Catalyst PGM-Ni-Cu Project Receives Grant from the Government of Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 23, 2014) - Duncastle Gold Corp. ("Duncastle" or the "Company") (TSX VENTURE:DUN)(FRANKFURT:5D3) announced today that the Government of Yukon has awarded a Yukon Mineral Exploration Program grant to its Catalyst PGM-Ni-Cu Project, located 260 kilometers west of Whitehorse and adjacent to the Wellgreen PGM-Ni-Cu project, presently under advanced assessment by Wellgreen Platinum Ltd. with an Indicated Resource of 14.4 Mt at 0.68% Ni, 0.62% Cu, with 2.23 g/t Pt+Pd+Au grade, and an Inferred Resource of 446.6 Mt at 0.31% Ni, 0.25% Cu, with 0.87 g/t Pt+Pd+Au grade at a 0.22% NiEq cut-off (see Wellgreen Platinum Ltd. news release, June 18, 2012). The Yukon Mineral Exploration Program (YMEP) is a funding program designed to support individuals and companies in their search of mineral deposits by shouldering a portion of the risk capital required to explore for mineral occurrences. The Arch Zone, located on the western portion of Catalyst and adjacent to Wellgreen, may receive contribution funds in an amount equal to 50% of eligible exploration expenses up to $50,000 dollars, the maximum allotted by the Government of Yukon.

The Catalyst Project

The Catalyst Project is one of Duncastle's three PGM-Ni-Cu projects that, taken together, total over 262 square kilometers (km) in the Kluane Ultramafic Belt, a 600km-long sequence of igneous and sedimentary rocks extending from northern British Columbia through the Yukon and into Alaska. The Catalyst Project is located 35 km northwest of Burwash Landing and only 15 km south of the Alaska Highway along a maintained gravel road. The project covers 16,310 hectares, and is positioned directly northwest of and adjacent to the Wellgreen deposit, with portions of the project southeast and also adjacent to Wellgreen.

Several historic PGM-Ni-Cu showings are present at Catalyst. Within the Arch Zone, the Teck showing is located on the western edge of the Wellgreen property and consists of ultramafic rocks in fault contact with sedimentary rocks with historic assays of 0.36 g/t PGM+Au, 581 ppm Ni and 709 ppm Cu from chip samples over two meters. More recent results from the altered peridotite returned 0.535 ppmPGM+Au, 2,130 ppm Ni and 1,660 ppm Cu over 0.8 meters. Just over one kilometer to the north, the Conwest showing is a 90 meter-long exposure of oxidized, medium-grained gabbro with historic assays of 2,015 ppm Ni, 5,448 ppm Cu and 154 ppb Au. Numerous historic magnetic, EM and VLF anomalies on the property have also been identified that require follow-up prospecting and sampling (from Yukon Geological Survey Minfile Nos. 115G-026, -033, and -088, Assessment Report Nos. 094396, 093662, 017513, 092578, 092575, 092744, 094253, 094250, 094466, 094217, 017459). A previous YMEP grant was used to support geophysical and geochemical orientation surveys over the Arch Zone with positive results, and the new grant will be used to extend those surveys to untested anomalies.