VANCOUVER, Jan. 9, 2012 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce the results of nine additional diamond drill holes from the Sleeman Zone at its flagship Brewery Creek Project, where the Company continues to define a zone of continuous gold and silver mineralization now extending at least 450 m along strike. All of the holes released contained significant gold mineralization with five of the holes having from two to four distinct mineralized zones. Highlights of the current release include:
- BC11-323 with 35.1 m of 1.63 g/t gold and 136.72 g/t silver including 20.70 m of 2.43 g/t gold and 226.23 g/t silver from depth of 142.84 m;
- BC11-335 with 29.7 m of 1.18 g/t gold from depth of 174.3 m; and
- BC11-341 with 10.7 m of 4.06 g/t gold from depth of 22.0 m.
"The continuity of the gold and silver grades, and the thickness of the Sleeman Zone continues to exceed expectations," said Chairman William M. Sheriff. "With Sleeman remaining open in all directions, we look forward to our aggressive 2012 drill program to continue to expand this important deposit."
A complete table of results and location map can be found on the Company's website at:
Sleeman Zone Geology
Mineralization at the Sleeman Zone is hosted in altered intrusive rocks occurring as a tabular zone dipping moderately to the south‐southwest. To date, gold mineralization has been drilled to a vertical depth of approximately 200 m from surface, extends horizontally well over 400 m, and is open in both directions along strike and down dip. The geochemical signature of the gold bearing zone at Sleeman is distinctly elevated in lead, zinc and silver. A 16.5 line km IP survey was completed in late 2011. Surface geochemistry, magnetics and IP all support the existence of a potential target well in excess of 1 km in strike length. The Sleeman Zone deposit is currently open at depth as well as in both directions along strike.
Brewery Creek Project
The Company completed 209 core holes for 31,210 m and 135 RC holes for 24,243 m at Brewery Creek in 2011. Drilling has been concentrated on delineating the two 2011 discoveries at the Bohemian-Schooner and Sleeman Zones, with significant additional drilling on the North Slope and Classic Zones. Results are still pending for 124 core and RC holes. Resource modeling in support of an updated resource estimate is well underway.
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 187 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, including the Class 3 Mining Land Use permit 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 production license with an expiry date of December 31, 2021, and the ninety-three mining leases covering mine facilities, pits, waste dumps and adjacent drill indicated deposits have expiry dates beginning in 2016. In addition, a Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project is 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 a well-funded exploration company mandated to create a mid-tier gold producer. Golden Predator's road-accessible advanced properties include its flagship Brewery Creek Project on 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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