Dynasty Drills 1.5M OF 246G/T at Thundercloud, ON Gold project

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DYNASTY GOLD DRILLS; 1.5M OF 246G/T, 3M OF 101G/T, 12.5M OF 25.66G/T, 28.5M OF 13G/T, 51M OF 7.35G/T GOLD

At Thundercloud Project, Ontario

2023-01-16 18:29 ET – News Release

Ms. Ivy Chong reports

DYNASTY GOLD DRILLS; 1.5M OF 246G/T, 3M OF 101G/T, 12.5M OF 25.66G/T, 28.5M OF 13G/T, 51M OF 7.35G/T GOLD

As a result of a review by the B.C. Securities Commission, Dynasty Gold Corp. is issuing the following news release to clarify its disclosure and to provide additional information for its press release issued on Jan. 10, 2023, to comply with National Instrument 43-101 guidelines. All information required under Section 3.3(2) of NI 43-101 has been added to the reported drill holes. The Thundercloud resource estimate has been disclosed in accordance with Section 3.5 of NI 43-101.

The company is pleased to release assay results from its phase 1 2022 maiden drill results at the Thundercloud gold property located 47 kilometres southeast of Dryden in northwestern Ontario. Four new angled NQ wire line core holes were drilled in the Pelham gold target area for a total of 987 metres of drilling. The assay results from sampling of these holes are reported in the attached table. These are the best assay results ever reported from Thundercloud, and constitute a new discovery of wide zones and high-grade gold-bearing quartz veins requiring further delineation.

Significant assay highlights:

  • DP22-02 intercepted 1.31 grams per tonne gold over 121.5 metres from 102 metres:
    • Including 15.06 g/t Au over nine m;
    • Including 43.47 g/t Au over three m.
  • DP22-03 intercepted 7.35 g/t Au over 51 m from 88.5 m:
    • Including 13.01 g/t Au over 28.5 m;
    • Including 25.66 g/t Au over 12.5 m;
    • Including 101 g/t Au over three m;
    • Including 246 g/t Au over 1.5 m.
  • DP22-04 intercepted 0.764 g/t Au over 40.5 metres from 120 m:
    • Including 8.61 g/t Au over three m;
    • Including 25.1 g/t Au over 1.5 m.

The true widths of the drilling intercepts are not known. The percentage of the core recovery for the drilling intercepts is approximately 99 per cent.

“We are thrilled with these outstanding results in our first drill program on the property. They are the highest gold grades, the longest and the widest intercepts ever drilled on the property. The data will assist in building a structural model for an NI 43-101 resource update and future drill target planning for resource expansion,” stated Ivy Chong, president and chief executive officer.

These four near-surface shallow holes were drilled in the southeastern and south-central portions of the known Pelham area. The first hole was drilled on the eastern edge of a magnetic low that may represent a fault boundary, with no significant gold mineralization in it. Holes 2, 3 and 4 were drilled in untested areas of magnetic highs identified in the drone magnetic survey conducted in summer 2022. These three holes encountered a new area of locally high-grade gold mineralization in quartz-veined mafic metavolcanics and overlying volcanic flow breccias. Quartz-veined rocks contained up to 246 g/t Au (7.91 ounces per ton) over a 1.5-metre core length. The company will sample the entire hole 3 in the coming months. The focus of the next drill program will be to outline the extent of the higher-grade gold mineralization away from the currently disclosed drill holes.

The host rocks at Thundercloud are metamorphosed mafic volcanic strata of the Wapageisi volcanics and local overlying flow breccias. These strata are of Neoarchean age. They were intruded by two phases of intrusive gabbros that later were transected by faults. Much of the low-grade gold mineralization found at Thundercloud is associated with a cloud of disseminated pyrite. Higher-grade gold mineralization is found locally with quartz veining and local sulphide enrichments. The company regards this gold mineralized area as worthy of further drilling. In addition, the property has several other mostly unexplored areas that show elevated magnetization, and these areas will be explored in the future by the company.

“Current assay results obtained by Dynasty Gold from the Thundercloud property are particularly of interest in that the results clearly indicate that the property has potential for both large-tonnage and high-grade vein deposits. Although only four holes were completed, intercepts such as 121 m of 1.31 g/t Au and 101 g/t over three m are selected examples of each type, with more present in the data set. Additional work obviously is required to establish economics, but the nature of the indicators to date is encouraging,” said Roman Shklanka, director.

The company thanks its dedicated team, contractors and the first nations whose efforts have made this drill program a success. It also would like to acknowledge the contribution by the Ontario junior exploration program (OJEP) to the company for the $60,000 grant toward furthering exploration on Thundercloud.

Quality assurance and quality control

The company’s exploration program was supervised in the field by Richard R. Redfern, MSc, CPG. The core samples were personally delivered by the George Downing Estate drillers from the drill rig to Dynasty personnel at the company’s field office in Dinorwic, Ont., where they were logged geologically and sample intervals selected. The cores were securely transported to Dryden, Ont., and diamond sawed in the presence of the company’s consulting engineer, Dr. Bing Wang, PhD, PEng. The samples were personally delivered in two batches to the ALS Global geochemistry laboratory in Winnipeg, Man., by Redfern for holes 1 and 2, and by Dr. Wang for holes 3 and 4 for processing.

Dynasty used ALS Global for Au-AA23 gold fire assays and the ME-ICP61 33 multielement packages for the minor element analyses. Oreas standards and blanks were inserted into the sample stream to check on the comparative accuracy of the gold assays received. Gold fire assays and four-acid dissolution geochemistry analyses were conducted on the samples at the ALS Global geochemistry laboratory in Vancouver, B.C., and all gold values higher than 10 g/t were reassayed by using Au-GRA21 gravimetric fire assays.

The technical information in this release has been reviewed and approved by Richard R. Redfern, MSc, CPG, a director of Dynasty, a qualified person as defined by National Instrument 43-101.

About Dynasty Gold Corp.

Dynasty is a Canadian exploration company currently focused on gold exploration in North America with projects located in the Manitou-Stormy Lake greenstone belt in Ontario and in the Midas gold camp in Nevada. The company is currently advancing its Thundercloud gold deposit, which contains an inferred resource of 182,000 ounces gold at 1.37 g/t (NI 43-101 independent technical report, Thundercloud property, Northwestern Ontario, Sept. 27, 2021). The report and the press release with details on the resource can also be found on the company’s website. The 100-per-cent-owned Golden Repeat gold project in the Midas gold camp in Elko county, Nevada, is surrounded by a number of large-scale operating mines. In addition, Dynasty owns a 70-per-cent interest in the Hatu Qi2 gold mine in the Tien Shan gold belt, Xinjiang, China, for which it is in legal dispute with Xinjiang Non-Ferrous Industrial Metals Group and its subsidiary Western Region Gold Co. Ltd.