Duncastle Gold Corp.
TSX VENTURE : DUN
FRANKFURT : 5D3

Duncastle Gold Corp.

August 31, 2011 10:15 ET

Duncastle Continues to Expand Mineralized Zone at Porphyry Creek

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2011) - Duncastle Gold Corp. ("Duncastle") (TSX VENTURE:DUN)(FRANKFURT:5D3) reported today that assay results from the first two of a six core hole, 2,583 meter drill program on its Porphyry Creek project, located 30 kilometers northwest of Smithers, BC, continue to outline thick and strongly anomalous intervals of copper and molybdenum mineralization, which was first identified in 2010 drilling. The 2011 drill program targeted the Sultana prospect which is one of five high priority targets identified on the 136 square kilometer Porphyry Creek property.

Holes PC11-04 and PC11-05 drilled to the west and south of the 2010 discovery holes and within an 800 meter by 1,200 meter area of coincident high conductivity and low magnetic susceptibility which forms the primary target at the Sultana prospect. The holes were drilled 220 meters apart and were cored for 616.7 meters and 588 meters respectively to test the eastern side of the target anomaly. Both holes intersected thick intervals of intrusive rock with variable amounts of quartz veining, and copper and molybdenum sulphides throughout the entire drilled intervals.

Drilling encountered several significant intervals of >0.1% copper including:

  • a 51 meter interval averaging 0.11% copper and 0.021% molybdenum (0.22% CuEq) within an overall 611.7 meter interval averaging 0.07% copper and 0.009% molybdenum (0.12% CuEq) from hole PC11-04; and
  • a 36 meter interval averaging 0.11% copper and 0.029% molybdenum (0.26% CuEq) within an overall 398.0 meter interval averaging 0.07% copper and 0.008% molybdenum (0.11% CuEq) from hole PC11-05.

Both drill holes ended within 10 meters of strongly anomalous mineralization and demonstrate a greater continuity between mineralized intervals averaging >500ppm copper and >100ppm molybdenum when compared to Duncastle's previous drilling on the project (see NR-21-10, dated December 16, 2010).

These initial assay results clearly indicate a strengthening of the mineralizing system to the west and south of the 2010 drilling and at depth beneath the targeted geophysical anomaly. Drilling to date has covered an area of only 500 meters by 400 meters. Two overlimit assays are pending, as are results from the remaining four holes which tested areas both to the north and south of the present drilling.

President Michael Rowley said: "We continue to be impressed with the size of the mineralized system at Sultana, and look forward to receiving the remainder of assays in order to finalize our plans for continued drilling, likely to the south and west as grade appears to increase in these directions."

A reference map for the project can be viewed at:
http://duncastlegoldcorp.com/uploads/projects/16/sultana2011web.jpg

The table accompanying this press release can be viewed by clicking the following link: http://media3.marketwire.com/docs/DUNTAB831.pdf

About the Porphyry Creek Project

There are over 20 porphyry discoveries in the region, including Berg, Bell, Huckleberry, Mt Milligan, and Galore Creek among others, plus other deposit types (eg Eskay Creek). The Porphyry Creek claim group includes historic workings and numerous high-grade gold, silver and polymetallic showings around a distinct 10 kilometer long magnetic high with coincident copper, lead and zinc geochemical anomalies shown in government data and Duncastle's work to date.

About Duncastle Gold

Duncastle Gold Corp. is a Vancouver-based gold exploration company with mineral claims covering or surrounding past producing mines in northwest and southeast British Columbia, Canada. Duncastle has assembled contiguous claim blocks totaling more than 210 sq km in these two historic and productive regions.

As part of the Manex Resource Group, Duncastle benefits from shared expertise in corporate finance, public company administration, investor relations, 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 C$300 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.

Contact Information

  • Duncastle Gold Corp.
    Michael Rowley
    President, Director
    1.888.456.1112 or 604.641.2742
    mrowley@mnxltd.com

    Duncastle Gold Corp.
    Liana Shahinian
    1.888.456.1112 or 604.641.2773
    liana@mnxltd.com
    duncastlegoldcorp.com