New Mineralization Encountered at Moosehead Pit, Brewery Creek Project, including 59.2 m of 1.22 g/t Gold
VANCOUVER, July 19, 2012 /PRNewswire/ – Golden Predator Corp. (TSX: GPD) (the “Company”) is pleased to announce results from 9 diamond drill
holes completed on the Moosehead Zone at its flagship Brewery Creek
Project. These are the first holes drilled by Golden Predator on the
Moosehead Zone, and have successfully intercepted extensions to
mineralization mined by previous operators.
Highlights of the Company’s initial Moosehead Zone drilling include:
-- BC12-460 with 26.9 m of 0.96 g/t gold from a depth of 66.2 m and 12.0 m of 1.24 g/t gold from a depth of 108.0 m; -- BC12-462 with 16.8 m of 1.01 g/t gold from a depth of 88.7 m; and -- BC12-466 with 59.2 m of 1.22 g/t gold from a depth of 15.9 m including 9.7 m of 3.23 g/t gold.
A complete table of results and location maps can be found on the
Company’s website at:
Moosehead Zone, Brewery Creek
The Moosehead Zone lies 2.1 km east of the Big Rock Zones and 5.1 km
west of the Bohemian and Schooner Zones. The Moosehead Zone was mined
from a small open pit during 2000 by the previous operator, Viceroy
Minerals Corporation, towards the end of their operations at Brewery
Creek which were halted primarily due to low gold prices. The
mineralization at depth, the majority of the deposit to the southwest,
and the sediments to the north east were not mined.
The mineralization is primarily hosted in an altered monzonite sill
which strikes northeast, dips southeast and is underlain by Earn group
sediments. Results to date indicate that the sill is approximately 80
m thick and can be traced approximately 400 m along strike.
Mineralization is truncated to the west by a steep brittle fault, but
remains open down dip and along strike to the north east.
Thrusting to the northeast has placed favorable ore-hosting Road River
Group Steel Formation siltstone on top of Earn group sediments.
Historic trenching and drilling within this northeastern sedimentary
package has encountered gold mineralization along strike extending
beyond the historically mined area.
Drilling by Golden Predator in 2012 has been designed to extend the
known mineralization along strike and down dip. The Company has also
drilled 3 PQ holes at the Moosehead Zone to provide material for column
leach tests which are planned to be completed later this year. The
Company has not published a resource estimate for the Moosehead Zone,
but anticipates incorporating drill results from the Moosehead Zone
into an updated resource estimate for its Brewery Creek Project,
planned for later in 2012.
Brewery Creek Project Overview
Brewery Creek hosts a NI 43-101 compliant resources of 581,000 indicated
gold ounces in 20.417 million tonnes at 0.89 g/t and 346,000 inferred
gold ounces in 12.990 million tonnes at 0.83 g/t (Barr, 2012; GPD NR
12-20 June 18, 2012). The Company anticipates publishing an updated
resource estimate incorporating the current year’s drilling later in
The Brewery Creek Project is a past producing heap leach gold mining
operation with a total of 278,484 oz Au produced from seven
near-surface oxide deposits along the property’s Reserve Trend from
1996 through 2002, when the mine (operated by Viceroy Resource
Corporation) shut down primarily due to low gold prices. The 181 km(2) property is located 55 km due east of Dawson City, accessible by paved
and gravel roads from the junction of the North Klondike and Dempster
The Project is in receipt of all necessary permits required to conduct
additional exploration. The Brewery Creek Project holds a Type A Water
License with an expiry date of December 31, 2021, subject to the
restrictions and conditions contained in the Yukon Water Act and
Regulations. The Project also holds a Quartz Mining License (QML) with
an expiry date of December 31, 2021. The Company is working to amend
the Water License and the QML to incorporate current mine planning and
design studies which are currently underway. In addition, a restated
and amended Socio-Economic Accord with Tr’ondek Hwech’in First Nation
with respect to the Brewery Creek Project is in place.
Sampling Methodology, Quality Control and Assurance
Samples were fire assayed for gold by ALS Chemex and ACME Laboratories
in Vancouver. All assays are reported as drilled intervals and are not
to be interpreted as true widths. Refer to the Company’s news release
dated October 27, 2011 for a complete discussion of sampling methods,
quality control and assurance.
The technical content of this news release has been reviewed and
approved by Michael Maslowski, BSc, CPG, the Company’s Chief Operating
Officer and a Qualified Person as defined by National Instrument
About Golden Predator Corp.
Golden Predator Corp., Yukon’s Gold Company, is mandated to become a mid-tier gold producer. Golden Predator’s
road-accessible advanced properties include its flagship Brewery Creek
Project as well as its Grew Creek and Clear Creek Projects. Golden
Predator is committed to moving aggressively to a near term production
decision while expanding the existing NI 43-101-compliant resource at
Golden Predator has one of the largest controlled land positions in the
Yukon, with exploration holdings in excess of 1.0 million acres, and is
committed to strong relationships with First Nations and communities.
Golden Predator’s highly skilled management and technical teams
continue to lead quality exploration programs in the underexplored
regions of the Yukon, focused on advancing new discoveries and leaving
a positive legacy.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. This
press release contains projections and 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 involving a number of risks and
uncertainties and are not guarantees of future performance. There are
numerous risks and uncertainties that could cause actual results and
Golden Predator’s plans and objectives to differ materially from those
expressed in the forward-looking information. 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, Golden Predator assumes no
obligation to update forward-looking information should circumstances
or management’s estimates or opinions change.
SOURCE Golden Predator Corp.