Vancouver – A resource estimate had been received by Dynasty Metals & Mining (DMM-V) for its wholly owned Zaruma gold project in southwestern Ecuador.
The report outlines an indicated resource of 1.13 million tonnes grading 17.73 grams gold per tonne in the Zaruma project (including the Portovelo district), giving a contained 644,628 ounces of gold. An additional inferred resource of 2.44 million tonnes of 10.4 grams gold has also been outlined (817,219 contained ounces) for the zones.
The project area sits within a 15 km by 5 km polymetallic vein system with evidence of gold and silver production dating back to Incan times.
Since acquiring the project in April 2004, Dynasty Metals has been active in its exploration effort to confirm the resource and expansion potential of the project. The NI-43-101 compliant study also incorporated data from previous exploration programs and development by South American Development Company (SADCO was historically an affiliate of ASARCO, now Grupo Mexico), Iamgold (IMG-T) and TVX Gold (now Kinross Gold (K-T)). These earlier programs included extensive underground channel sampling (over 100,000 samples) and 37 drill holes. SADCO commenced mining on the project in 1905, estimating about 5 million ounces of gold produced from high-grade veins at the Portovelo mine.
Dynasty Metals & Mining is focused solely on Ecuador, with all three of its gold-silver and copper projects located in the southern region of the country.
As of the latest figures the company reports 15.6 million shares outstanding, resulting in a market capitalization of about $14-million at its present trading level of 90 per share.
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