Golden Predator Intersects 6.07 gpt Gold over 8.30 m including 16.42 gpt Gold over 3.05 mfrom the South Fosters Zone at Brewery Creek
TSX: GPD
VANCOUVER, Jan. 27 /PRNewswire-FirstCall/ - Golden Predator Royalty & Development Corp. (TSX:GPD) (the "Company") is pleased to report assays from the final 17 diamond drill holes completed in early December on the Fosters and South Fosters zones at its Brewery Creek project, located approximately 55 km east of Dawson City in the Yukon Territory. Significant intercepts from the 2009 South Fosters drill program include 6.07 gpt gold over 8.30 m (46.05 to 54.35 m) including 16.42 gpt gold over 3.05 m (47.24 to 50.29 m) from hole BC09-147; 1.80 gpt Au over 6.73 m (39.27 to 44.40 m) from BC09-151; 2.41 gpt Au over 3.89 m (26.42 to 30.31 m) and 3.24 gpt gold over 7.14m (54.86 to 62.00 m) from BC09-160 (see Table below). Ten of the seventeen holes completed between mid-October and early December intersected gold mineralization along the southern margin of the deposit. Two holes ended in mineralized intrusive rocks and the thickness of these intercepts remains to be determined.
Brewery Creek was the site of a heap leach gold mine which operated from 1996-2002 and produced 279,541 ounces of gold. Current resources remaining on the property include an Indicated Resource of 3.98 million tonnes grading 1.135 gpt gold and an Inferred Resource of 2.2 million tonnes averaging 2.01 gpt Au (Diment and Simpson, 2009).
The Company's 2009 drilling program at Brewery Creek targeted both shallow oxide and deeper sulfide gold mineralization to expand upon this known resource. Drilling on the Pacific, North Slope and Blue zones tested for potentially higher grade gold mineralization as well as possible bonanza grade feeder structures beneath previously mined areas. Results from the first five holes, BC09-132 to BC09-136 from the Pacific zone were reported by the Company on October 15, 2009. Results for holes BC09-137 to BC09-141 on the North Slope zone and holes BC09-142 to BC09-144 on the Blue zone were reported by the Company on December 10, 2009.
A late season drilling program using a skid mounted drill was initiated in mid-October after freeze up conditions prevailed on the property. The program was designed to expand the oxide resource at the un-mined South Fosters zone. The present Indicated Resource at South Fosters stands at 961,900 tonnes at a grade of 1.387 gpt gold for a total in-situ resource of 42,900 ounces of gold (Diment and Simpson, 2009). An update to this resource will be announced once the results have been compiled.
The South Fosters zone appears to have some internal complexities with significant intercepts adjacent to un-mineralized rock. Additional drilling in these areas will be required to determine if there is potential for deeper sulfide mineralization beneath the known gold mineralization discovered to date. The Company is now planning its 2010 field program, which will be designed to further delineate these and other higher grade targets as well as expand the un-mined oxide mineralization that makes up the majority of the Indicated Resources on the property.
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2009 Drill Highlights from the Brewery Creek Project, YT
Select Significant Intercepts (greater than) 0.5 gpt Au
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Drill Hole # From To Interval Au Interval Au
(m) (m) (m) gpt (ft) opt
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BC09-146 28.96 36.28 7.32 1.13 24.02 0.033
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49.70 51.15 1.45 1.08 4.76 0.032
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BC09-147 46.05 54.35 8.30 6.07 27.23 0.177
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Including 47.24 50.29 3.05 16.42 10.01 0.479
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BC09-148(1) 76.20 78.94 2.74 0.97 8.99 0.028
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BC09-149(1) 53.75 57.91 3.40 1.34 11.15 0.039
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BC09-151 39.27 44.40 6.73 1.80 22.08 0.053
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BC09-153 30.90 34.90 4.00 3.41 13.12 0.099
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BC09-156 37.85 41.85 4.00 1.06 13.12 0.031
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43.10 46.20 3.10 1.90 10.17 0.055
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48.20 50.29 2.09 0.94 6.86 0.027
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BC09-159 42.03 44.86 2.83 6.79 9.28 0.198
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BC09-160 26.42 30.31 3.89 2.41 12.76 0.070
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54.86 62.00 7.14 3.24 23.43 0.095
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BC09-161 28.32 36.45 8.13 1.59 26.67 0.046
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57.77 60.82 3.05 2.47 10.01 0.072
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(1) Hole ended in mineralization
Quality Assurance - Quality Control
ACME Analytical Laboratories of Vancouver, B.C. performed all sample preparation and analyses. Core samples were logged and sampled at the project site under the supervision of the project geologist and then expedited in sealed bags to Whitehorse where they were shipped via common carrier to Vancouver. After being received and logged in at the laboratory, a 2 kg split of core was dried then crushed to 80% -10 mesh. A 250 g split was then pulverized to 85% -200 mesh. A 15 g split of each sample was analyzed by ICP-MS after aqua regia digestion to yield a 37 element scan. All samples yielding greater than 500 ppb gold then underwent a 30 g fire assay with an ICP-ES finish.
QA/QC procedures followed for the diamond drilling program include submittal of assay standards for analysis approximately every 30 samples as well as a blank and a duplicate sample of quarter core at approximately the same frequency.
All assays are reported as drilled widths and are not to be interpreted as true widths. Ken Galambos, P.Eng, Senior Project Geologist is the Qualified Person for the Company's Brewery Creek project and is responsible for the technical content of this news release.
Fiscal Year End Change
The Company also announces that it has changed its fiscal year end to February 28, from its current fiscal year end of December 31. As a transition, the Company will be reporting an interim 12 month period ending December 31, 2009 and an audited 14 month period ending February 28, 2010. The Company is making this change in order to ease the administrative burden associated with a December 31 year end.
About Golden Predator Royalty & Development Corp.
Golden Predator's corporate mandate is to establish a self-funded precious metals exploration company.
The Company is focused on exploring for and developing world class gold deposits in the Yukon's Tintina Gold Belt, where the Company is aggressively exploring its Eureka, Gold (Scheelite) Dome, Antimony Mountain, Clear Creek and the Brewery Creek projects.
The Company is advancing its Adelaide project in Nevada with underground drilling and bulk sampling planned. In addition, further drilling is planned at Golden Ridge, and Lantern to potentially provide near term production of small-tonnage high grade ores. The Company intends, through its strategic use of modular mills at its Taylor and Humboldt mill sites, to become a gold producer capable of funding its Yukon program. In addition, the Company currently receives in excess of $1.0 M per year from its royalty stream.
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 Royalty & Development Corp.
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