Drilling extends Brewery Creek's Bohemian Zone with 33.0 m of 3.27 g/t Gold
TSX: GPD
VANCOUVER, July 10, 2012 /PRNewswire/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce the results from 7 step out and in-fill diamond drill holes completed in 2012 between the Bohemian and Schooner Zones at its flagship Brewery Creek Project located near Dawson City, Yukon. Significant results include:
- BC12-417 with 28.0 m of 1.06 g/t gold from a depth of 9.0 m;
- BC12-418 with 13.5 m of 2.95 g/t gold from a depth of 10.7 m and 33.0 m of 3.27 g/t gold from a depth of 35.0 m; and
- BC12-423 with 28.0 m of 2.94 g/t gold from a depth of 35.0 m including 6.7m of 10.42 g/t gold.
A complete table of results and location maps can be found on the Company's website at:
http://www.goldenpredator.com/documents/GPD-NR12-22%2010-07-12-Schooner-Results-FINAL.pdf
Bohemian Zone Geology
Formerly interpreted as the Bohemian-Schooner Zone, based on the recent drilling the Company now interprets the Bohemian and Schooner areas as two distinct Zones cut by a northerly striking high angle fault which separates the two zones by approximately 75 m.
The Bohemian Zone is a strongly mineralized, steeply dipping structural corridor that strikes east‐northeast. This corridor intersects a lower‐angle tabular mineralized zone in strongly altered quartz monzonite sills. The Bohemian Zone sits approximately 500 m east of the Lucky deposit, the nearest past producing area. The Bohemian Zone and the closely offset Schooner Zone together extend for more than 1 km in length; both zones remain open at depth and the Schooner Zone is open to the east.
Brewery Creek Project Update
To date in 2012 the Company has completed 130 core holes for 13,111 m along with 42 RC holes for an additional 4,653 m. The Company's 2012 drill program has targeted expansion of the reported resources at the East and West Big Rock, Classic, and Bohemian-Schooner Zones. The overall drill plan calls for targeting all other resource areas for expansion as well as exploration of other zones including Ice Fog, Moosehead, Pacific, South Pacific, and Camp, and to test several additional new targets generated by the Company's 2011 geochemical and geophysical surveys of the Project area. The current year drilling is in addition to 344 core and RC holes totalling 55,453 m which were completed during 2011 at Brewery Creek, which delineated the three 2011 discoveries at the Bohemian-Schooner, Sleeman and Classic Zones, with significant additional drilling on the North Slope and the East and West Big Rock Zones.
Brewery Creek Project Overview
Brewery Creek hosts 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 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. 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 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 while expanding the existing NI 43-101 compliant resource at Brewery Creek, 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 1,000,000 acres, and is committed to strong relationships with Yukon 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, 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.
SOURCE Golden Predator Corp.
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