Dakota Territory Resource Corp Announces Historic Mine Sample Data
Reno, Nevada, April 15, 2014 (GLOBE NEWSWIRE) -- Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce that the Company has acquired the historic Deadbroke Mine sample data collected by Homestake Mining Company in the 1970's through a commercial use agreement with the Homestake Adams Research and Cultural Center located in Deadwood, SD. The Homestake Adams Research and Cultural Center hosts the 125-year record of Homestake's mining activities in the Northern Black Hills of South Dakota, including data sets and technical reports for the Homestake Mine and other properties.
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Dakota Territory's recently acquired Deadbroke Mine began operations in the earliest days of the 1870's Black Hills Gold Rush and continued to produce gold through the 1920's by underground room and pillar methods at depths ranging from 100 to 200 feet below surface. Gold mineralization at the Deadbroke Mine is hosted in a flat lying quartz-pebble conglomerate similar to Jacobina conglomerate gold mines of Bahia, Brazil.
In 1973, Homestake Mining Company entered into a mining lease on the Deadbroke Property based on interest generated by a report authored by Homestake Geologist, Ross R. Grunwald and entitled "Ore Potential of The Deadbroke Mine and Other Northern Black Hills Conglomerate Ores", a copy of which will be posted on the Company's website. In 1974, Homestake dewatered the Deadbroke Mine and conducted a comprehensive mine mapping and sampling program. A total of 214 channel samples were collected by Homestake Geologists from the perimeter of accessible stope and development headings, as well as from pillars left in stopes. The average gold value for the 214 channel samples taken was 0.074 ounces per ton taken over an average sample length of 6.0 feet (see Deadbroke Mine Map at link/attachment). Remnant pillar sample values were considerably higher at an average gold grade of 0.126 ounces per ton, including a peak gold sample value of 0.750 ounces per ton taken from the back at the south end of the mine workings. The higher sample values obtained from pillars near the center of the production headings is indicative of a higher grade core ore body surrounded by a halo of lower grade mineralization that was apparently marginal at the $20.67 per ounce gold prices that prevailed while the Deadbroke Mine was in operation.
With the extensive historic data now available to Dakota Territory, the Company has commissioned Brian Leslie Cole of Vineland, Ontario, Canada to prepare an independent Preliminary Technical Assessment Report in the form of National Instrument 43-101 on the Property.
In addition, Dakota Territory intends to conduct its first drill program on its Paleoplacer Property during the summer of 2014. The drill program has been designed to:
· Test the extent and grade of gold mineralization surrounding the Deadbroke Mine workings.
· Test the extent and grade of gold mineralization surrounding the Gustin and Minerva Mine workings that were not sampled by Homestake in the 1970's.
· Test the extension of the higher grade core mineralization of the channel from the Deadbroke Mine northward 1,800 feet to the discovery indicated by Homestake Mining Company's historic drill programs of the late 1980's.
Brian Leslie Cole, P. Geo, a Qualified Person and independent of the Company, has reviewed and approved the technical disclosure contained in this news release.
About Dakota Territory Resource Corp
Dakota Territory Resource Corp. is a Nevada Corporation with offices located at Reno, Nevada. Dakota Territory is committed to creating shareholder value through the acquisition and responsible exploration and development of high caliber gold properties in the Black Hills of South Dakota.
In terms of total historic US gold production, the Black Hills ranks second only to the Carlin District of northeast Nevada, with the gold production of the Black Hills concentrated in a 100 square mile area known as the Homestake District. Dakota Territory maintains 100% ownership of three mineral properties including the Blind Gold, City Creek and Homestake Paleoplacer Properties, all of which are located in the heart of the Homestake District and cover a total of approximately 3,057 acres. The Blind Gold Property is located approximately 4 miles northwest and on structural trend with the historic Homestake Gold Mine. Through its 125 year production history, the Homestake Gold Mine produced approximately 40 million ounces of gold and is the largest iron-formation-hosted gold deposit in the world
In the 1980's and 1990's Homestake Mining Company undertook a $70 million exploration program managed by Richard Bachman, president and chief executive officer of Dakota Territory that was focused primarily on the search for a repeat of the Homestake Mine. This program successfully discovered significant new gold mineralization beyond the confines of the producing mine, demonstrating repeatability and the potential for additional gold deposits in the Homestake iron-formation host. This program also proved the continuous extension of the Homestake iron-formation to a distance of approximately 4 miles from the producing mine and under the Blind Gold Property.
Dakota Territory Resource Corp. is uniquely positioned to leverage Management's extensive exploration and mining experience in the Black Hills of South Dakota with Homestake Mining Company. For more information on Dakota Territory, please visit the Company's website at http://DakotaTRC.com/.
Investor Relations
Investor Relations Contact: For more information, please contact Constellation Asset Advisors, Inc. (775) 771-5808
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission ("SEC") limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. Our property currently does not contain any known proven or probable ore reserves under SEC reporting standards. Our reference above to the various formations and mineralization believed to exist in our property as compared to historical results and estimates from other property in the district is illustrative only for comparative purposes and is no indication that similar results will be obtained with respect to our property. U.S. investors are urged to consider closely the disclosure in our latest reports filed with the SEC. You can review and obtain copies of these filings at http://www.sec.gov/edgar.shtml.
Safe Harbor Statement
This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made. Readers are advised to review our filings with the Securities and Exchange Commission that can be accessed over the Internet at the SEC's website located at http://www.sec.gov.
A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=24759
