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Dynasty Gold (TSXV: DYG) has significantly increased the length and grade of mineralization at its Thundercloud property in Ontario after sampling the previously unsampled sections of two drill holes from its first-ever drill program.
Mineralization in hole DP22-03, characterized by the longest intercepts with the highest grades drilled to date, has been extended by 22.5 metres to 73.5 metres at an average grade of 8.42 g/t gold, including 6.5 metres of 72.23 g/t gold.
The recalculated assays in DP22-02, also part of the 2022 Phase 1 drill program, have improved the average grade from 189 metres to 223.5 metres to 5.98 g/t gold.
These two holes were drilled in open areas down-dip from drill hole TC07-02 that was drilled by previous owner Teck Resources and returned 1.5 metres of 16 g/t gold. According to Dynasty, the mineralization generally correlates with magnetic “highs” as identified in the drone magnetic survey conducted in 2022.
The 2022 drill holes demonstrate potential continuation of the high-grade gold mineralization in quartz-veined mafic metavolcanic rocks, the company said, adding that the 2023 program will focus on testing its lateral and vertical extensions as well as extending the Pelham zone to both the east and west.
The Thundercloud property is located in the central Wabigoon greenstone belt of western Ontario, which has a geological setting is analogous to the Abitibi belt to the east. Large-scale operations in the area include New Gold’s Rainy River mine and Evolution Mining’s Red Lake gold mine.
Most of the drilling at Thundercloud was done in a small part of the Pelham zone. An NI 43-101 report was prepared for Dynasty based on 12,093 metres of historic drilling, mostly by Teck and Laurentian Goldfields. It estimated an inferred resource of 182,000 oz. at a grade of 1.37 g/t gold.
“The property has the geological characteristics consistent with an orogenic gold system. Historical drilling was primarily focused on near-surface mineralization,” Dynasty CEO Ivy Chong said in a news release. “Our last drilling program was designed to start testing the depth potential with our deepest holes drilled to date.”
Dynasty Gold’s stock was up by 22.0% by 11:15 a.m. EDT Tuesday, giving the Vancouver-based gold explorer a market capitalization of C$18.6 million ($14m).
