Golden Predator announces New Gold Discovery at Cache Creek (Harlan) Project, Yukon, Canada
TSX: GPD
VANCOUVER, Jan. 10, 2012 /CNW/ - Golden Predator Corp.
(the 'Company') is pleased to announce a new gold discovery at the Company's previously undrilled Cache Creek Project (formerly known as the Harlan Project) in the central Selwyn Basin, Yukon, Canada. The initial six hole, 2,029 m diamond drilling program completed in 2011 encountered significant gold mineralization in four of six drill holes with all drill holes intersecting extensive intervals of hydrothermal alteration. Mineralization is not constrained by current drilling and remains open along strike and at depth. Significant results include:
-- HAR11-005 with 57.0 m of 0.53 g/t gold from a depth of 3.1 m,
plus a second zone of anomalous gold with 39.9 m of 0.49 g/t
gold from a depth of 315.2 m; and
-- HAR11-006 with 77.4 m of 0.51 g/t gold from a depth of 3.6 m,
including 35.63 m of 0.77 g/t gold from a depth of 3.6 m, plus
a second intersection with 16.66 m of 2.10 g/t gold from a
depth of 117.3 m, including 4.51 m of 6.85 g/t gold.
The Project area consists of 740 quartz claims covering approximately 150 km(2) and lying approximately 90 km south of the Osiris discovery of ATAC Resources Ltd.
, and presents at least two major drill-ready gold targets: the Vortex and West Porphyry Zones. All drilling to date has been limited to the Vortex Zone.'We are extremely encouraged by the results from Cache Creek,' said Chairman William M. Sheriff. 'This is our third discovery from the 2011 drill campaign, following on our 2-headframe finds at the Bohemian-Schooner and Sleeman Zones at our Brewery Creek Project. The wide-spaced nature of the initial 6 holes, coupled with the multiple intercepts in the last two holes and mineralized intervals in excess of 50 m in both, is cause for excitement. We look forward to additional drilling in 2012 on the newly discovered Vortex Zone, as well as initial drill testing of the neighbouring West Porphyry Zone.'
A complete table of results and location map can be found on the Company's website at:
http://www.goldenpredator.com/documents/GPD-NR12-03-Cache-Creek-Discovery-FINAL.pdf
Cache Creek Project, Selwyn Basin Yukon
The Cache Creek property is located 60 km off the North Canol Road in the Yukon's central Selwyn Basin and is comprised of 740 quartz claims covering 154.6 km(2). In January 2011, Golden Predator optioned 75 claims, covering the area of drilling, from Alexco Resource Corp. with the opportunity to earn a 75% interest in these claims over a 5 year period. Quartz claims covering exposures of silicified and gold mineralized Devonian Earn Group siliciclastics were originally staked in 1997 by Viceroy Minerals following up anomalous gold and arsenic values in stream sediment samples and rock chip and soil geochemical sampling defined two significant gold mineralized zones, Vortex and West Porphyry. Golden Predator's 2011 exploration program focused solely on the Vortex zone. Drilling is planned to continue on the newly discovered Vortex Zone as well as the untested West Porphyry Zone during 2012.
Cache Creek Project Geology
Two zones of mineralization are known to exist on the Project area: the Vortex Zone and the West Porphyry Zone.
Vortex Zone
The northwesterly trending Vortex Zone is a 700+ by 200 m target area defined by intense silicification, quartz veining and hydrothermal breccias hosted in northwesterly striking, moderately dipping bedded chert-pebble conglomerate, lithic sandstones and siltstones of the Devonian Earn Group. Northerly and northwesterly trending, multi-phase quartz monzonite and quartz monzonite porphyry dikes and associated hydrothermal breccias intrude the Late Paleozoic sequence and are spatially associated with gold mineralization. The intrusions are thought to be mid-Cretaceous in age related to the regionally important Tombstone Plutonic Suite.
Gold mineralization in the Vortex Zone is spatially associated with igneous dikes, adjacent breccias and sedimentary rocks. Hydrothermal alteration consists of pervasive silicification as fine-grained replacement of both siliciclastic and igneous lithologies and also as quartz stockworks and planar quartz-sulfide veinlets and veins. Mineralization consists of both disseminated and quartz vein hosted pyrite, arsenopyrite, with gold and minor associated base metals. The hydrothermal system is strongly enriched in arsenic, antimony and mercury with average concentrations of +900 ppm, +45 ppm and +1.5 ppm respectively in the 2011 drill holes.
West Porphyry Zone
The West Porphyry Zone consists of a series of east-southeast trending, steeply south-southwest dipping altered quartz monzonite dykes similar in composition to those of the Vortex Zone. Rock chip sampling returned values up to 0.86 g/t gold over 20.8 m. Anomalous values to 1.26 g/t gold were returned from dykes across 2.5 km(2). The Company plans to drill test the West Porphyry Zone in 2012.
Sampling Methodology, Quality Control and Assurance
The diamond drill holes were drilled by a skid mounted drill utilizing NTW core sizes (5.6 cm/2.2'). Core was cut or split on site and one half was sampled and transported to the lab for analysis and the other half retained on site.
Core samples were sent to both ALS Minerals' and Acme Labs' ISO 9001 certified preparation facilities Whitehorse, Yukon. Pulps were analyzed at ALS's and Acme's ISO 9001 certified laboratories in Vancouver, British Columbia using a 30 gram FA/AA analysis. At both labs, assay values over 10 g/t gold were re-assayed by fire assay followed by a gravimetric finish.
Commercial standards, blanks and duplicate samples were systematically inserted in every drill core sample batch. Approximately 5% of the original pulps are sent for check assays by the lab that did not receive the original sample.
Other elements, including silver, were analyzed using ICP-AES (ALS Minerals) and ICP-MS (Acme Labs) whereby the sample is dissolved in an aqua regia acid solution and then analyzed by ICP methods.
Drilling Sampling Protocol / Chain of Custody / Data Verification
Golden Predator employs high standards of protocol with respect to the handling and chain of custody of its samples. All sampling is conducted under the supervision of the Company's project geologist, and the chain of custody from the drill to the logging facility and sample preparation is continually monitored by the project geologist. Samples are shipped to the lab by qualified couriers or Company personnel under locked bags with independent identification lock numbers. Data verification of the analytical results includes a statistical analysis of the duplicates, standards and blanks that must pass certain set parameters for acceptance to insure accurate and verifiable results. All assays are reported as drilled intervals and are not to be interpreted as true widths.
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, CPG, the Company's Chief Operating Officer and a Qualified Person as defined by National Instrument 43‐101.
About Golden Predator Corp.
Golden Predator Corp., Yukon's Gold Company, is a well-funded exploration company mandated to become a mid-tier gold producer. Golden Predator's road-accessible advanced properties include its flagship Brewery Creek Project at which the Company is moving aggressively to a near term production decision, as well as its Grew Creek and Clear Creek Projects.
Golden Predator has the largest controlled land position in the Yukon, with exploration holdings in excess of 1,400,000 acres (over 5,700 km2), and is committed to strong relationships with Yukon First Nations and communities. Golden Predator's management and technical teams continue to lead aggressive exploration programs in the underexplored regions of the Yukon, and are driven to bring value to shareholders and leave 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.
Golden Predator Corp.
CONTACT: GoldenPredator Corp.
William M. Sheriff, Chairman & Chief Executive Officer
(604) 648-GOLD (4653)
info@goldenpredator.com
www.goldenpredator.com