Golden Predator Provides Mining Restart Notice For Brewery Creek Mine To Yukon Government; Updates on Bridge Upgrade
August 26 2019 - 8:30AM
Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company” or
“
Golden Predator”) is pleased to announce the
Company has provided formal notice to the Yukon Government (Yukon)
to move the Brewery Creek Mine into the production phase from
temporary closure status. The notice formally advises Yukon of the
commencement of development/production activities on the Brewery
Creek site and has been accepted by Yukon. The Company now has all
the necessary licenses, permits and authorizations to commence
mineral development activities and mineral production activities as
permitted in the Quartz Mining License and Water License. The
Brewery Creek Mine, in Canada’s Yukon, is a fully licensed past
producing gold mine with existing infrastructure and established
resources allowing for a timely restart of mining activities.
Significant Activities:
- In addition to the formal restart notice as required under the
Quartz Mining Act, the Company has provided the Government of Yukon
with its Reactivation Plan outlining development activities
licensed under the current Quartz Mining License and Water
Licence;
- The Lee Creek Bridge on the Brewery Creek Mine access road
(North Fork Road) has been upgraded to a steel span bridge by the
Government of Yukon. Work is completed and the new bridge is
operational;
- Heavy equipment has mobilized to the Brewery Creek Mine site
and has commenced with haul road improvements and clearing of the
licensed cells on the heap leach pad; and
- Exploration and development drilling has expanded to include a
2nd reverse circulation drill rig and a diamond core rig.
All notices and plans are provided in advance to
the Tr’ondëk Hwëch’in First Nation in keeping with the Company’s
efforts to meet and exceed industry standards for engagement,
information sharing and its Socio Economic Accord for the Brewery
Creek Mine.
Brewery Creek Mine, Yukon: Resources and
Past Production
The Brewery Creek Mine is a licensed brownfields
heap leach gold mine that was operated by Viceroy Minerals
Corporation from 1996 to 2002. Brewery Creek was put into Temporary
Closure in 2002 following a collapse of the gold price to below
$300 US per troy ounce. Golden Predator commenced work on the
project starting in 2009. Brewery Creek is now authorized to
restart mining activities that follow the previously assessed and
approved mine plans without further assessment and review as
defined in the Quartz Mining License and Water License. The Company
intends to resume mining and processing of licensed deposits
while the Company works with Tr’ondëk Hwëch’in and Yukon
Government to expand the licensed mining area to include new
discoveries made since 2011.
The 180 km2 property is located 55 km due 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 licenses.
The Company conducted exploration drilling on
the Brewery Creek project from 2010 to 2013 and increased the
resource 5 fold and completed a Preliminary Economic Assessment
(PEA) resource estimation including an Indicated oxide resource of
577,000 troy ounces of gold in 14.2 million tonnes averaging 1.27
g/t gold and an Inferred oxide resources of 279,000 troy ounces of
gold in 9.3 million tonnes averaging 0.93 g/t gold (includes
resource areas located within and outside of production licenses as
shown on map). In addition, the resource estimate contains
Indicated sulfide resources of 142,000 troy ounces of gold in 3.5
million tonnes at 1.28 g/t gold and Inferred sulfide resources
totaling 546,000 troy ounces of gold in 12.4 million tonnes at 1.37
g/t gold (1), although most drilling was historically terminated a
short depth below the oxide mineralization, leaving sulfide
potential largely untested.
The Company has a Socio Economic Accord with
Tr’ondëk Hwëch’in for the Brewery Creek Mine and is licensed to
resume mining activities under the current Water License and Quartz
Mining Licenses. The project also has a Class IV Mining Land Use
Permit to conduct additional exploration.
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.
Golden Predator is advancing the past-producing
Brewery Creek Mine towards a timely resumption of mining
activities, under its valid Quartz Mining and Water Licenses, in
Canada’s Yukon. With established resources grading over 1.0 g/t
Gold and low capex to production in a safe first world
jurisdiction, Brewery Creek has a clear path to production as an
economically and environmentally known project. Optimization
studies are progressing to enhance the already positive multi-phase
project economics described in the 2014 Preliminary Economic
Assessment. Drilling continues to expand the open-ended resources
and untested targets across the 186 km2 brownfield property.
At the 3 Aces project, Golden Predator continues
to expand on discoveries of native gold in quartz veins while
ongoing bulk sampling and processing at the 50 tpd Company-owned
processing plant has demonstrated gold recoveries of over 85% using
a chemical-free process. This green gold provides the gold 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
Golden Predator Mining
Corp.
(604) 260-8435
info@goldenpredator.com www.goldenpredator.com
(1) |
NI 43-101 Technical Report "Preliminary Economic Assessment for the
Brewery Creek Property Yukon Territory, Canada" Release Date of
November 19, 2014. |
(2) |
Brewery Creek Technical Report, Richard Diment, PGeo May 18,
2003 |
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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