VANCOUVER, British Columbia, Sept. 19, 2018 (GLOBE NEWSWIRE) — Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the “Company”) is pleased to announce the successful completion of a 22 hole exploration and metallurgical drilling program at its 100% owned Brewery Creek Project in Canada’s Yukon, and reports today on the results of the exploration drill program designed to expand the current resource. Significant gold mineralization was encountered in 8 of the 9 exploration holes increasing known gold mineralization around five zones including Schooner, Sleeman, Lucky, Bohemian and Lone Star.
Highlights of the drill program include:
- Lucky Zone-Hole BC 18-604 intersected 8.5 m of 5.05 g/t gold from a depth of 29.00 m including 4.0 m of 9.66 g/t gold from a depth of 33.0 m.
- Schooner Zone-Hole BC 18-597 intersected 6.55 m of 3.03 g/t gold from a depth of 35.75 m and 39.20 m of 1.64 g/t gold from a depth of 52.90 m.
- Lone Star Zone-Hole BC 18-605 intersected 6.0 m of 0.8 g/t gold from a depth of 50.0 m and 2 m of 21.0 g/t gold from a depth of 86.0 m.
To view Brewery Creek property and drill location maps: http://www.goldenpredator.com/_resources/news/NR-Brewery-Creek-Maps-Exploration-Results-2018.pdf
“We are very pleased with the success of the targeted exploration program which illustrates the untapped exploration potential of Brewery Creek,” said Janet Lee-Sheriff, Chief Executive Officer. “To have hit mineralization away from known holes in a number of different zones and extend the Sleeman Zone for more than 200m along strike establishes a foundation that expands our exploration program to additional targets identified across this large claim block.”
Brewery Creek 2018 Exploration Drilling Program
Prior to drilling the Company identified several new high priority exploration targets that were not previously drilled. The exploration drill program successfully confirmed potential extension of mineralization including:
- Follow-up drilling on a higher-grade zone from the Lucky pit through the Bohemian Zone where a number of 10.0 g/t gold or higher intervals aligned along an east-west trend;
- Extension of the Sleeman Zone as suggested by geochemistry;
- Up-dip, near surface projections of the deeper Lone Star Zone mineralization.
The metallurgical drill program included an additional 13 holes and generated large diameter core (PQ) for metallurgical testing to assess alternate processing technology to enhance economics of the project. The metallurgical PQ core has been received by SGS Lakefield where it will undergo amenability testing for Vat Leaching. These tests are expected to be completed and announced by the end of the calendar year.
2018 Brewery Creek Diamond Drill Significant Results
|Hole ID1||Zone||From (m)||To (m)||Thickness2||Gold g/t3|
|1Significant intervals are chosen based on continuity of mineralization and gold grade; all drilled samples assaying ≥0.4 g/t gold are included. All holes were HQ core holes cut in half for sample submission|
|2All intervals are reported as drilled thicknesses; true thicknesses are estimated to be 70-100% of drilled thicknesses.|
|3Reported Au assay grade sourced from SGS using SGS_GO_FAA 505 method.|
2018 Exploration Drilling Results
A total of 880 m of exploration drilling was conducted in the Schooner, Sleeman, Lucky, Bohemian and Lone Star Zones.
Sleeman – Three holes extending the known mineralization by over 200 m;
Schooner – Mineralization extended in a sparsely drilled area located 30 and 50 m from previously known mineralization.
Lucky – Drilling was located on the eastern margin of the resource model approximately 25 m from the nearest mineralized hole.
Lone Star – Drilling is located 25 m from the nearest block above cutoff grade in the resource model.
All of these zones remain open to extension. The Company intends to conduct additional exploration drilling at Brewery Creek to follow up on these successful results and drill test several additional untested targets.
Brewery Creek Project, Yukon
The Brewery Creek Project is a past producing heap leach gold mining operation with approximately 280,000 oz Gold produced from seven near-surface oxide deposits along the property’s Reserve Trend from 1996 through 2002. The mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 186 km2 property is located 55 km due east of Dawson City, accessible by road.
The 2014 Preliminary Economic Assessment (PEA) resource estimation indicates Indicated oxide resources of 577,000 troy ounces of gold in 14.2 million tonnes at 1.27 g/t gold and Inferred oxide resources of 279,000 troy ounces of gold in 9.3 million tonnes at 0.93 g/t gold. In addition, the resource estimate contains Indicated sulfide resources of 142,000 troy ounces of gold in 3.5 million tonnes at 1.28 g/t gold and Inferred sulfide resources totaling 546,000 troy ounces of gold in 12.4 million tonnes at 1.37 g/t gold(1).
The project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License and a Quartz Mining License (QML) and a Socio Economic Accord with the Tr’ondek Hwech’in.
Sampling Methodology, Quality Control and Assurance
All analyses for the drill samples from the program were performed by SGS Mineral Services, with sample preparation in Whitehorse, Yukon and final assaying in Burnaby, BC. Drill samples were analyzed using a 50 g fire assay with atomic absorption (AA) finish. (Au-FAA505)
At the project site a total of 70 samples of cut drill core are combined as a single submission batch. Included with the 70 samples are 6 QA/QC samples, comprised of lab certified standards, blanks and field duplicates, (where the two halves of the core interval are sent to lab for separate, comparative analysis). The sample bags of cut core are placed into labelled rice bags, 5 per bag, the last rice bag containing the 6 QA/QC samples. Each rice bag is zip tied closed and a security tag is attached. The sealed rice bags are then placed into a wooden box and the lid secured. The entire sample shipment is tracked with chain of custody protocols that require each new handler of samples to sign and acknowledge receipt of entire sample shipment.
The technical content of this news release has been reviewed and approved by Mark Shutty, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company.
Golden Predator Mining Corp.
Golden Predator Mining Corp. is a gold exploration company focused on advancing key projects with significant exploration upside, good infrastructure and community support. The Company is actively exploring on its high-grade gold 3 Aces Project and the advanced Brewery Creek Project, Yukon, a past-producer with a 2014 Preliminary Economic Assessment prepared in accordance with NI 43-101.
For additional information:
Chief Executive Officer
|(1)||NI 43-101 Technical Report “Preliminary Economic Assessment for the Brewery Creek Property Yukon Territory, Canada” Release Date of November 19, 2014.|
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains 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 that the private placement will complete as described herein, that the Project will advance through permitting and feasibility. 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, the Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.