Perfect Match: Golden Dawn Minerals Takes Over Multi-Million
Ounce Gold-Silver-Zinc Project in BC
Full version / The J&L
Deposit is an advanced-stage gold-silver-zinc underground mining
project.
Today, Golden Dawn Minerals Inc. made a game-changing
announcement: The acquisition of
the J&L Property, located in the prolific Revelstoke Mining
Division of southeastern British Columbia, some 600 km east of
Vancouver, Canada.
What makes this project so attractive is not only its great
location near existing infrastructure but being an advanced-stage
multi-million ounce project with immense upside potential. With
1.3 million ounces of gold and 15 million
ounces of silver, plus significant zinc and lead
by-product credits, in historic (2012) resources, J&L is a
perfect match for Golden Dawn Minerals.
The seller of this major gold-silver-zinc-lead project is Huakan
International Mining Inc., from which Golden Dawn Minerals also
acquired the Lexington Mine, the Golden Crown Deposit and the
Greenwood Processing Plant in February of 2016.
As the Lexington Underground Mine and the Greenwood Plant are
well on track to re-start gold-copper production in early 2018,
Golden Dawn has shown its ability to execute its plans while
creating shareholder value (share price doubled). So it does not
surprise now that Huakan has full faith in Golden Dawn to bring
into production the J&L Project, and profit once again from a
significantly increased share position in Golden Dawn.
Golden Dawn Minerals' current market valuation of $36
million CAD is based on its exploration and mining projects in the
historic Greenwood Mining District, currently with total resources
of 171,900 ounces of gold equivalents (Lexington: 96,300 oz gold
equivalents; Golden Crown: 75,600 oz gold
equivalents).
Over night, some 1.3 million ounces of gold and 15 million
ounces of silver in historic resources were added. You do the math!
No matter what, J&L is a significant value add for the company
and its shareholders because this new acquisition lifts the company
to a whole different level in the gold mining business. It's
getting serious now, we are talking big numbers from now on.
Golden Dawn emphasized in the press-release that J&L is a
stand-alone project, fully independent from and not interfering
with its Greenwood Projects. It represents a further implementation
of the company's strategy of acquiring significant advanced-stage
to near-production mineral properties with ancillary assets.
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And now, Golden Dawn's latest announcement of December 6
appointing 2 world-class mining professionals to its management
team should make even more sense going forward:
Perfect Match: It's All About the
PEOPLE Behind Great Projects
Newly appointed Peter Cooper appears to be the perfect
match for Golden Dawn's Greenwood mining and exploration projects,
while newly added Dr. Serguei Soloviev looks like the perfect
professional to advance the J&L Project into production over
the next years.
Peter Cooper has spent the better part of the
past 20 years working in the Republic Gold District of northeastern
Washington State and southern BC. Since 2007, he was Chief
Geologist and subsequently Manager of Operations Strategy for
Kinross' Kettle River Operations, located 40 km south of Golden
Dawn Minerals' Greenwood Projects. Mr. Cooper has participated in 3
successful new gold mine start-ups, including Kinross' prolific
Buckhorn Mine, located 20 km southwest of Golden Dawn Minerals
Lexington Mine, where he played a significant role in
pre-production exploration and development.
Dr. Serguei Soloviev is a Professional
Geologist with more than 35 years' exploration experience in Canada
and abroad. He was most recently with Rio Tinto Exploration, where
he served as Chief Geologist for Russian operations from 2010-2016.
From 2006-2008, he was involved in the exploration of gold and
copper deposits in British Columbia and Yukon, including Harper
Creek and Skukum Creek. In 2000-2005, he was the Chief Geologist
and a board member for Chapleau Resources Ltd., where he oversaw a
number of exploration projects in British Columbia, Yukon, and
Alaska. Dr. Soloviev has published over 50 technical papers in
leading peer-reviewed journals.
While the Main and Footwall
Zones have already been defined well historically, the
Yellowjacket Zone is a parallel deposit with
immese upside potential, it also hosts very favorable material
for processing, with very high zinc grades.
Golden Dawn's Plans
Following the Option Agreement, as outlined in the
press-release, Golden Dawn plans to initiate and complete an
updated Preliminary Economic Assessment (the "UPEA"), which will be
based on a verified and an updated resource estimate and current
economic parameters. Subject to a positive UPEA and after
permitting, further exploration of the J&L Property will be
undertaken. This will include underground drilling aimed at
upgrading inferred mineral resources to the indicated category
after establishing an access decline and a drift at a deeper level.
Large volume metallurgical testing will also be conducted. All this
will constitute a base for a Pre-Feasibility Study. Additional
exploration drilling aimed at resource expansion will be done along
strike and downdip of the known mineralized zones, as well as in
areas of potential parallel and blind zones.
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The J&L Property is located 35 km north of Revelstoke in
British Columbia. The property consists of 20 mineral tenure claims
and 10 crown granted claims for a total of 3,052 hectares.
The J&L Property has been explored intermittently during the
20th century by a number of operators. In total, 311 drill holes
(40,886 m) have been completed, together with about 3 km of
underground development.
In 2010, a 100% unencumbered interest in the property was
acquired by Huakan (formerly, Merit Mining Corp.) after making
payments totaling $10.79 million. Huakan completed
extensive drilling and drifting on the property, advancing it to
the point of a Preliminary Economic Assessment ("PEA") in 2012;
further work, however, ceased due to financial constraints in
2014.
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The property has a well-established road access via paved
highways and forestry roads; it has an easy access to railroad,
with a 100%-owned rail siding and load-out facility in Revelstoke.
Power source could be provided by transmission from Revelstoke and
Mica Major hydro-generation facilities. The property infrastructure
includes mine buildings (40-person camp, maintenance buildings and
workshops) and an underground mining equipment fleet.
In 2012, before the completion of the Phase 2 exploration
program, a PEA on the J&L Property was completed by Micon; it
was based on a mineral resource estimate published in a Technical
Report dated May 2011. There has not been an updated Technical
Report based on the subsequent year-2012 exploration results and
the new resource estimate. The 2012 PEA by Micon considered the
potential production of gold, silver, lead and zinc from the
J&L Main Zone. That PEA was based on the proposed underground
mining and carbon-in-leach processing at a rate of 1,500 t/d to
produce gold dor and saleable concentrates.
The underground mine plan in the PEA was based on a 1,500 t/d
underground bulk mining operation, using ramp access. The main
mining method considered was mechanized longhole stoping with truck
haulage, and stope backfill using waste rock and process
tailings.
Two process flowsheet options were considered for this PEA and
each includes a heavy mineral separation (HMS) circuit ahead of
milling to remove 40% of the rock by weight, with estimated metal
losses of 2%. The main difference between the two proposed options
is whether a single lead concentrate or two concentrates, lead and
zinc are produced for sale.
The 2012 PEA recommended that the J&L project be advanced to
the pre-feasibility stage, including additional drilling,
metallurgical testing, and engineering design. Part of the
recommended work was completed by Huakan since the PEA was
completed.
The next planned phase of exploration includes: drive Ramp 1
decline approximately 2,180 m; drive five cross cuts totaling 976 m
at elevations ranging from approximately 730 m to 660 m; drill 47
holes totaling 7,800 m.
Technical disclosure in the news release has been approved
by Dr. Serguei Soloviev, P.Geo., a Qualified
Person as defined by NI 43-101, and Chief Geologist for the
J&L Project of Golden Dawn Minerals Inc.
Read the full news release here for further
details.
Technical Perspective
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Company Details
Golden Dawn Minerals Inc.
#318 - 1199 West Pender Street
Vancouver, B.C. V6E 2R1 Canada
Phone: +1 604 221 8936
Email: allinfo@goldendawnminerals.com
www.GoldenDawnMinerals.com
www.GoldenDawnMinerals.de
Shares Issued & Outstanding: 127,143,073
Chart
Canadian Symbol (TSX.V): GOM
Current Price: $0.28 CAD (12/18/2017)
Market Capitalization: $36 Million CAD
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USA Symbol (OTC): GDMRF
Current Price: $0.21 USD (12/18/2017)
Market Capitalization: $27 Million USD
Chart
German Symbol / WKN (Frankfurt): 3G8A / A1XBWD
Current Price: €0.177 EUR (12/18/2017)
Market Capitalization: €23 Million EUR
Previous Coverage
Report #21: "Golden Dawn
Minerals Strengthens its Management Team" (December 7, 2017)
Report #19: "New Drill Results
from Golden Crown Show New Potentials" (November 5, 2017)
Report #18: "High-Grade Gold and
Copper Drill Results Near Surface at Golden Crown" (November 1,
2017)
Report #17: "Rapid Progress with
the Reactivation of Mine and Mill" (October 25, 2017)
Report #16: "Dewatering Start!
Gold Production Expected in Novembert" (August 22, 2017)
Report #15: "Golden Dawn
receives Mine and Mill Permits and Rockstone publishes a Site Visit
Report" (June 21, 2017)
Report #14: "Golden Dawn
Minerals getting increasingly attractive with latest acquisition
plans" (June 6, 2017)
Report #13: "Golden Dawn in the
spotlight of the press " (February 9, 2017)
Report #12: "Gold and Gold
Stocks: The Best Hedge Against Trump and Other Uncertainties"
(January 31, 2017)
Report #11: "Golden Dawn
Discovers New Prospect For A Possible World-Class Deposit" (January
26, 2017)
Report #10: "Golden Dawn
discovers 10 g/t gold over 15 m at surface and delivers top results
from the underground"
Report #9: "Golden Dawn passed
environmental and safety inspection, provides progress report on
Greenwood projects"
Report #8: "Coverage on Golden
Dawn"
Report #7: "Golden Dawn
Minerals: B.C.´s next powerhouse gold miner?"
Report #6: "Golden Dawn acquires
several major past producing mines and becomes largest land holder
in the Greenwood District next to Kinross"
Report #5: "Golden Dawn moving
rapidly toward renewed operation"
Report #4: "Starting Shot for
the May Mac Mine"
Report #3: "Ascend from explorer
to producer secured: A Just-in-Time success story par excellence
"
Report #2: "Golden Dawn secures
funding to go into gold production in BC "
Report #1: "Perfect timing to go
into gold production in British Columbia"
Disclaimer: Please read the full disclaimer within the full
research report as a PDF (Cautionary Statement: The
June-2017-PEA is preliminary in nature and it includes Inferred
Mineral Resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as Mineral Reserves. Mineral
resources that are not Mineral Reserves do not have demonstrated
economic viability. There is no certainty that the PEA will be
realized. Golden Dawn Minerals Inc. (the "Company") would
like to clarify that its decision to proceed to extract mineralized
material from the Lexington, Golden Crown and May Mac mines for
processing at its facility located at the Greenwood Precious Metals
Project was not based on a Feasibility Study. The Company cautions
that, in such cases, there is increased uncertainty and higher
economic and technical risks of failure. The Company notes that,
since the mining and processing infrastructure is in place, it
intends to proceed to trial mining and processing on the basis of
Mineral Resource Estimates and the Preliminary Economic
Assessment.
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