Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) today
announced the results of an updated NI 43-101 Technical Report for
the Brewery Creek project in Canada’s Yukon. Prepared by Gustavson
& Associates, the report estimates that, at a gold price of
$1325/oz, Indicated oxide gold resources have increased 55% while
Inferred oxide gold resources have increased 78% since the previous
resource estimate (2014 PEA). Indicated tonnage rose 89% and
Inferred tonnage rose 85% while the Indicated resource grade
declined 18% and Inferred oxide grade fell 3%, reflecting the
benefit of a higher gold price assumption compared to 2014.
The updated estimate incorporates data from
drilling through to the end of 2015. The Company completed a
subsequent 200 exploration drill holes from 2016 to 2019. A
total of 177 of those holes were drilled from August 2019 to
November 2019 and assays are still being received and evaluated for
a significant number of those holes. The Company has engaged
Gustavson & Associates to consider the data from the 2019 drill
program as it becomes available, and thereafter update the resource
estimate to include those holes.
The updated mineral resource estimate was
conducted by a single author using a consistent methodology whereas
the 2014 mineral resource estimate included the work of three
different estimators using three different estimation
methods. The new resource model uses a single conceptual pit
shell. The material on the heap leach pad is not considered
in the technical report and a study is underway to separately
assess the economics of reprocessing the heap leach pad
material.
RESOURCE REPORT SUMMARY
-
The updated mineral resource estimate reports an Indicated
oxide resource of 21,140,00 Tonnes at 1.125 g/t Gold containing
765,000 ounces, plus an Inferred oxide resource of 14,120,000
Tonnes at 0.967 g/t Gold containing 440,000 ounces. The report also
estimates an additional 8,570,000 Tonnes of Inferred sulfide
resource at 0.985 g/t Gold containing 270,000 ounces. The estimate
utilized cutoff grades calculated separately for each deposit,
ranging from 0.42 to 0.53 gpt Au at a gold price of $1325/oz
reported within a pit shell calculated at $1,600/oz.
-
Material on the heap leach pad is not included in the Mineral
Resource.
January 2020 Brewery Creek Mineral Resource*
Estimate |
Oxide |
Tonnes |
g/t |
Gold Oz |
Indicated |
21,140,000 |
1.125 |
765,000 |
Inferred |
14,120,000 |
0.967 |
440,000 |
Sulfide |
Tonnes |
g/t |
Gold Oz |
Indicated |
-
|
- |
- |
Inferred |
8,570,000 |
0.985 |
270,000 |
*Mineral resources
are not mineral reserves and do not demonstrate economic
viability. |
Janet Lee-Sheriff, Golden Predator’s Chief
Executive Officer, commented: “We are delighted by the substantial
increase in oxide resources which offer a significant impact on the
longevity and economics of the Brewery Creek Mine. Although a
higher gold price certainly contributed to the increase, we are
also very encouraged by the favorable impact of a more systematic
application of geological constraints on the deposits. We
look forward to the next updated Resource which will incorporate
the results from our 2016, 2018 and 2019 programs and look forward
to the study on the reprocessing of the heap leach pad
material.”
To view Brewery Creek property and location maps:
http://www.goldenpredator.com/_resources/news/Maps-GPY-NR-Jan-14-20.pdf
PROJECT OVERVIEW
Heap Leach Reprocessing Study: Phase
1
Kappes Cassiday is currently conducting a
feasibility level study to determine the parameters for the phase 1
plan to reprocess the material on the heap leach pad. The
study will include detailed analysis of all the key parameters
involved in reconstructing necessary infrastructure including the
ADR plant, assay lab and all projected capital and operating costs,
production levels and the projected economic return. The
study is focusing solely on remediating and reprocessing the heap
leach pad as a means of fast-tracking revenue and re-development of
the site. The study will include a project implementation
schedule, sourcing, and economic cash flow model sufficiently
detailed to move directly into procurement, development and
operations if economically warranted. Any production decisions
would be based on the outcome of this feasibility level study
demonstrating technical and economic viability.
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 below $300
US per troy ounce. Golden Predator’s team 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 when supported by an independent
economic study. In 2020 the Company will begin work with
Tr’ondëk Hwëch’in and Yukon Government to expand the licensed
mining to include new discoveries made since the existing license
was granted.
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 which increased the
resource significantly. The project has a 43-101 Indicated oxide
resource of 21,140,00 Tonnes at 1.125 g/t Gold containing 765,000
ounces, plus an Inferred oxide resource of 14,120,000 Tonnes at
0.967 g/t Gold containing 440,000 ounces with 8,570,000 additional
Tonnes of Inferred sulfide resource at 0.985 g/t Gold containing
270,000 ounces. Material on the heap leach pad is not included in
the resource. The resource does not include the results of
200 exploration drill holes, 177 of which are from 2019; most are
pending complete assays and/or evaluation.
The January 13, 2020 NI 43-101 Technical Report
will be made available on SEDAR and the Company’s website within
the time prescribed by NI 43-101. The updated report replaces
the prior technical report dated November 19, 2014, including the
economic analysis therein, which is no longer considered current by
the Company.
Brewery Creek Mine: Licenses, Permits
and NI 43-101 Disclosure
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.
Resource estimates included herein were prepared
by Gustavson and Associates under the direction of Donald E. Hulse,
who is independent of Golden Predator and a Qualified Person as
defined by National Instrument 43-101. Mr. Hulse has reviewed and
approved this news release.
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 is employed by the
Company as its Senior Project Geologist.
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 a study currently underway by Kappes Cassidy considering
the economics of a restart of heap leach operations at the Brewery
Creek Mine, 2020 proves to be a pivotal year for the Company.
Drilling continues to expand the open-ended resources and
untested targets across the 180 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 combination of a gravity and water process and a mobile batch
cyanide-free process. This ‘green’ gold provides the content 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) 260-8435 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 based on
current expectations that the private placement will complete as
described herein, that the Project will advance through permitting
and feasibility. 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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