Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) today
reported positive drill results at its 100% owned and licensed
Brewery Creek Mine project located 45 minutes from Dawson City,
Yukon. Step-out and in-fill drill holes at the Fosters and
Camp Zones along Brewery Creek’s prolific Reserve Trend found
strike and dip continuity of gold mineralization extending from the
Foster Zone east through the Kokanee Zone. In addition,
shallow oxide gold intercepts in the Camp Zone now appear to be the
strike extension of the Pacific Zone.
Golden Predator CEO Janet Sheriff noted that
these drill results are significant for two reasons: “We are most
pleased to see that what were thought to be separate oxide
resources are merging into a larger area of gold mineralization.
This has obvious potential benefits for mining and future resource
estimates. Second, this new data supports our geological
re-interpretation of Brewery Creek which enhances the project’s
exploration potential.”
Highlights of the Fosters Zone 2019 drill
program include the following intercepts, all of which are outside
of the current resource model:
- 27.4 m of 3.21 g/t Gold from a depth of 1.52 m in drill hole
RC19-2573
- 21.3 m of 1.00 g/t Gold from a depth of 4.57 m in drill hole
RC19-2579
- 10.7 m of 3.34 g/t Gold from a depth of 61.0 m in drill hole
RC19-2575
Results from a further 116 reverse circulation
holes drilled in 2019 are being finalized and will be released when
available.
To view Brewery Creek maps:
http://www.goldenpredator.com/_resources/news/Jan-29-NR-Brewery-Creek-Drill-Maps.pdf
2019 Exploration
Program
The 2019 Brewery Creek drill program focused on
extending mineralized structures along the Reserve Trend with
little historic drilling. Mineralized structural trends were also
extended down dip from previously mined zones. Drilling was
completed in five separate zones including the Camp, Fosters,
Kokanee, Golden and Lucky. The Fosters and Golden drilling
targeted an expansion of 1,000 m of strike length of mineralized
structures with potential for near-surface, oxide
mineralization. Gold mineralization in the Reserve Trend is
hosted in mid-Cretaceous age monzonitic intrusions over a +9 km
strike length in the project area. The intrusive rocks were
emplaced into the regionally extensive mid-Mesozoic Robert Service
Thrust Fault.
2019 Brewery Creek Drill Program Significant
Results
Drill Hole |
Zone |
From (m) |
To (m) |
Thickness (m) |
Gold g/t |
RC19-2547 |
Camp |
30.48 |
47.24 |
16.76 |
0.40 |
|
|
50.29 |
51.82 |
1.53 |
0.29 |
|
|
|
|
|
|
RC19-2556 |
Fosters |
41.15 |
42.67 |
1.52 |
0.51 |
|
|
48.77 |
50.29 |
1.52 |
0.61 |
|
|
|
|
|
|
RC19-2568 |
Fosters |
33.53 |
41.15 |
7.62 |
0.68 |
|
|
|
|
|
|
RC19-2570 |
Fosters |
10.67 |
12.19 |
1.52 |
0.71 |
|
|
|
|
|
|
RC19-2571 |
Fosters |
35.05 |
36.58 |
1.53 |
0.45 |
|
|
53.34 |
56.39 |
3.05 |
0.95 |
|
|
|
|
|
|
RC19-2572 |
Fosters |
48.77 |
50.29 |
1.52 |
0.43 |
|
|
|
|
|
|
RC19-2573 |
Fosters |
1.52 |
28.96 |
27.44 |
3.21 |
|
|
74.68 |
77.72 |
3.04 |
0.41 |
|
|
|
|
|
|
RC19-2574 |
Fosters |
1.52 |
3.05 |
1.53 |
0.39 |
|
|
21.34 |
25.91 |
4.57 |
0.65 |
|
|
48.77 |
53.34 |
4.57 |
1.42 |
|
|
|
|
|
|
RC19-2575 |
Fosters |
38.10 |
39.62 |
1.52 |
0.30 |
|
|
60.96 |
71.63 |
10.67 |
3.34 |
|
|
77.72 |
79.25 |
1.53 |
0.38 |
|
|
|
|
|
|
RC19-2579 |
Fosters |
4.57 |
25.91 |
21.34 |
1.00 |
|
|
|
|
|
|
RC19-2580 |
Fosters |
7.62 |
9.14 |
1.52 |
0.33 |
|
|
42.67 |
45.72 |
3.05 |
0.66 |
|
|
|
|
|
|
RC19-2601 |
Fosters |
3.05 |
7.62 |
4.57 |
0.39 |
|
|
13.72 |
18.29 |
4.57 |
0.29 |
|
|
22.86 |
24.38 |
1.52 |
0.27 |
|
|
38.10 |
41.15 |
3.05 |
0.85 |
|
|
|
|
|
|
RC19-2602 |
Fosters |
74.68 |
80.77 |
6.09 |
1.04 |
|
|
89.92 |
92.96 |
3.04 |
2.50 |
|
|
|
|
|
|
RC19-2603 |
Fosters |
45.72 |
60.96 |
15.24 |
2.25 |
|
|
71.63 |
76.20 |
4.57 |
0.70 |
Significant intervals are length weighted
averages chosen based on continuity of mineralization and gold
grade with composite grade exceeding 0.25 g/t gold. All samples
obtained from a 117.5mm (4.625”) diameter reverse circulation drill
hole that was split at the drill rig except for samples from drill
hole RC19-2547 that were obtained from a 88.9mm (3.5”) reverse
circulation drill hole that was not split at the drill (submitted
entire sample).
Drill holes RC19-2557, RC19-2566, RC19-2567,
RC19-2569, RC19-2576, RC19-2577 and RC19-2578 returned no assays
greater than 0.25 g/t Au. Assay results for all 20 drill
holes in the Fosters Extension Zone and all 7 drill holes from the
Camp Zone from 2019 have been reported.
Fosters Zone
Twenty drill holes totaling 2,065 m were
completed in the Fosters Zone in 2019. The focus of the
Fosters Zone drilling was high-grade gold mineralized drill
intercepts that had never been offset to the east along strike and
down dip. Gold mineralization in the Fosters resource area is
localized in two, sub-parallel structural zones developed near the
upper and lower contact of the monzonitic intrusive
complex. Thirteen of the 20 drill holes encountered
gold grades with a high of 9.8 g/t Gold over 1.52m
in drill hole RC19-2603. Significant drill intercepts include
3.21 g/t Gold over 27.4 m from 1.52 m depth in
drill hole RC19-2573, 3.34 g/t Gold over 10.7 m
from a depth of 61.0 m in drill hole RC19-2575, 1.0 g/t
Gold over 21.3 m from a depth of 4.57 m in drill hole
RC19-2579 and 2.25 g/t Gold over 15.2 m from a
depth of 45.7 m. Mineralization encountered in the 2019
drilling remains open at depth and additional development drilling
is planned to continue building on the 2019 drill results in this
Zone.
Of the 13 holes from the Fosters Zone, 7 are
located outside of the resource model, 5 holes from the Fosters
Zone extend grade beyond the resource model and 1 hole confirms the
resource model block grades. These results show a continuation of
gold mineralization along strike to the east from the Fosters
resource area to the Kokanee resource area and the likelihood that
gold mineralization will model continuously between the two
resource areas.
Camp Zone
A total of 387 m of drilling was completed in
seven drill holes at the Camp Zone in 2019 with six drill holes
previously reported (November 4, 2019). The assay results
from the remainder of drill hole RC19-2547 are reported here and
with the new results include an intercept of 0.36 g/t Gold
over 27.4 m from a depth of 24.4 m. 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 located along strike to the east approximately
900m. Previously reported significant results include
1.22 g/t Gold over 9.1 m starting at a depth of
33.5 m in drill hole RC19-2541 and 0.61 g/t Gold over 24.4
m starting at a depth of 3 m in drill hole
RC19-2543. The gold mineralization in the Camp Zone does not
have a resource model and it could be interpreted as an approximate
500 m westward extension of the historic gold production in the
Pacific Zone.
Brewery Creek 43-101 Technical
Report
The Company also advises the updated NI 43-101
Technical Report for the Brewery Creek project prepared by
Gustavson & Associates, effective date of October 1, 2019, was
filed on SEDAR on January 23, 2020. The 2019 drill program
results are not included in the report as they were not available
at the time of the estimation, but an updated NI 43-101 technical
report will be initiated in the second quarter.
Sampling Methodology, Quality Control and
Assurance
Analyses for all drill samples were performed by
SGS Canada, Inc. or by ALS Canada with sample preparation in
Whitehorse, YT and assaying in Burnaby or North Vancouver, BC
respectively. Drill samples were analyzed for gold using a 30
gram fire assay with atomic absorption finish (SGS-GO FAA30V10
method and ALS-Au AA-25 method). Quality controls standards
include standard reference material, certified blank and field
duplicate samples in every sample dispatch.
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 on remediating and reprocessing the heap leach
pad as a means of fast-tracking 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 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 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. In addition, resources
include 8,570,000 tonnes of Inferred sulfide resource at 0.985 g/t
Gold containing 270,000 ounces. Materials on the heap leach pad
were not included in the resource update. The resource
incorporates drill results through 2014. There are 200
additional exploration drill holes, 177 completed, to be included
in an anticipated resource update.
The current NI 43-101 Technical Report now
available on SEDAR and the Company’s website. The updated
report replaces the technical report dated November 19, 2014.
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.
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 Cassiday 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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