Dynasty Gold (TSXV: DYG) has released assay results from its Phase 1 2022 drill campaign at the Thundercloud property located 47 km southeast of Dryden, Ontario. These results are the best ever reported from the project, the company says, constituting the discovery of wide zones and high-grade gold-bearing quartz veins that require further delineation.
A total of four near-surface shallow holes were drilled within the known Pelham area, where most of the past drilling has been done. Three of those resulted in the discovery of a new area of high-grade gold mineralization in quartz veins. Rock samples from the area contained up to 246 g/t gold over a 1.5-metre core length.
One hole intercepted 1.31 g/t gold over 121 metres from 102 metres, including an interval of 15.06 g/t gold over 9 metres and 43.47 g/t gold over 3 metres. Another intercepted 7.35 g/t gold over 51 metres from 88.5 metres, which represents the longest intercepts with the highest gold grades to date.
“We are thrilled with these outstanding results in our first drill program on the property,” Dynasty CEO Ivy Chong said in a news release. “They are the highest gold grades, the longest and the widest intercepts ever drilled at the property. These drill results indicate a much bigger resource potential with higher grades at Thundercloud.”
The data, Chong says, will assist the company in building a structural model for an NI 43-101 resource update at the Thundercloud property, as well as future drill target planning for resource expansion.
“Current assay results obtained by Dynasty Gold from the Thundercloud property are particularly of interest, in that the results clearly indicate that the property has potential for both large-tonnage with high-grade and vein deposits,” Roman Shklanka, director of Dynasty Gold, added.
The 2,250-hectare Thundercloud property is located in the central Wabigoon greenstone belt of Western Ontario, which contains numerous gold showings, deposits and past producers including the Big Master mine (1902-1943) and the Laurentian mine (1906-1909). Exploration results to date have indicated potential for bulk-tonnage orogenic gold mineralization. Close to 30 million oz. of gold have been discovered in the area in recent years.
In September 2021, Dynasty Gold acquired a 100% interest in the Thundercloud property after amending its agreement with Teck Resources. The project currently hosts an NI 43-101 gold resource estimate of 182,000 of oz., based solely on historic drilling (over 12,000 metres) from the Pelham zone area.
Following the latest drill result release, shares of Dynasty Gold more than tripled to hit a new high of C$0.43 on Tuesday. By noon ET, the stock had come down to C$0.34, still a 229% increase over its previous closing price. The company’s market capitalization is C$12.7 million ($9.4m).