VANCOUVER, Feb. 21, 2012 /CNW/ - Golden Predator Corp. (TSX: GPD) (the "Company") is pleased to announce the commencement of its 2012 drill program at its Brewery Creek Project located near Dawson City, Yukon. This drill program will focus on the expansion of current resources as well as extension and definition of its three new discoveries from the 55,000 m 2011 drill program. Golden Predator has agreed to purchase a 100% interest in the Project, subject to a 2% NSR (see GPD News Release February 15th, 2012).
2012 Drill Program
Winter drilling has resumed at Brewery Creek as the initial phase of another major exploration and development program slated for 2012. The current drilling plan includes condemnation drilling for the expanded permanent camp facility, planned for construction in mid-2012, following which expansion drilling will resume along the East and West Big Rock trend. One diamond core drill began operations on February 16th, with additional reverse circulation and diamond core rigs to be mobilized in the coming weeks and months as the 2012 program advances. 2012 drill program targets include:
- Extension of Sleeman Discovery along strike in both directions and down dip;
- Extension of Bohemian-Schooner Discovery to the east and down dip;
- Extension and expansion of the Classic Discovery in three directions and down dip;
- Extension of the West Big Rock Zone to the west;
- Extension of the North Slope Zone in all directions;
- Extension of the Ice Fog Zone;
- Expansion of the remaining resources in the previously mined areas between and along existing pits;
- Initial drill testing of the offset portion of the Classic Zone; offset portion has never been drilled and is an order of magnitude larger in outcrop than the drilled segment;
- Initial drill testing of other high-priority coincident geochemical and geophysical anomalies;
- Condemnation drilling of proposed new heap or in-valley leach sites; and
- Geotechnical drill tests of known resources for additional metallurgy and rock mechanics.
Brewery Creek Project Update
The Company completed 344 core and RC holes for 55,453 m at Brewery Creek in 2011. The 2011 drilling was concentrated on delineating the three 2011 discoveries at the Bohemian-Schooner, Sleeman and Classic Zones, with significant additional drilling on the North Slope Zone.
Current year drilling will concentrate on further expansion of the Sleeman, Classic and Bohemian Schooner Zones as well as exploration of a number of quality targets resulting from 2011 geochemical and geophysical surveys of the Project area.
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 due to low gold prices. The 200 km2 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 Highways. In May 2011 the Company staked an additional 204 quartz claims east of the historic Brewery Creek property, increasing the Project to a total of 997 quartz claims.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project is authorized under 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 has a Mining license with an expiry date of December 31, 2021. In addition, a Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project is in place.
The Company anticipates receiving a NI 43-101 compliant resource estimate, currently underway, in April 2012. The resource estimate will includes all results from the 2011 drill program, which will be released on completion of QA/QC review.
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, PGeo, the Company's Vice President, Exploration (Canada) and a Qualified Person as defined by National Instrument 43‐101.
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 at which the Company is moving aggressively to a near term production decision, as well as its Grew Creek and Clear Creek Projects.
Golden Predator has the largest controlled land position in the Yukon, with exploration holdings in excess of 1,400,000 acres (over 5,700 km2), and is committed to strong relationships with Yukon First Nations and communities. Golden Predator's management and technical teams continue to lead aggressive exploration programs in the underexplored regions of the Yukon, and are driven to bring value to shareholders and leave 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.
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