VANCOUVER, July 26, 2012 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce the results from an additional 12 in-fill diamond drill holes from the West Big Rock Zone at its flagship Brewery Creek Project. The ongoing program is designed to increase the existing indicated resources by upgrading the inferred resource through closer spaced drilling at the Big Rock Zone. To date the program is demonstrating strong continuity of the ore body in the targeted areas. The Company anticipates incorporating these results, as well as previously announced drill data from its 2012 campaign, into an updated resource estimate planned for later in the year.
Highlights of the current release include:
- BC12-431 with 19.6 m of 1.03 g/t gold from a depth of 53.0 m including 1.6 m of 6.27 g/t gold;
- BC12-433 with 18.0 m of 1.97 g/t gold from a depth of 47.9 m including 4.4 m of 5.88 g/t gold;
- BC12-435 with 23.1 m of 1.71 g/t gold from a depth of 43.4 m including 2.8 m of 7.01 g/t gold;
- BC12-436 with 23.2 m of 1.64 g/t gold from a depth of 38.7 m including 13.0 m of 2.26 g/t gold; and
- BC12-451 with 25.5 m of 1.55 g/t gold from a depth of 33.0 m.
A complete table of results and location map can be found on the Company's website at:
West Big Rock Zone, Brewery Creek
The West Big Rock resource area is the farthest west known gold resource at the Brewery Creek Project. Gold mineralization occurs primarily in clay altered quartz monzonite sills and to a lesser extent in siliclastic sedimentary rocks. The primary mineralized zone outcrops, with a strike of N70 o E and dip of 40o to the southeast.
The 12 in-fill holes reported above are part of the Company's 2012 drilling program at Brewery Creek, which has completed more than 18,000 m to date this year. Drilling at the West Big Rock Zone is anticipated to continue with a combination of in-fill and step-out holes.
Brewery Creek Project Overview
Brewery Creek hosts 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 year.
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 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.
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 current Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project 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 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 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 Brewery Creek.
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.
For further information: