Golden Predator Engages Gustavson to Provide Updated Mineral Resource Estimate
June 02 2020 - 8:30AM
Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) reports that
the Company has engaged Gustavson & Associates (“Gustavson”) to
provide an updated NI 43-101 Technical Report on mineral resources
at the Brewery Creek Project in Yukon, Canada which is scheduled to
be completed by Q3/20. Final assays have been received and
previously reported from 137 holes drilled in 2019 which Gustavson
will incorporate into the updated resource model along with
additional data. Most of the drill holes are located along
the Reserve Trend between, in and around the currently permitted
and previously mined Fosters-Kokanee-Golden-Lucky pits.
Gustavson will utilize the same methodology and
parameters used in the January 15, 2020 update where they
consolidated previous mineral estimates from different estimators
into one consistent mineral estimate with adjusted cut-off grades
to provide the following Mineral Resource Estimate1:
2019 Brewery Creek Mineral Resource
Estimate(1) |
Oxide |
Tonnes |
g/t |
Gold Oz. |
Indicated |
21,140,000 |
1.13 |
765,000 |
Inferred |
14,120,000 |
0.97 |
440,000 |
|
|
|
|
Sulfide |
Tonnes |
g/t |
Gold Oz. |
Inferred |
8,570,000 |
0.99 |
270,000 |
**The resource estimate does not include
material remaining on the heap leach pad or 2019 drill results.
Janet Lee-Sheriff, Chief Executive Officer
notes: “Golden Predator was pleased with the updated Mineral
Resource Estimate completed earlier this year, which resulted in a
higher level of confidence in the potential at Brewery Creek for
both mining and additional exploration. It was a significant
milestone but only a marker on the path, not the final destination.
We expect there will be further mineral resource studies as we
continue to expand exploration drilling to test new targets along
with additional delineation of known mineralized zones not yet
included as resources. We will also continue infill and
step-out drilling in the known resource areas with an objective to
establish more continuous mineralization between the known
resources along the prominent structures. We look forward to
the updated study that incorporates a successful 2019 drill program
within the licensed area of the mine project.”
2019 Drill Program Overview
The 2019 work program at Brewery Creek consisted
of 15,623 m (137 holes) of reverse circulation development
drilling, 678 m (9 holes) for core metallurgical drilling and 343 m
(31 holes) of auger development drilling. A summary of the
2019 drilling by areas is outlined below moving from east to
west. A total of 4,650 m of drilling was completed in 39
drill holes in the Lucky Zone and 7,854 m of drilling was completed
in 65 drill holes in the Golden Zone, including drilling in the
newly identified Golden Gap area that connects the Lucky and Golden
Zones. A total of 2,732 m of drilling was completed in 26
drill holes in the Fosters and Kokanee Zones, which included the
newly identified Fosters Gap area that connects the Fosters and
Kokanee Zones. An additional 7 holes totaling 387 m were drilled in
the Camp Zone. A total of 118 drill hole encountered gold
mineralization in excess of 0.25 g/t gold over 1.52m.
Highlighted drill intercepts from each zone
include:
- 36.6 m of 1.73 g/t gold from a depth of 45.7m in drill hole
RC19-2673 from the Lucky Zone;
- 12.2 m of 2.60 g/t gold from a depth of 22.9m in drill hole
RC19-2624 from the Golden Zone;
- 27.4 m of 3.21 g/t gold from a depth of 1.5m in drill hole
RC19-2573 from the Fosters Zone;
- 24.4 m of 0.61 g/t gold from a depth of 3.1m in drill hole
RC19-2553 from the Camp Zone.
Reverse circulation development and core
metallurgical drilling focused on the permitted portion of the
Reserve Trend over a 3.5 km strike length to continue expanding the
oxide gold resource within a section of the currently defined 9.5
km strike length of the greater Reserve Trend. The auger
development drilling was located on the historic heap leach pad,
which was operated by Viceroy Gold from 1996 through 2002. Previous
work by Golden Predator has established that the materials on the
heap leach pad still contain significant gold content.
The 2019 development drill program focused on
two structural zones within the Reserve Trend which were on strike
with known gold mineralization but had not been drill tested
effectively. These two zones, located between historic
resource/mine areas, were the focus of the 2019 drilling and the
results from both zones were better than expected with mineralized
intercept in more than 86% of the 137 drill holes. Additional
infill development drilling will be completed during the next phase
of work.
Heap Leach Reprocessing Study: Phase
1
Kappes Cassiday is currently conducting a study
to determine the feasibility of reprocessing the run-of-mine
material on the heap leach pad to extract additional gold.
The study will include an inventory of the mineralized material
remaining on the heap followed by 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 a 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 within the Quartz Mining
License and Water License. The Company intends to resume mining and
processing of licensed deposits when supported by an independent
study that outlines technical and economic viability. The Company
is also working 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:
Resources1
The Company conducted exploration drilling on
the Brewery Creek project from 2010 to 2013 which increased the
resource significantly. The project has a 2019 Mineral Resource
Estimate of 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 Mineral Resource Estimate is available on
SEDAR and the Company’s website.
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.
About Golden Predator Mining Corp.
Golden Predator is advancing the past-producing
Brewery Creek Mine towards a timely resumption of mining
activities, under its Quartz Mining and Water Licenses, in Canada’s
Yukon. The Brewery Creek Mine project has established resources
grading over 1.0 g/t Gold and a study currently underway by Kappes
Cassiday to consider the feasibility of reprocessing the existing
heap leach material. Drilling continues to expand the open-ended
mineralized areas 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) 260-8435 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 Brewery Creek will advance to an
early production decision, or the extent of any additional mineral
resource that could result from incorporating 2019 exploration
drilling. 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.
1. |
The 2019
Mineral Resource Estimate was conducted in accordance with CIM
guidelines and is reported in a NI 43-101 Technical Report
available on SEDAR and the Company’s website |
Golden Predator Mining (TSXV:GPY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Golden Predator Mining (TSXV:GPY)
Historical Stock Chart
From Jul 2023 to Jul 2024