VANCOUVER, British Columbia, Feb. 20, 2020 (GLOBE NEWSWIRE) — Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the “Company”)
reports additional positive drill results from its 2019 drill program
at its 100% owned and licensed Brewery Creek Mine project located 45
minutes from Dawson City, Yukon. Step-out drill holes at the Golden
Zone along Brewery Creek’s prolific Reserve Trend have extended
mineralization an additional 400 m along strike to the east of the
historical lower Golden pit. These step-out holes tested a previously
undrilled 500 m long segment of the projected mineralized structural
zone extending from the Golden pit to the Lucky Pit. The mineralization
remains open along strike to the northeast and at depth.
Further 2019 drill results are currently being processed and will be released as they become available.
Highlights of the Golden Zone 2019 drill program include:
- 2019 drill results to date have confirmed continuous gold mineralization over a 2.8 km strike length along the Reserve Trend. Modelling indicates that the previously separate Fosters, Kokanee and Golden resource areas have coalesced into a single continuous mineralized zone which remains open to the northeast.
- Step-out drilling highlights along 400m of previously untested strike include: 10.7 m of 1.39 g/t Gold from a depth of 9.1 m in hole RC19-2614;12.2 m of 2.60 g/t Gold from a depth of 22.9 m in hole RC19-2624;7.6 m of 1.24 g/t Gold from a depth of 29.0 m in hole RC-2659.
- In-fill drilling continued to improve resource confidence as demonstrated below: 9.2 m of 3.9 g/t Gold from a depth of 24.4 m in hole RC19-2646;19.8 m of 0.56 g/t Gold from a depth of 15.2 m in hole RC19-2596.
To view Brewery Creek maps: http://www.goldenpredator.com/_resources/news/NR20-05-Golden-Maps.pdf
Golden Predator CEO Janet Lee-Sheriff noted “The original resource modeling at Brewery Creek identified small, discrete deposits which imposed significant limitations on the design and operation of the mine. The 2019 drill results, in conjunction with the recently announced updated resource estimation, suggest a very different interpretation which will allow the Company to aggressively target additional undrilled mineralization in 2020 to further increase the currently reported mineral resource. A new resource estimate is scheduled for the second quarter to incorporate the 2019 drill data.”
2019 Significant Results from the Golden Zone
The 54 drill holes reported in this release totaled 6,574 m drilled. Intercepts in drill holes RC19-2607, RC19-2609, RC19-2611, RC19-2612 and RC19-2621 define a significant mineralized structure east of the historic lower Golden pit with 400m of drill tested strike length. Mineralization encountered in the 2019 drilling for the Golden Zone remains open at depth and the easternmost drill intercepts in the zone (RC19-2604 and RC19-2605) are approximately 100 m from mineralization in the Lucky zone.
Forty five of the 54 drill holes reported encountered significant gold grades with a high of 12.1 g/t Gold over 1.5 m in drill hole RC19-2564 at a depth of 32.0 m. In addition to the above, highlighted drill intercepts include 1.29 g/t Gold over 7.6 m from a depth of 68.6 m in drill hole RC19-2607, 1.4 g/t Gold over 6.1 m from a depth of 68.6 m in drill hole RC19-2609, 1.92 g/t Au over 10.6 m from a depth of 96.0 m in drill hole RC19-2611, 0.53 g/t Au over 35.0 m from a depth of 100.6 m in drill hole RC19-2612 and 1.92 g/t Gold over 10.7 m from a depth of 12.2 m in drill hole RC19-2621. Three of the drill intercepts in the zone bottomed in gold mineralization (RC19-2612, RC19-2616 and RC19-2622). All intercepts in drill holes east of RC19-2632 are not in the current resource model and the deeper intercept in RC19-2629 of 1.0 g/t Gold over 7.6 m from a depth of 79.3 m is also below the current resource model.
Future drilling will target an expansion of the Fosters, Kokanee and Golden resource areas over the 2.8 km strike length. The current data indicates that gold mineralization models continuously between the three resource areas. Gold mineralization in the Golden resource areas is localized in two sub-parallel zones developed near the upper and lower contact of a monzonitic intrusive complex.
2019 Brewery Creek Exploration Program
The 2019 Brewery Creek drill program focused on extending mineralized structures along the Reserve Trend in areas with little historic drilling. Mineralized structural trends were also extended down dip from previously mined zones. A total of 15,623 m of drilling was completed in 137 drill holes into five separate zones including the Camp, Fosters, Kokanee, Golden and Lucky Zones. With this release, results from 102 drill holes have now been announced. The Golden drilling successfully targeted an additional 500 m of strike length to the northeast towards the Lucky Pit on mineralized structures with potential for near-surface, oxide mineralization. The holes released today confirm 400m of this extension with additional down dip potential including the discovery of an entirely new zone beneath previous drilling. Gold mineralization in the Reserve Trend is hosted in mid-Cretaceous age monzonitic intrusions over a +9 km strike length in the project area. The intrusive rocks were emplaced into the regionally extensive mid-Mesozoic Robert Service Thrust Fault.
Brewery Creek 43-101 Technical Report
The Company also advises the updated NI 43-101 Technical Report for the Brewery Creek project prepared by Gustavson & Associates, effective date of October 1, 2019, was filed on SEDAR on January 23, 2020. The 2019 drill program results are not included in the report as they were not available at the time of the estimation, an updated NI 43-101 technical report is underway to include the additional drilling.
Sampling Methodology, Quality Control and Assurance
Analyses for drill samples were performed by SGS Canada, Inc., ALS Canada and Bureau Veritas, Canada with sample preparation in Whitehorse, YT and assaying in Burnaby, North Vancouver and Vancouver, BC respectively. Drill samples were analyzed for gold using a 30 gram fire assay with atomic absorption finish (SGS-GO FAA30V10 method, ALS-Au AA-25 method and BV-FA430 method). Quality controls standards include standard reference material, certified blank and field duplicate samples in every sample dispatch.
BREWERY CREEK PROJECT OVERVIEW
Heap Leach Reprocessing Study: Phase 1
Kappes Cassiday is currently conducting a feasibility level study to determine the parameters for the phase 1 plan to reprocess and recover gold from material on the heap leach pad. The study will include detailed analysis of all the key parameters involved in reconstructing or adding necessary infrastructure including a crushing plant, ADR plant, and assay lab. The study will estimate all projected capital and operating costs, production levels and will estimate projected economic returns. The study is focusing on remediating and reprocessing the heap leach pad as a means of fast-tracking re-development of the site. The study will include a project implementation schedule, sourcing, and economic cash flow model sufficiently detailed to move directly into procurement, development and construction if economically warranted. Any production decisions would be dependent on the outcome of this feasibility level study demonstrating positive technical and economic viability.
Brewery Creek Mine: Production History
The Brewery Creek Mine is a licensed brownfields heap leach gold mine that was operated by Viceroy Minerals Corporation from 1996 to 2002. Brewery Creek was put into Temporary Closure in 2002 following a collapse of the gold price below $300 US per troy ounce. Golden Predator’s team commenced work on the project starting in 2009. Brewery Creek is authorized to restart mining activities as defined in their Quartz Mining License and Water License. The Company intends to resume mining and processing of licensed deposits when supported by an independent economic study. In 2020 the Company will begin work with Tr’ondëk Hwëch’in and Yukon Government to expand the licensed mining to include new discoveries and mining activities contemplated for an expansion of mining beyond the existing license.
The 180 km2 property is located 55 km east of Dawson City and is accessible year-round by paved and improved gravel roads. Significant infrastructure remains in place, allowing for a timely restart schedule under existing licenses.
Brewery Creek Mine: Resources
The Company conducted exploration drilling on the Brewery Creek project from 2010 to 2013 which increased the resource significantly. The project has an Indicated oxide resource of 21,140,00 tonnes at 1.125 g/t Gold containing 765,000 ounces, plus an Inferred oxide resource of 14,120,000 tonnes at 0.967 g/t Gold containing 440,000 ounces. In addition, resources include 8,570,000 tonnes of Inferred sulfide resource at 0.985 g/t Gold containing 270,000 ounces. Materials on the heap leach pad were not included in the resource update. The resource incorporates drill results through 2014. There are 200 additional exploration drill holes to be included in an anticipated resource update.
The current NI 43-101 Technical Report is now available on SEDAR and the Company’s website. The updated report replaces the technical report dated November 19, 2014.
Brewery Creek Mine: Licenses, Permits and NI 43-101 Disclosure
The Company has a Socio-Economic Accord with Tr’ondëk Hwëch’in for the Brewery Creek Mine and is licensed to resume mining activities as permitted under the current Water License and Quartz Mining Licenses. The project also has a Class IV Mining Land Use Permit to conduct additional exploration.
The technical content of this news release has been reviewed and approved by Jeff Cary, CPG a Qualified Person as defined by National Instrument 43-101 and is employed by the Company as its Senior Project Geologist.
Golden Predator Mining Corp.
Golden Predator is advancing the past-producing Brewery Creek Mine towards a timely resumption of mining activities, under its valid Quartz Mining and Water Licenses, in Canada’s Yukon. With established resources grading over 1.0 g/t Gold and a feasibility level study currently underway by Kappes Cassiday considering the economics of a restart of heap leach operations at the Brewery Creek Mine, 2020 proves to be a pivotal year for the Company. Drilling continues to expand the open-ended resources and untested targets across the 180 km2 brownfield property located 55 km by road from Dawson City, Yukon. The Company has a Socio-Economic Accord with the Tr’ondëk Hwëch’in First Nation.
Separately, the Yukon-based Company-owned gravity processing plant located in southeast Yukon has demonstrated gold recoveries of over 85% from high grade 3 Aces material using a combination of a gravity and water process and a mobile batch cyanide-free process. This ‘green’ gold provides the content for the mintage of .9999 gold coins from the Yukon Mint™, a wholly owned subsidiary of Golden Predator.
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. Source: Golden Predator Mining Corp.
© 2020 GlobeNewswire, Inc.