Dynasty Gold corrects understated Thundercloud assay results, Ontario

Dynasty Gold Corp. [DYG-TSXV; DGDCF-OTC; D5G1-FSE] had understated three reported assay intervals in drill holes DP22-02 and DP22-03 from the 2022 fall drill program at the Thundercloud property, northwest Ontario (see press releases of January 10 and January 16, 2023). The corrected assay results are reported below and a new interval has been added for DP22-03 from 118.5 metres to 139.5 metres.

The core sampling intervals of 189 metres to 198 metres in drill hole DP22-02 were reported earlier as nine metres of 15.06 g/t gold, including three metres (190.5 m to 193.5 m) of 43.47 g/t gold, whereas the correct values are nine metres of 22.58 g/t gold and three metres of 65.2 g/t gold.

The interval of 118.5 metres to 121.5 metres in drill hole DP22-03 was reported as 101.1 g/t gold whereas the correct value is 151.65 g/t gold.

The company reports the following restated assays from its phase 1 2022 maiden drilling program at the Thundercloud gold property, in the Manitou-Stormy Lakes greenstone belt, located 47 km southeast of Dryden, northwestern Ontario. Four new angled NQ wireline core holes were drilled in the Pelham gold target area, for a total of 987 m of drilling. The true widths of these drilling intercepts are not known. The percentage of the core recoveries for the drilling intercepts listed above was approximately 99%.

These four new holes are in the southeastern and south-central portions of the known Pelham target area, and were positioned to test certain positively-magnetized zones of bedrock shown on a first-derivative plot of drone-collected magnetics from a 2022 survey conducted by Pioneer Exploration Consultants Ltd. for the company. The gold mineralization was interpreted to have easterly to northwesterly strikes and an approximately 70-degree easterly down-plunge direction, as interpreted from historical drilling data.

The company will sample missing assay intervals in holes 2, 3, and 4 in the coming months. The focus of the next drill program will be to test the lateral and vertical extents of the higher-grade gold mineralization away from the presently disclosed drill holes.

In addition, the Thundercloud property has several other mostly unexplored areas such as the West Contact Zone that show locally elevated magnetic responses and exposed gold mineralization, some well-defined induced polarization anomalies, and positive trenching and surface sampling results. These areas will be explored by drilling in subsequent future programs.

Dynasty Gold is currently advancing its Thundercloud gold deposit which contains an inferred resource of 182,000 ounces gold at 1.37 g/t (NI 43-101 Independent Technical Report, Thundercloud Property, Northwestern Ontario, September 27th, 2021, prepared by Fladgate Exploration Consulting Corporation). The 100%-owned Golden Repeat gold project in the Midas gold camp in Elko County, Nevada, is surrounded by a number of large-scale operating mines. In addition, Dynasty owns a 70% interest in the Hatu Qi2 gold mine in the Tien Shan Gold belt, Xinjiang, China, with which it is in legal dispute with Xinjiang Non-Ferrous Industrial Metals Group and its subsidiary Western Region Gold Co. Ltd.

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