Dynasty Gold tables NI 43-101 compliant gold resource for Thundercloud, Ontario
Dynasty Gold Corp. [DYG-TSXV; DGDCF-OTC; D5G1-FSE] has received an independent mineral resource estimate report prepared in accordance with NI 43-101 standards. The report estimates an Inferred Resource of 182,000 ounces gold (4,140,000 tonnes grading 1.37 g/t gold at a 0.45 g/t cut-off) and is confined to the Pelham Zone in the northern part of the 100%-owned Thundercloud gold project located approximately 47 km southwest of Dryden, northern Ontario.
The NI 43-101 report was prepared by Fladgate Exploration Consulting Corp. for Dynasty based on 66 core holes totaling 12,093 metres of historic drilling within the Thundercloud database. However, approximately 20 drill holes from the 1988 drill campaign were not included because the drill data could not be located. This unavailable drill data represents approximately 30% of the total drilling in the Pelham Zone that constitutes less than 10% of the total area of the property.
“We are encouraged by this resource estimate even though 30% of the drill data was not located at this time,” stated Ivy Chong, president and CEO. “The current mineral resource model allows us to focus on identifying specific targets to drill to potentially expand and increase the resource size. Planning to drill is underway. We will also look for the remaining 30% drill data to incorporate in any future resource estimate.”
Most of the drill data used to support mineral resource calculation in the Pelham Resource was from drilling carried out by Teck Resources Limited and Laurentian Goldfields in 2007 to 2011. Their drill holes intercepted mineralization at depths of up to 350 metres below surface. Gold mineralization has been defined along a strike length of 430 metres and 150 metres down-dip. The mineralization trends ENE along an azimuth of 075°, dips at 50° to the north and plunges gently at 25° to the ENE.
Fladgate concludes that further work at Pelham is warranted to detail identified higher grade areas and to explore for additional potential parallel zones of mineralization in the hanging wall and footwall of the known mineralization. Fladgate confined its comments to the Pelham Resource as known.
The property can be accessed by the TransCanada highway (Highway 17) approximately 350 km both ways from Winnipeg airport in Manitoba to the west and Thunder Bay, Ontario to the east, then by following an 11 km logging road leading to the east entry of the property.
Only limited scattered exploration work has been carried out on the other 90% of the Thundercloud property. Work by Teck in 2007 and 2008 confirmed that mineralization extends south of the Pelham Zone along the west edge of the QFP and reaches the West Contact Zone. Previous geochem data returned anomalous gold values in the eastern and southern parts of the property that need to be followed up. Gabbro hosts the gold mineralization in the explored part of the Pelham deposit, and similar appearing mineralization was also discovered in other parts of the property, but no drilling has followed as yet.