New Mineralization Encountered at Moosehead Pit, Brewery Creek Project, including 59.2 m of 1.22 g/t Gold
VANCOUVER, July 19, 2012 /PRNewswire/ - Golden Predator Corp. (TSX: GPD) (the "Company") is pleased to announce results from 9 diamond drill holes completed on the Moosehead Zone at its flagship Brewery Creek Project. These are the first holes drilled by Golden Predator on the Moosehead Zone, and have successfully intercepted extensions to mineralization mined by previous operators.
Highlights of the Company's initial Moosehead Zone drilling include:
- BC12-460 with 26.9 m of 0.96 g/t gold from a depth of 66.2 m and 12.0 m of 1.24 g/t gold from a depth of 108.0 m;
- BC12-462 with 16.8 m of 1.01 g/t gold from a depth of 88.7 m; and
- BC12-466 with 59.2 m of 1.22 g/t gold from a depth of 15.9 m including 9.7 m of 3.23 g/t gold.
A complete table of results and location maps can be found on the
Company's website at:
Moosehead Zone, Brewery Creek
The Moosehead Zone lies 2.1 km east of the Big Rock Zones and 5.1 km west of the Bohemian and Schooner Zones. The Moosehead Zone was mined from a small open pit during 2000 by the previous operator, Viceroy Minerals Corporation, towards the end of their operations at Brewery Creek which were halted primarily due to low gold prices. The mineralization at depth, the majority of the deposit to the southwest, and the sediments to the north east were not mined.
The mineralization is primarily hosted in an altered monzonite sill which strikes northeast, dips southeast and is underlain by Earn group sediments. Results to date indicate that the sill is approximately 80 m thick and can be traced approximately 400 m along strike. Mineralization is truncated to the west by a steep brittle fault, but remains open down dip and along strike to the north east.
Thrusting to the northeast has placed favorable ore-hosting Road River Group Steel Formation siltstone on top of Earn group sediments. Historic trenching and drilling within this northeastern sedimentary package has encountered gold mineralization along strike extending beyond the historically mined area.
Drilling by Golden Predator in 2012 has been designed to extend the known mineralization along strike and down dip. The Company has also drilled 3 PQ holes at the Moosehead Zone to provide material for column leach tests which are planned to be completed later this year. The Company has not published a resource estimate for the Moosehead Zone, but anticipates incorporating drill results from the Moosehead Zone into an updated resource estimate for its Brewery Creek Project, planned for later in 2012.
Brewery Creek Project Overview
Brewery Creek hosts a NI 43-101 compliant resources of 581,000 indicated gold ounces in 20.417 million tonnes at 0.89 g/t and 346,000 inferred gold ounces in 12.990 million tonnes at 0.83 g/t (Barr, 2012; GPD NR 12-20 June 18, 2012). The Company anticipates publishing an updated resource estimate incorporating the current year's drilling later in the year.
The Brewery Creek Project is a past producing heap leach gold mining operation with a total of 278,484 oz Au produced from seven near-surface oxide deposits along the property's Reserve Trend from 1996 through 2002, when the mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 181 km2 property is located 55 km due east of Dawson City, accessible by paved and gravel roads from the junction of the North Klondike and Dempster Highways.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License with an expiry date of December 31, 2021, subject to the restrictions and conditions contained in the Yukon Water Act and Regulations. The Project also holds a Quartz Mining License (QML) with an expiry date of December 31, 2021. The Company is working to amend the Water License and the QML to incorporate current mine planning and design studies which are currently underway. In addition, a restated and amended Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project is in place.
Sampling Methodology, Quality Control and Assurance
Samples were fire assayed for gold by ALS Chemex and ACME Laboratories in Vancouver. All assays are reported as drilled intervals and are not to be interpreted as true widths. Refer to the Company's news release dated October 27, 2011 for a complete discussion of sampling methods, quality control and assurance.
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, CPG, the Company's Chief Operating Officer and a Qualified Person as defined by National Instrument 43‐101.
About Golden Predator Corp.
Golden Predator Corp., Yukon's Gold Company, is mandated to become a mid-tier gold producer. Golden Predator's road-accessible advanced properties include its flagship Brewery Creek Project as well as its Grew Creek and Clear Creek Projects. Golden Predator is committed to moving aggressively to a near term production decision while expanding the existing NI 43-101-compliant resource at Brewery Creek.
Golden Predator has one of the largest controlled land positions in the Yukon, with exploration holdings in excess of 1.0 million acres, and is committed to strong relationships with First Nations and communities. Golden Predator's highly skilled management and technical teams continue to lead quality exploration programs in the underexplored regions of the Yukon, focused on advancing new discoveries and leaving a positive legacy.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Golden Predator's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Golden Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Golden Predator Corp.