Final results from the first phase of its drill program at Thundercloud in the Manitou-Stormy Lakes greenstone belt confirm that Dynasty Gold (TSX.V: DYG, FSE: D5G1, WKN: A2DW87) has intersected a near-surface and therefore easily mineable mineralised zone. Some of the mineralised zones extend over lengths of more than 160 metres.
Dynasty Gold achieved a major success with drill hole DP23-10, which intersected a broad zone 163.5 metres long, mineralised at an average grade of 1.0 g/t. The zone begins at a depth of only 1.5 metres. The zone starts at a depth of only 33 metres from the surface and has a higher grade sub-zone of 2.1 g/t gold over a length of 63 metres. Other high-grade mineralised intercepts in this hole include 4.5 g/t gold over 22.5 metres and 8.8 g/t gold over 7.5 metres. Smaller sub-intervals over a length of 1.5 metres each even come to gold grades of 20.3 and 28.3 g/t.
This drill hole thus indicates widespread near-surface mineralisation in the centre of the Pelham Zone with several high-grade intercepts. The ten drill holes designed for Phase 1 drilling in 2023 have intersected over 741 meters of mineralization, with average grades ranging from 1.0 g/t to 3.28 g/t together with the historical drill holes, indicate open pit mineable gold mineralisation at Thundercloud.
Dynasty Gold is also successful in previously untested zones
Dynasty Gold was also successful with the two test holes drilled in the previously untested areas of West Pelham. They also encountered mineralisation at 21.7 and 45.0 metres below surface. The Pelham Zone hosts a historic NI 43-101 Canadian mining standard inferred open pit resource of 182,000 ounces of gold at an average grade of 1.37 g/t gold.
Following last year’s impressive drill results, this year’s drilling has continued to intersect near-surface, wide-spaced, high-grade gold mineralisation. Dynasty Gold therefore plans to carry out metallurgical tests on the cores from Phase 1 drilling in 2022 and 2023 in the coming months in order to obtain further information on the potential ore recovery.
The potential is huge, as 90 per cent of the project area has not yet been tested with drilling
Ivy Chong, President and CEO of Dynasty Gold, was very pleased with the drill results as they indicate an economically profitable open pit gold mine. “The reported ten holes of Phase 1 drilling have intersected a total of 741.6 metres of mineralisation with average grades ranging from 1.0 g/t to 3.28 g/t. Drill hole DP23-10 once again demonstrated our success in extending the near-surface mineralisation at the Pelham Zone.”
Potential for further success and continued expansion of mineralisation is abundant as more than ninety percent of the property has not yet been drill tested. Five holes from the second phase of the drilling programme, which were only drilled in October, have yet to be evaluated in the laboratory. They could add to the recent successes.
Investors therefore have every reason to be optimistic about the future, as a key point in favour of the Pelham deposit is that the mineralisation encountered there is still open at depth. Dynasty Gold also anticipates the possibility of a second parallel structure. It may lie in a part of the trend that has not yet been investigated.
It was also very pleasing that success was recorded on all drill zones, even those that had not been drilled before. In the previously unexplored West Pelham area, the two holes DP23-W01 and DP23-W03 were drilled once from east to west and once from east to south-west. Drill hole DP23-W01 intersected an average of twelve metres at 0.8 g/t at a depth of only 45 metres. Mineralisation was encountered even higher in drill hole DP23-W03, where an 11.8 metre intersection averaging 0.6 g/t gold was intersected at a depth of only 21.7 metres.
Conclusion: Investors and management can be very satisfied with this year’s drilling programme, as the near-surface mineralisation was not only confirmed but also extended and remains open to depth. There were also successes in previously untested zones. This opens up considerable potential for the future, although this will initially entail a lot of work as the next field season has to be prepared and the most interesting drill targets identified.
According to §34 WpHG we would like to point out that partners, authors and/or employees of GOLDINVEST Consulting GmbH may hold or hold shares of Dynasty Gold and therefore a conflict of interest may exist. Furthermore, we cannot exclude that other stock exchange letters, media or research companies discuss the values discussed by us in the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between GOLDINVEST Consulting GmbH and Dynasty Gold, which means that there is also a conflict of interest, especially since Dynasty Gold has commissioned GOLDINVEST Consulting GmbH to report on the company.