Dynamite Resources Ltd.

Dynamite Resources Ltd.

November 14, 2006 16:05 ET

Dynamite Resources Samples 3.48 g/t Au Over 17.23 m at Mike Lake

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) - Dynamite Resources Ltd. (TSX VENTURE:DNR) is pleased to announce results of 2006 diamond drilling at the Company's Mike Lake gold-copper project in west-central Yukon. The Mike Lake property is located about 25 km northeast of the former Brewery Creek gold mine and 70 km north of the world famous Klondike Goldfields.

Mike Lake hosts numerous bulk tonnage gold-copper and high grade gold prospects. The 63 sq km property is held under favourable terms that allow Dynamite to earn a 100% interest, subject to reasonable net smelter return royalties. The 2005 drill program comprised 2220 m of diamond drilling in 18 holes in total over the property. Highlights from the 2005 drill program included Hole NV-05-02 - 7.67 g/t Au over 18.43 m and Hole NV-05-12 - 12.42 g/t Au over 7.58 m.

A total of 2250 m of BTW diamond drilling in 17 holes was conducted on three targets within the central part of the Mike Lake property during 2006. The majority of the 2006 exploration was focused on the North Vein Zone where diamond drilling during 2005 identified skarn mineralization developed within a thick section of calcareous grit and argillite. The skarns are associated with the emplacement of Cretaceous syenite sills and dykes that have been traced by drilling for a strike length of roughly 500 m to a maximum depth of 130 m.

2006 Drill Results

Ten holes (1698 m) were drilled at the North Vein Zone to follow up 12 holes drilled in 2005. Significant results for these holes are summarized in the following table.

Hole Number From To Interval Gold Silver Copper
(m) (m) (m) (g/t) (g/t) (%)
NV-06-13 to 14 No significant gold values
NV-06-15 131.73 135.73 4.0 1.80 36.5 2.15
including - - 0.73 7.70 185 10.75
NV-06-16 123.89 133.20 9.31 1.05 - -
including - - 5.12 1.89 - -
including - - 0.44 19.8 3.3 -
163.30 164.49 1.19 - 48.4 2.07
NV-06-17 94.23 111.46 17.23 3.48 - -
including - - 7.84 5.05 9.0 0.47
NV-06-18 122.48 123.67 1.19 0.29 18.8 0.75
129.27 131.24 1.97 - 11.4 0.43
NV-06-19 to 22 No significant gold values

The other seven holes explored geochemical and geophysical anomalies elsewhere on the property. Three of these holes tested soil geochemical anomalies 1.2 km west of the North Vein Zone. They cut mineralized skarn and clay altered metasedimentary rocks but did not return significant gold results. The remaining four holes were located roughly 1.5 km southwest of the North Vein Zone. They were designed to test strong ground and airborne magnetic and airborne resistivity anomalies but none of these holes reached bedrock.

Blair Krueger, President and CEO of Dynamite Resources commented that "Drilling in this phase of the program has identified additional significant gold results at the North Vein Zone, some of which carry significant accessory copper and silver values. The geometry of the mineralizing system appears to be more complex than first anticipated as the gold rich intersections occur in parts of the skarn horizons but are not restricted to these horizons. Additional work is underway to better understand the geometric controls of this system. Gold and bismuth are strongly coincident within the gold bearing intersections of the North Vein Zone and this correlation will be utilized within the extensive Mike Lake surface soil geochemical database to localize additional targets. We are encouraged by this year's results and we look forward to next year's program".

Quality control and assurance

A rigorous quality control and assurance program was utilized, consisting of control samples and chain of custody protocols. The 2006 exploration was carried out under the supervision of Bill Wengzynowski, PEng, President of Archer, Cathro & Associates (1981) Limited, the project operator. Samples were transported by Archer Cathro senior personnel to Whitehorse where they were shipped by surface freight to ALS Chemex in North Vancouver. ALS Chemex is recognized as an ISO 9000 registered laboratory. The control sample results received for the drilling program demonstrated to Archer Cathro that the results are considered reliable. The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101. Mr. Wengzynowski is designated as the qualified person who reviewed this information.

Descriptions of the various targets can be viewed on the Company's website -www.dynamiteresources.com.


Per: Blair Krueger, President & C.E.O.


Contact Information

  • Dynamite Resources Ltd. or the Mike Lake Project
    Blair Krueger
    (416) 861-5879
    (416) 861-8165 (FAX)
    Dynamite Resources Ltd. or the Mike Lake Project
    Graham Downs
    (604) 688-2568
    Website: www.dynamiteresources.com