NEW YORK, Dec 20, 2011 (BUSINESS WIRE) — S&P Capital IQ announced today that it has commenced Standard & Poor’s Factual Stock Report coverage on Duncan Park Holdings Corporation.
Duncan Park Holding Corporation (ts:TSXV)(otcqx:DCNPF) is a Toronto based minerals exploration company that is exploring for gold and other precious metals in the Red Lake mining district of north-western Ontario, Canada. DPH has entered into separate agreements with Sphere Resources Inc. (Sphere) with respect to two adjoining properties commonly referred to as the Dome and McManus properties. Pursuant to the agreements the company has acquired Sphere’s right to earn a 75% interest in the Dome property and a 100% interest in the McManus property by assuming Sphere’s earn-in obligations, subject to Sphere’s right to claw back a 51% interest in either property by the payment to Duncan Park of four times the amount expended for the property and subject to Net Smelter Royalty obligations (NSRs) to the underlying property owners. Thus, the company has the right to earn into 75% of the Dome property at a cost of approximately $1.0 million subject to Sphere’s right to claw back 51% at a cost to Sphere of approximately $4.0 million, leaving DPH with 24%, and the right to earn a 100% interest in the McManus property at a cost of approximately $1.2 million, subject to Sphere’s right to claw back 51% at a cost to Sphere of $4.8 million leaving the company with 49%.
In April, 2010 Caracle Creek International Consulting Inc. (“CCIC”) was engaged to complete a review of the Dome Property, and prepared an Independent Technical Report. Concurrently, a shallow to intermediate depth Induced Polarization study was conducted on the land portion of the Dome property. The CCIC report indicates a large part of the Dome property overlies a quartz diorite intrusion, the Howey diorite, which hosts several past-producing gold mines and gold occurrences. CCIC concluded that the property warranted further exploration and recommended that a 1,500 meter diamond drilling survey be completed to test the two strongest geophysical anomalies. CCIC concluded that the water claims in the northern part of the Property have potential based on the historic exploration. CCIC recommended exploring the northern lake based claims with a Titan 24 induced polarization and magnetotellurics survey.
DPH subsequently acquired the earn-in interest on the abutting McManus patented claims and deferred drilling of the above targets pending the results of a more comprehensive geophysical survey. In February, 2011 a walking magnetic survey and an Induced Polarization (IP) study of the combined Red Lake properties was conducted. A number of coincident geophysical and geological targets characterized by high chargeability, magnetic contrast, observed alteration and sulphide mineralization were identified. Based upon these findings and the existing data DPH planned and executed a 15 hole $975,000 drilling program on the combined land based claims. The company is encouraged by the results received because the exploration on the McManus patented mining claims has identified the occurrence of quartz veining, sulphide minerals and anomalous gold values within a structural zone, which, in combination, is indicative of a mineralizing system. A winter drilling program on both properties is currently in the planning stages. In general, subject to the availability of flow-through funding, and when ice conditions on Red Lake permit it is expected to include a comprehensive program on the westerly lake based claims of both properties.
Standard & Poor’s Factual Stock Report coverage on Duncan Park Holdings Corporation will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.duncanpark.com for additional information.
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SOURCE: S&P Capital IQ
Duncan Park Holdings Corp
Harold J. Doran, CFO
S&P Capital IQ
Richard Albanese, 212-438-3647
Michael Privitera, 212-438-6679