VANCOUVER, March 5, 2012 /CNW/ - Golden Predator Corp. (TSX: GPD) (the "Company") is pleased to announce 2011 results for the initial 24 holes from the newly discovered Classic Zone at its Brewery Creek Project located near Dawson City, Yukon. Significant mineralization was encountered in 22 of the 24 holes. The Classic Zone results represent the first area to host porphyry style mineralization in a multi-phased syentic intrusive. The bulk tonnage aspect of this oxidized, metalurgically favorable near-surface porphyry style mineralization is of considerable interest to the company.
"The Classic Zone discovery represents perhaps the largest of the three new discoveries from 2011," said William M. Sheriff, Chairman and CEO. "We believe that we are on the edge of a significant mineralized zone and are optimistic that we will encounter better grades as we approach what is interpreted as the central portion of the Zone, which has been offset approximately 3.0 km to the southeast. The initial exploration of the central offset area as well as continued step-out drilling at Classic will be a major focus of our 2012 program, together with the Company's other discoveries at the Sleeman and Bohemian-Schooner Zones."
Significant results include:
- BCRC11-2345 with 64.0 m of 0.36 g/t gold from a depth of 116.0 m, including 30 m of 0.58 g/t gold
- BCRC 11-2348 with 148.0 m of 0.32 g/t gold from a depth of 2.0 m;
- BCRC11-2349 with 134.0 m of 0.34 g/t gold from surface, including 22.0 m of 0.80 g/t gold;
- BCRC 11-2354 with 200.0 m of 0.38 g/t gold from surface, including 10.0 m of 1.10 g/t gold and 38 m of 0.90 g/t gold
- BC11-360 with 68.6 m of 0.34 g/t gold from a depth of 130.0 m;
- BC11-363 with 59.5 m of 0.32 g/t gold from a depth of 138.1 m;
- BC11-369 with 36.3 m of 0.45 g/t gold from a depth of 36.5 m and 39.0 m of 0.37 g/t gold from a depth of 82.0 m;
- BC11-373 with 42.0 m of 0.42 g/t gold from a depth of 97.0 m;
- BC11-376 with 77.0 m of 0.33 g/t gold from a depth of 38.0 m; and
- BC11-383 with 45.0 m of 0.40 g/t gold from a depth of 151.0 m.
A complete table of results and location maps can be found on the Company's website at:
The Classic Zone lies approximately 3.0 km south of the main Reserve Trend and has the potential to open the entire southern portion of the large Brewery Creek project to further exploration and discovery. Centrally located in the Project area, the Classic Zone is approximately 7.0 km west of the previously announced Sleeman Zone and 6.5 km southwest of the Bohemian-Schooner discovery. Twelve RC drill holes and twelve diamond core drill holes were drilled in 2011 in what has become the third discovery at Brewery Creek within the last 12 months.
All mineralization encountered at Classic has been oxide in nature and preliminary metallurgical characterization tests indicated high CN (cyanide) amenabilities. Over 400 samples with > 0.2 g/t gold were submitted for metallurgical testing, and more than half returned cyanide solubilities in excess of 80% with low preg-robbing characteristics (all less than 10%).
The Classic Zone is open at depth and both directions along strike but is cut off to the east by a northwest trending fault. The main body of the altered and mineralized intrusive complex lies to the southeast of this major post-ore fault. The main offset portion of the intrusive has yet to be drill tested but is known to host significant soil anomalies. Drilling in 2012 will focus on extending the Classic Zone in all directions, and will test the offset South Classic portion of the deposit east of the fault.
Brewery Creek Project Update
The 2012 drill program 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 Company is currently drilling step-outs at the West Big Rock Zone of Brewery Creek after having conducted condemnation drilling earlier this month in the area planned for a major permanent camp expansion.
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 and the East and West Big Rock Zones.
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 Company has agreed to purchase a 100% interest in the Brewery Creek Project, subject to a 2% NSR (see GPD News Release February 15th, 2012).
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 include all results from the 2011 drill program.
Sampling Methodology, Quality Control and Assurance
Samples were fire assayed by ALS Chemex 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 March 24, 2011 for a complete discussion of sampling methods, quality control and assurance. In addition, cyanide solubilities and preg-robbing characteristics were conducted by ALS Laboratories on pulp samples from the 2011 drill campaign by method Au-AA31 and Au-AA31a (Gold-Preg Rob Cyanide Leach).
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, PGeo, 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 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 one of the largest controlled land position in the Yukon, with exploration holdings in excess of 1,000,000 acres, 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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