Dynasty Gold Clarifies Understated Gold Results from Thundercloud

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Dynasty Gold Corp. had understated three reported assay intervals in drill holes DP22-02 and DP22-03 from the 2022 fall drill program at Thundercloud, Ontario (see press releases of Jan. 10 and Jan. 16, 2023). The corrected assay results are reported below and a new interval has been added for DP22-03 from 118.5 metres to 139.5 m.

The core sampling intervals of 189 m to 198 m in drill hole DP22-02 were reported earlier as nine metres of 15.06 gramps per tonne (g/t), including three m (190.5 m to 193.5 m) of 43.47 g/t gold, whereas the correct values are nine m of 22.58 g/t and three metres of 65.2 g/t Au (see the table entitled “Restated assay results”). The interval of 118.5 m to 121.5 m in drill hole DP22-03 was reported as 101.1 g/t Au whereas the correct value is 151.65 g/t Au. The reader is referred to Dynasty’s press releases of Jan. 10 and Jan. 16, 2023, for the remainder of the reported assay results.

The company reports the following restated assays from its phase 1 2022 maiden drilling program at the Thundercloud gold property, in the Manitou-Stormy Lakes greenstone belt, located 47 kilometres southeast of Dryden, in Northwestern Ontario. Four new angled NQ wireline core holes were drilled in the Pelham gold target area, for a total of 987 m of drilling. These are some of the best assay results ever reported from Thundercloud.

The true widths of these drilling intercepts are not known. The percentage of the core recoveries for the drilling intercepts listed above was approximately 99 per cent.

These four new holes are in the southeastern and south-central portions of the known Pelham target area, and were positioned to test certain positively magnetized zones of bedrock shown on a first-derivative plot of drone-collected magnetics from a 2022 survey conducted by Pioneer Exploration Consultants Ltd. for the company. The gold mineralization was interpreted to have easterly to northwesterly strikes and an approximately 70-degree easterly down-plunge direction, as interpreted from historical drilling data.

The first hole was drilled on the eastern side of a magnetic low that may have a fault contact 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, overlying volcanic flow breccias, and later, faulted gabbroic intrusive rocks. The reported mineralized intervals are associated with local intense silicification, chloritic to ankeritic alteration, quartz veining and zones of three per cent to 20 per cent sulphide mineralization. They clearly require further delineation and will be tested in a subsequent program.

The highest assay of 246 g/t gold (Au) (7.9 ounces per ton) over a 1.5 m core length (and 151.65 g/t Au over three m) occurred in a silicified interval with quartz veining, ankerite and chloritic alteration in sheared mafic volcanics.

The company will sample missing assay intervals in holes 2, 3 and 4 in the coming months. The focus of the next drill program will be to test the lateral and vertical extents of the higher-grade gold mineralization away from the presently disclosed drill holes.

The host rocks in the area that were recently drilled at Thundercloud are metamorphosed mafic volcanic strata of the Wapageisi volcanics and local internal zones of volcaniclastic facies and flow breccias. These strata are of Neoarchean age. They were intruded by two phases of intrusive gabbros that were later transected by easterly and northwesterly trending shear zones and brittle faults. Multiple periods of gold mineralization are present in the district. The company believes that historical work has tested the upper-level portions of structurally controlled gold-quartz vein-silicified systems with an associated cloud of disseminated lower-grade auriferous pyritic sulphides distally away from these higher-grade gold-quartz vein structures. The company regards these new zones as requiring further delineation drilling.

In addition, the Thundercloud property has several other mostly unexplored areas, such as the West Contact zone, that show locally elevated magnetic responses and exposed gold mineralization, some well-defined induced polarization anomalies, and positive trenching and surface sampling results. These areas will be explored by drilling in subsequent future programs.

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 Mr. Wang for holes 3 and 4, for processing.

Dynasty used ALS Global for Au-AA23 and Au-AA24 gold fire assays and the ME-ICP61 33 multielements package 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 geochemical 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 gold fire assays.

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

About Dynasty Gold Corp.

Dynasty Gold 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 grams per tonne (g/t) (National Instrument 43-101 independent technical report, Thundercloud property, Northwestern Ontario, Sept. 27, 2021, prepared by Fladgate Exploration Consulting Corp.). 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, with which it is in legal dispute with Xinjiang Non-Ferrous Industrial Metals Group and its subsidiary Western Region Gold Co. Ltd.