Correction from Source - Golden Predator 2010 Yukon Drill Program - Golden Predator Announces Phase I 2010 Yukon Drill Program; Appoints Louis A. Lepry, Jr., CPG to Advisory Board
TSX: GPD
www.goldenpredator.com
VANCOUVER, April 29 /PRNewswire-FirstCall/ - Golden Predator Royalty & Development Corp. (TSX:GPD) (the "Company") is pleased to announce Phase I of its multi-phased 2010 Yukon Exploration Program.
Phase I includes a total of 20,000 m of RC and diamond drilling planned for the Company's Gold Dome, Clear Creek and Brewery Creek Projects and an additional 5,000 m of RC drilling planned for the Company's Eureka and Antimony Projects.
Drilling will be focused on specific targets generated from data acquired during the Company's 2009 drilling programs, historical data on the properties acquired by the Company late last year, and the interpretation of new geological and geophysical data.
Drilling is anticipated to begin at Gold Dome, Eureka and Brewery Creek on June 1st, 2010, and at Clear Creek and Antimony Mountain on June 15th and July 1st, respectively.
Detailed descriptions of the Company's 2010 Yukon drilling program are outlined below.
Gold Dome Project: 9,000 m RC Drilling and 1,500 m Diamond Drilling Planned
The Gold Dome property comprises 508 claims covering approximately 10,500 ha and hosts one of the largest gold-in-soil anomalies in Yukon. The property, which is road accessible year-round, is located within the Mayo Mining District approximately 25 km northwest of Mayo in central Yukon and within 20 km of existing hydro-electric power. Previous exploration has identified 14 target zones, of which three (Tom, Toby and Hawthorne), were drilled by Golden Predator during the 2009 field season.
Tom Zone 2009 Drilling Highlights(1)
- 10.87 gpt Au over 1.98 m from GD09-004
- 2.56 gpt Au over 9.58 m from GD09-005
- 21.64 gpt Au over 1.03 m from GD09-006
- 11.12 gpt Au over 25.40 m from GD09-007
Hawthorne Zone 2009 Drilling Highlights(1)
- 3.79 gpt Au over 2.15 m from GD09-012
- 5.17 gpt Au over 2.52 m from GD09-015
The Company's Phase I 2010 program at Gold Dome will be the largest exploration program ever undertaken on this underexplored property. The program includes:
- a minimum of 9,000 m of reverse circulation drilling, targeting soil
anomalies in previously untested areas of the property, and following
up mineralization previously identified in the Rudolph Creek-Aorta
and Heon zones;
- 1,500 m of diamond drilling targeting extensions of mineralization
previously identified at the Tom zone, and follow up of
mineralization identified in other areas of the property during the
RC program. The Company plans on utilizing oriented HQ core during
this program to determine the orientation and attitude of
mineralization and aid in structural interpretations; and
- re-opening and re-mapping the Toby zone trenches to gain a better
understanding on the potential controls and orientation on gold
mineralization in the area, to be followed up with additional RC
and/or Diamond drilling.
Gold Dome is 100% owned by Golden Predator, subject to certain underlying royalties as described in the Company's financial statements.
Eureka Project: 3,500 m RC Drilling Planned
The Eureka property, located approximately 90 km south of Dawson City, consists of 349 contiguous mineral claims within the White Gold area of the Dawson Range. The property is located at the headwaters of an important placer producing area. Access to the property is via the 90 km, seasonally maintained, Hunter Creek-South Klondike road system.
Previous explorers identified three (Allen, Wealth and Childs) showings, which host gold-bearing quartz breccias and veins within extensive gold-in-soil anomalies. Limited RC drilling on the Wealth and Childs showings returned best results of 2.34 gpt Au over 3.05 m.(2)
The Company's Phase I 2010 program at Eureka includes a minimum 3,500 m of RC drilling designed to test:
- moderate to strong gold-in-soil geochemical values from a recently
identified 6 km long by up to 2 km wide anomaly;
- down dip extensions of mineralized drill-intercepts identified by
previous explorers at the Childs and Wealth showings; and
- trenching results previously reported by previous operators at the
Allen, Wealth, and Childs prospects.
Golden Predator is earning a 100% interest in the Eureka Property, subject to certain underlying royalties as described in the Company's financial statements.
Clear Creek Project: 3,500 m RC Drilling and 1,000 m Diamond Drilling Planned
The Clear Creek property comprises 132 quartz claims located in an active placer mining area that has reported production in excess of 129,000 oz of gold. Access to the property, located approximately 65 km from the Company's Brewery Creek project, is by a seasonally-maintained government gravel road from the Klondike Highway.
Anomalous gold values in soil and rock on the property are associated with mid-Cretaceous aged Tombstone plutonic suite granitic stocks and the Bear Paw breccia zone. Previously identified mineralization is associated with sheeted veins in and around the stocks and hydrothermal breccias which are spatially, and possibly temporally, related to the intrusive rocks. Redstar Resources drilled 11 holes on the Bear Paw zone between 1999 and 2000 and returned a best result of 2.3 gpt Au over 31.8 m in hole BP00-10.(3)
The Company's Phase I 2010 program at Clear Creek includes 1,000 m of oriented HQ diameter diamond drilling on the Bear Paw breccia zone where the Company plans to:
- twin a select number of Redstar's holes in order to determine the
orientation of previously identified mineralization at Bear Paw; and
- drill five north-south directed holes to test a geological model that
mineralization may be following an east-west trend.
Upon completion of the diamond phase of the program, the Company will follow-up with a minimum 3,500 m RC program on a grid across the established mineralization trend of the Bear Paw hydrothermal breccia. Pending the results of this drilling, other under-explored low-grade bulk tonnage targets on the property may also be tested with the RC rig.
Golden Predator is earning a 100% interest in the Clear Creek Property, subject to certain underlying royalties as described in the Company's financial statements.
Brewery Creek Project: 4,000 m RC Drilling and 1,000 m Diamond Drilling Planned
Brewery Creek, a past-producing heap-leach operation, comprises 793 quartz claims and leases located approximately 55 km east of Dawson City. Between 1996 and 2002 the Brewery Creek Mine produced in excess of 275,000 oz gold from seven near-surface oxide deposits along the 7 km Reserve Trend. Five near surface, drill indicated and inferred deposits (South Fosters, Bohemian, West Big Rock, East Big Rock and North Slope zones) remain outside of the mined areas.
The Company's 2009 exploration program at Brewery Creek included a total of 5,011 m of diamond drilling in 30 holes. The first phase of the program focused on identifying and testing possible sulphide feeder zones to the Pacific and Blue pits and to follow up on deep mineralization identified in 1996 in the North Slope area. A late season program of 17 holes targeted extensions to the oxide resource that remains in the un-mined Lower Fosters zone. Significant highlights of the 2009 program included:
Pacific Zone 2009 Drilling Highlights(4)
- 5.53 gpt Au over 1.69m from BC09-132
- 3.20 gpt Au over 4.70m from BC09-133
- 5.39 gpt Au over 2.0m from BC09-134
North Slope Zone 2009 Drilling Highlights(5)
- 20.17 gpt Au over 1.90m from BC09-137
- 4.72 gpt Au over 9.71m including 6.86 gpt gold over 4.26m from
BC09-139
Blue Zone 2009 Drilling Highlights(5)
- 4.06 gpt Au over 8.81m including 7.81 gpt Au over 2.81m from BC09-142
- 2.64 gpt Au over 7.76m from BC09-144
South Fosters Zone 2009 Drilling Highlights(6)
- 6.07 gpt Au over 8.30m including 16.42 gpt Au over 3.05 m from hole
BC09-147
- 3.41 gpt Au over 4.00m from BC09-153
- 6.79 gpt Au over 2.83m from BC09-159
- 2.41 gpt Au over 3.89m and 3.24 gpt Au over 7.14m from BC09-160
The Company's Phase I 2010 program at Brewery Creek includes a minimum of 5,000 m of RC drilling extending the oxide deposits at the East and West Big Rock and Bohemian zones, and 1,000 m of diamond drilling along the Reserve Trend testing deeper sulfide-hosted gold targets.
The Company is earning a 75% interest in the Brewery Creek project, subject to certain underlying royalties as described in the Company's financial statements.
Antimony Project: 1,500 m RC Drilling Planned
The Antimony project consists of 478 quartz claims located in the Ogilvie Mountains approximately 65 km northeast of Dawson City. Previous explorers, utilizing geochemical sampling and detailed aeromagnetic surveys over the property, identified several areas with the potential to host intrusion related gold deposits similar to those hosted elsewhere within the Tintina gold belt, including the Pogo and Fort Knox Mines in Alaska and the Dublin Gulch Deposit in Yukon. Exploration during 2009 focused on the AJ vein, a local, high-grade expression of the broader scale hydrothermal system within the hornfelsed and skarn-altered zone around the Tombstone-age Antimony Mountain stock. The focus of Golden Predator's 2010 Phase I exploration program at Antimony is the Golden Wall target, which represents a bulk-tonnage target adjacent to the stock.
Antimony 2009 Drilling Highlights
- 3.29 gpt Au over 2.06 m from AH09-014(7)
- 5.48 gpt Au over 1.00 m from AH09-016(7)
- 12.45 gpt Au over 4.88 m from AH09-017(7)
- 7.61 gpt Au over 3.36 m from AJ09-018(8)
- 2.30 gpt Au over 13.88 m from AJ09-019(8)
- 25.06 gpt Au over 3.15 m from AJ09-021(8)
The proposed 2010 exploration program on the Golden Wall consists of two
parts:
- detailed mapping of the area to identify the contacts of igneous
intrusions thought to be related to gold mineralization and to
determine the orientation of sedimentary rocks favourable for hosting
mineralization, and
- 1,500 m of RC drilling to test the Golden Wall target.
Drilling will utilize a heli-portable RC drill operating out of an air-supported field camp located on the property.
Golden Predator is earning a 100% interest in the Antimony Mountain Property, subject to certain underlying royalties as described in the Company's financial statements.
Additional information on the Company's other Yukon projects can be found in the Company's news release dated September 28, 2009, and on the Company's website: www.goldenpredator.com.
The technical content of this news release has been reviewed and approved by Mr. Corwin Coe, P. Geo., a Qualified Person as defined by National Instrument 43-101.
Appointment of Louis A. Lepry, Jr., CPG to Advisory Board
The Company is also pleased to announce the appointment of Mr. Louis A. Lepry, Jr., CPG to its advisory board. Mr. Lepry is a geologist with over 30 years experience in the international mineral exploration and development business. Mr. Lepry was Vice President of Newcrest Resources, a subsidiary of Newcrest Mining Ltd., from 2007 to 2009 and the President of Metallica Resources Inc. from 1995 to 2000. Prior to this he was Vice President, Corporate Development for Crown Resources Corp. Mr. Lepry holds a MSc degree in Economic Geology from the University of Arizona, a BSc degree in Engineering Geology from Fort Lewis College in Colorado, and is a member of the American Institute of Professional Geologists. Mr. Lepry has also agreed to serve as CEO of Silver Predator Mines Inc. (see the Company's February 4, 2010 News Release).
About Golden Predator Royalty & Development Corp.
Golden Predator's corporate mandate is to establish a self-funded gold company focused on Yukon, Canada.
Golden Predator has established an industry leading gold property position in Yukon and is aggressively exploring its Gold Dome, Eureka, Antimony Mountain, Clear Creek and Brewery Creek projects with drilling planned on all 5 projects during 2010.
Golden Predator is advancing its Adelaide project in Nevada with underground drilling and bulk sampling planned. Further drilling is planned at Golden Ridge and Lantern to potentially provide near term production of small-tonnage high grade ores. Golden Predator intends, through its strategic use of modular mills at its Taylor and Humboldt mill sites, to become a gold producer capable of funding its Yukon program. In addition, Golden Predator currently receives in excess of $1.0 M per year from its royalty stream.
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
--------------------
(1) Reported in November 16, 2009 News Release, TSX-V: GPD
(2) Wengzynowski, 2006, Yukon Geological Survey Assessment Report 094731
(3) Reported in September 29, 2000 News Release, CDNX:RST
(4) Reported in October 15, 2009 News Release, TSX-V: GPD
(5) Reported in December 10, 2009 News Release, TSX: GPD
(6) Reported in January 27, 2010 News Release, TSX:GPD
(7) Reported in November 5, 2009 News Release, TSX-V:GPD
(8) Reported in January 5, 2010 News Release, TSX:GPD
SOURCE Golden Predator Royalty & Development Corp.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article