Reno, Nevada, March 31, 2015 (GLOBE NEWSWIRE) -- March 24, 2015 -- Dakota Territory Resource Corp (OTCQB: DTRC) ("Dakota Territory" or the "Company") is pleased to announce new findings regarding the Company's research on the Homestake Paleoplacer Project. These new findings come from on-going research conducted by Dakota Territory in conjunction with Dr. James Fox that has identified debris flow and fluvial conglomerate facies of the basal Deadwood Formation as the exclusive host rock for the Paleoplacer gold deposits.
The gold Paleoplacer deposits of the Homestake District are derived from the erosion of 40 million ounce Homestake Lode. In 1973, Dr. Ross R. Grunwald authored a technical report for Homestake Mining Company that reported that the first 330 vertical meters of the Homestake Deposit yielded approximately 30,000 ounces per vertical meter. Given the demonstrated symmetry of the various ore ledges of the Homestake deposit, Dr. Grunwald concluded that some 10 million ounces of gold was eroded from the lode at approximately 570 million years ago and deposited into ancient drainages on the regolith surface. The extensions of these drainages under cover of the younger sedimentary and igneous surface rocks are now the target of Dakota Territory's exploration program.
Historic core holes drilled in 1980's into basal Deadwood Formation show a direct correlation of the gold mineralization to debris flow and fluvial conglomerate facies (gold values up to 14.9 grams of gold per tonne). These gold correlated conglomerate facies extend from the Homestake Lode over a distance of 2 kilometers to Dakota Territory's Homestake Paleoplacer Property. The Homestake Paleoplacer Property is currently permitted for drilling, which is planned to start this summer.
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 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.
Source:Dakota Territory Resource Corp