Golden Dory Discovers Widespread Uranium on the Burin Project, Newfoundland
Golden Dory Resources (“Golden Dory”) (TSX-V: FA) is pleased to announce the discovery of significant bedrock uranium occurrences on its 100% owned, 2759 claim (68,975 hectare) Burin Project in southern Newfoundland. The new discoveries lie at or near ice free tidewater and have excellent access by sea and by road. Assay values as high as 1.886% U3O8 have been obtained from hematized fracture zones within the St. Lawrence Granite. Assay highlights from each area include (analysis* at Activation Laboratories, Ancaster, Ont.):
-***- ————————————————— Area U (ppm) % U3O8 ————————————————— Little Lawn Harbour East 1870 0.221% ————————————————— 721 0.085% ————————————————— 463 0.055% ————————————————— Little Lawn Harbour West 2120 0.249% ————————————————— 354 0.042% ————————————————— 353 0.042% ————————————————— Little Lawn River 16,000 1.886% ————————————————— 3830 0.452% ————————————————— 3340 0.394% ————————————————— Radex Showing 1790 0.211% ————————————————— -****-
The results are from Phase 1 follow up prospecting of targets identified by the 2007 airborne radiometric and magnetic survey flown by NovaTEM on behalf of Golden Dory. Indications are that uranium mineralization appears to be controlled by large, north to northeast trending structural corridors which crosscut the St. Lawrence Granite and which have a coincidental radiometric and magnetic signature. A sample map has been posted on the company’s website at www.goldendoryresources.com.
About the Burin Project
Historical work completed in the Lawn and St. Lawrence areas during the 1970s and early 1980s by Radex Minerals, BP Minerals and others, noted the presence of widespread surface radioactivity (identified using hand held scintillometers and spectrometers) during the search for tin, tungsten and molybdenum. In spite of this, only one surface showing was reported which returned a value of 0.33% U3O8 by Radex Minerals near Little Lawn Harbour (the Radex showing), which was re-sampled by Golden Dory returning 0.211% U3O8. Most of the area prospective for uranium which is now controlled by Golden Dory was unavailable to previous explorers as it lay on mining concessions issued to Alcan for fluorspar.
The property is underlain by late Neoproterozoic volcanic and sedimentary rocks that are capped unconformably by a Lower Paleozoic shale dominated cover sequence (analogous with the Alum Shale in Scandinavia which is host to significant uranium and base metal mineralization). These units have been intruded by the metalliferous Devonian aged alaskitic St. Lawrence Granite, host to numerous base and precious metal occurrences and the past producing fluorspar deposits at St. Lawrence. The St. Lawrence Granite is similar in many respects to the host rocks at the Rossing uranium mine in Namibia, one of the world’s largest producers of uranium. Extrusive phases of the St. Lawrence granite are also prospective for volcanic hosted uranium as at the large Streltsovska complex in Russia.
Numerous geochemical and radiometric anomalies remain unexplained from the 1970s work and reconnaissance work by Golden Dory has identified large areas of anomalously radioactive intrusive rock, with hand held RS 120 Super Scints and RS 125 Super Specs recording local values ranging up to 38,000 cps (counts per second) over a background ranging from 200-400 cps. The 2007 airborne magnetic and radiometric survey carried out over portions of the Burin Project is currently being screened for high priority targets for additional ground follow up prospecting which is currently ongoing. The company will also aggressively pursue the base and precious metal potential of the property including granite hosted molybdenum, as well as base and precious metal rich skarn mineralization around the margins of the St. Lawrence Granite. The Geological Survey of Newfoundland has noted at least 20 occurrences of molybdenum, copper, zinc, lead and silver within and adjacent to the St. Lawrence Granite. Most of the uranium occurrences identified by Golden Dory have one or more associated base metals, in particular zinc and molybdenum.
About Golden Dory
Golden Dory recently obtained a listing on the TSX Venture Exchange and is focused on uranium, gold and base metal exploration in Newfoundland and Labrador, Canada. Golden Dory has 100% interests in the Brady (Au) property (historical DDH of 41.4 m grading 1.1 g/t Au), the Sterling (Cu, Co) property (historical DDH of 5.5% Cu over 4.4 meters), a 50% interest in the Sims Ridge (U) property in western Labrador (float up to 0.18% U3O8), and a 30% interest in the Portage Lake (Ni, Cu) property in western Newfoundland. Golden Dory is seeking partners to jointly explore the Brady and Sterling properties.
*analysis for uranium at Activation Laboratories by DNC (delayed neutron count) with results >10,000 ppm U analyzed by XRF methods. Assays for other metals by Ultra trace 4 ICP. Activation Laboratories is an accredited analytical facility by the Standards Council of Canada under ISO/IEC Guideline 17025.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a “Qualified Person” under National Instrument 43-101.
For further information contact Kevin D. Keats, President and CEO of Golden Dory at 709-256-4201.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Golden Dory will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included n the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
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For further information contact: Kevin D. Keats President and CEO Golden Dory 709-256-4201
SOURCE: Golden Dory Resources