For 2023, Dynasty Gold (TSXV:DYG), a gold exploration and development company, reported significant developments at its Thundercloud project located in the Manitou-Stormy Lakes Greenstone belt, approximately 47 kilometres southeast of Dryden in northwestern Ontario. The company’s exploration activities have centred around the Pelham deposit within this project.

Dynasty Gold President and CEO Ivy Chong commented in a press release: “2023 has been an exhilarating year for the Company. We are pleased with the success of continually intersecting rich mineralization in the Pelham Zone and are excited by the discovery of new mineralization outside the Pelham deposit. To grow the deposit, it is pivotal to step-out to new areas. These new test drilling data provide valuable information and direction for next year’s drill program. With $3.5 million in the treasury and no debt, we are fully funded for the 2024 drilling.”

The past year has been pivotal for Dynasty Gold Corp., marked by a substantial 278% increase in its market capitalization. This growth can be attributed to several successful drilling programs and attracting new investors, including renowned mining entrepreneur Rob McEwen, the founder of Goldcorp and the current Chairman and Chief Owner of McEwen Mining Inc. McEwen’s investment in Dynasty Gold Corp. is notable, considering his previous success in growing Goldcorp’s market capitalization from $50 million to over $8 billion.

In 2023, the company completed a total of 3,670 meters of drilling in two phases at the Thundercloud project. The first phase aimed to follow up on significant discovery holes reported earlier in the year. These included impressive gold intercepts such as 5.98 grams per tonne (g/t) over 34.5 meters and 25.5 g/t over 1.5 meters. The second phase of drilling, completed in August, intersected over 741 meters of mineralization across ten holes in the Pelham Zone, with most holes within 200 meters of the surface. This phase expanded the known mineralization east and west of the initial discovery holes.

The successful drilling results have led to a reevaluation and expansion of the inferred resource initially estimated in January 2022. The updated internal 3-D resource model shows an increase in both tonnage and grade, although the official NI 43-101 resource estimate will be revised in the future.

Building on this success, the company began an ambitious exploration strategy in October 2023, drilling five wildcat holes totalling 1,320 meters to the north and south of the Pelham deposit, areas previously unexplored. This drilling, guided by geophysical surveys, intersected low-grade mineralization, extending the known mineralized area beyond the Pelham deposit. These results, along with prior sampling, suggest a potentially extensive mineralized corridor spanning 1.5 kilometres by 12 kilometres.

The geological characteristics of the recent finds are consistent with an Archean orogenic hydrothermal deposit, indicating potential for depth extension and repetition along untested trends. The mineralization is primarily found in altered volcanic rocks and is associated with pyrite, pyrrhotite, quartz, and other minerals.

Looking ahead to 2024, Dynasty Gold Corp. is planning an extensive exploration program based on the 2023 drilling results, geophysical data, and a comprehensive Lidar survey. The focus will be on expanding the high-grade core of the deposit, detailed mapping, channel sampling, and step-out drilling within the identified mineralized corridor. The exploration strategy will also include follow-up work on the West Contact zone trench, which previously yielded significant gold grades. The company aims to leverage the structural and geophysical data to discover multiple near-surface deposits in the area, with a focus on shallow drilling to explore steeply dipping structures.

Other highlights from the results are as follows:

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.