Golden Predator Announces Second Major Discovery at Flagship Brewery Creek Project, Yukon
VANCOUVER, July 27, 2011 /PRNewswire/ -- Golden Predator Corp. (TSX:GPD) (the 'Company') is pleased to announce initial drill results from Brewery Creek's newly discovered Sleeman Zone, the second major discovery on the Company's flagship project this year. Results of particular significance include the following:
-- 191.5 m of 1.46 g/t gold beginning at a depth of 4.5 m in core
hole BC11-226(drilled sub-parallel to mineralized dike);
-- 40.3 m of 1.21 g/t gold beginning at a depth of 13.2 m in core
hole BC11-229; and
-- 24.0 m of 1.65 g/t gold from a depth of 62.5 m in core hole
BC11-217.
A complete table of all holes including a more comprehensive geological discussion can be found on our website at: http://www.goldenpredator.com/documents/GPDNR11-30FINALSleemanlong.pdf
All holes reaching target depth encountered significant mineralized intercepts of 24 m or more. The Sleeman Zone, located 2.5 km southeast of the previously announced Bohemian-Schooner Zone discovery, remains open in all directions.
'We are excited with the continued success at our expansive Brewery Creek Project,' said William M. Sheriff, Chairman & CEO. 'We have been rewarded with two major discoveries at Brewery Creek, utilizing our geophysical and geochemical data, and are looking forward to further defining both the Sleeman discovery, which remains open in all directions, and the growing Bohemian-Schooner Zone, as well as testing the numerous additional targets across this large property holding.'
Expanded Brewery Creek Drill Program In response to the continuing success at Brewery Creek the Company has determined to further expand its 2011 exploration budget: the Company now plans to spend $7.5 MM during the current fiscal year, an increase of $1.5 MM following the tripling of the annual budget announced May 31, 2011. Drilling continues at Brewery Creek with two core rigs and one RC rig, and the Company is working to secure an additional rig in the coming weeks. Drilling is now being planned on a year-round basis, and the Company is also establishing a permanent all-weather camp at Brewery Creek to augment existing facilities.
Sleeman Zone Geology Mineralization at the Sleeman Zone is hosted in altered intrusive rocks occurring as a tabular zone dipping moderately to the south-southwest. To date, gold mineralization has been drilled to a vertical depth of 150 m from surface, extends horizontally well over 100 m, and is open in both directions along strike and down dip.
The geochemical signature of the gold bearing zone at Sleeman is distinctly elevated in lead, zinc and silver. Sleeman averages over 700 ppm lead 1,200 ppm zinc and commonly contains over 15 g/t silver within the mineralized intercepts with the select intercept in excess of 100 g/t silver. Other mineralized areas of the Brewery Creek property average less than 100 ppm lead and less than 500 ppm zinc with essentially no silver.
Sampling Methodology, Quality Control and Assurance Samples were fire assayed by ALS Chemex in Vancouver. Refer to the Company's news release dated March 24, 2011 for a complete discussion of sampling methods, quality control and assurance.
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, PGeo, the Company's Vice President, Exploration (Canada) and a Qualified Person as defined by National Instrument 43 101.
About Golden Predator Corp. Golden Predator Corp., a well-funded exploration and development company, has a mandate to be the leading gold property explorer and developer in Yukon, Canada. Golden Predator has a vast Yukon property position with three advanced gold projects, six pipeline projects and exploration landholdings comprising over 4,000 km2. Drilling continues at the Company's flagship Brewery Creek project as well as at its Grew Creek and Clear Creek Projects. In 2011, Golden Predator will work towards completing initial resource estimates for Grew Creek and Clear Creek and updating the existing resource estimate for Brewery Creek, in addition to conducting initial drilling at the recently acquired Harlan project.
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.
Golden Predator Corp.
CONTACT:
Golden Predator Corp.
William M. Sheriff
Chairman and CEO
(604) 648-GOLD (4653)
info@goldenpredator.com
http://www.goldenpredator.com/