Reno, Nevada, July 30, 2014 (GLOBE NEWSWIRE) -- Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company"), is pleased to announce that the Company currently plans to commence its first drill programs in the Homestake District of the Black Hills of South Dakota this September. The Company's first holes will be drilled on the Homestake Paleoplacer, a fossil gold placer deposit sourced from the legendary Homestake Lode, located approximately one mile south of Dakota's Paleoplacer Property. Between 1876 and 2002, the Homestake Lode yielded just over 40 million ounces of gold valued at $52 billion at today's $1,300 gold price.
In preparation for its planned programs, Dakota Territory has engaged Dr. James E. Fox to provide his unique experience and expertise in the targeting and execution of the Company's paleoplacer drill program. In the late 1980's and early 1990's, Dr. Fox conducted pioneering geologic research in association with Homestake Mining Company on the lower stratigraphic units of Deadwood Formation, which hosts the gold mineralization of the paleoplacer deposit. In his research with Homestake Mining Company, Dr. Fox examined numerous rock outcrops and the drill core from over 25 exploration holes that penetrated the lower Deadwood strata within the Homestake District. Dr. Fox's detailed core analysis revealed eight distinct sedimentary facies of the lower Deadwood Formation, which are distinguished by the unique association of compositional and textural properties, sedimentary structures, and, occasionally, paleontological features. Two of the sedimentary facies are exclusively correlated to the high grade gold mineralization of the paleoplacer deposit and, upon identification in the core, can be used to help direct ongoing drilling operations designed to extend the core mineralization of the paleochannel.
Richard Bachman, Dakota Territory's President and CEO stated "It has been estimated that 10 million ounces were eroded from the Homestake Lode, of which only 1.5 million ounces have been found and mined to this date. In the mining business, it is certainly a rare opportunity to have evidence supporting the existence of a multi-million gold deposit located just over a mile from its 40 million ounce source. We are obviously excited to start drilling".
About Dr. James E. Fox
Dr. James E. Fox earned his Master's of Science Degree in Geology from University of South Dakota, followed by his Ph.D. in Geology from University of Wyoming in 1970. Dr. Fox began his professional career as an exploration geologist with Texaco Inc., and in 1974, became a research scientist with the USGS mapping in the Brooks Range of Alaska. In 1976, Dr. Fox joined the academic ranks of the Department of Geology and Geological Engineering, South Dakota School of Mines and Technology at Rapid City, SD.
During his career at SDSM&T, Dr. Fox maintained his affiliation with the USGS and participated in the assessment of on-shore domestic petroleum resources of the Unites States and the petroleum resources of Iraq and Saudi Arabia. As Chairman of the Department, and Professor of Geology and Geological Engineering at SDSM&T, Dr. Fox directed graduate student research projects dealing with sedimentary geology, and petroleum geology of the Powder River Basin, Black Hills and northern Rocky Mountain region.
Dr. Fox has to his credit numerous publications summarizing the results of his geological research, is certified as a Professional Geologist by The Wyoming Board of Professional Geologists and is currently Professor Emeritus of Geology and Geological Engineering at SDSM&T.
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 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.
Source:Dakota Territory Resource Corp