Reno, NV, March 03, 2016 (GLOBE NEWSWIRE) -- Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company"), a gold exploration company with a portfolio of properties near the legendary Homestake Mine in the Black Hills of South Dakota, today provides shareholders with an on-going update and guidance for the Company’s initial drill program for 2016.
Dakota Territory has assembled a strategic 3,057-acre property position in one of America’s most famous and prolific gold districts, the Homestake District (the “District”). Over the past four years, Dakota Territory has acquired 100% ownership of the Blind Gold, City Creek and Homestake Paleoplacer Properties, all of which are located in the heart of the District and were formerly owned and explored by Homestake Mining Company. Dakota Territory will focus its first drill program on the Company’s Homestake Paleoplacer Property which the Company Geologist’s believe has a 2-million-ounce gold potential.
Homestake Mining Company undertook a core and reverse circulation drill program in the late 1980's designed to locate the extension of the Homestake Paleoplacer channel that is calculated to have carried approximately 10 million ounces away from the Homestake Lode. The historic Channel Extension (CE) drill program was conceived and managed for Homestake by Richard Bachman, Dakota Territory's President and CEO and consisted of 5,726 meters of total drilling in 27 drill holes. Approximately 33% of Homestake's Channel Extension drill holes intersected gold mineralization with gold values of greater than 1.0 gram per tonne.
Historic core hole CE16 intersected 3 meters of gold mineralization assaying 5.85 grams per tonne in a flat lying quartz-pebble conglomerate of the Deadwood Formation at a depth 164 meters below the surface with core hole CE12A intersecting 2 meters of 8.46 grams per tonne gold also in a quartz-pebble conglomerate at a depth of 192 meters below the surface.
The 2016 drill program will consist of 30 HQ core drill holes at an average depth of 200 meters per hole for a total of 6000 meters of new drilling. The objective of the new drill program is to validate the historic Homestake Mining Company 1980’s drilling by twining a number of the historic drill holes, extending known gold mineralization, and building new gold resources and reserves.
Of the 27 drill holes of the historic Homestake drill program, 25 are located on Dakota Territory Property. Dakota Territory has now completed the digital compilation of the extensive historic data that the Company has acquired over the past 24 months through the purchase of property along the channel trend, through the engagement of Dr. James Fox the principal investigator for Homestake Mining Company in the 1980’s, and from historic reports and data housed at the Homestake Adams Research and Cultural Center at Deadwood, South Dakota.
With its new digital database, the Company has for the first time modeled in 3 dimensions the configuration of the northward extension of the paleoplacer channel under the cover rocks.
“We believe that this new drilling program will open the potential of this exciting property and we look forward to reporting the results to you.” commented Richard Bachman.
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 CEO 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 Dakota Territory Resource Corp (775) 747-0667
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.
