Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) today
announces the initial results from 16 of 32 reverse circulation
drill holes from the 2020 work program at its licensed 100%-owned
Brewery Creek mine project located approximately 55 km by road
from Dawson City, Yukon.
Drill program highlights include:
- 12.19 m of 1.90
g/t gold from a depth of 76.2 m in drill hole RC20-2683;
- 9.14 m of 2.02
g/t gold from a depth of 6.1 m in drill hole RC20-2687;
- 10.67 m of 1.30
g/t gold from a depth of 4.57m and 15.24 m of 1.63 g/t gold from a
depth of 36.58 m in drill hole RC20-2688;
- 21.34 m of 0.83
g/t gold from a depth of 22.86 m in drill hole RC20-2690; and
- 7.62 m of 2.28
g/t gold from a depth of 54.86 m in drill hole RC20-2692
A total of 32 reverse circulation drill holes,
totaling 3,706 m, were completed between the Golden and Lucky
resource areas in the fall of 2020. The 2020 program was designed
to infill within and around two fences of 2019 drilling that
encountered mineralization along a 400m gap where there had been no
previous drilling between the Golden and Lucky resource areas. The
objective was to establish sufficient drill density in this 400m
gap to be able to incorporate the Lucky resource into the greater
Keg pitshell.
Brewery Creek maps can be viewed at:
https://www.goldenpredator.com/_resources/maps/GPY-20-02-Brewery-Creek-2020-Initial-Drill-Results-FINAL.pdf
2020 Brewery Creek Exploration Program -
Initial Drill Results
The gold assays for the initial 16 drill holes
of the program are reported in this release with significant
thicknesses of gold mineralization present in all 16 of the drill
holes. The collars of 9 of the drill holes are located outside of
the current Golden resource area and the other 7 are located on the
eastern margin of the current Golden resource area.
Other significant mineralized intervals include
30.48 m of 0.55 g/t gold from a depth of 77.72 m in drill hole
RC20-2682 and multiple intercepts in drill hole RC20-2693 including
21.34 m of 0.32 g/t gold from 25.91 m, 25.91 m of 0.41 g/t gold
from 51.82 m, 18.29 m of 0.41 g/t gold from 88.39 m and 9.14 m of
0.41 g/t gold from a depth of 114.3 m.
Gold mineralization is controlled by fractures
oriented sub-parallel to the main thrust zone and a series of high
angle conjugate fractures developed within main shear zone.
Composite mineralized intercepts thicknesses range from 6.10 m to
74.68 m with an average composite mineralized thickness of 31.18 m
in these 16 drill holes. Mineralization encountered in these 16
holes consists of sulfide, transitional and lesser amounts of oxide
material. Within the area of this drilling the eastern strike
extension of the mineralized zone is not yet defined, and the zone
remains open at depth down dip. The remaining 16 holes which have
in part targeted this eastern extension up to the Lucky resource
area will be released when assays are complete.
To view a complete table of results:
https://www.goldenpredator.com/_resources/news/BRC-DrillAssays-2020-20210121.pdf.
2020 Exploration Drill ProgramThe 2020 Brewery
Creek drill program consisted of exploration, in-fill,
geotechnical, hydrogeologic and metallurgical drilling to advance
the Bankable Feasibility Study currently underway and projected for
completion in Q1/21. A total of 32 infill reverse circulation drill
holes totaling 3,706 m were completed in the gap area between the
eastern edge of Golden and western edge of Lucky.
The infill drill program built upon Golden
Predator’s successful 2019 program that established continuity of
mineralization within the licensed Reserve Trend between the
eastern edge of the Canadian-Fosters-Kokanee-Golden pits (Keg
pitshell) east to the Lucky pit. The 32 reverse circulation drill
holes drilled in 2020 were designed to fill in and expand the gold
resource between the eastern Golden zone and western Lucky zone.
The targeted mineralization between these zones has been offset by
a high-angle normal fault and was previously untested until 2019
when the zone was intersected with multiple drill holes.
Infill drilling within this 400 m gap between
the eastern edge of the Fosters to Golden trend and the western
edge of the Lucky zone is also to increase the density of drilling
to convert Inferred resources to Indicated resources and confirm
continuity of mineralization between the two deposits while testing
for additional resources. The goal is to establish and confirm
continuous mineralization along the
Fosters-Canadian-Kokanee-Golden-Lucky zones for mine design now in
progress as a part of the Brewery Creek Bankable Feasibility Study
(BFS).
Brewery Creek Mine:
Resources1
2020 Brewery Creek Mineral Resource
Estimate(1) |
Leachable |
Tonnes |
g/t |
Gold Oz. |
Indicated |
22,200,000 |
1.11 |
789,000 |
Inferred |
16,800,000 |
0.92 |
497,000 |
|
|
|
|
Sulphide |
Tonnes |
g/t |
Gold Oz. |
Inferred |
30,600,000 |
0.84 |
828,000 |
Materials on the heap leach pad were not
included in the resource update. Mineral Resources estimates
conducted within a pit shell developed at $2,000/oz gold with an
internal cut-off grade calculated at $1,500/oz gold was used to
report mineral resource inventories.
The resource estimate is based on a recovery
model created from assay data, bottle and column leach test work
and historic recovery analysis instead of a less accurate visual
oxide-sulfide boundary developed from geologist drill logs.
Sedimentary and intrusive rocks, which have distinct metallurgical
characteristics, were estimated separately based on gold-grade
distribution analysis.
The current 2020 Mineral Resources Estimate
supersedes the 2019 Mineral Resource Estimate. A supporting NI
43-101 Technical Report is filed on SEDAR at www.sedar.com.
Brewery Creek Mine Work PlanThe Brewery Creek
Mine is a licensed brownfields heap leach gold mine that was
operated by Viceroy Minerals Corporation from 1996 to 2002. 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 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 operating licenses.
A Bankable Feasibility Study (BFS) is being
conducted by Kappes Cassiday & Associates of Reno, Nevada which
will include a multi-year mine plan for the advancement of the
Brewery Creek project. The BFS will include an inventory of
the mineralized material remaining on the heap and mine planning
(completed by Tetra Tech Inc of Golden, Colorado) for the
resumption of the mining of material from leachable resources
contained within the licensed area and reported in the Company’s
Mineral Resource Estimate. The BFS will include all the key
parameters involved in reconstructing or adding necessary
infrastructure including a crushing facility, the
Adsorption-Desorption-Recovery (“ADR”) plant and assay lab and an
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 a study
demonstrating positive technical and economic viability.
Sampling Methodology, Quality Control and
AssuranceAnalyses 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.
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 a consultant to the
Company.
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. With established resources
grading over 1.0 g/t gold the Company is completing a Bankable
Feasibility Study for the restart of heap leach operations. The
Brewery Creek Mine project operates with 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 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.
-
The 2020 Mineral Resource Estimate was conducted in accordance with
CIM guidelines and is reported in a NI 43-101 Technical Report
which will be filed on SEDAR and the Company’s website within 45
days.
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