VANCOUVER, Jan. 24 /CNW/ - Golden Predator Corp. (TSX: GPD) (the "Company") is pleased to announce that it has signed an option agreement to acquire up to a 75% interest in 75 quartz mineral claims known as the Harlan Property, located 150 km north of the town of Ross River, Yukon Territory, Canada from Alexco Resource Corp.
"We are excited to be the first to test this truly outstanding drill-ready target located in the heart of the Tintina gold belt. We have added Harlan to our already robust project advancement program for 2011, which includes aggressively following-up on the three important discoveries we made in 2011 at our Brewery Creek, Grew Creek and Clear Creek Projects" said William M. Sheriff, Chairman and CEO. "Golden Predator is also pleased to continue our relationship with Alexco through this joint venture opportunity."
The 1,400 ha Harlan Property is approximately 60 km northwest of the North Canol. It contains at least two major drill-ready gold targets; the Vortex and West Porphyry Zones. The following data has been summarized from the Yukon Assessment Report No.094286 (Johnson, G. 2000).
The Vortex Zone consists of a northwest trending gold-bismuth-arsenic-antimony anomaly measuring 1,600 m by 700 m that averages over 500 ppb Au in soils covering a zone consisting of fine disseminated pyrite within a silicified hydrothermal breccia. Grab samples taken within the Vortex Zone have returned values up to 6.5 g/t Au. The Vortex Zone contains a 500 by 300 m core that is intensely brecciated and clay altered that averaged more than 1 g/t Au with peak values up to 10.4 g/t Au in soils.
The West Porphyry Zone consists of a series of east-southeast trending, steeply south-southwest dipping altered quartz monzonite dykes. Rock chip sampling returned values up to 0.86 g/t Au over 20.8 m. Anomalous values to 1.26 g/t Au were returned from dykes across 2.5 km(2).
The Harlan Property covers a broad area of strongly silicified and variably clay-altered sedimentary rocks including Devonian-Mississippian clastic rocks of the Earn Group and lesser Ordovician-Silurian shales of the Road River Group, all of which have been intruded by Cretaceous, Tombstone suite, quartz porphyry sills and dykes, similar to those seen at Golden Predator's Brewery Creek Project.
The Company can earn up to a 51% interest in the Harlan Property by incurring a total of $2,000,000 in exploration expenditures, in stages, on or before December 31, 2013, of which $500,000 is a firm commitment. The Company can increase its interest to 65% by incurring an additional $850,000 of exploration expenditures on the Property and completing a Preliminary Economic Assessment by December 31, 2015. The additional 10% (for a total of 75% interest) can be earned by the Company incurring an additional $1,000,000 in exploration expenditures (for a total of $3,850,000) and delivering a bankable feasibility study by December 31, 2016. On the Company earning a 75% interest Alexco has a one-time right to buy back a 5% interest by paying $750,000.
The technical content of this news release has been reviewed and approved by Gilles Dessureau, M.Sc., P.Geo., a Professional Geologist employed by the Company and a Qualified Person as defined by National Instrument 43-101.
About Golden Predator Corp.
Golden Predator Corp.'s corporate mandate is to be the leading gold property explorer and developer in Yukon, Canada. The Company has an extensive Yukon property position with three advanced gold projects and a pipeline of 6 prospects as well as an extensive exploration landholding comprising approximately 1,800 km(2). Winter drilling will commence during February 2011 on Grew Creek and Brewery Creek. In 2011, the Company will continue aggressive drill programs and work towards completing initial 43-101 resources for Grew Creek and Clear Creek and updating the existing 43-101 resource for Brewery Creek.
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.
For further information: Golden Predator Corp., Investor Relations, (604) 648-GOLD (4653)