Dynasty gets Zaruma resource figure

Vancouver — Dynasty Metals & Mining (dmm-v) is encouraged by the latest resource estimate for its Zaruma gold project in southwestern Ecuador.

Indicated resources are pegged at 1.1 million tonnes grading 17.73 grams gold per tonne, or 644,628 oz.; inferred resources, at 2.4 million tonnes grading 10.4 grams gold, or 817,219 oz.

The project is in a 15-by-5-km polymetallic vein system in an area where gold and silver have been mined since Incan times. Dynasty acquired it in April of this year.

The recent resource estimate used new data as well as data from previous work by South American Development Co., Iamgold (img-t) and TVX Gold (now Kinross Gold [k-t]). These earlier programs included 100,000 underground channel samples and 37 drill holes. South American Development started mining the deposit in 1905 and went on to extract 5 million oz. gold from high-grade veins at the Portovelo zone.

All three of Dynasty’s gold-silver and copper projects are in southern Ecuador.

The company has 15.6 million shares outstanding. Its market capitalization is $14 million at the present trading level of 90 per share.