Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the
“
Company”) today announces the completion of its
2020 work program at its licensed 100%-owned Brewery Creek mine
project located approximately 55 km by road from Dawson City,
Yukon. The 2020 program consisted of 60 drill holes for ~5,600 m of
drilling including ~ 4,400 m of exploration and in-fill drilling
plus 1,200 m of metallurgical and geotechnical drilling. All
samples have been shipped and are currently being processed.
Brewery Creek maps can be viewed at:
https://www.goldenpredator.com/_resources/news/GPY-NR-2020-Drill-Program-Completed-MAPS.pdf.
2020 Exploration and Technical Drill
ProgramThe 2020 Brewery Creek drill program consisted of
exploration, in-fill, geotechnical, hydrogeologic and metallurgical
drilling to advance the Bankable Feasibility Study currently
underway and projected for completion in Q1/21.
Infill
DrillingThis program builds on Golden Predator’s
successful 2019 program that established continuity of
mineralization within the licensed Reserve Trend between the
eastern edge of the Canadian-Fosters-Kokanee-Golden pits east to
the Lucky pit. The 32 reverse circulation drill holes drilled in
2020 were designed to fill in and expand the gold resource between
the eastern Golden zone and western Lucky zone. The targeted
mineralization between these zones has been offset by a high-angle
normal fault and was previously untested until 2019 when the zone
was intersected with multiple drill holes.
Infill drilling within this 400 m gap between
the eastern edge of the Fosters to Golden trend and the western
edge of the Lucky zone is also to increase the density of drilling
to convert Inferred resources to Indicated resources and confirm
continuity of mineralization between the two deposits while testing
for additional resources. The goal is to establish and confirm
continuous mineralization along the
Fosters-Canadian-Kokanee-Golden-Lucky zones for mine design now in
progress as a part of the Brewery Creek Bankable Feasibility Study
(BFS).
A total of 32 reverse circulation drill holes
totaling 3,706 m were completed in the gap area between the eastern
edge of Golden and western edge of Lucky. Samples from this program
have been submitted to ALS Laboratories for sample preparation in
Whitehorse, Yukon and assaying in Vancouver, British Columbia.
Initial assay results from the program are expected in late
November with complete assay results expected by the end of the
year.
2020 Exploration Drilling of New
Large-Scale Targets – Classic and Lonestar ZoneThe 2020
drill program, targeted newly defined extensions of the
Classic/Lone Star porphyry-style intrusive, with 3 reverse
circulation holes totaling 687 m. The holes were very wide step-out
holes drilled at significant distances from any existing drilling
at the Classic and Lone Star areas.
Two of the drill holes (RC20-2710 and RC20-2711)
were located approximately 500 m from each other and at least 650 m
southeast of the closest previous drilling within the Classic and
Lone Star zones. These holes targeted an area defined by anomalous
gold and arsenic soil and rock chip geochemistry within a
structural zone. The third drill hole (RC20-2711), located
approximately 1,330 m to the east of the nearest previous drilling,
tested a coincident aeromagnetic and radiometric anomaly indicating
a structural zone along the margin of a biotite monzonite intrusive
within an area of spotty gold and arsenic in soil geochemistry. All
three drill holes encountered multiple fault zones and variable
amounts of intrusive rock as dikes/sills within the structural
zones.
The Classic Zone is a near surface bulk tonnage
target that lies approximately 3 km south of the Brewery Creek
Reserve Trend. Together with the Lone Star zone, the Classic Zone
demonstrates the discovery potential of the entire southern portion
of the large Brewery Creek Property where a large syenite intrusion
hosts gold mineralization primarily in sheeted
quartz/carbonate/pyrite veins and as fine-grained disseminations.
Initial column leach tests have indicated that this intrusive
hosted mineralization is leachable to at least a 200 m depth. This
mineralization is clearly a separate younger mineralizing event not
associated with the quartz monzonite thrust-hosted mineralization
historically exploited in the Reserve Trend which is the subject of
the ongoing bankable feasibility study.
Metallurgical &
Geotechnical DrillingA total of 14 PQ
diamond drill holes totaling 540 m were completed in
Foster-Canadian-Kokanee-Golden and Lucky pit areas. The program was
designed to obtain mineralized material from the Fosters, Kokanee,
Golden and Lucky areas for additional column leach tests. The core
was shipped to McClelland Labs in Reno, NV where it is currently
being tested. The core samples will be used to conduct additional
column leach tests at a coarser crush size of approximately 3/4”
versus previous test work conducted at 3/8” crush size at Kokanee,
Golden and Lucky. These column tests are being conducted to confirm
the recent results of column leach tests run at various crush sizes
on material from the historic heap leach pad where the data showed
slightly better recoveries of gold in solution for the coarser 3/4”
crush size. A coarser crush size would help streamline any recovery
process. These tests will be detailed in the Bankable Feasibility
Study currently underway.
A total of eleven geotechnical/hydrogeologic
drill holes were completed to support the ongoing Bankable
Feasibility Study at Brewery Creek. A total of 975 m of drilling
was completed in 8 diamond drill holes (792 m) and 3 reverse
circulation drill holes (182 m). The diamond drill program was
consisted of oriented, HQ3 core to support detailed fracture
analysis of lithologies in the proposed pit walls and three of
these were completed with piezometers. The 3 reverse circulation
drill holes were drilled and completed as hydrogeologic monitor
wells.
Brewery Creek Mine:
Resources¹
2020 Brewery Creek Mineral Resource
Estimate(1) |
Leachable |
Tonnes |
g/t |
Gold Oz. |
Indicated |
22,200,000 |
1.11 |
789,000 |
Inferred |
16,800,000 |
0.92 |
497,000 |
|
|
|
|
Sulphide |
Tonnes |
g/t |
Gold Oz. |
Inferred |
30,600,000 |
0.84 |
828,000 |
Materials on the heap leach pad were not
included in the resource update. Mineral Resources estimates
conducted within a pit shell developed at $2,000/oz gold with an
internal cut-off grade calculated at $1,500/oz gold was used to
report mineral resource inventories.
The resource estimate is based on a recovery
model created from assay data, bottle and column leach test work
and historic recovery analysis instead of a less accurate visual
oxide-sulfide boundary developed from geologist drill logs.
Sedimentary and intrusive rocks, which have distinct metallurgical
characteristics, were estimated separately based on gold-grade
distribution analysis.
The current 2020 Mineral Resources Estimate
supersedes the 2019 Mineral Resource Estimate. A supporting NI
43-101 Technical Report is filed on SEDAR at www.sedar.com.
Brewery Creek Mine Work PlanThe
Brewery Creek Mine is a licensed brownfields heap leach gold mine
that was operated by Viceroy Minerals Corporation from 1996 to
2002. Brewery Creek is authorized to restart mining activities as
defined within the Quartz Mining License and Water License. The
Company intends to resume mining and processing of licensed
deposits when supported by an independent study that outlines
technical and economic viability. The 180 km² property is
located 55 km east of Dawson City and is accessible year-round by
paved and improved gravel roads. Significant infrastructure remains
in place, allowing for a timely restart schedule under existing
operating licenses.
A Bankable Feasibility Study (BFS) is being
conducted by Kappes Cassiday & Associates of Reno, Nevada which
will include a multi-year mine plan for the advancement of the
Brewery Creek project. The BFS will include an inventory of the
mineralized material remaining on the heap and mine planning
(completed by Tetra Tech Inc of Golden, Colorado) for the
resumption of the mining of material from leachable resources
contained within the licensed area and reported in the Company’s
Mineral Resource Estimate. The BFS will include all the key
parameters involved in reconstructing or adding necessary
infrastructure including a crushing facility, the
Adsorption-Desorption-Recovery (“ADR”) plant and assay lab and an
implementation schedule, sourcing, and economic cash flow model
sufficiently detailed to move directly into procurement,
development and construction if economically warranted. Any
production decisions would be dependent on the outcome of a study
demonstrating positive technical and economic viability.
The technical content of this news release has
been reviewed and approved by Michael Maslowski, CPG, a Qualified
Person as defined by National Instrument 43-101 and is employed by
the Company as its Chief Operating Officer.
About Golden Predator Mining
Corp.Golden Predator is advancing the past-producing
Brewery Creek Mine towards a timely resumption of mining
activities, under its Quartz Mining and Water Licenses, in Canada’s
Yukon. With established resources grading over 1.0 g/t gold the
Company is completing a Bankable Feasibility Study for the restart
of heap leach operations. The Brewery Creek Mine project operates
with a Socio Economic Accord with the Tr’ondëk Hwëch’in First
Nation.
For additional
information:Janet Lee-Sheriff
Chief Executive Officer (604)
260-8435info@goldenpredator.comwww.goldenpredator.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This press release contains
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 that the Brewery Creek will advance to an
early production decision, or the extent of any additional mineral
resource that could result from incorporating 2019 exploration
drilling. 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, the Company assumes no obligation to
update forward-looking information should circumstances or
management's estimates or opinions change.
-
The 2020 Mineral Resource Estimate was conducted in accordance with
CIM guidelines and is reported in a NI 43-101 Technical Report
which will be filed on SEDAR and the Company’s website within 45
days.
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