Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 22, 2011) – Dynasty Gold Corp. (TSX VENTURE:DYG)(FRANKFURT:D5G) (“Dynasty” or the “Company”) is pleased to report that DeLong Construction, Inc. has been engaged to perform phase one drilling of up to 1230 meters at the Golden Repeat Property. A drill rig was mobilized to the Golden Repeat Property in anticipation of final drill permit approval by Bureau of Land Management in Nevada (“BLM”).
Dynasty plans to drill the outcropping quartz vein hosted in a fault cutting basalt that was identified during the recent surface work. A sample taken from this outcrop returned 1 ppm gold and a significant 1000 ppm arsenic. Arsenic is a good indicator of high-grade gold. The fault-vein strikes N 60° E, an orientation that would usually be missed by previous Romarco drill holes because of the azimuth that was drilled.
The second drill location is on a separate structural target that was previously proposed by Yamana Gold. Drilling by Yamana Gold in 2007 and 2008 to the southeast of the property encountered high-grade anomalous gold intercepts in an altered rhyolite unit that extends to the northwest below the Golden Repeat property. This rhyolite unit appears to be more favorable for the development of mineralized quartz veins. The favorable rhyolite unit underlies the anomalous Romarco drill intercepts with up to 2.41 ppm gold. Dynasty plans to drill down dip of Romarco’s intercepts to target a deeper intercept within the favorable unit.
Based in Winnemucca, Nevada, DeLong Construction, Inc. has been active in the exploration industry for over forty years and providing drilling services since 1978 with extensive experience in drilling conditions throughout Nevada.
Richard Jones, P. Geo will supervise the drilling. He will also determine if a second drill hole is warranted at each of the two proposed drill locations before the rig leaves the property.
This press release is reviewed by Richard Jones, a Qualified Person under the definition of National Instrument 41-101.
About Golden Repeat Property, Nevada, USA
The Golden Repeat property consists of 49 claims located on the north slope of the Midas Trough, along the Carlin Trend, within the Northern Nevada Rift. These claims host many geological similarities to the well-known Midas Gold District. Ten miles to the east of the property is Newmont’s Ken Snyder mine (6.41 million ounce gold reserves as of 2007 at over 14 g/t), an epithermal, bonanza-type gold-silver bearing system. Additionally, three major sediment-hosted gold mines, Barrick’s Getchell and Pinson Mines and Newmont’s Twin Creeks Mine, lie 10-15 miles west of the property. Two distinct targets exist on the property. One is a volcanic-hosted epithermal occurrence, similar to Newmont’s Ken Snyder deposit. The other is a sediment-hosted, gold mineralization beneath the tertiary volcanic rocks. The property was drilled by Goldfields in 1992 to 1994 and Romarco in 1997/1998. The most recent work completed on the property was in 2006.
About Opinaca D Property, Quebec, Canada
The Opinaca D property consists of 188 claims over a surface area of 98 km2 and sits on the Eastmain Greenstone gold belt. The property is located about 14 km northwest of Goldcorp’s Eleonore deposit. The Eleonore deposit hosts over 3 million ounces of gold reserves at a grade of 7.56 g/t gold, and over 4 million ounces of inferred resources at a grade of over 10 g/t gold. Goldcorp is currently investing $1.4 billion to build an underground mine to produce 600,000 ounces of gold from 2014. The Eleonore mine will contribute 22% of Goldcorp’s total gold production. Dynasty’s Opinaca D property will benefit from Goldcorp’s infrastructure building in the area. In particular, a planned 60 km road, providing access to the Eleonore property, will directly crosscut the Opinaca D property. Major access to the region includes a north-south paved highway (LG2) extending from Matagami to Radisson.
Extensive surface exploration work done by Eastmain Resources between 2005 and 2008 has identified a number of sediment–hosted gold occurrences, similar to Goldcorp’s Eleonore deposit in geological setting. Ten drill targets identified by Airborne VTEM (Versatile Time-Domain Electro Magnetics) were recommended and four coincided with significant geochemistry anomalies.
About Dynasty Gold Corp.
Dynasty Gold Corp. is a Canadian gold exploration company currently focused on gold exploration in North American. Two active exploration programs in Nevada US and Quebec, Canada are underway. For more information on the Company and its projects, please refer to the websitewww.dynastygoldcorp.com.
ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.
Ivy Chong, President & CEO
This press release contains certain “forward-looking statements” that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
