Company Adds Gold Targets in Prolific District
Reno NV, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Dakota Territory Resource Corp(OTCQB: DTRC)
("Dakota Territory" or the "Company"), is pleased to announce that
it has substantially increased the Company's property holdings
through the acquisition of three groups of unpatented lode mining
claims covering approximately 853 acres in the Black Hills of South
Dakota. The property acquisition is located in the
heart of a district that has produced approximately 50 million
ounces of gold over the past 135 years and is situated to the west,
south and southeast of the Company's Blind Gold Property.
With the addition of the new property, Dakota Territory has
increased the size of its land package in the Black Hills by
approximately 50% to nearly 2,466 acres in total.
In announcing the property acquisition, Richard Bachman,
President and CEO of Dakota Territory stated "We are very excited
to have acquired properties that we believe hold significant gold
exploration potential. Much of this land was explored by
Homestake Mining Company during the 1970's, 80's and 90's, from
which we have knowledge to build on. This acquisition adds
substantial depth to the Company through the addition of several
new gold targets".
The Company acquired the property from Black Hills Gold
Exploration LLC on December 31, 2012, for a purchase price of one
million restricted common shares of Dakota Territory valued at
$0.15 per share, or $150,000.00. The property is
comprised of three blocks of claims in close proximity to the
Company's Blind Gold Property:
About West False Bottom Creek and Paradise Gulch Claims
Group Comprised of twenty-three
unpatented lode mining claims, the West False Bottom Creek and
Paradise Gulch claims are located immediately to the south and west
of the Blind Gold Property. The property is overlain by rocks
of the Mississippian Paha Sapa Limestone and Cambrian Deadwood
Formation that are intruded by Tertiary-age Rhyolite, Quartz
Trachyte, and Phonolite igneous rocks, all of which are hosts for
gold elsewhere in the district. Numerous historic prospect
pits, adits, and shafts have been excavated on the property
suggesting the occurrence gold mineralization at multiple
locales. The possibility exists for Homestake type gold
mineralization under the cover rocks on the property because the
Homestake stratigraphic sequence (Ellison, Homestake, and Poorman
Formations) outcrops just south of property.
About City Creek Claims Group The City Creek
Claims Group consists of twenty-one unpatented lode mining claims
located one mile northeast of the Homestake Open Cut and one mile
northwest of City of Deadwood. The City Creek property
geology is dominated by rocks of the Homestake stratigraphic
sequence, mainly the Ellison, Homestake, and Poorman formations
that outcrop at the surface across the property. This
stratigraphy has been mapped by USGS geologists and was drilled by
Homestake Mining Company in the 1970's and 1980's.
Homestake's drilling intersected weak gold
mineralization in Homestake formation under the City Creek property
in the classic quartz vein, chlorite-arsenopyrite
mineralization. The Homestake formation that outcrops
on the City Creek property is complexly folded and represents the
extension of Homestake formation northeast from Caledonia and Main
Ledge ore bodies at the Homestake Mine.
About Homestake Paleoplacer Claims
Group The Homestake Paleoplacer property consists of
thirteen unpatented lode mining claims located one mile north of
the Homestake Open Cut. Tertiary-age rhyolite intrusive rocks
dominate the outcrop on the property, along with limited outcrops
of Cambrian Deadwood formation contained within the rhyolite
intrusive. The rhyolite is in the form of a sill/laccolith 50
to 500 feet thick that overlies the basal quartz pebble
conglomerate units of Deadwood formation, that in this area
represent the extension of gold bearing paleoplacers sourcing from
the Homestake lode at the Open Cut. More than 10 million
ounces of gold are estimated to have been eroded from the Homestake
lode, principally from the Caledonia, Main Ledge, and DeSmet ore
bodies. Between 1875 and 1910, approximately 1.5 million
ounces of gold were produced from paleoplacer mines including the
Minerva, Deadbroke, Baltimore & Deadwood, Esmeralda, Hidden
Treasure, Pinney, Omega, Deadwood-Terra, Hawkeye-Pluma, Gentle
Annie, and Monitor mines. Homestake Mining Company drilled at
least 23 drill holes in the area testing the basal Deadwood
conglomerate under the Homestake Paleoplacer property, which
discovered significant gold mineralization with gold geochemistry
consistent with the paleoplacer gold deposit model (low silver and
low base metals) at a distance approximately 1,800 feet north of
the Deadbroke mine, the farthest north known producing paleoplacer
mine.
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 the 1,612 acre Blind Gold Property
located approximately 3 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 dollar exploration program managed by Richard Bachman,
President and CEO of Dakota Territory Resource Corp that was
focused primarily on the search for a repeat of the Homestake Mine.
This program successfully discovered significant new gold
mineralization two miles northwest of the producing mine and
conclusively proved the continuous extension of the Homestake
iron-formation host to a distance of approximately 3 miles and
under the Blind Gold Property. Low gold prices forced the
suspension of the Homestake effort in 1994 and no further work was
conducted prior to the closing of the Mine in 2002.
Dakota Territory Resource Corp. is uniquely positioned by the
experience of its management team to leverage the extensive
exploration efforts of the past, beginning at the point where the
Homestake program ended in 1994. For more information
on Dakota Territory Resource Corp please visit the Company's
website at http://dakotaterritoryresource.com/.
Investor Relations
Investor Relations Contact: For more information, please contact
Constellation Asset Advisors, Inc. (415) 524-8500
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.