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Message: Dynamite Resources Provides Exploration Update on Its Mike Lake Project

Dynamite Resources Provides Exploration Update on Its Mike Lake Project

posted on Apr 10, 2008 06:33AM
Dynamite Resources Provides Exploration Update on Its Mike Lake Project


TORONTO, ONTARIO, Feb 06, 2008 (MARKET WIRE via COMTEX News Network) --

Dynamite Resources Ltd. (TSX VENTURE: DNR) is pleased to provide final results from its 2007 diamond drilling and prospecting program and outline its 2008 exploration program at the Company's Mike Lake gold-copper project in west-central Yukon. The property, located in the prospective Tintina Gold Belt, is 25 km north of the former Brewery Creek gold mine and 70 km northeast of the world famous Klondike Goldfields.

In 2007, nine holes were drilled over three targets with a combined total of 1,827 m of BTW diamond drilling (Upper Skarn Ridge (one hole), the Anvil Stock (three holes) and Bindie Birdie (five holes)).

Upper Skarn Ridge - Discovery Hole

Results from the Upper Skarn Ridge Discovery Hole were presented in a news release dated 11 October 2007 which cut a section of skarn mineralization grading 0.61% Cu, 1.38 g/t Au and 13.6 g/t Ag over 89.31 metres near surface. Dynamite added tungsten oxide assays to the Discovery Hole in an announcement dated 29 January 2008 with grades averaging 0.044%.

Anvil Stock - Three Holes

The Anvil Stock is located in the northern part of the property about five km north-west of the Upper Skarn Ridge target. It hosts a sheeted fracture system within one of three Tombstone Suite stocks mapped within the claim block. Fractures are typically rusty weathering and are variably mineralized with minor chalcopyrite, arsenopyrite, pyrite, pyrrhotite and rare bismuthinite. Diamond drilling completed in three holes beneath the strongest copper- and gold- in soil geochemical anomaly tested a 640 m section across the dominant fracture orientation.

Mineralization observed in the drill core consists of finely disseminated chalcopyrite, pyrite, arsenopyrite and pyrrhotite in both the intrusive groundmass and in quartz and/or calcite fracture fillings. Fracture density in the core was much lower than the density observed in surface exposures. All three holes returned geochemically anomalous values for copper and gold with peaks of 0.21% Cu and 568 ppb Au across 1.70 and 2.97 m, respectively.

Prospecting near the southern contact between the Anvil Stock and the metasedimentary rocks discovered well mineralized talus. A sample of this material returned 0.84% Cu, 2.41 g/t Au and 24.9 g/t Ag. This metasedimary-hosted target has not been tested by diamond drilling and indicates potential for Skarn Ridge type mineralization peripheral to the Anvil Stock.

Bindie Birdie - Five Holes

The Bindie Birdie prospect is located 5 km south of the Upper Skarn Ridge. It is defined by a 600 m long by 50 m wide gold-in-soil geochemical anomaly with values ranging from 0.59 to 6.0 g/t. The anomalous soil samples were collected along two gossanous, east trending, steeply dipping shear zones exposed near the headwall of a cirque. On the west side of the cirque, the shear zones are approximately 150 m apart but coalesce into a single structure before reaching the east cirque wall. Samples of semi-massive arsenopyrite vein talus collected within the area of anomalous soil geochemical response returned peak values of 8.37 g/t Au, 68.7 g/t Ag and 0.11% Cu.

The 2007 diamond drilling tested beneath the shear zones on two section lines 300 m apart. Mineralization was encountered in all five drill holes and consisted of finely disseminated pyrite arsenopyrite galena within carbonate healed breccia, fracture and crackle zones. Significant results are shown in Table I.

Table I
Significant 2007 Drill Results - Bindie Birdie Target
Drill Hole From To Interval Ag Au
(m) (m) (m)(i) (g/t) (g/t)
BB-07-01 17.37 17.88 0.51 5.3 0.908
41.32 42.93 1.61 75.0 0.037
Including 41.32 41.66 0.34 269 0.049
42.65 42.93 0.28 93.2 0.156
BB-07-02 46.76 47.52 0.76 21.3 0.090
BB-07-03 138.81 140.20 1.39 125 0.143
Including 138.81 139.73 0.92 59.2 0.106
139.90 140.20 0.30 390 0.321
BB-07-04 85.32 86.07 0.75 40.0 0.659
BB-07-05 65.67 67.12 1.45 115 0.049
Including 65.67 66.12 0.45 313 0.090
78.04 79.54 1.5 69.7 1.333
Including 78.94 79.54 0.6 120 2.030
(i)True widths are approximately 80% of the reported interval.

2008 Drill Program - 10,000 metres planned

Dynamite is planning an aggressive 2008 exploration program at its Mike Lake Property with $5 million budgeted to attempt to delineate a resource around the Upper Skarn Ridge Discovery Hole and evaluate the potential of other Skarn Ridge type targets elsewhere on the property. (See Map 2 for 2007 Drill program and 2008 Proposed Diamond Drilling Program.) The 2008 program includes 10,000 m of diamond drilling.

Dynamite recently staked 36 additional claims which adjoin the existing south-west border of the property. These claims cover favourable "Skarn Ridge" stratigraphy adjacent to a suite of small intrusions. The previously documented quartz-carbonate-arsenopyrite mineralization on these claims reportedly returned up to 125.96 g/t Au from select specimens. The geological setting of this target closely resembles that of the Upper Skarn Ridge, but it has received little previous work and no drilling. Dynamite will take geochemical soil samples on these new target areas during the 2008 season.

Dynamite's Chairman, Stan Bharti stated that "Last year, we successfully located the Discovery Hole at the Upper Skarn Ridge target. In 2008, our drill program will focus on this target with the goal of determining the extent of mineralization and calculating a resource by December. We greatly anticipate the re-commencement of our exploration program in May."

All analyses for samples collected during the 2007 program were completed at ALS Chemex in North Vancouver using industry-standard fire assay and ICP techniques. The ALS Chemex Vancouver laboratory carries ISO 9001:2000 registration and is accredited to ISO 17025 by Standards Council of Canada for a number of specific test procedures including fire assay Au by AA, ICP and gravimetric finish, and multi-element ICP and AA assays for Ag, Cu, Pb and Zn.

Additional tungsten and check analyses were performed at Acme Analytical Laboratories Ltd. in Vancouver using industry-standard fire assay and ICP techniques. Acme is currently registered with ISO 9001:2000 accreditation.

The work at the Mike Lake property was supervised by Bill Wengzynowski, P Eng. who is the qualified person for the project as defined by National Instrument 43-101. Mr. Wengzynowski has reviewed the technical content of this news release.

About Dynamite Resources

Dynamite Resources is a Canadian mineral exploration and development company with a focus on three highly prospective projects. The Company is fully financed with approximately $30 million cash on hand.

Dynamite's projects include the Mike Lake Project in Canada's mineral rich Tintina Gold Belt (gold-copper); Lake Torrens, an IOCG(U) project adjoining BHP Billiton's Olympic Dam Mine in South Australia; and two uranium & gold properties in Kyrgyzstan's Tien Shan Mineral Belt. The Company plans to drill 30,000 m in 2008.

For more information concerning Dynamite Resources Ltd. or the Mike Lake Project please contact David Argyle, President and CEO, or Kelly Cody, Communications Manager, at (416) 861-2260.

Cautionary Note Regarding Forward-Looking Information. This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, statements regarding exploration prospects, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration and requirements for additional capital. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages, other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.








Contacts: Dynamite Resources Ltd. David Argyle President and CEO (416) 861-2260 Dynamite Resources Ltd. Kelly Cody Communications Manager (416) 861-2260

SOURCE: Dynamite Resources Ltd.

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