Thundercloud, Ontario, Canada


The Company signed an amending agreement with Teck Resources Limited in September 2021 to acquire 100% of Teck's interest in the Thundercloud property as outlined in the press release of September 27, 2021. The property transfer from Teck to Dynasty has been completed (see press release of October 6, 2021).

Project Overview

The Thundercloud Property is located in the central Wabigoon greenstone belt in Western Ontario. The geological setting is analogous to the Abitibi belt in Eastern Ontario but Thundercloud is much less explored. The belt contains numerous gold showings, several deposits and historic past producers including the Big Master Mine (1902-1943) and the Laurentian Mine (1906-1909). Results to date indicate excellent potential to define bulk-tonnage orogenic gold mineralization with potential for high grade mineralization. Close to 30 M oz of gold has been discovered in the area in recent years.

The Property consists of 2,250 hectares, located 47 kilometres southeast of Dryden, northern Ontario. It is readily accessible from the Trans-Canada Highway (Hwy 17). Dryden is a resource-based town with excellent infrastructure necessary for mining operations. Several large scale mining operations in the area include New Gold's Rainy River Mine (6.4 million oz gold and 18.7 million oz silver), and Evolution Mining's Red Lake Gold Mine (9.25 million oz gold) as well as several multi-million ounce gold reserves, defined at the Canadian Malartic Hammond Reef deposit (5.8 million oz gold) by Agnico Eagle, and First Mining Gold's Springpole deposit (4.9 million oz gold).

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Regional Geology

The Manitou-Stormy Lakes Greenstone belt lies within the western Wabigoon Subprovince, a granite-greenstone terrane of the Superior Province. A number of thick volcano-sedimentary sequences consisting of mafic to felsic lavas and associated intrusions and pyroclastic rocks, all of which are generally overlain by sedimentary sequences, characterize the belt. Gold-bearing mineralized zones are focused in a north-south corridor within the central portion of the property. Host rocks comprise tholeiitic basalts overlain by a suite of clastic rocks of the Stormy Lake Group, including conglomerates, breccias and sandstones with a wide range in matrix and clast compositions. These rocks form a structurally complex central corridor between the intermediate composition Taylor Lake stock (2695±4 Ma: Davis et al. 1982) to the west and the felsic Thundercloud quartz-feldspar porphyry ("QFP") to the east.

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Property Geology and Mineralization

Gold is associated with hydrothermal alteration domains characterized by biotite-magnetite alteration with minor quartz veins and pyrrhotite. Biotite-magnetite alteration is in turn cut by chlorite-carbonate and pyrite. Both pyrrhotite and pyrite occur as disseminations, clots and veins, and are variably strained. In general, there is a correlation between sulphide concentration and gold grade, though a high ratio of pyrrhotite relative to pyrite appears to be the key for gold enrichment.

Given the importance of magnetite and pyrrhotite in the hydrothermal assemblage, several untested ground magnetic targets warrant trenching and/or drill testing. The presence of sulphides in association with gold suggests that chargeability is a key targeting tool, and this is confirmed by an excellent association of gold with a strong chargeability anomaly in the Pelham area. Additional modelled chargeability anomalies remain untested.

Past Exploration Work

Two main zones were identified on the Property, the Pelham Zone and West Contact Zone.

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Pelham Zone

Most of the drilling was done in a small part of the Pelham Zone. Initial resource estimate of ~300,000 oz of gold by Fladgate Exploration Consulting's 3-D modelling was based on 12,000 metres drill core data in this Zone. The 3-D model assumes a specific gravity of 2.7 for all rocks, at a head grade of 1.6 g/t Au, using a 0.5 g/t cut-off grade, in the different grade shells. This initial resource estimate was developed for targeting purposes, and it is not National Instrument 43-101 compliant.

Highlights of drill results from historic work and the recent drilling by Teck (2007 and 2008) and Laurentian Goldfields (2011) include:

  • 113.0 m @ 1.72 g/t Au (88-10)
  • 60.30 m @ 1.46 g/t Au (88-05)
  • 55.25 m @ 2.19 g/t Au (TC08-11), including 1 m @ 37.5 g/t Au, 9.34 m @ 7.91 g/t Au and 21.73 m @ 4.63 g/t Au
  • 29.66 m @ 0.77 g/t Au including 9.04 m @ 2.20 g/t Au (TC08-09)
  • 68.8 m @ 1.55 g/t Au (TC11-001)
  • 81.0 m @ 1.31 g/t Au (TC11-006)

The highest grade from historical drilling returned up to 192.7 g/t gold over 0.55 meters.

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West Contact Zone

Trench samples collected from the West Contact Zone during the 2006/2007 exploration campaign returned between 1.0-9.8 g/t gold, including 8.02 g/t gold over 39.0 m and 89.4 g/t gold over 3.0 m. Little follow up work was done in this area which will be one of the main focuses of the Company's upcoming exploration program.

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Work in progress

The Company has received a drill permit in early spring of this year. Preparation for its maiden drill program is underway. Drill targets will focus on testing the projected north-east plunge mineralization in the Pelham Zone for resource expansion. In the West Contact Zone, additional trenching of known mineralization will centre at Glatz Outcrop to better define structural control and confirmation drilling will follow. A detailed exploration program will be announced in early summer.

©2021Dynasty Gold Corp.
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