Drilling begins at Brewery Creek
TSX: GPD
VANCOUVER, June 7 /CNW/ - Golden Predator Corp. (TSX: GPD) (the "Company") is pleased to announce that diamond drilling has commenced on the Company's Brewery Creek Project. Targets generated over the winter season are the result of a new model based on an extensive compilation of previous mining and exploration data into Vulcan 3D modeling software. Included is a database of more than 125,000 assays from blast-hole sampling collected during historic near surface mining of the property.
The main focus of the Company's 2010 diamond drilling program is to intersect fault structures which the Company believes to be associated with the main mineralizing trends outlined in the block model, at depths significantly deeper than previously explored. Several holes are planned to test geochemical anomalies associated with these newly identified structural trends. Soil geochemical sampling has outlined all of the known deposits at Brewery Creek, and are therefore considered by the Company to be an effective tool. More than 24,000 soil samples have been collected from the property to date.
The first holes will be located in the Kokanee and Golden zones, which have produced some of the highest grade intercepts on the property to date. Blast-hole data filtered to 3.1 gram per tonne (0.1 ounce per ton) Au show two main trends to the mineralization. Best grades and thickness found during the mining of these two pits occurred at the intersection of these fault sets. Drilling is designed to intersect one of these junctions 100 and 200 m below previous mining levels. The Company has contracted Peak Drilling of Courtney, BC for the use of a Discovery EF50 diamond drill capable of drilling depths of up to 2,000 m using HQ sized core. A Reflex Act core orientation device will allow the accurate measurement of any structural information found.
The second phase of exploration utilizing reverse circulation drilling is set to begin approximately mid-July and will, in part, follow up on results obtained from the current diamond drilling program. Targets generated from the Vulcan 3D model will test the down-dip extension of high grade gold remaining south of the Lucky pit. The upper extent of the Lucky zone, defined by several historic holes, includes:
RC97-1977: 14.1 gpt Au over 10 m
RC97-1978: 10.1 gpt Au over 10 m
RC97-2006: 9.7 gpt Au over 10 m
Additional holes are planned to test various structural and geochemical targets generated by the new model throughout the property.
Brewery Creek was the site of a heap leach gold mine which operated from 1996-2002 and produced 279,541 ounces of gold. Current resources remaining on the property include an Indicated Resource of 3.98 MM tonnes grading 1.135 gpt Au and an Inferred Resource of 2.2 MM tonnes averaging 2.01 gpt Au (Diment and Simpson, 2009).
Ken Galambos, P.Eng, Senior Consulting Geologist is the Qualified Person for the Company's Brewery Creek Project and is responsible for the technical content of this news release.
About Golden Predator Corp.
Golden Predator Corp.'s corporate mandate is to establish a self-funded gold company focused on exploring for and developing world class gold opportunities in Yukon, Canada. The Company has an extensive Yukon property position with an industry leading five advanced exploration gold projects comprising over 600 km(2). Drill programs are planned to commence during June and July 2010 on the Company's Brewery Creek, Gold Dome, Eureka, Clear Creek and Antimony Mountain projects.
Golden Predator intends, through strategic use of planned modular mills at its Taylor and Humboldt mill sites in Nevada, to become a gold producer capable of internally funding its Yukon exploration program by 2012. In addition, Golden Predator benefits from its royalty stream, presently generating in excess of $1.0 MM annually, and is working to create Silver Predator to monetize its substantial Nevada-based silver assets.
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.
For further information: Golden Predator Corp., Investor Relations (604) 648-GOLD (4653)
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