TORONTO, ONTARIO--(Marketwire - April 26, 2012) - Duncan Park Holdings Corporation (TSX VENTURE:DPH)(OTCQX:DCNPF) is pleased to announce that despite the unseasonably mild winter conditions, the Company was able to complete most of its planned winter core drilling program on its contiguous Dome and McManus claim groups that are subject to the earn-in agreements with Sphere Resources Inc. in the prolific Red Lake gold Camp of northwestern Ontario. This work consisted of two holes on the Dome claims and two holes on the McManus Patents.
The intent of the Dome drilling was to position the projected intersection of two geological structures interpreted to host gold systems within the Red Lake Gold camp. These structures are inferred from projections of the basic geologic framework adjacent to and under Red Lake that had been developed from government mapping and Company reconnaissance mapping. Drilling on the McManus Patents was intended to test the northwest extension of the newly discovered McManus/Chukuni Mineralized Zone (Press Release dated November 14, 2011).
The two Dome holes, drilled 1.6 km west of the McManus Gold system, confirmed the projection of contacts between the Howey Diorite on the south, a relatively thin (+/- 350 m) middle unit of iron-carbonate altered volcano-sedimentary rocks and an assemblage of mafic volcanic rocks on the north. Drilling has penetrated and positioned these contacts. The Company believes that this structural contact zone may represent part of the northeast trending Flat Lake/Madsen/Goldcorp deformation zone proposed by the Ontario Geological Survey in the 1980's. Hole SD12-09 returned 0.34 g/t gold over a 3m core interval at 175m down-hole (146m vertical).
The two holes on the McManus Patents were step-out holes drilled 150m and 300m west of the 2011 drilling on the westerly projection of the northwest trending McManus/Chukuni Mineralized Zone beneath Red Lake. These holes confirmed the continuation of the Zone and the presence of low grade gold mineralization, but did not encounter significant precious metal mineralization. Hole SM12-12, 300m west, intersected 0.288 g/t gold over 9.0m between 399.0-408.0m down-hole, a vertical depth of 297.5m. Assay intervals generally appear sub-vertical. True widths can be estimated at 0.6 X sample interval width.
A total of six diamond drill holes comprised of 2,121m were collared from four ice pads on Red Lake. Two holes were aborted due to overburden conditions.
Geochemical results have been received and will be incorporated into the extensive database evolving from the Company's work program. These data will be studied over the next few months as part of the planning for the next phase of drilling that, subject to available financing, is expected to be carried out over the summer of 2012. The summer program will be planned to extend and define the McManus/Chukuni mineralized zone and to continue the exploration of the rest of the large, highly prospective, land holding.
|2012 Dome and McManus Project Drill Program - Significant Assay Results *|
|(* Arbitrary analytical results greater than 0.1 g/t Au)|
Nad83 Z 15
|Hole Elev||Hole Attitude
|Sample Interval From - To (m)||Sample
True Width ~ 0.6 * Sample width
|SD12-06||444260.4, 5653628.5||356.03||360, -50||402.0||46.5-48.0||1.5||0.193||Intersection Madsen
& Chukuni Trend
|SD12-07||444260.7, 5653395.4||355.96||360, -50||63.0||Hole aborted in overburden|
|SD12-08||444260.7, 5653395.4||355.96||360, -55||60.0||Hole aborted in overburden|
|SD12-09||444260.7, 5653395.||355.76||360, -58||396.0||172.0-175.0||3.0||0.342||Intersection Madsen & Chukuni Trend|
UTM Nad83 Z 15
|Hole Elev||Hole Attitude
|Depth (m)||Sample Interval From - To (m)||Sample Interval(m) True Width ~ 0.6 * Sample width||Au (g/t)||Target|
|SM12-11||445475.4, 5653046.3||356.05||020, -50||600.0||285.0-286.5||1.5||0.112||McManus-Chukuni Sulphide Zone|
|356.07||200, -45||600.0||46.5-48.0||1.5||0.193||McManus-Chukuni Sulphide Zone|
The drill program followed accepted mineral industry practices. All drill core was delivered to the secure core handling facility in Red Lake, where it was geologically logged, photographed, and geologically marked for sampling by the QP. Samples were then cut in half by diamond-bladed core saw, bagged, tagged and shipped to Accurassay Laboratories, an independent commercial ISO 17000 certified analytical laboratory in Thunder Bay, Ontario for fire assay-atomic absorption analysis, and by ICP geochemical analysis. The drill core and samples were kept secure by the drill contractor, by company field crew, the bonded carrier and analytical facility following established chain-of-custody protocols. Quality control checks were completed by the random insertion of two certified reference standards and a blank standard into the sample stream by the on-site QP. As well, Accurassay maintain their internal QA/QC program. The remaining half core is being stored on the property, and sample material secured in Thunder Bay.
Gord Yule, P.Geo., Project Manager and a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the contents of this press release. Mr. Yule has verified the data disclosed including all sampling, analytical and test data provided in this press release.
About Duncan Park
Duncan Park is a Toronto-based mineral exploration company exploring for gold and other precious metals in Ontario's prolific Red Lake gold mining district. The Company is party to earn-in option agreements with respect to the contiguous Dome and McManus claim groups.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Duncan Park's exploration plans and drilling results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Duncan Park to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors, future commodity prices, market conditions, obtaining necessary financing and requisite regulatory and other approvals, changes in foreign exchange and interest rates, government regulation, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with exploration and development activities, availability of skilled labour and equipment, the speculative nature of gold exploration and development, contests over title to properties, and changes in project parameters as plans continue to be refined, as well as those risk factors discussed in Duncan Park's management's discussion and analysis for the period ended February 28, 2012, available on www.sedar.com. Although Duncan Park has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information. Duncan Park does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.