Golden Dory Resources Updates Pequop South Project, Long Canyon trend, Nevada; Newmont Mining Completes Fronteer Gold Transaction
(via Thenewswire.ca)
GANDER, NEWFOUNDLAND - April 15, 2011 - Golden Dory Resources Corp. ("Golden Dory") is pleased to provide the following update on its 232 claim, Pequop South project, located on the Long Canyon trend, northeast Nevada. Newmont Mining through its US$2.3 billion acquisition of Fronteer Gold has become the dominant player in the emerging Pequop gold district, host to the Long Canyon deposit. Golden Dory's Pequop South property was included in the acquisition. Golden Dory is the project operator and can earn a 70% interest by spending US$ 2.85 million and delivering a bankable feasibility study.
Golden Dory has identified 25 exploration targets along its Pequop South portion of the Long Canyon trend including several geologically similar to the Long Canyon deposit. The work permitting process has been initiated and exploration work including trenching is expected to begin in May with initial drill testing to begin once all targets have been investigated and prioritized. The initial work will focus on targets in the JT block, the southernmost portion of the property where at least 10 trenches will be dug on coincidental geological and geochemical anomalies identified by the 2010 work program. The remaining geochemical targets in the JT and the GD block to the north will be addressed sequentially.
The JT targets are highlighted by a broad, northeast trending gold in soil anomaly at least 500 meters in length, with gold values associated with hematitic solution collapse breccias and jasperoid development in limestone (see February 4, 2011 News Release). Crosscutting structures have been mapped in close spatial association with the geochemical anomaly and could represent conduits for mineralizing fluids.
In addition to the trenching permits, Golden Dory is also applying for approval for at least 10 drill sites on the JT block for testing later this summer or early fall. Additional drill site permits will be applied for as the trenching program progresses.
Golden Dory President and CEO Kevin Keats states; "We are looking forward to working with Newmont to advance our strategically positioned Pequop South property and are anxious to get our work program underway as quickly as possible."
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) is primarily focused on gold exploration at the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; and in the Long Canyon district (Pequop South), and Reef properties in the state of Nevada, USA.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101. For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or Chris Haldane at CHF Investor Relations at (416) 868-1079.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Golden Dory will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
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