Sleeman Zone Drilling Intersects 40.9 m of 1.81 g/t Gold and 19.7 g/t Silver; Brewery Creek Project, Yukon
TSX: GPD
VANCOUVER, March 22, 2012 /CNW/ - Golden Predator Corp.
(the 'Company') is pleased to announce the results from the final 10 diamond core holes drilled in late 2011 from the Sleeman Zone at its flagship Brewery Creek Project located near Dawson City, Yukon. The Sleeman Zone continues to remain open along strike in both directions as well as down dip. Three of the 10 holes reported here bottomed in gold mineralization. Highlights of the current release include:
-- BC11-344 with 14.0 m of 1.17 g/t gold and 21.2 g/t silver from
a depth of 187.0 m and 3.7 m of 1.35 g/t gold and 66.5 g/t
silver from a depth of 208.3 m; and
-- BC 11-361 with 40.9 m of 1.81 g/t gold and 19.7 g/t silver from
a depth of 173.0 m and 16.9 m of 1.11 g/t gold and 13.9 g/t
silver from a depth of 228.5 m including bottoming in 3.4 m of
2.68 g/t gold and 37.5 g/t silver.
A complete table of results and location maps can be found on the Company's website at:
http://www.goldenpredator.com/documents/GPD-NR-12-15-Sleeman-Final-2011-Results.pdf
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 approximately 200 m from surface, extends horizontally well over 400 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. A 16.5 line km IP survey was completed in late 2011. Surface geochemistry, magnetics and IP all support the existence of a potential target well in excess of 1 km in strike length. The Sleeman Zone deposit is currently open at depth as well as in both directions along strike.
Brewery Creek Project Update
The Company completed 344 core and RC holes for 55,453 m at Brewery Creek in 2011. The 2011 drilling was concentrated on delineating the three 2011 discoveries at the Bohemian-Schooner, Sleeman and Classic Zones, with significant additional drilling on the North Slope and the East and West Big Rock Zones.
Current year drilling will concentrate on further expansion of the Sleeman, Classic and Bohemian- Schooner Zones as well as exploration of a number of quality targets resulting from 2011 geochemical and geophysical surveys of the Project area.
The Brewery Creek Project is a past producing heap leach gold mining operation with a total of 278,484 oz Au produced from seven near-surface oxide deposits along the property's Reserve Trend from 1996 through 2002, when the mine (operated by Viceroy Resource Corporation) shut down due to low gold prices. The 200 km(2) property is located 55 km due east of Dawson City, accessible by paved and gravel roads from the junction of the North Klondike and Dempster Highways. In May 2011 the Company staked an additional 204 quartz claims east of the historic Brewery Creek property, increasing the Project to a total of 997 quartz claims.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project is authorized under a Type A Water License with an expiry date of December 31, 2021, subject to the restrictions and conditions contained in the Yukon Water Act and Regulations. The Project also has a Mining license with an expiry date of December 31, 2021. In addition, a Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project is in place.
The Company anticipates receiving a NI 43-101 compliant resource estimate, currently underway, in April 2012. The resource estimate will include all results from the 2011 drill program.
Sampling Methodology, Quality Control and Assurance
Samples were fire assayed for gold by ALS Chemex and ACME Laboratories in Vancouver. All assays are reported as drilled intervals and are not to be interpreted as true widths. Refer to the Company's news release dated October 27, 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, 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 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 one of the largest controlled land position in the Yukon, with exploration holdings in excess of 1,000,000 acres, 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: Golden Predator Corp.
William M. Sheriff, Chairman & Chief Executive Officer
(604) 648-GOLD (4653)
info@goldenpredator.com
www.goldenpredator.com