VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 26, 2012) - Dynasty Gold Corp. (TSX VENTURE:DYG)(FRANKFURT:D5G) ("Dynasty" or the "Company") is pleased to announce that it has signed a binding property agreement with Mr. Richard Billingsley of Surrey, British Columbia, to acquire a 100% interest in the Silver Crown mineral tenures also known as the Strike Property (the "Property").
The Property is situated in the well mineralized Stewart Complex, more than 700 mineral deposits and showings have been discovered in a large variety of rocks and structures in this area including Barrick's legendary Eskay Creek deposit where over 3 million ounces of high-grade gold and 160 million ounces of silver were mined between 1994 to 2008. Within 8 kilometers of the Property, several multi-million ounces gold-silver deposits such as Silbak-Premier, Big Missouri, and Bronson Slope were mined. Recent discoveries in the area include Seabridge's Red Mountain, a high-grade gold deposit, and KSM (Kerr-Sulphurets-Mitchell) project, a bulk tonnage gold-copper porphyry deposit, as well as Pretivm's Brucejack which is a high-grade gold and bulk tonnage gold-silver deposit. The Property is 22 kilometers north of Stewart and accessible by the Long Lake road located east of the Big Missouri mine.
The Strike Property was previously explored by Navarre Resources and White Channel Resources between 1989 and 1995. The 'Baseline Vein/Breccia Zone' was sampled in 1992 by Navarre Resources returning the following geochemical analysis average from 16 rock chip channel samples:
|Average width (m)
The 'Tetrahedrite Zone' was also sampled in 1992 by Navarre Resources giving the following geochemical analysis average from 7 rock chip channel samples:
|Average width (m)
Additional surface exploration included a Crone DEEP-EM geophysical electromagnetic survey which outlined a well defined, vertically oriented conductive response along approximately 900 meters distance along the baseline of the grid. This DEEP-EM conductive zone coincides with the axial plane of a large scale anticline fold axis which plunges at a shallow angle to the north, and also coincides with the surface trace of quartz-carbonate-sulphide vein/breccia mineralization.
Previous results from geochemical analysis of split drill core from diamond drilling carried out by Navarre Resources from 1990 to 1995 are summarized as follows:
|Old grid E
||Old grid N
The historic diamond drilling to date has been relatively shallow. The Company anticipates further exploration that may include diamond drilling to test for mineralization hosted in the Mt Dillworth Formation rhyolite at 80-250 meter depth focusing on the DEEP-EM conductive zone as a principle target.
The Company is required to pay Mr. Billingsley staged payment of $149,000 cash over a four-year period and issue 2.5 million fully-paid common shares over a four-year period to acquire a 100% interest in the property subject to 2% NSR. One percentage of NSR can be purchased for $1 million. The first payment of $9,000 cash and issuing of 250,000 common shares are due 15 days after the Exchange's approval. Subsequent payments will be made on the anniversary dates as follows:
The acquisition is subject to the Company completing a satisfactory due diligence on the Property and the Exchange's approval.
NOTE: Historic exploration results may not be compliant with the NI 43-101 standards and the Company has not independently verified these results.
The technical content of this press release was reviewed by Andris Kikauka, P.Geo., a Qualified Person as defined by National Instrument 43-101. Mr. Kikauka supervised the field work on the Property for Navarre Resources between 1990 and 1995.
The Strike Property consists of widespread Au-Ag-(Cu-Pb-Zn) bearing quartz-carbonate-sulphide vein/breccia mineralization traced along structural lineaments, faults, fracture and fold hinge zones for a distance of 1.6 kilometers. The Property features mineralization that is hosted in the Mt Dillworth Formation rhyolite felsic volcanic sequence. The rhyolite is a prominent cliff forming unit and is capped by a pyritic lapilli tuff with layered pyrite and intercalated limestone at the contact. The Mt Dillworth Formation rhyolite occurs at 80-250 meter depth below the folded and faulted overlying Salmon R Formation greywacke-siltstone sedimentary rocks. The entire sequence is cut by a northwest trending, steeply dipping Eocene felsic to intermediate composition dyke swarm. The Salmon R Formation sediments are folded into a major anticline fold axis that traces polymetallic sulphide mineralization. Four distinct types of sulphide are present on the Silver Crown grid area: 1) Pyrite-galena-sphalerite-chalcopyrite in a gangue of quartz-calcite-barite, sulphide characterized by clean, coarse habit, crystalline quartz in vugs-cavities-dyke contacts. 2) Pyrite-galena-sphalerite-chalcopyrite in a gangue of quartz-calcite-barite, breccia zones characterized by lenses of coarse grained sphalerite-galena and deformed siltstone fragment inclusions in gangue. 3) Pyrite-galena-sphalerite-chalcopyrite-tetrahedrite-electrum-native silver, characterized by higher precious metal values. 4) Pyritic lapilli tuff, contains 5-15% layered pyrite and occurs as a 1-5 meter wide exhalite horizon at the top of the Mt Dillworth Formation rhyolite with intercalated crinoidal limestone at the contact with overlying Salmon R Formation sediments.
About Dynasty Gold Corp.
Dynasty Gold Corp. is a Canadian gold exploration company currently engaging in property review, acquisition, exploration and development. For more information on the Company and its projects, please refer to the website www.dynastygoldcorp.com.
ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.
Ivy Chong, President & CEO
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.