Dynamite Resources Ltd.
TSX VENTURE : DNR

Dynamite Resources Ltd.

November 24, 2008 17:00 ET

Dynamite Resources Reports Results From First 31 Diamond Drill Holes on the Upper Skarn Ridge Target at Mike Lake Project, Yukon

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2008) - Dynamite Resources Ltd ("DNR") ("Dynamite") (TSX VENTURE:DNR) is pleased to announce results for the first 31 drill holes from the Upper Skarn Ridge target at the Company's Mike Lake Gold-Copper Project in west-central Yukon. Highlights include 75.89 m grading 0.69% Cu, 2.86 g/t Au, 15 g/t Ag and 0.049% WO3. The property is located 25 km north of the former Brewery Creek gold mine and is 70 km northeast of the world famous Klondike Goldfields.

The Mike Lake property lies within the prolific Tintina Gold Belt, a gold rich mineral district that spans a broad region of Yukon Territory and central Alaska. It hosts a number of intrusive related gold prospects including both producers and advanced development projects. Major regional deposits include the Donlin Creek Joint Venture with NovaGold Resources Inc and Barrick Gold Corporation, Teck Cominco's Pogo mine and Kinross Gold Corporation's Fort Knox mine.

As described in a previous news release dated October 23, 2008, the 2008 drill campaign was contained within a 500 by 300 m area of the Skarn Ridge target exhibiting the strongest gold- and copper- in soil geochemical response. Detailed surface mapping defined this area as the outer limit of the skarn system near the "marble front" coincident with the thickest and best development of pyroxene skarn and mixed pyroxene skarn/hornfels. Diamond drilling targeted shallow gold-copper-tungsten mineralization developed within the uppermost of several laterally continuous skarn horizons in the vicinity of the 2007 Discovery Hole which cut 89.30 m grading 0.61% Cu, 1.38 g/t Au, 13.6 g/t Ag and 0.044% WO3 starting at 23.16 m. The majority of the first 31 holes were drilled in close proximity to the Discovery Hole to better understand the controls of the mineralizing system. Results for these holes are presented in Table I and a map of the drill plan is shown on the accompanying map.



Table I - 2008 Diamond Drill Results

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Inter- From To Total Cu Au Ag WO3
Hole # val # (m) (m) (m) (%) (g/t) (g/t) (%)
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SKDH08-002 Not Assayed - cut hornfels only
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SKDH08-003 #1 22.00 40.00 18.00 0.40 0.69 8 0.070
#2 93.18 102.00 8.82 0.27 0.43 4 0.002
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SKDH08-004 #1 6.00 14.00 8.00 0.34 0.27 6 -
#2 90.93 126.00 35.07 0.25 0.35 7 0.019
#3 115.00 126.00 11.00 0.37 0.84 16 -
#4 187.52 191.88 4.36 0.17 2.90 3 0.002
#5 258.23 259.40 1.17 0.62 0.50 11 -
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SKDH08-005 #1 14.00 32.06 18.06 0.21 0.83 4 0.024
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SKDH08-006 #1 79.18 85.49 6.31 0.35 0.08 6 -
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SKDH08-007 #1 76.00 108.00 32.00 0.12 0.02 3 0.021
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SKDH08-008 #1 2.13 11.70 9.57 0.11 0.01 3 -
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SKDH08-009 #1 43.00 57.00 14.00 0.31 0.36 7 0.028
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SKDH08-010 #1 43.11 45.10 1.99 0.23 1.55 2 0.015
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SKDH08-011 #1 54.23 78.20 23.97 0.25 1.04 7 0.020
Including 76.30 78.20 1.90 1.35 12.20 43 -
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SKDH08-012 #1 6.20 9.05 2.85 0.19 0.36 3 0.404
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SKDH08-013 #1 87.52 90.71 3.19 1.01 0.01 17 -
including 87.52 89.02 1.50 1.72 0.01 29 -
#2 110.89 113.00 2.11 0.08 2.27 - -
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SKDH08-014 Not Assayed - cut marble and hornfels only
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SKDH08-015 #1 47.00 80.33 33.33 0.34 0.14 8 0.013
including 69.00 80.33 11.33 0.68 0.13 14 0.009
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SKDH08-016 #1 17.00 85.00 68.00 0.21 0.09 5 0.036
including 44.00 73.00 29.00 0.24 0.06 6 0.076
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SKDH08-017 #1 11.06 104.65 93.59 0.26 0.92 4 0.109
including 19.79 67.00 47.21 0.23 1.50 4 0.154
including 43.15 67.00 23.85 0.26 1.97 5 0.266
including 50.90 104.65 53.75 0.28 0.76 5 0.173
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SKDH08-018 #1 23.15 45.00 21.85 0.29 3.53 7 0.012
including 31.00 33.00 2.00 0.35 17.25 16 -
#2 59.48 120.68 61.20 0.25 0.28 4 0.094
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SKDH08-019 #1 37.30 113.19 75.89 0.69 2.86 15 0.049
including 50.97 107.36 56.39 0.81 3.24 17 0.066
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SKDH08-020 #1 17.70 47.84 30.14 0.24 0.22 5 0.037
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SKDH08-021 #1 30.92 90.25 59.33 0.28 0.79 6 0.079
including 60.04 85.80 25.76 0.34 0.71 7 0.098
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SKDH08-022 #1 9.87 97.40 87.53 0.24 0.61 5 0.011
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SKDH08-023 Lost Hole and Redrilled as 025
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SKDH08-024 #1 43.99 53.06 9.07 0.27 0.76 7 -
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SKDH08-025 #1 11.28 25.80 11.98 0.24 0.55 6 0.096
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SKDH08-026 #1 19.10 93.87 74.77 0.35 0.73 7 0.024
including 19.10 46.13 27.03 0.65 1.07 13 0.012
including 72.97 93.87 20.90 0.35 1.15 7 0.071
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SKDH08-027 #1 60.83 104.79 43.96 0.16 0.07 4 0.061
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SKDH08-028 #1 2.13 83.73 81.60 0.15 0.89 4 0.106
including 18.20 51.21 33.01 0.22 1.62 5 0.243
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SKDH08-029 #1 7.43 104.79 97.36 0.25 0.38 5 0.052
including 7.43 86.72 79.29 0.25 0.46 5 0.064
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SKDH08-030 NO SIGNIFICANT ASSAY INTERVALS ACROSS SUBSTANTIAL WIDTH
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SKDH08-031 #1 3.02 44.52 41.50 0.21 0.25 5 0.063
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SKDH08-032 NO SIGNIFICANT ASSAY INTERVALS ACROSS SUBSTANTIAL WIDTH
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(i) Represents true width


Visually, copper and tungsten mineralization is best developed within skarn veins, veinlets and fracture zones that crosscut and structurally overprint pre-existing skarn horizons. The dominant structural orientations hosting copper-gold-tungsten mineralization trend north northeasterly and east southeasterly as evidenced by insitu structural field data and structural analyses of vein and fractures documented in drill core. Metasomatic net texture replacement of sulphide minerals is also present within pre-existing skarn adjacent to structural zones but is less common. Sulphide and tungstate minerals within the skarn veins and adjacent alteration envelope consist of medium- to coarse-grained chalcopyrite, pyrrhotite, arsenopyrite, bismuthinite and scheelite. They range from weakly to heavily disseminated, to semi-massive and massive aggregates in various distributions. Gold mineralization appears to be best correlated with bismuth, however, Scanning Electron Microprobe analyses are underway to establish the mode(s) of occurrence specifically for gold and associations with the other sulphide species noted.

Dynamite has satisfied the requirements to earn a 100% interest in the Mike Lake property, subject to net smelter royalties in an aggregate of 2.5%, 1.5% of which can be purchased for $1.0 million, and of the remaining NSR of 1% is only payable on gold and silver production.

Industry standard QA/QC procedures were employed during the sampling and analytical work. Analyses were conducted and are currently underway at ALS Chemex Laboratories in North Vancouver using industry-standard fire assay and ICP techniques. The ALS Chemex Vancouver laboratory carries International Standards Organization (ISO) 9001:2000 registration and is accredited to ISO 17025 by Standards Council of Canada for a number of specific test procedures including fire assay Au by AA, ICP and gravimetric finish, and multi-element ICP and AA assays for Ag, Cu, Pb and Zn. Additional analyses are also being conducted at Acme Analytical Labs in Vancouver using phosphoric acid digestion and ICP-ES technique. Acme is currently registered with ISO 9001:2000 accreditation.

Work at the Mike Lake property was supervised by Mr. Bill Wengzynowski, P Eng., who is the qualified person for the project as defined by National Instrument 43-101. Mr. Wengzynowski has reviewed the technical content of this news release.

Forward Looking Statements

This press release may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, future drilling plans, estimates regarding the timing for resource modeling and the preparation of a 43-101 compliant technical report. Forward looking information is subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. A description of such risks and other factors can be found in the public record of the Company available under the profile of the Company on SEDAR at www.sedar.com. Forward looking information has been presented as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances.

To view a map associated with this release, please visit the following link: http://media3.marketwire.com/docs/dnr124map.pdf

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.

Contact Information

  • For more information concerning Dynamite Resources Ltd.
    or the Mike Lake Project please contact:
    Dynamite Resources Ltd.
    David Argyle
    (647) 203-8881
    or
    Dynamite Resources Ltd.
    Blair Krueger
    (416) 861-5914