Daulton Capital Corp. (OTCBB: DUCP), a gold and precious metals exploration company, is pleased to announce that is has acquired 750,000 hectares (1,853,250 acres) in gold rich Papau New Guinea.
In a strategic partnership with South Pacific Connection Limited (ELA 1857) of Papau New Guinea, Daulton Capital Corp. has acquired 80% working interest in the Wewak Prospect.
The property is located in the world renowned Prince Alexander Mountain Range; known to be a prolific gold producing area with other current operators including Newmont Mining, Barrick Gold, Goldminex, Xstrata, Harmony Gold and Frontier Resources.
Papau New Guinea is strategically located along the Pacific Rim of Fire, the dynamic circum-Pacific volcanic belt that is host to large copper-gold porphyry systems and a number of world-class epithermal gold deposits.
Targets are very high grade epithermal and skarn gold, bulk mineable intrusive related gold and porphyry copper-gold-molybdenum deposits.
Alluvial gold is currently being worked into present day streams from extensive uplifted auriferous palaeogravels. This includes the flanks of the Jurassic metamorphic and intrusive core of the Prince Alexander Mountains. The area's gold is accompanied by traces of platinum in the area with minor primary gold and base metal mineralization associated with hydrothermally altered intrusions. The Prince Alexander Mountains has an extensive history of the locals mining of high distinction alluvial gold for decades.
A spokesperson for Daulton Capital commented, "We are looking forward to working with South Pacific Connection Limited to advance our strategically positioned Wewak Prospect and are anxious to get our work program under way as quickly as possible. Gold continues its upward thrust achieving a 7% gain in April alone, helping make our purchase potentially valuable for our shareholders."
The Company further announces that it has decided not to exercise the option agreements on the Ballarat and Hunker properties located in the Yukon and that the agreements have been mutually terminated with the leaseholder.
