Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) today
announces the results from the final 16 of 32 reverse circulation
drill holes from the 2020 work program at its licensed 100%-owned
Brewery Creek mine project located approximately 55 km by road
from Dawson City, Yukon.
Drill highlights include:
- 19.81 m of 1.57
g/t gold from a depth of 85.34 m in drill hole RC20-2694;
- 21.34 m of 1.31
g/t gold from a depth of 123.44 m in drill hole RC20-2702;
- 21.34 m of 1.09
g/t gold from a depth of 80.77 m in drill hole RC20-2705;
- 9.14 m of 1.41
g/t gold from a depth of 45.72 m in drill hole RC20-2706; and
- 12.19 m of 0.55
g/t gold from a depth of 6.10 m and 16.76 m of 0.58 g/t gold from a
depth of 62.48 in drill hole RC20-2708.
To view Brewery Creek project and drill location maps:
https://www.goldenpredator.com/_resources/news/GPY-NR21-03-BCreek-2020-Drill-Results-Maps-FINAL.pdf2020
Brewery Creek Exploration Program - Golden Infill
Drilling
A total of 32 reverse circulation drill holes,
totaling 3,706 m, were completed between the Golden and Lucky
resource areas in the fall of 2020. The 2020 program was designed
to infill within and around two fences of 2019 drilling that
encountered mineralization along a 400 m gap where there had been
no previous drilling between the Golden and Lucky resource areas.
The objective was to establish sufficient drill density in this 400
m gap to be able to incorporate the Lucky resource into the greater
Keg pit shell.
The gold assays for the remaining 16 drill holes
of the program are reported in this release with significant
thicknesses of gold mineralization present in 14 of the 16 of the
drill holes. The two drill holes not intersecting mineralization
were not completed to target depth. The collars of 8 of the drill
holes are located outside of the current Golden resource area and
the other 8 are located on the southwestern margin of the current
Golden resource area.
Other significant mineralized intervals include
7.62 m of 2.68 g/t gold from a depth of 102.11 m in drill hole
RC20-2700 and multiple intercepts in drill hole RC20-2707 including
9.14 m of 0.58 g/t gold from a depth of 42.67 m and 13.72 m of 0.57
g/t gold from a depth of 70.10 m.
Gold mineralization is controlled by fractures
oriented sub-parallel to the main thrust fault and a series of high
angle conjugate fractures developed within main shear zone.
Composite mineralized intercepts thicknesses range from 6.10 m to
45.72 m with an average composite mineralized thickness of 26.05 m
in the 11 drill holes that had full intersections across the
mineralized zone. Mineralization encountered in these 16 holes
consists of sulfide, transitional and lesser amounts of oxide
material. Within the area of this drilling the eastern strike
extension of the mineralized zone is not yet defined, and the zone
remains open at depth down dip.
2020 Brewery Creek Exploration Program -
Classic/Lone Star Three reverse circulation drill holes,
totaling 687 m, were completed in 2020 targeting newly defined
extensions of the Classic/Lone Star porphyry-style mineralization.
The drill holes were widely-spaced step-out holes drilled at
significant distances from any existing drilling at the Classic and
Lone Star areas. Two of the drill holes (RC20-2710 and RC20-2711)
were located approximately 500 m from each other and 650 m
southeast of the closest previous drilling within the Classic and
Lone Star areas. No significant gold was intersected in either
drill hole. The third drill hole (RC20-2712), located approximately
1,330 m to the east of the nearest previous drilling, tested a
coincident aeromagnetic and radiometric anomaly indicating a
structural zone along the margin of a biotite monzonite intrusive
within an area of spotty gold and arsenic in soil geochemistry.
This initial test was encouraging with gold intersected in two
intervals of monzonite with 0.33 g/t gold over 1.52 m at a depth of
120.40 m and 0.27 g/t gold over 1.52 m at a depth of 131.06 within
a 15.29 m zone of anomalous mineralization. Mineralization within
the zone consists of pyrite with local arsenopyrite associated with
chlorite and calcite alteration minerals.
Continuing exploration will develop extensions
to the Classic and Lone Star area mineralization, a near surface
bulk tonnage target that lies approximately 3 km south of the
Brewery Creek Reserve Trend. Together with the Lone Star zone, the
Classic zone demonstrates the discovery potential of the entire
southern portion of the large Brewery Creek property where a large
syenite intrusion hosts gold mineralization primarily in sheeted
quartz/carbonate/pyrite veins and as fine-grained disseminations.
Initial column leach tests have indicated that this intrusive
hosted mineralization is leachable to at least a 200 m depth. This
mineralization is clearly a separate younger mineralizing event not
associated with the quartz monzonite, thrust fault hosted,
mineralization historically exploited in the Reserve Trend which is
the subject of the ongoing bankable feasibility study.
To view a complete table of results:
https://www.goldenpredator.com/_resources/news/GPY-NR-21-03-BRC-DrillAssays-2020-20210128.pdf
2020 Exploration Drill Program
The 2020 Brewery Creek drill program built upon
Golden Predator’s successful 2019 program that established
continuity of mineralization within the licensed Reserve Trend
between the eastern edge of the Canadian-Fosters-Kokanee-Golden
pits (Keg pitshell) east to the Lucky pit. The 32 reverse
circulation drill holes drilled in 2020 were designed to fill in
and expand the gold resource between the eastern Golden zone and
western Lucky zone. The targeted mineralization between these zones
has been offset by a high-angle normal fault and was previously
untested until 2019 when the zone was intersected with multiple
drill holes.
Infill drilling within this 400 m gap between
the eastern edge of the Fosters to Golden trend and the western
edge of the Lucky zone is also to increase the density of drilling
to convert Inferred resources to Indicated resources and confirm
continuity of mineralization between the two deposits while testing
for additional resources. The goal is to establish and confirm
continuous mineralization along the
Fosters-Canadian-Kokanee-Golden-Lucky zones for mine design now in
progress as a part of the Brewery Creek Bankable Feasibility Study
(BFS).
Brewery Creek Mine:
Resources1
2020 Brewery Creek Mineral Resource
Estimate(1) |
Leachable |
Tonnes |
g/t |
Gold Oz. |
Indicated |
22,200,000 |
1.11 |
789,000 |
Inferred |
16,800,000 |
0.92 |
497,000 |
|
|
|
|
Sulphide |
Tonnes |
g/t |
Gold Oz. |
Inferred |
30,600,000 |
0.84 |
828,000 |
Materials on the heap leach pad were not
included in the resource update. Mineral Resources estimates
conducted within a pit shell developed at $2,000/oz gold with an
internal cut-off grade calculated at $1,500/oz gold was used to
report mineral resource inventories.
The resource estimate is based on a recovery
model created from assay data, bottle and column leach test work
and historic recovery analysis instead of a less accurate visual
oxide-sulfide boundary developed from geologist drill logs.
Sedimentary and intrusive rocks, which have distinct metallurgical
characteristics, were estimated separately based on gold-grade
distribution analysis. A supporting NI 43-101 Technical Report is
filed on SEDAR at www.sedar.com.
Brewery Creek Mine Work Plan
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 is authorized to
restart mining activities as defined within the Quartz Mining
License and Water License. The Company intends to resume mining and
processing of licensed deposits when supported by an independent
study that outlines technical and economic viability. 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 operating licenses.
A Bankable Feasibility Study (BFS) is being
conducted by Kappes Cassiday & Associates of Reno, Nevada which
will include a multi-year mine plan for the advancement of the
Brewery Creek project. The BFS will include an inventory of the
mineralized material remaining on the heap and mine planning
(completed by Tetra Tech Inc of Golden, Colorado) for the
resumption of the mining of material from leachable resources
contained within the licensed area and reported in the Company’s
Mineral Resource Estimate. The BFS will include all the key
parameters involved in reconstructing or adding necessary
infrastructure including a crushing facility, the
Adsorption-Desorption-Recovery (“ADR”) plant and assay lab and an
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 a study
demonstrating positive technical and economic viability.
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.
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 a consultant to the
Company.
About Golden Predator Mining Corp.
Golden Predator is advancing the past-producing
Brewery Creek Mine towards a timely resumption of mining
activities, under its Quartz Mining and Water Licenses, in Canada’s
Yukon. With established resources grading over 1.0 g/t gold the
Company is completing a Bankable Feasibility Study for the restart
of heap leach operations. The Brewery Creek Mine project operates
with a Socio Economic Accord with the Tr’ondëk Hwëch’in First
Nation.
For additional information:Janet
Lee-Sheriff Chief Executive Officer (604)
260-8435info@goldenpredator.comwww.goldenpredator.com
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 Brewery Creek will advance to an
early production decision, or the extent of any additional mineral
resource that could result from incorporating 2019 exploration
drilling. 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.
-
The 2020 Mineral Resource Estimate was conducted in accordance with
CIM guidelines and is reported in a NI 43-101 Technical Report
which will be filed on SEDAR and the Company’s website within 45
days.
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