Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company” or
“
Golden Predator”) reports significant gold
mineralization in 9 of the 10 initial drill holes from its Fall
2019 exploration program at its 100% owned fully licensed Brewery
Creek Mine project located 45 minutes from Dawson City, Yukon.
Several of these holes, which were generally shallow and proximal
to the existing pits, encountered higher than anticipated gold
grades. The Company has focused intensely on preparing the former
gold producer for redevelopment work to commence in 2020 and has
undertaken an aggressive exploration program designed to expand and
upgrade current resources. To date, 138 exploration drill holes
have been completed for a total of 15,223 m (59,995 ft).
Highlights of the drill program include:
- 9.33 g/t gold over 6.10 m starting at a depth
of 32 m in Lucky zone Hole # RC 19-2554
- 5.19 g/t gold over 10.67 m from surface in
Lucky zone Hole RC # 19-2553
- 0.61 g/t gold over 24.38 m starting at a depth
of 3.05m in the emerging Camp zone Hole # RC 19-2553
To view Brewery Creek maps:
http://www.goldenpredator.com/_resources/news/NR-Maps-Oct-19.pdf.
|
Brewery Creek Drill Program 2019 |
Dril Hole |
Zone |
From (m) |
To (m) |
Thickness (m) |
Gold g/t |
Lucky Zone |
|
|
|
|
|
RC19-2553 |
Lucky |
0.00 |
10.67 |
10.67 |
5.19 |
including |
|
4.57 |
9.14 |
4.57 |
9.84 |
and |
|
54.86 |
57.91 |
3.05 |
0.55 |
and |
|
68.58 |
76.20 |
7.62 |
0.56 |
|
|
|
|
|
|
RC19-2554 |
Lucky |
18.29 |
27.43 |
9.14 |
2.59 |
and |
|
32.00 |
38.10 |
6.10 |
9.33 |
including |
|
35.05 |
36.58 |
1.53 |
28.75 |
Camp Zone |
|
|
|
|
|
RC19-2541 |
Camp |
21.34 |
24.38 |
3.04 |
0.99 |
and |
|
33.53 |
42.67 |
9.14 |
1.22 |
|
|
|
|
|
|
RC19-2542 |
Camp |
39.62 |
51.82 |
12.20 |
0.78 |
|
|
|
|
|
|
RC19-2543 |
Camp |
3.05 |
27.43 |
24.38 |
0.61 |
|
|
|
|
|
|
RC19-2544 |
Camp |
39.62 |
41.15 |
1.53 |
0.39 |
|
|
|
|
|
|
RC19-2545 |
Camp |
36.58 |
45.72 |
9.14 |
0.76 |
|
|
|
|
|
|
RC19-2546 |
Camp |
7.62 |
10.67 |
3.05 |
0.81 |
and |
|
33.53 |
42.67 |
9.14 |
0.73 |
|
|
|
|
|
|
RC19-2547 |
Camp |
24.38 |
30.48 |
6.10 |
0.67 |
|
|
|
|
|
|
RC19-2549 |
Lucky |
60.96 |
62.48 |
1.52 |
0.53 |
and |
|
76.20 |
77.72 |
1.52 |
0.48 |
1Significant
intervals are length weighted average grades chosen based on
continuity of mineralization and gold grade with composite grade
exceeding 0.3 g/t gold. |
All samples obtained
from 88.9 mm (3.5”) diameter reverse circulation drill hole that
was not split at the drill (submitted the entire sample) |
2All intervals are reported as
drilled thicknesses; true thicknesses are estimated to be 70-100%
of drilled thicknesses. |
|
Brewery Creek: Exploration Program
The 2019 drill program is focused on developing
shallow, oxide mineralization along strike from known
mineralization in the Fosters/Kokanee, Golden/Lucky and
Camp/Pacific structural corridors, and down dip of the Fosters,
Kokanee, Golden and Lucky zones that were historically mined.
Assays results are available for 3 reverse
circulation drill holes (301.74) of 8 drill holes (813.79m)
completed in the Lucky zone in July. The mineralized intercepts are
presented in Table 1 and drill collar locations are shown in maps 1
and 2. Initial infill drilling to develop high grade mineralization
within the 2014 PEA Lucky resource continued to return encouraging
results with 9.33 g/t gold over 6.10m starting at
a depth of 32 m in drill hole RC19-2554, including 28.75
g/t gold over 1.53m and 5.19 g/t gold over
10.67m from surface in drill hole RC19-2553. Assays are
pending on additional drilling which has focused on the down dip
extension of this these intervals in the Lucky zone. Drilling also
targeted the western strike extension of mineralization peripheral
to the 2014 PEA Lucky resource; drill hole RC19-2549. Assays are
currently pending for an additional 33 drill holes completed in the
Lucky zone to date.
Assay results are available for all 7 reverse
circulation drill holes (387.09m) completed in the emerging Camp
zone in July. The gold mineralized intercepts are presented in
Table 1 and drill collar locations are shown in maps 1 and 3. All 7
drill holes returned gold mineralized intercepts. Near-surface,
oxide gold mineralization in the Camp zone is hosted by both
fine-grained sedimentary and monzonitic intrusive rocks similar to
the Pacific zone. Significant results include 1.22 g/t gold
over 9.14m starting at a depth of 33.53m in drill hole
RC19-2541 and 0.61 g/t gold over 24.38m starting
at a depth of 3.05m in drill hole RC19-2543. The gold
mineralization in the emerging Camp zone, originally identified
during the late stages of the last major drilling campaign of 2012,
appears to be a ~500m westward extension of the historic gold
production in the Pacific zone. The Camp zone is open along strike
and at depth.
A summary of the drill sample assays pending for the 2019
program to date is given below.
Lucky Zone |
|
36
RC drill holes for a total of 4,241 m (13,914 ft) – 3 drill holes
reported |
Golden Zone |
|
67 RC drill holes for a total of
7,059 m (23,159 ft) – 0 drill holes reported |
Kokanee/Fosters Zones |
|
28 RC drill holes for a total of
2,959 m (9,708 ft) – 0 drill holes reported |
Camp Zone |
|
7 RC drill holes for a total of
286 m (938 ft) – 7 drill holes reported |
Drilling will conclude at the end of October
2019. Results will be released as received. The Company is
experiencing a significant delay in lab results due to capacity
issues at labs in Western Canada.
Brewery Creek Mine: Production
History
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 as defined in their 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 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.
Brewery Creek Mine:
Resources
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 estimate 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 current production
licenses). 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). Most drilling was historically terminated a short depth below
the oxide mineralization, leaving the sulfide potential largely
untested.
Sampling Methodology, Quality Control and
Assurance
All analyses for the drill samples were
performed by SGS Canada, Inc. with sample preparation in
Whitehorse, YT and Burnaby, BC, and assaying in Burnaby, BC. Drill
samples were analyzed for gold using a 30 gram fire assay with
atomic absorption finish (GO FAA30V10 method). Quality control
standards include standard reference material, certified blank and
field duplicate samples in every sample dispatch.
Brewery Creek Mine: Licenses and
Permits
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 located
55 km by road from Dawson City, Yukon. The Company has a Socio
Economic Accord with the Tr’ondëk Hwëch’in First Nation.
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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