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  | |   Site Photos | Technical Report Following the withdrawal of AngoloGold Ashanti, and based on the results of past two years exploration, the company has determined this project does not warrant further expenditure. Please refer to our news release on November 14, 2007 for more details. The following is the historical information of this project. Red Valley Project Highlights:
On April 20, 2004, Dynasty Gold announced that it entered into an agreement enabling it to acquire up to an 80% interest in the Red Valley Gold project in Qinghai Province, People's Republic of China. The project covers approximately 1,000 km2 and lies 380 km northwest of Xining, the capital of Qinghai. At the Prospectors and Developers Association of Canada (PDAC) convention on March 9, 2004 in Toronto, a Sino Foreign Co-operative Joint Venture (SJV) was formally signed between Terrawest Exploration Inc. (TWE) and the Qinghai Geological Survey Institute of China (QGS). Dynasty Gold was granted the sole and exclusive right by TWE to conduct due diligence on the Red Valley project.
In February 2006 Dynasty announced that exploration at the Red Valley property would be financed through a private placement offering to AngloGold Ashanti. AngloGold made a US$2 million investment in Dynasty, resulting in a 9% interest in the Company's outstanding shares. These funds will be spent on exploration at the Red Valley and Wild Horse projects. At any time AngloGold can initiate a further US$2 million expenditure directly into the project over one year, which will then allow them to begin earning into the SJV. A further US$3 million over two years will earn AngloGold 55% of Dynasty's joint venture interest. Property Attributes The Red Valley property is located approximately 250 km northwest of the city of Xining. Xining is a major industrial centre and home to over 1 million people. Access to the Red Valley property is a four hour drive via highway, to the town of Qilian, followed by gravel road for two hours. A small power line runs parallel to the gravel road. The property is located in is the Qilian Metallogenic belt that is geologically diverse and host to several types of deposits, and there has been gold production in the vicinity of the property.
Geology and Mineralization The Red Valley project is situated within the Qilian fold belt, a NW-SE trending assemblage of late Proterozoic to Ordovician aged sediments and volcanics. Major structural trends within the region are NW-SE with less topographically pronounced EW and NE trending cross structures.
There are a variety of mineral occurrences on the property, and gold placer mining was carried out in the area for many years. Previous work also includes trenching which delineated several zones of 5-10 g/t Au over 20-30 metres and one drill hole which contained an intersection of 5 metres at 5 g/t Au. The local Geological Survey Brigades have done geochemical sampling and mapping to identify some mineral showings, but many of their anomalies went untested. Of particular interest on the property is a structurally-controlled alteration zone over 16 km long and up to 500 m wide. This zone hosts gold showings and became the focus of the first stage of exploration for the Company. Norwest Corporation completed an independent technical report under the guidelines of NI 43-101. Ian Perry PGeol is acting as the independent QP for the project. Exploration History From 2004 to 2006 Dynasty completed extensive surface sampling and drilling on the Red Valley project. The programs included:
Detailed sampling over the 16 km x 500 m visible alteration zone identified gold, arsenic, antimony and mercury anomalies in surface samples over the entire 16 km. This included a large (2 km x 800 m) anomaly with values up to 300 ppb gold and high values of arsenic, antimony and mercury. Analysis of satellite imagery and the geochemical data reveals patterns of zonation to the elements that are commonly seen around gold deposits. Analysis of additional geochemical sampling, magnetic survey results and satellite imagery from 2005 indicates that the zone of alteration and anomalous samples may extend for as much as 23 kilometres. The 5000 m diamond drilling program completed in conjunction with AngloGold Ashanti in 2006 encountered many significant intersections of gold (see Dynasty News Releases.) The program contributed significant information to the geologic model of the area and the mineralization. In 2007 Dynasty and AngloGold Ashanti embarked on a 20 hole, 3,360 metre diamond drilling program. Budgeted at US$1.47 million, the program targeted both the Red Valley and Xigou targets. In addition to drilling, the program included geological mapping, a ground magnetic survey and follow-up of geochemical anomalies. For results of the program, please refer to the news releases from November 14th, 2007 and October 1st 2007.
2007 Exploration | | | ||||||||||||||||||||||
| © 2005 Dynasty Gold Corp. All Rights Reserved. | Disclaimer | |
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