Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) reports
additional positive drill results from its 2019 drill program at
its 100% owned and licensed Brewery Creek Mine project located 45
minutes from Dawson City, Yukon. Step-out drill holes at the
Golden Zone along Brewery Creek’s prolific Reserve Trend have
extended mineralization an additional 400 m along strike to the
east of the historical lower Golden pit. These step-out holes
tested a previously undrilled 500 m long segment of the projected
mineralized structural zone extending from the Golden pit to the
Lucky Pit. The mineralization remains open along strike to
the northeast and at depth.
Further 2019 drill results are currently being
processed and will be released as they become available.
Highlights of the Golden Zone 2019 drill program
include:
- 2019 drill results to date have confirmed continuous
gold mineralization over a 2.8 km strike length along the Reserve
Trend. Modelling indicates that the previously separate
Fosters, Kokanee and Golden resource areas have coalesced into a
single continuous mineralized zone which remains open to the
northeast.
- Step-out drilling highlights along 400m of previously
untested strike include:
- 10.7 m of 1.39 g/t Gold from a depth of 9.1 m in hole
RC19-2614;
- 12.2 m of 2.60 g/t Gold from a depth of 22.9 m in hole
RC19-2624;
- 7.6 m of 1.24 g/t Gold from a depth of 29.0 m in hole
RC-2659.
- In-fill drilling continued to improve resource
confidence as demonstrated below:
- 9.2 m of 3.9 g/t Gold from a depth of 24.4 m
in hole RC19-2646;
- 19.8 m of 0.56 g/t Gold from a depth of 15.2 m in hole
RC19-2596.
To view Brewery Creek maps:
http://www.goldenpredator.com/_resources/news/NR20-05-Golden-Maps.pdf
Golden Predator CEO Janet Lee-Sheriff noted “The
original resource modeling at Brewery Creek identified small,
discrete deposits which imposed significant limitations on the
design and operation of the mine. The 2019 drill results, in
conjunction with the recently announced updated resource
estimation, suggest a very different interpretation which will
allow the Company to aggressively target additional undrilled
mineralization in 2020 to further increase the currently reported
mineral resource. A new resource estimate is scheduled for the
second quarter to incorporate the 2019 drill data.”
2019 Significant Results from the Golden
Zone
The 54 drill holes reported in this release
totaled 6,574 m drilled. Intercepts in drill holes RC19-2607,
RC19-2609, RC19-2611, RC19-2612 and RC19-2621 define a significant
mineralized structure east of the historic lower Golden pit with
400m of drill tested strike length. Mineralization encountered in
the 2019 drilling for the Golden Zone remains open at depth and the
easternmost drill intercepts in the zone (RC19-2604 and RC19-2605)
are approximately 100 m from mineralization in the Lucky
zone.
Forty five of the 54 drill holes reported
encountered significant gold grades with a high of 12.1 g/t Gold
over 1.5 m in drill hole RC19-2564 at a depth of 32.0 m. In
addition to the above, highlighted drill intercepts include 1.29
g/t Gold over 7.6 m from a depth of 68.6 m in drill hole RC19-2607,
1.4 g/t Gold over 6.1 m from a depth of 68.6 m in drill hole
RC19-2609, 1.92 g/t Au over 10.6 m from a depth of 96.0 m in drill
hole RC19-2611, 0.53 g/t Au over 35.0 m from a depth of 100.6 m in
drill hole RC19-2612 and 1.92 g/t Gold over 10.7 m from a depth of
12.2 m in drill hole RC19-2621. Three of the drill
intercepts in the zone bottomed in gold mineralization (RC19-2612,
RC19-2616 and RC19-2622). All intercepts in drill
holes east of RC19-2632 are not in the current resource model and
the deeper intercept in RC19-2629 of 1.0 g/t Gold over 7.6 m from a
depth of 79.3 m is also below the current resource model.
Future drilling will target an expansion of the
Fosters, Kokanee and Golden resource areas over the 2.8 km strike
length. The current data indicates that gold mineralization
models continuously between the three resource areas. Gold
mineralization in the Golden resource areas is localized in two
sub-parallel zones developed near the upper and lower contact of a
monzonitic intrusive complex.
http://www.goldenpredator.com/_resources/news/BC-Significant-Drill-Results.pdf
2019 Brewery Creek
Exploration Program
The 2019 Brewery Creek drill program focused on
extending mineralized structures along the Reserve Trend in areas
with little historic drilling. Mineralized structural trends were
also extended down dip from previously mined zones. A total of
15,623 m of drilling was completed in 137 drill holes into five
separate zones including the Camp, Fosters, Kokanee, Golden and
Lucky Zones. With this release, results from 102 drill holes have
now been announced. The Golden drilling successfully targeted an
additional 500 m of strike length to the northeast towards the
Lucky Pit on mineralized structures with potential for
near-surface, oxide mineralization. The holes released today
confirm 400m of this extension with additional down dip potential
including the discovery of an entirely new zone beneath previous
drilling. 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.
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, an updated NI 43-101 technical
report is underway to include the additional drilling.
Sampling Methodology, Quality Control
and Assurance
Analyses for drill samples were performed by SGS
Canada, Inc., ALS Canada and Bureau Veritas, Canada with sample
preparation in Whitehorse, YT and assaying in Burnaby, North
Vancouver and Vancouver, BC respectively. Drill samples were
analyzed for gold using a 30 gram fire assay with atomic absorption
finish (SGS-GO FAA30V10 method, ALS-Au AA-25 method and BV-FA430
method). Quality controls standards include standard
reference material, certified blank and field duplicate samples in
every sample dispatch.
BREWERY CREEK 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 and recover gold from material on the heap leach
pad. The study will include detailed analysis of all the key
parameters involved in reconstructing or adding necessary
infrastructure including a crushing plant, ADR plant, and assay
lab. The study will estimate all projected capital and operating
costs, production levels and will estimate projected economic
returns. 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 construction if economically warranted. Any
production decisions would be dependent on the outcome of this
feasibility level study demonstrating positive 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 and mining activities
contemplated for an expansion of mining beyond the existing
license.
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 to be included in an anticipated
resource update.
The current NI 43-101 Technical Report is 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 as permitted 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 feasibility level 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.
Separately, the Yukon-based Company-owned
gravity processing plant located in southeast Yukon has
demonstrated gold recoveries of over 85% from high grade 3 Aces
material 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.comwww.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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