Golden Predator Commences 2020 Drill Program at Brewery Creek Mine, Yukon
September 28 2020 - 9:18AM
Golden Predator Mining Corp. (TSX.V:GPY,
OTCQX:NTGSF) (the “
Company”) today
announces the start of its 2020 drill program at its licensed
100%-owned Brewery Creek mine project located approximately 55 km
by road from Dawson City, Yukon. The drill program, now underway,
will consist of more than 3,000 m of exploration drilling
including:
- Wide spaced exploration drilling on
new large intrusive porphyry system. Two gold zones--the Classic
and Lonestar Zones—have been identified by outcrop, geophysics,
surface sampling and previous drilling which was limited to road
access along the western margin. This intrusive has a surface
expression in excess of 20km2. Initial column leach tests have
indicated that this intrusive-hosted mineralization is leachable to
at least 200 m in depth.
- In-fill drilling within a 400 m gap
between the Lucky resource area and the Keg resource to increase
the density of 2019 drilling, confirm continuity of mineralization
between the two deposits and increase resources. The goal is to
incorporate the Lucky resource into the much larger Keg pit shell
for mine planning now in progress as a part of the Brewery Creek
Bankable Feasibility Study (BFS).
Brewery Creek maps and a 3D video of resource areas
can be viewed at: https://www.youtube.com/watch?v=B29GzHd-3kA and
https://www.goldenpredator.com/_resources/news/GPY-NR20-26-Brewery-Creek-2020-Drilling-Commences-Maps.pdf
2020 Exploration Drilling of New Large-Scale Targets –
Classic and Lonestar Zone
The drill program, in newly defined extensions
of the Classic/Lonestar porphyry-style intrusive, consists of
step-outs approximately 1 km or more from existing drilling at the
Classic and Lonestar areas. These holes will be targeted based on
2019 surface sampling and earlier geophysical studies.
The Classic Zone is a near surface bulk tonnage
target that lies approximately 3 km south of the Brewery Creek
Reserve Trend. Together with the more recently discovered Lonestar
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 200m
depth. This mineralization is clearly a separate younger
mineralizing event not associated with the quartz monzonite
thrust-hosted mineralization historically exploited in the Reserve
Trend which is the subject of the ongoing BFS.
Significant Classic Zone intercepts from
previous drilling include:
- 30.5 m of 0.84 g/t gold from a depth
of 35.1 m;
- 41.2 m of 1.04 g/t gold from a depth
of 131.1 m including 3.1 m of 4.25 g/t gold;
- 33.5 m of 0.95 g/t gold from a depth
of 99.1 m including 6.1 m of 3.20 g/t gold;
- 200.0 m of 0.38
g/t gold from surface including 10.0 m of 1.10 g/t gold and 38.0 m
of 0.90 g/t gold and 19.8 m of 0.71 g/t gold from a depth of 260.6
m;
- 148.0 m of 0.32
g/t gold from a depth of 2.0 m; and
- 134.0 m of 0.34
g/t gold from surface, including 22.0 m of 0.80 g/t gold
The Lonestar mineralized area lies southeast of,
and adjacent to, the Classic Zone. Three styles of
mineralization occur at Lonestar; gold in skarns, disseminated gold
in intrusive rocks, and gold-bearing sheeted quartz
veins.
Significant intercepts from previous drilling
include:
- 32.0 m of 0.81
g/t gold from a depth of 172.2 m;
- 10.7 m of 1.14
g/t gold from a depth of 25.9 m, and 21.3 m of 2.24 g/t gold from
166.1 m;
- 27.4 m of 1.24
g/t gold from a depth of 1.5 m; and
- 93.0 m of 0.27
g/t gold from the surface.
“We are excited to be exploring these new
targets which have the potential to make large additions to our
mineral inventory very rapidly. Based on our knowledge of the
Classic and Lonestar zones, this porphyry-style system has the
advantages of near-surface expression and extensive oxidation when
compared to many similar targets attracting attention in the Golden
Triangle of BC,” said Golden Predator President Janet
Lee-Sheriff.
Keg and Lucky
Pitshells – In-Fill Drilling
Golden Predator’s successful 2019 program
established continuity of mineralization within the licensed
Reserve Trend between the eastern edge of the Keg pitshell
(formerly the Canadian-Fosters-Kokanee-Golden pits) east to the
Lucky pit. We now plan to complete this work with approximately 25
reverse circulation drill holes designed to bring the Lucky pit
into the Keg pit. The recent Mineral Resource Estimate Report
recommended additional in-fill drilling in this area as a priority
item to expand the eastern margin of the Keg pit another 1,000 m
along strike to encompass both the gap area and the Lucky resource
area. These holes are currently underway to incorporate into the
BFS.
Metallurgical Drilling
In addition, approximately 700 m of large
diameter (PQ) core drilling will be conducted to obtain samples for
further metallurgical testing at the Keg
(Canadian-Fosters-Kokanee-Golden) and Lucky zones. The core samples
will be used to conduct additional column leach tests at a coarser
crush size of approximately ¾” versus previous test work conducted
at 3/8” crush size ) at Kokanee, Golden and Lucky. These column
tests are being conducted to confirm the recent results of column
leach tests run at various crush sizes on material from the
historic heap leach pad where the data showed slightly better
recoveries of gold in solution for the coarser ¾” crush size. These
tests will also be included in the BFS currently underway.
Both phases of the program commenced on
September 22 and are expected to be completed by the end of
October.
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 $2000/oz gold with an
internal cut-off grade calculated at $1500/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.
The current 2020 Mineral Resources Estimate
supersedes the 2019 Mineral Resource Estimate. A supporting NI
43-101 Technical Report will be filed on SEDAR at www.sedar.com.
The Company intends to host a conference call with a Q&A
session upon public filing of the Report.
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.
The technical content of this news release has
been reviewed and approved by Michael Maslowski, CPG, a Qualified
Person as defined by National Instrument 43-101 and is employed by
the Company as its Chief Operating Officer.
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.com www.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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