Vancouver, Canada: Dynasty Gold Corp. (TSX-V: DYG) (FWB: D5G) ("Dynasty" or the "Company") is pleased to announce that the Company has acquired a 100% interest in the Golden Repeat claims, located in the Midas District of northern Nevada, subject to 2% Net Smelter Return ("NSR") for $12,000 in cash and 500,000 common shares. The Company has the option to buy-back 75% of the NSR for $1 million dollars within three years of commencing production.
The Company first entered into an earn-in agreement with Great Thunder Gold Corp. (formerly Mill Bay Ventures Inc.) in January 2011.
In the summer of 2011, the Company launched a program of field exploration followed by a 3-hole, 816-meter reverse circulation drill program. The objectives of the drilling were:
- To follow up an outcropping fault-hosted quartz vein discovered in the 2011 mapping and sampling program, and
- To test targets proposed by Yamana Gold based on their drilling in neighboring claims in 2009.
Results of the 2011 fieldwork and drilling were encouraging. Hole DG-3 intersected 1.7 meters of 3.4 g/t gold and 44.6 g/t silver in a thicker zone of altered and mineralized basalt that averaged 1.14 g/t gold, 9.0 g/t silver over 12.2 meters at a depth of 130 meters. The other two holes also encountered sections of alteration and pyrite mineralization ranging to 0.265 g/t gold over 10.7 meters (please refer to news release of November 22, 2011).
A sample of float just off the Property boundary returned 10 g/t in gold and another sample from an outcrop on the Property assayed 1 g/t gold. Other samples contained anomalous gold ranging from 20 to 100 ppb (please refer to news release of September 15, 2011).
The Company intends to follow up those intersections and other drill targets that were previously recommended by Yamana Gold's geologist. New drill targets are expected to be generated through additional geochemistry and geophysics work over the remaining ninety percent (90%) of the Property that has not been explored.
The Company is also required to issue an additional 500,000 common shares if proven gold or gold equivalent reserves exceed 500,000 ounces at commercial viable production grade.
"We are very pleased to complete this acquisition," commented Ivy Chong, President and CEO, "current downturn in the gold price has provided opportunities for the Company to acquire properties in proven mining districts with minimum geopolitical risks and at an attractive price."
About Golden Repeat Property, Nevada, USA
The Golden Repeat Property consists of 49 claims located in western Elko County, 68 kilometers northeast of the town of Winnemucca. The claims overlie the part of the north slope of the Midas Trough, along the Carlin Trend, within the Northern Nevada Rift and demonstrate many geological similarities to the well-known Midas Gold District. Eighteen kilometers (10 miles) to the east of the Property, Newmont Mining operates the Ken Snyder Mine (6.41 million ounce gold reserves as of 2007 at over 14 g/t), an epithermal, bonanza-type gold-silver bearing system. Additionally, three major sediment-hosted gold mines; Barrick Gold's Getchell Mine, Atna Resources' Pinson Mine and Newmont Mining's Twin Creeks Mine, lie 15 to 24 kilometers (8 to 13 miles) west of the Property. Two distinct targets exist on the Property: One is a volcanic-hosted epithermal occurrence, similar to Newmont's Ken Snyder deposit while the other is a sediment-hosted gold occurrence underlying Tertiary volcanic rocks. The Property was drilled by Goldfields from 1992 to 1994 and Romarco Minerals in 1997/1998.
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
For additional information please contact Ivy Chong:
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.