VANCOUVER, Jan. 12, 2012 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce further results of the final 6 Core and 28 RC drill holes from the North Slope Zone at its flagship Brewery Creek Project. Highlights of the current release include:
- BC11-345 with 10.0 m of 2.06 g/t gold from a depth of 115.0 m with hole ending in 5.27 g/t gold;
- RC11-2417 with 35.1 m of 1.04 g/t gold from a depth of 29.0 m; as well as
- RC11-2418 with 30.5 m of 1.97 g/t gold from a depth of 29.0 m; including 7.62 m of 5.16 g/t gold from a depth of 32.0 m and 3.05 m of 4.27 g/t gold from a depth of 53.3m.
A complete table of results and location map can be found on the Company's website at:
North Slope Zone Geology
The North Slope area lies approximately 1 km northwest of the Reserve-trend deposits which were historically mined at Brewery Creek. It is parallel and structurally similar to those deposits but occupies a different (lower) part of the stratigraphic section. Gold mineralization at North Slope is hosted in altered quartz monzonite sills and adjacent siltstones.
2011 Year End Brewery Creek Project Update
The Company completed 344 core and RC holes for 55,453 m at Brewery Creek in 2011. Drilling to date 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.
A 43-101 compliant resource estimate for the entire property is anticipated before the end of January. Current year drilling will resume early in the first quarter and 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 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 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.
For further information:
Golden Predator Corp.
William M. Sheriff, Chairman & Chief Executive Officer