close 2014-07-18 C$ 0.04
Market Cap C$ 546,429
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Duncastle to receive up to $50,000 grant for Catalyst

2014-07-23 09:51 ET - News Release

Mr. Michael Rowley reports

CATALYST PGM-NI-CU PROJECT RECEIVES GRANT FROM THE GOVERNMENT OF YUKON

The government of Yukon has awarded a Yukon Mineral Exploration Program grant to Duncastle Gold Corp.'s Catalyst PGM-Ni-Cu (platinum group metals-nickel-copper) project, located 260 kilometres west of Whitehorse and adjacent to the Wellgreen PGM-Ni-Cu project, presently under advanced assessment by Wellgreen Platinum Ltd., with an indicated resource of 14.4 million tonnes at 0.68 per cent Ni and 0.62 per cent Cu, with 2.23 grams per tonne Pt plus Pd plus Au (platinum plus palladium plus gold) grade, and an inferred resource of 446.6 Mt at 0.31 per cent Ni and 0.25 per cent Cu, with 0.87 g/t Pt plus Pd plus Au grade at a 0.22-per-cent NiEq (nickel equivalent) cut-off (see Wellgreen Platinum news release, June 18, 2012). The Yukon Mineral Exploration Program (YMEP) is a funding program designed to support individuals and companies in their search of mineral deposits by shouldering a portion of the risk capital required to explore for mineral occurrences. The Arch zone, located on the western portion of Catalyst and adjacent to Wellgreen, may receive contribution funds in an amount equal to 50 per cent of eligible exploration expenses up to $50,000, the maximum allotted by the government of Yukon.

The Catalyst project

The Catalyst project is one of Duncastle's three PGM-Ni-Cu projects that, taken together, total over 262 square kilometres in the Kluane ultramafic belt, a 600-kilometre-long sequence of igneous and sedimentary rocks extending from Northern British Columbia through the Yukon and into Alaska. The Catalyst project is located 35 km northwest of Burwash Landing and only 15 km south of the Alaska Highway along a maintained gravel road. The project covers 16,310 hectares, and is positioned directly northwest of and adjacent to the Wellgreen deposit, with portions of the project southeast and also adjacent to Wellgreen.

Several historic PGM-Ni-Cu showings are present at Catalyst. Within the Arch zone, the Teck showing is located on the western edge of the Wellgreen property and consists of ultramafic rocks in fault contact with sedimentary rocks, with historical assays of 0.36 g/t PGM plus Au, 581 parts per million Ni and 709 ppm Cu from chip samples over two metres. More recent results from the altered peridotite returned 0.535 ppm PGM plus Au, 2,130 ppm Ni and 1,660 ppm Cu over 0.8 metre. Just over one kilometre to the north, the Conwest showing is a 90-metre-long exposure of oxidized, medium-grained gabbro with historical assays of 2,015 ppm Ni, 5,448 ppm Cu and 154 parts per billion Au. Numerous historical magnetic, EM (electromagnetic) and VLF (very low frequency) anomalies on the property have also been identified 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 and 017459). A previous YMEP grant was used to support geophysical and geochemical orientation surveys over the Arch zone with positive results, and the new grant will be used to extend those surveys to untested anomalies.

The technical contents of this release have been reviewed by Tom E. McCandless, PhD, PGeo, chief operating officer of Duncastle and qualified person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report, and Dr. McCandless has not verified the technical data disclosed in this release.

We seek Safe Harbor.

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