Golden Predator Processing Plant Operations Update – 3 Aces Gold Project, Yukon
May 13 2019 - 8:00AM
Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company” or
“
Golden Predator”) is pleased to announce that as
of April 19, 2019, the Company’s test processing plant (the
‘plant’), the first of its kind in Yukon, Canada, recommenced
operations and processing of the 2018 3 Aces Project bulk sample
following the winter hiatus. The processing facility is
operating 96.2% of the available hours since restart, with minimal
downtime for maintenance, and averaging 49.4 dry tonnes/day.
Results from the processing, and contained gold recovered, will be
reported following confirmation of assays.
As we increase our understanding of the
metallurgical and geological information from the bulk sample
program we continue to improve recovery and operating efficiencies
at the plant. The plant is now connected to the electrical grid,
operates without the use of chemicals and realizes over 85%
recovery of contained gold. The Company intends to complete the
processing of the 2018 material over the coming months and conduct
an additional bulk sample in 2019 at the 3 Aces project as part of
its 2019 exploration program.
A total of approximately 9,800 tonnes of
material was systematically excavated in 2018 from a series of 2m
benches in the Spades Zone of the 3 Aces Project in southeastern
Yukon. Approximately 20% of the excavated material was
transported to the processing facility before year-end, with the
remainder to be transported in 2019. It is expected the plant
will process the 2018 bulk sample until Q3/19 with results and
progress reports on a monthly basis. Final reconciliation of
recovery, tonnes and grade will be released for each bench as well
as for the combined 9,800 tonne sample following complete
processing and refining of the gold. An additional bulk
sample, of up to the permitted 10,000 tonnes, is expected to be
outlined and planned during Q2/19 with actual bulk sampling
activities expected to commence in Q3/19. Processing
activities associated with the planned 2019 bulk sample will
continue into Q3/20.
Doré bars poured by the Company from #1
concentrate are sent to a commercial refinery for final processing.
The most recently poured doré bar contained 86.28% gold and 7.63%
silver as reported by Asahi Refinery. Alternate processing methods
are required for the #2 concentrate and the Company is
currently finalizing plans for processing of the #2 concentrate.
Total gold recovery of #1 and #2 concentrates is anticipated to be
over 85% recovery of contained gold. Results of previous bulk
sample reconciliations are available at:
www.goldenpredator.com.
3 Aces Project – Bulk Sample Program
OverviewThe Company designed its 2018 bulk sample program
to reconcile actual grade against grade predicted by drill results,
confirm the pattern of gold distribution, improve metallurgy, and
begin to understand rock mechanics. The bulk sample was planned
utilizing a 3-D Leapfrog Edge model compiled from RC and core
drilling in the Spades Zone including the close spaced drilling
reported in September 2017 (GPYNR17-21). In the rigorous
sampling process, material was excavated, segregated and processed
to precisely correspond to specific 2 cubic meter blocks of
model-predicted grade.
The overall projected grade for the entire bulk
sample is estimated at 20 g/t gold. Estimates of grade and
tonnage from our bulk sampling program are specific to the limited
and defined areas targeted by the study and should not be treated
as representative of overall grade and tonnage of any
deposit. There is no current mineral resource or mineral
reserve on the 3 Aces project and further exploration work is
required to define a mineral resource.
The material processed to date is from the
lower grade and/or smaller tonnage upper benches including 1203 m,
1201 m and 1199 m. During excavation of these upper
benches, several new gold-bearing veins have been identified that
were not intersected in previous drilling. Although drilling
of the Spades Zone was tightly-spaced, bulk sampling has exposed
previously unknown vein orientations and veining. New geological
information has already been gained from the early stages of the
bulk sampling.
Golden Predator made an early decision to bulk
sample at its 3 Aces Project when it realized that much of the gold
contained in its veins is high grade (not uncommonly over 30 gtt
gold) and nuggety. The ‘nugget effect’ occurs when the gold is not
distributed evenly throughout the deposit but rather is accumulated
in clumps within the veins with visible gold often sitting loosely
in open spaces (vugs) and along fractures. This form of
mineralization often frustrates the conventional drilling and
sampling processes. The best way to determine the true gold value
of a nuggety gold system is to conduct large scale bulk
sampling. The high grade nature of the gold occurrences at 3
Aces should largely offset the cost of this work.
To eliminate the cost of shipping bulk sample
materials outside of Yukon, and to effectively manage the
processing costs, Golden Predator built its own closed system
processing plant with a skilled team that, based on 2018
performance, operates at over 50 tonnes per day (tpd). The plant is
a relatively simple gravity circuit utilizing a closed circuit
water system with no chemicals due to the free-milling nature of 3
Aces gold.
By having its own local pilot plant, the Company
is able to address the security issues of gold recovery with much
greater confidence than if done by a third party. An
additional consideration was the benefit to the community from
retaining capital expenditures, jobs, skills and knowledge in
the Yukon.
3 Aces Project, YukonThe 3 Aces
Project is an orogenic gold project in southeast Yukon. The Company
has to date focused exploration on the 13.5 km2 Central Core Area,
a broad gold-in-soil anomaly, where numerous orogenic gold-bearing
quartz veins have been discovered. Exploration over the past two
years has systematically advanced the project by establishing: (1)
high gold grades can be reliably sampled; (2) gold mineralization
is in predictable stratigraphic structural locations; (3) gold
grades have robust continuity within the recognized controlling
features; and (4) most of the gold is free-milling and readily
recoverable by gravity concentration. Results from the Central Core
Area support a stratigraphic structural model that predicts
extensive lateral and vertical continuity of the 3 Aces mineral
system. The Company is developing targeted drilling programs to
establish continuity between the Central Core Area and other
mineralized zones along the 35 km strike of the 3 Aces
property. Orogenic gold deposits are among the
world’s largest and richest such as the California Mother Lode Belt
and the Juneau Gold Belt.
The technical content of this news release has
been reviewed and approved by Jeff Cary, CPG, a Qualified Person as
defined by National Instrument 43-101 and an employee of the
Company.
Golden Predator Mining
Corp.With a growing resource at the past-producing Brewery
Creek project and an exciting high-grade gold exploration project
advancing at its 3 Aces project, Golden Predator boasts good
infrastructure, large land positions, strong community support and
excellent growth prospects. The Brewery Creek project has an
existing Quartz Mining License and Water License, and exploration
drilling continues to expand resources while optimization studies
are progressing to enhance the already positive project economics.
We continue to expand on discoveries of native gold in quartz veins
at the 3 Aces project, while bulk sampling and processing at our 50
tpd Company-owned processing plant has demonstrated gold recoveries
of over 85% using a chemical-free process. This green gold provides
for the mintage of .9999 gold coins from the Yukon Mint, a
wholly-owned subsidiary of Golden Predator.
For additional
information:
Janet Lee-Sheriff Chief Executive Officer (604) 260-5029
info@goldenpredator.com www.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 express or
implied regarding completion of the transactions described herein,
the upcoming season at 3 Aces project, and projected grades
and gold and silver recoveries from the 2018 and proposed 2019 bulk
sample program, 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.
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