|Dakota Territory Resource Corp Signs Lease Option Agreement Company Secures 5-Year Extension for Key Paleoplacer Property|
May 07, 2019 11:15 ET | Source: Dakota Territory Resource Corp
Reno, NV, May 07, 2019 (GLOBE NEWSWIRE) --
Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce that the Company has entered into a new five-year Lease With Option to Purchase Agreement for the Squaw and Rubber Neck Lodes that comprise Mineral Survey 1706 in the Black Hills of South Dakota. Mineral Survey 1706 is a key component of the Company’s overall Homestake Paleoplacer Property position, which currently consists of a total of 365 mineral acres covering approximately 1,750 meters of the channel trend extending northward from the Dakota Territory’s past-producing Gustin, Minerva and Deadbroke Mines.
The Homestake Paleoplacer Channel is believed to have carried approximately 10 million ounces of gold away from exposure of the lode source at the site of the Homestake Gold Mine. In the 1980’s and 1990’s, Homestake Mining Company undertook drill programs that successfully located the buried fossil placer approximately 550 meters north of the Deadbroke Mine, the last producing mine on the channel trend at the point that the channel disappeared under the cover of younger sedimentary and igneous rock formations.
The Channel Extension (CE) drill program cut a total of 5,726 meters from 27 drill holes, including CE 12A and CE 16, both of which were collared and drilled on Mineral Survey 1706. Drill hole CE 16 intersected 3 meters of flat lying quartz-pebble conglomerate of the basal Deadwood Formation assaying 5.85 grams per ton gold at a depth 164 meters below the surface. Additionally, drill hole CE12A intersected 2 meters of Deadwood Formation assaying 8.46 grams per ton gold at a depth of 192 meters below the surface.
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.
Dakota Territory maintains 100% ownership of three gold properties covering approximately 4,059 acres in the heart of the Homestake District, including the Blind Gold, City Creek and Homestake Paleoplacer Properties. Dakota Territory is uniquely positioned to leverage Management’s extensive exploration and mining experience in the District with Homestake Mining Company. For more information on Dakota Territory, please visit the Company's website at http://DakotaTRC.com/.
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.
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