Dynasty Gold Made Payment to Teck and Thundercloud Property Transfer Completed
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G) (OTC Pink: DGDCF) ("Dynasty" or the "Company") is pleased to report that pursuant to the Amending Agreement ("Agreement"), the Company has made the $100,000 payment to Teck Resources Limited ("Teck"). Following the payment, Teck has transferred its 100% interest of the Thundercloud property to Dynasty. Teck has also waived its back-in right per the Amending Agreement. For details of the terms in the Amending Agreement, please refer to the news release dated September 27, 2021.
About the Thundercloud Property
The Thundercloud property is in the Archean Manitou-Stormy Lakes Greenstone belt in Ontario, 47 kilometres southwest of Dryden. The geological setting is comparable to the Abitibi belt in Eastern Ontario but is much less explored. The belt contains numerous gold showings, several high grade mines discovered in the area including the Big Master Mine (1902-1943) and the Laurentian Mine (1906-1909). In recent years, close to 30 M oz of gold have been mined and discovered, such as New Gold's Rainy River Mine (6.4 million oz gold and 18.7 million oz silver), and Agnico Eagle's Hammond Reef deposit (5.8 million oz gold).
To date, more than $10M has been spent on drilling and other surface exploration work. The majority of the 12,000 meters drilling were focused on a very small area of the property. The excellent database built by Teck will provide a guide for future targeting. Potential discoveries for Thundercloud include bulk-tonnage orogenic gold mineralization or high grade deposits.
About Dynasty Gold Corp.
Dynasty Gold Corp. is a Canadian exploration company currently focused on gold exploration in North America with projects located in a greenstone belt in Ontario and the Midas gold camp in Nevada. In addition currently, the 70% owned Hatu Qi2 gold mine in the Tien Shan Gold belt, Xinjiang, China, is in legal dispute with Xinjiang Non-Ferrous Industrial Metals Group and its subsidiary Western Region Gold Co. Ltd.. For more information, please visit the Company's website www.dynastygoldcorp.com.
ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.
"Ivy Chong"
_________________________________
Ivy Chong, President & CEO
For additional information please contact:
Vancouver Office:
Ivy Chong
Phone: 604.633.2100. Email: ichong@dynastygoldcorp.com
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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98784