Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) reports that
all of the final 15 holes in its 2019 drill program at its 100%
owned and licensed Brewery Creek Mine project encountered
significant gold grades. The drilling successfully tested an
additional 1,000 m of the Reserve Trend for both near surface oxide
mineralization and the continuation of mineralization down dip
within structural zones below the historically mined pits. The
holes released today also confirm additional high-grade
mineralization in the eastern portion of the Lucky resource
area.
Highlights of the Lucky Zone 2019 drill
program include:
- These intercepts now extend
mineralization over a 3.5 km strike length through the Fosters,
Kokanee, Golden and Lucky resources areas. The current data
indicates that gold mineralization is continuous between the four
resource areas and this trend remains open for resource expansion
along strike and at depth along the entire Reserve
Trend.
- Drill highlights
include:- 1.5 m of 15.0 g/t gold from a
depth of 57.9 m in hole RC19-2655;- 15.2 m
of 3.3 g/t gold from a depth of 1.5 m in hole
RC19-2552;- 12.2 m of 2.1 g/t gold from a
depth of 19.8 m in hole RC19-2555.
To view Brewery Creek maps:
http://www.goldenpredator.com/_resources/news/GPY-Brewery-Creek-NR-April-15-2020.pdf
Golden Predator CEO Janet Lee-Sheriff noted:
“These final results of the Brewery Creek 2019 drill program
confirm continuous oxide gold mineralization along a 3.5 km segment
of the 9km long Reserve Trend extending from the western edge of
Fosters along strike to the east through the Lucky Zone. Future
drilling will concentrate on establishing continuous mineralization
along the remaining 5.5 km of the Reserve Trend attempting to link
up other mineralized resource areas between Big Rocks and Camp to
the west and Schooner to the east. The Reserve Trend represents one
of three known mineral trends on the Brewery Creek project site but
we have made a clear decision to focus our efforts solely on the
licensed area where we are planning for a restart of mining
activities.”
2019 Significant Results from the Lucky
Zone
The 15 drill holes reported in this release
totaled 1,826 m drilled; all 15 drill holes reported encountered
significant gold grades with a high of 15.0 g/t gold over 1.5 m in
drill hole RC19-2655 at a depth of 57.9 m. Highlighted composite
drill intercepts include 3.3 g/t gold over 15.4 m from a depth of
1.5 m in drill hole RC19-2552, 2.1 g/t gold over 12.2 m from a
depth of 19.8 m in drill hole RC19-2555, 8.2 g/t gold over 6.1 m
from a depth of 54.9 m in drill hole RC19-2655, 2.9 g/t gold over
4.57 m from a depth of 4.6 m in drill hole RC19-2672 and 0.7 g/t
gold over 21.3 m at a depth of 67.1 in drill hole RC19-2656.
Intercepts in drill holes RC19-2552, RC19-2555,
RC19-2655, RC19-2656 and RC19-2672 define the continuation of
significant mineralization below the historic Lucky pit. Intercepts
in RC19-2552, RC19-2555, RC19-2655 and RC19-2672 define a 330
degree trending, high angle structural zone with significant
high-grade gold mineralization.
Intercepts in drill holes RC19-2555 and
RC19-2656 are not in the current resource model while intercepts in
drill holes RC19-2552, RC19-2655 and RC19-2672 are within the
current model and confirm grade and continuity of modeled
mineralization; these intercepts remain open at depth. Today’s
results build on previously announced (GPY News Release NR19-19,
November 4, 2019) high-grade drill intercepts from the Lucky Zone
of 9.3 g/t gold over 6.1 m at a depth of 32.0 m in drill hole
RC19-2554 and 5.2 g/t gold over 10.7m from surface in drill hole
RC19-2553.
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 all 137 drill holes
have now been announced. 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.
To view the Lucky Zone drill
results: http://www.goldenpredator.com/_resources/Lucky_Drill_Results_April.pdf
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.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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