Golden Predator - 2010 Yukon Drill Programs
TSX: GPD
VANCOUVER, April 29 /PRNewswire-FirstCall/ - Golden Predator Royalty & Development Corp. (TSX:GPD) ("Golden Predator" or the "Company") is pleased to announce it is in the final stages of preparation for drilling programs planned on its Brewery Creek, Gold (Scheelite) Dome, Clear Creek, Antimony Mountain and Eureka gold properties in the Yukon. The combined budget for the five exploration drilling programs is $6.03 million dollars. The exploration programs, which will be operated by Golden Predator's Yukon subsidiary, Golden Predator Canada Corp., will comprise a combination of reverse circulation and diamond drilling focused on specific targets generated from data acquired during the 2009 drilling programs, historical data from properties acquired late last year, and the interpretation of new geological and geophysical data. The Company plans to drill approximately 21,500 metres of reverse circulation drilling (RC) and 4000 metres of diamond drilling (DD),which will involve a minimum of four RC rigs and one diamond drill. At present the Company has awarded a contract for two track mounted RC rigs to Orbit Garant Drilling Ltd. and is reviewing bids for additional drill contract proposals. Drilling is anticipated to start at Brewery Creek, Gold (Scheelite) Dome and Eureka on approximately June 1st, 2010 and at Clear Creek and Antimony Mountain on June 15th and July 1st, respectively. Detailed descriptions of the Yukon exploration drilling programs are outlined below.
Brewery Creek
-------------
RC Drilling: 4000 m
Diamond Drilling: 1000 M
Brewery Creek, a past-producing heap-leach operation, comprises 793 quartz claims and leases and is located approximately 55 km east of Dawson City, Yukon. Between 1996 and 2002 the mine produced in excess of 275,000 oz Au from seven near-surface oxide deposits along the 7 km long 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. Golden Predator has the right to earn a 75% interest in the Brewery Creek project. The 2009 Brewery Creek exploration program included a total of 5011 m in 30 diamond drill 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.
Highlights of the 2009 program included:
Pacific zone
------------
- 5.53 g/t Au over 1.69m from BC09-132*
- 3.20 g/t Au over 4.70m from BC09-133*
- 5.39 g/t Au over 2.0m from BC09-134*
North Slope zone
----------------
- 20.17 g/t Au over 1.90m from BC09-137**
- 4.72 g/t Au over 9.71m including 6.86 g/t gold over 4.26m from BC09-
139**
Blue zone
---------
- 4.06 g/t Au over 8.81m including 7.81 g/t Au over 2.81m from
BC09-142**
- 2.64 g/t Au over 7.76m from BC09-144**
South Fosters zone
------------------
- 6.07 g/t Au over 8.30m including 16.42 g/t Au over 3.05 m from hole
BC09-147***
- 3.41 g/t Au over 4.00m from BC09-153***
- 6.79 g/t Au over 2.83m from BC09-159***
- 2.41 g/t Au over 3.89m and 3.24 g/t Au over 7.14m from BC09-160***
* Reported in October 15, 2009 News Release, TSX-V: GPD
** Reported in December 10, 2009 News Release, TSX-V: GPD
*** Reported in January 27, 2010 News Release, TSX:GPD
The 2010 program, which has a budget of $1.37 million, is scheduled to
commence on June 1st. Planned exploration comprises 5000 m of reverse
circulation drilling extending the oxide deposits at the East and West Big
Rock and Bohemian zones, and 1000 m of diamond drilling along the Reserve
Trend testing deeper sulfide-hosted gold targets.
Gold (Scheelite) Dome
---------------------
RC Drilling: 9000 m
Diamond Drilling: 2000 m
The Gold (Scheelite) Dome property comprises 508 claims covering
approximately 10,500 ha and hosts one of the largest gold-in-soil anomalies in
the Yukon. Previous exploration has identified 14 target zones, of which three
(Tom, Toby and Hawthorne), were drilled by Golden Predator during the 2009
field season.
Highlights of the 2009 program included:
Tom zone:
- 10.87 g/t Au over 1.98 m from GD09-004*
- 2.56 g/t Au over 9.58 m from GD09-005*
- 21.64 g/t Au over 1.03 m from GD09-006*
- 11.12 g/t Au over 25.40 m from GD09-007*
Hawthorne zone
- 3.79 g/t Au over 2.15 m from GD09-012*
- 5.17 g/t Au over 2.52 m from GD09-015*
* Reported in November 16, 2009 News Release , TSX-V: GPD
The 2010 program, which has a budget of $$2.17 million, is scheduled to
commence June 1st and will be the largest exploration program undertaken on
this underexplored property to date. The program comprises several aspects:
(1) 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.
(2) 2,000 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.
(3) Reopening and re-mapping of the Toby zone trenches to gain a better
understanding on the potential controls and orientation on gold
mineralization in the area before following up with RC and/or Diamond
drilling.
Gold (Scheelite) Dome is 100% owned by Golden Predator and is road
accessible year-round. It is located within the Mayo Mining District,
approximately 25 km northwest of Mayo in central Yukon, and is within 20 km of
existing hydro-electric power.
Clear Creek
-----------
RC Drilling: 3500 m
Diamond Drilling: 1000 m
The Clear Creek property comprises 132 quartz claims in an active placer mining area that has produced more than 129,000 ounces of gold to date. Access to the property, which is located approximately 65 km from the Company's Brewery Creek project, is by a seasonally-maintained government gravel road from the Klondike Highway. Golden Predator has the right to earn 100% ownership of Clear Creek from the underlying vendors.
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 Corporation drilled 11 holes on the Bear Paw zone between 1999 and 2000 and returned a best result of 2.3 g/t Au over 31.8 m in hole BP00-10.
The 2010 exploration program has a proposed budget of $1.03 million and a proposed start date of June 15. The program will comprise 1,000 m of oriented HQ diameter diamond drilling on the Bear Paw breccia zone where Golden Predator plans to:
(1) twin a select number of Redstar's holes in order to determine the
orientation of previously identified mineralization at Bear Paw, and
(2) 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 Golden Predator will commence a 3,500 m RC program. Grid drilling across the established mineralization trend on the Bear Paw hydrothermal breccia will be the focus of the RC program. Pending the results of the Bear Paw drilling, other under-explored low-grade bulk tonnage targets on the property may also be tested with the RC rig. Golden Predator is excited to following up on promising results in the Bear Paw breccia zone and once mineralization controls are better understood, expand the zone at depth and along strike.
Eureka
------
RC Drilling: 3500 m
The Eureka property, located approximately 90 km south of Dawson City, consists of 349 contiguous mineral claims within the Dawson Range. A placer mining area since the Klondike gold rush of 1898, the region has produced approximately 67,000 oz Au. Access to the property is via the 90 km, seasonally maintained, Hunter Creek-South Klondike road system. Golden Predator has the right to earn 100% of the property from the underlying vendors.
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 g/t Au over 3.05 m.
Golden Predator's 2010 exploration program, which has a proposed budget of $750,000, comprises 3,500 m of RC drilling designed to test:
(1) moderate to strong gold-in-soil geochemical values from a 6 km long
by up to 2 km wide anomaly
(2) down dip extensions of mineralized drill-intercepts identified by
previous explorers at the Childs and Wealth showings, and
(3) trenching results previously reported by other companies at the
Allen, Wealth, and Childs prospects.
Drilling is scheduled to commence June 1st.
Antimony
--------
RC Drilling: 1500 m
The Antimony project is located approximately 65 km northeast of Dawson City, Yukon Territory, Canada, and consists of 478 quartz claims in the Ogilvie Mountains. Previous explorers, utilizing geochemical sampling and detailed aeromagnetic surveys over the property and have identified several areas with the potential to host intrusion related gold deposits similar to those hosted within the Tintina gold belt. 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 Mt stock. . The focus of Golden Predator's 2010 exploration program is the Golden Wall target, which represents a bulk-tonnage target adjacent stock.
Highlights of the 2009 program included:
- 3.29 g/t Au over 2.06 m from AH09-014*
- 5.48 g/t Au over 1.00 m from AH09-015*
- 12.45 g/t Au over 4.88 m from AH09-017*
- 7.61 g/t Au over 3.36 m from AJ09-018**
- 2.30 g/t Au over 13.88 m from AJ09-019**
- 25.06 g/t Au over 3.15 m from AJ09-021**
* Reported in November 5, 2009 News Release, TSX-V:GPD
** Reported in January 5, 2010 News Release, TSX:GPD
The proposed 2010 exploration program on the Golden Wall consists of two
parts:
(1) 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
(2) 1,500 m of RC drilling to test the Golden Wall target.
Drilling is expected to commence approximately July 1st utilizing a heli-portable RC drill and operating out of an air-supported field camp located on the property. Golden Predator has the right to earn 100% of the Antimony Mt property from the underlying vendors.
Further information on the Company's other Yukon projects can be found in the Company's news release dated September 28, 2009.
About Golden Predator Royalty & Development Corp.
Golden Predator's corporate mandate is to establish a self-funded gold company focused on the Yukon, Canada.
Golden Predator has established an industry leading gold property position in the Yukon and is aggressively exploring its Gold (Scheelite) 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 This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Golden Predator Royalty & Development Corp.
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