Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) reports
continuing 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
Lucky Zone along Brewery Creek’s prolific Reserve Trend extended
gold mineralization an additional 100 m of strike length to the
southwest of the historic Lucky Pit. Nineteen of the 20 drill holes
reported today encountered significant gold grades. The holes
released today also confirm the down dip continuation of
mineralization below the historic Lucky pit and the known resource
area.
Highlights of the Lucky Zone 2019 drill program
include:
- 2019 drill results to date
have confirmed continuous gold mineralization over a 3.1 km strike
length along the Reserve Trend. Modelling indicates that the
previously separate Lucky, Fosters, Kokanee and Golden resource
areas have coalesced into a single continuous mineralized
zone.
- Drill highlights include:
- 36.6 m of 1.73 g/t Gold from a depth of 45.7 m in hole
RC19-2673
- 13.7 m of 1.12 g/t Gold from a depth of 62.5 m in hole
RC19-2674
The final 15 Lucky Zone drill hole results from
the 2019 program are currently being processed and will be released
as they become available.
To view Brewery Creek maps:
http://www.goldenpredator.com/_resources/news/NR20-08_Lucky_Drill_Results_2020_Maps.pdf
Golden Predator CEO Janet Lee-Sheriff noted, “We
continue to see previous small pits coalescing into larger
continuous mineralization across the Reserve Trend. These
observations are making Brewery Creek a larger and much more
attractive project than previously envisioned. Our ongoing work to
complete the restart feasibility study in April 2020 is also
beginning to consider a much larger project going forward. A new
resource estimate is also scheduled for the second quarter of 2020
to incorporate the drill data from the successful 2019
program.”
2019 Significant Results from the Lucky
Zone
The 20 drill holes reported in this release
totaled 2,829 m drilled. Intercepts in drill holes RC19-2550,
RC19-2587, RC19-2650 and RC19-2661 define the continuation of
significant mineralization along strike to the west of the historic
Lucky pit for an additional 100 meters. Intercepts in
RC19-2673 and RC19-2674 define the continuation of significant
mineralization down dip below the historic Lucky pit and these
intercepts remain open at depth. Intercepts in drill holes
RC19-2587, RC19-2650 and RC19-2661 are not in the current resource
model while intercepts in drill holes RC19-2550, RC19-2673 and
RC19-2674 are within the current model and confirm block grades and
continuity of the resource that remains open at depth. These
intercepts now extend mineralization over a 3.1 km strike length
through the Fosters, Kokanee, Golden and Lucky resources
areas. The current data indicates the four resource areas now
represent a single continuously mineralized gold zone.
Nineteen of the 20 drill holes reported
encountered significant gold grades with a high of 14.7 g/t Gold
over 1.5 m in drill hole RC19-2673 at a depth of 48.7 meters.
Highlighted composite drill intercepts include 2.4 g/t Gold over
10.7 m from a depth of 76.2 m in drill hole RC19-2550, 4.6 g/t Gold
over 3.5 m from a depth of 103.6 m in drill hole RC19-2587, 2.6 g/t
Au over 3.1 m from a depth of 41.2 m in drill hole RC19-2650, 0.9
g/t Au over 16.8 m from a depth of 62.5 m in drill hole RC19-2661,
1.7 g/t Gold over 36.9 m from a depth of 45.7 m in drill hole
RC19-2673 and 1.1 g/t Gold over 13.7 m at a depth of 62.3 in drill
hole RC19-2674.
Gold mineralization in the Lucky resource area
is localized in two sub-parallel zones developed near the upper and
lower contact of a monzonite intrusive complex.
To view the Lucky Zone drill results:
http://www.goldenpredator.com/_resources/maps/brewery-creek/Lucky%20Drill%20Results.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 122 drill holes have
now been announced. Gold mineralization in the Reserve Trend is
hosted in mid-Cretaceous age monzonite 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 filed the updated NI 43-101
Technical Report for the Brewery Creek project prepared by
Gustavson & Associates, with an effective date of October 1,
2019, 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.
For additional information: Janet Lee-Sheriff Chief
Executive Officer (604)
260-8435info@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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