VANCOUVER, Oct. 4, 2012 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce results from an additional 17 drill holes recently completed on the Lower Fosters Zone at its flagship Brewery Creek Project. These results have confirmed grade and continuity of this near surface deposit. The Fosters Zone, located within the existing permit area, is currently under consideration to be one of the first deposits mined.
Highlights of the Company's Fosters Zone drilling include:
- RC12-2466 with 21.3 m of 1.29 g/t gold from a depth of 18.3 m including 4.6 m of 3.09 g/t gold;
- RC12-2469 with 21.3 m of 1.13 g/t gold from a depth of 3.1 m;
- RC12-2471 with 29.0 m of 1.86 g/t gold from a depth of 12.2 m; and
- RC12-2474 with 12.2 m of 2.05 g/t gold from a depth of 24.4 m including 3.1 m of 5.38 g/t gold.
A complete table of results and location map can be found on the Company's website at:
Fosters Zone, Brewery Creek
The Fosters Zone lies approximately 3.5 km from the existing heap leach pad and was originally targeted for production by the previous operator, Viceroy Minerals Corporation, but was left un-mined when operations were suspended in 2002, primarily due to low gold prices.
Most of the known mineralization in the Fosters Zone is hosted by a large sill complex, which also extends through the previously mined Canadian Zone. The sill complex extends at least 1.2 km along strike and has a down dip extent of at least 500 m, and remains open to expansion to the east.
Brewery Creek Project Overview
Brewery Creek hosts a 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 also recently secured a USD $35 million debt facility to advance Brewery Creek towards production (GPD NR 12-27 September 27, 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. A restated and amended Socio-Economic Accord with Tr'ondek Hwech'in First Nation is also 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 the Yukon's next gold producer by advancing its 100% owned Brewery Creek Project, with a production goal of 2014. The Company also has an extensive royalty portfolio based in Nevada including Midway Gold's Pan Deposit, Midway Gold's Gold Rock Deposit and portions of Barrick's Bald Mountain Mine which are expected to yield significant and long-lived gold payments to the Company within the next few years.
Golden Predator has one of the largest controlled land positions in the Yukon, with exploration holdings in excess of 1 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: