Golden Predator Files Technical Report on Brewery Creek Project
TSX: GPD
VANCOUVER, June 18, 2012 /PRNewswire/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce that further to its press release dated May 1, 2012, the Company has filed a National Instrument 43-101 Technical Report detailing Indicated and Inferred Mineral Resource estimates on its flagship Brewery Creek Project, located in the Yukon, Canada. The Technical Report along with further information on the project can be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.goldenpredator.com.
Indicated Mineral Resources are estimated at 20.4 million tonnes grading 0.89 g/t gold containing 581,000 ounces of gold and Inferred Mineral Resources are estimated at 13.0 million tonnes grading 0.83 g/t gold containing 346,000 ounces of gold. Cut off gold grade values of 0.20 g/t gold for oxide material and 0.70 g/t gold for sulfide material were implemented.
| Brewery Creek Indicated & Inferred Resources(1) | ||||||||
| Tonnes (Million) |
Au (g/t) |
Contained Au (Ounces) |
Tonnes (Million) |
Au (g/t) |
Contained Au (Ounces) |
|||
| Oxide | Indicated | 13.932 | 0.70 | 313,000 | Inferred | 7.337 | 0.47 | 111,000 |
| Sulfide | Indicated | 6.485 | 1.29 | 268,000 | Inferred | 5.653 | 1.29 | 235,000 |
| TOTAL Indicated | 20.417 | 0.89 | 581,000 | TOTAL Inferred | 12.990 | 0.83 | 346,000 | |
| (1) | The Brewery Creek Resource Estimate includes six separate zones of mineralization and each zone was estimated with different gold grade capping values as follows; Big Rock 6.0 g/t, Fosters-Canadian 12.0 g/t, Bohemian-Schooner 22.5 g/t, Sleeman 16.0 g/t, North Slope 15.0 g/t, Classic 3.5 g/t. The following estimated parameters were used to determine the cut off grades for oxide and sulphide material; gold price $1500/oz, oxide recovery 65%, sulfide recovery 75%, open pit mining costs $2.00/tonne, oxide heap leach process costs $3.50/tonne, sulfide milling process costs $23.00/tonne and G & A costs $1.16/tonne. Tonnes and contained ounces have been rounded to the nearest 1,000. |
The Mineral Resources for the Company's Brewery Creek Project were estimated by EBA, a Tetra Tech Company (EBA), utilizing the Company's drilling and sampling programs, together with independently validated historic sampling and drilling data conducted by previous operators including Loki Gold Corp., Viceroy Minerals Corp. and Alexco Resource Corp. Gemcom (GEMS) modelling software was used to complete the resource estimations and conform to guidelines and definitions established by National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy.
To complete the resource estimations, a total of 54,822 samples from 1,244 drill holes, totalling 106,650 metres (34,929 samples from 957 RC holes, totalling 67,689 metres, and 19,983 samples from 287 core holes, totalling 38,981 metres) were composited to 2 metre lengths and interpolated into six separate GEMS partial block models. Ordinary Kriging (OK) methodology was applied to interpolate gold grades for the Big Rock, Bohemian-Schooner, Fosters-Canadian and North Slope Deposits, and Inverse Distance cubed (ID3) methodology was applied to interpolate resources for the Classic Deposit. Oxide resources were defined by partial or full blocks lying above an interpreted reduction-oxidation (redox) boundary supplied by the Company and based on actual drill hole logs.
Project Geology
Cretaceous-age quartz monzonite sills and subordinate lower Paleozoic silici-clastic sedimentary strata, host epithermal-style gold mineralization at Brewery Creek. En echelon style quartz veinlets and stockworks cut the pervasively clay-altered and locally silicified intrusions. Areas of elevated gold concentration relate directly to zones of concentrated quartz veining, though most of the lower-grade material occurs as disseminations in the altered and strongly limonitic intrusions. Trace elements associated with gold mineralization include arsenic, antimony and mercury, and unoxidized sulphide -bearing portions of the deposits commonly contain abundant pyrite and stibnite. Resources are reported from six zones which are mostly open to expansion in one or more directions laterally as well as at depth. Ongoing exploration has been designed to increase known resources as well as to identify new resource areas within the project area.
Project Overview
The Brewery Creek Project was operated by Viceroy Gold from 1996 to 2002 as an open pit operation with run-of-mine material delivered to the heap leach pad with approximately 280,000 ounces of gold recovered. Historic overall gold recovery from the heap leach operation is estimated at approximately 60%. Historic reports indicate that run-of-mine material included preg-robbing material was placed on the heap leach which reduced ultimate recoveries. The Company is undertaking a metallurgical characterization program to properly determine gold recovery profiles and preg-robbing characteristics by mineralized area and rock type. The program will include large diameter core drilling in the summer of 2012 for use in column leach tests. Data indicates that the preg-robbing material is predominantly restricted to sedimentary rocks which can be visually identified and, if necessary, selectively removed from material reporting to a process facility.
James Barr, PGeo, an Independent Qualified Person from the consulting firm of EBA and author of the Technical Report along with Bruce Otto, PGeo, Qualified Person and Senior Geologist with Golden Predator Corp., have reviewed and approved the contents of this news release.
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 as well as its Grew Creek and Clear Creek Projects. Golden Predator is committed to moving aggressively to a near term production decision while expanding the existing NI 43-101-compliant resource at Brewery Creek.
Golden Predator has one of the largest controlled land positions in the Yukon, with exploration holdings in excess of 1.0 million acres, and is committed to strong relationships with First Nations and communities. Golden Predator's highly skilled management and technical teams continue to lead aggressive exploration programs in the underexplored regions of the Yukon, focused on advancing new discoveries and leaving 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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