Falling gold prices revive physical demand in key markets
Consumers in price sensitive regions such as India had been finding it difficult to cope with gold's rally in recent months.
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2021) - Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G) (OTC Pink: DGDCF) ("Dynasty" or the "Company") is pleased to report that it has commenced the exploration program on the Thundercloud gold property (the "Property") announced on July 5. The Property is in the Archean Manitou-Stormy Lakes Greenstone belt that is 80 kilometers long by 30 kilometers wide, in Western Ontario. Close to 30 million ounces of gold have been discovered in the area in recent years and there are several large-scale mining operations in close proximity to the Property.
Several kilometers of the logging road leading to the Property had been washed-out and are now repaired and restored over the past week by the Company. Equipment and machinery were transported to the Property to begin trenching. A technical team has been mobilized.
The new trenching program focuses on two areas in the West Contact Zone. The first trench site is centered on the Glatz outcrop where previous sampling returned 8.02 g/t over 39 meters. Dynasty confirmed and extended the gold zone with 30 meters of chip sampling from the Glatz outcrop which yielded on average 3 g/t gold. Trenching on this target is to determine the full extent of the mineralization at surface and its trend in order to effectively test the zone.
The second trench site is 400 meters south of the first trench site and it is designed to follow up gold anomalies found in previous soil and rock sampling programs as well as to determine the nature of a property-scale fault that was discovered in past work programs but never tested. The fault terminates the southward trending "Timiskaming-type" sediments on the Property. Similar sediments are known to be spatially associated with large gold deposits elsewhere in the Archean Superior Province including the Timmins, Kirkland Lake, Larder Lake, Malartic and Pickle Lake gold camps.
The new data from trenching and the drone-supported magnetic survey combined with the historical IP, Magnetic and geochemical data should produce new drill targets for the next phase of exploration.
Gold mineralization in the West Contact Zone has an association with the QFP dykes. The mineralized dykes suggest that this mineralization is post felsic volcanic flows and pre late QFP dykes. It is further suggested that this brackets the gold event temporally and spatially to the Thundercloud porphyry.
This press release was reviewed by Andrew Tims, a Qualified Person under the definition of National Instrument 43-101.
About Thundercloud Property
The Thundercloud Property is located in the Archean Manitou-Stormy Lakes Greenstone belt in Western Ontario, 47 kilometers southwest of Dryden. The geological setting is comparable to the Abitibi Greenstone Belt in Eastern Ontario but the Thundercloud Property is much less explored. The Belt contains numerous gold showings, several deposits and high grade historic past producers. Regionally, exploration results indicate excellent potential to define bulk-tonnage orogenic gold mineralization, as close to 30 million ounces of gold have been discovered in recent years in the area, including several large-scale mining operations nearby.
About Dynasty Gold Corp.
Dynasty Gold Corp. is a Canadian exploration company currently focused on gold exploration in North America with projects located in greenstone belts in Ontario and the Midas gold camp in Nevada. Currently, the 70% owned Hatu Qi2 gold mine in the Tien Shan Gold belt, Xinjiang, China, is in a legal dispute with Xinjiang Non-Ferrous Industrial Metals Group and its subsidiary Western Region Gold Co. Ltd.
For more information, please visit Company's website www.dynastygoldcorp.com.
ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.
"Ivy Chong"
_________________________________Ivy Chong, President & CEO
For additional information please contact:Vancouver Office:Ivy ChongPhone: 604.633.2100. Email: [email protected]
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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90055
