Golden Dawn Minerals Inc.

Published : January 23rd, 2018

Golden Dawn Announces Updated J&L Mineral Resource Estimate at 1.35 Million Measured and Indicated Gold Equivalent Ounces and 1.08 Million Inferred Gold Equivalent Ounces

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Golden Dawn Announces Updated J&L Mineral Resource Estimate at 1.35 Million Measured and Indicated Gold Equivalent Ounces and 1.08 Million Inferred Gold Equivalent Ounces

VANCOUVER, British Columbia, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Wolf Wiese, CEO of Golden Dawn Minerals Inc. (GOM.V) (3G8A.F) (GDMRF) (the “Company” or “Golden Dawn”), announces that an updated Mineral Resource Estimate has been completed for the J&L Project, with 1.35 million gold equivalent ounces in the Measured and Indicated categories and 1.08 million gold equivalent ounces in the Inferred category (details in table below). J&L is therefore one of the largest undeveloped gold Mineral Resources in western Canada.

J&L is an advanced stage project located 35 km north of Revelstoke, BC. The project assets include a rail siding and load-out facility for the Canadian Pacific Railway in Revelstoke, and a fully functional 40-man camp as well as a large shop and office facility located at the property, with two mine portals that access 3.1 km of underground mine workings, and a fleet of formerly utilized underground mining equipment.

J&L Mineral Resource Estimate at C$110/tonne NSR Cut-Off (1-6)

Main
Zone
Tonnes
(000’s)
Au
(g/t)
Au
(000’s oz)
Ag
(g/t)
Ag
(000’s oz)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(000’s oz)
Measured 1,337 6.19 266 63.3 2,721 2.21 4.12 9.69 417
Indicated 2,778 5.42 485 49.8 4,450 1.75 3.16 8.14 727
Meas & Ind 4,115 5.67 751 54.2 7,172 1.9 3.47 8.65 1,144
Inferred 4,433 4.42 630 63.0 8,978 1.92 2.65 7.13 1,016


Hanging Wall Zone Tonnes
(000’s)
Au
(g/t)
Au
(000’s oz)
Ag
(g/t)
Ag
(000’s oz)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(000’s oz)
Indicated 280 0.91 8 57.1 515 2.59 5.93 5.33 48
Inferred 33 0.24 0 77.7 83 3.16 5.89 5.11 5


Footwall Zone Tonnes
(000’s)
Au
(g/t)
Au
(000’s oz)
Ag
(g/t)
Ag
(000’s oz)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(000’s oz)
Inferred 319 4.04 41 25.9 265 0.54 0.47 4.77 49


Yellowjacket Zone Tonnes
(000’s)
Au
(g/t)
Au
(000’s oz)
Ag
(g/t)
Ag
(000’s oz)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(000’s oz)
Indicated 764 0.09 2 62.8 1,544 2.61 9.98 6.42 158
Inferred 23 0.12 0 55.5 41 2.67 7.75 5.38 4


Total
All Zones
Tonnes
(000’s)
Au
(g/t)
Au
(000’s oz)
Ag
(g/t)
Ag
(000’s oz)
Pb
(%)
Zn
(%)
AuEq
(g/t)
AuEq
(000’s oz)
Measured 1,337 6.19 266 63.3 2,721 2.21 4.12 9.69 417
Indicated 3,823 4.03 495 53.0 6,509 1.98 4.73 7.60 934
Meas & Ind 5,160 4.59 761 55.6 9,231 2.04 4.57 8.14 1,351
Inferred 4,808 4.35 672 60.6 9,367 1.84 2.55 6.95 1,075

1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.  The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

3) The Mineral Resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.

4) The following parameters were used to derive the NSR block model cut-off values used to define the Mineral Resource: 

  • Dec 31, 2017 US$ two year trailing avg. metal prices: Pb $0.95/lb, Zn $1.13/lb, Au $1,253/oz,
    Ag $17.08/oz
  • Exchange rate of US$0.76 = CDN $1.00
  • Process recoveries of Pb 74%, Zn 75%, Au 91%, Ag 80%
  • Smelter payables of Pb 95%, Zn 85%, Au 96%, Ag 91%
  • Refining charges of Au US$10/oz, Ag US$0.50/oz
  • Concentrate freight charges of C$65/t and Smelter treatment charge of US185/t
  • Mass pull of 5% and 8% concentrate moisture content.

5) The NSR cut-off of CDN$110 per tonne was derived from $75/t mining, $25/t processing and $10/t G&A.

6) AuEq= Au g/t + (Ag g/t x 0.011) + (Pb % x 0.422) + (Zn % x 0.455)

The Mineral Resource Estimate was undertaken by P&E Mining Consultants Inc., who will complete a Technical Report for Golden Dawn within 45 days of this news release.

The updated Mineral Resource Estimate includes the Main, Yellowjacket, Hanging Wall (HW) and Footwall (FW) Zones. The most significant are the Main, Footwall and Yellowjacket Zones. The Main Zone extends over 3 km on surface and has been drill-defined over 1.5 km along strike and 850 m down dip and remains open for expansion. In general, the zones consist of gold-silver-lead-zinc-bearing sulfides.

Golden Dawn will also proceed with a Preliminary Economic Assessment (PEA) to fulfil the first phase of the terms of its option agreement. It is expected that the PEA will incorporate results of advanced metallurgical studies and will investigate opportunities for pre-concentration and processing on and off-site. The PEA is expected to be completed within 5 to 8 months, with costs estimated at $250,000, including project expenditures. The Company has no further significant obligations under the terms of the option agreement until a decision is made to proceed with a Pre-Feasibility Study. Golden Dawn intends to manage the J&L Project on a stand-alone basis and finance it on the foundation of an economically robust Pre-Feasibility Study.

In other news, the Greenwood Precious Metals Project milestones are being met in a timely manner. As recently reported (news release January 18, 2018), de-watering of the Lexington Mine is now complete and current work is progressing towards start-up of operations within the next few months.

DISCUSSION:

The Board of Directors and Management are grateful to the serendipitous circumstances which led to the three major acquisitions in the past two years (Greenwood Mines and Plant, the surrounding prospects under Kettle River Resources Ltd., and the J&L Project). The situation included 1) The mostly ignored precious and base metal sector resulting in depressed asset prices, and 2) the Company’s persistent presence in the Greenwood mining district since 2010, which gave the Company the knowledge of key assets available and the personal contacts with their vendors. Company management is optimistic that the market cap of the company will be positively reflected due to its current in-situ Mineral Resources, its 100% owned processing plant in Greenwood (with production start-up targeted in the next few months), and the opportunity to develop the potentially significant J&L property.

Technical disclosure in this news release has been approved by Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., who is a Qualified Person as defined by NI 43-101 and is independent of Golden Dawn Minerals Inc.

On behalf of the Board of Directors,
GOLDEN DAWN MINERALS INC.

/s/ “Wolf Wiese”, President & CEO

For further information, please contact:

Corporate Communications
604-221-8936

allinfo@goldendawnminerals.com

This press release was prepared by management, who take full responsibility for its contents. 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. This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance, or achievements implied by these forward looking statements. We seek safe harbor.

Read the rest of the article at https:
Data and Statistics for these countries : Canada | Georgia | All
Gold and Silver Prices for these countries : Canada | Georgia | All

Golden Dawn Minerals Inc.

EXPLORATION STAGE
CODE : GOM.V
ISIN : CA3808956070
CUSIP : 380895 10 2
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Golden Dawn is a gold exploration company based in Canada.

Golden Dawn holds various exploration projects in Canada.

Its main exploration properties are TAM O'SHANTER, CENTRAL CATHARINE, 80 FOOT FALL, LINK-CATHARINE and WILD ROSE BC in Canada.

Golden Dawn is listed in Canada and in Germany. Its market capitalisation is CA$ 3.1 millions as of today (US$ 2.4 millions, € 2.5 millions).

Its stock quote reached its highest recent level on May 27, 2011 at CA$ 2.85, and its lowest recent point on October 17, 2014 at CA$ 0.01.

Golden Dawn has 101 870 000 shares outstanding.

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Financings of Golden Dawn Minerals Inc.
5/8/2013Announcing Proposed Private Placement
4/4/2013Private Placement of $66,810
1/8/2013Private Placement of $ 162,156
11/6/2012Closing of Private Placement of $140,500
Nominations of Golden Dawn Minerals Inc.
12/19/2013Results of AGM - Appointment of New Director
2/15/2011Announces New Appointment to Board
Project news of Golden Dawn Minerals Inc.
1/25/2016Golden Dawn reports final results of 2015 drilling at May-Ma...
12/11/2012Receives Updated Inferred Mineral Resource for Deadwood Gold...
1/25/2012Announces Exploration & Bulk Sampling Intentions on its Gree...
9/1/2011Announces Drilling Program on Boundary Falls
8/19/2011Announces Drilling Program on Wild Rose, Tam O'Shanter
8/4/2011and Nass Valley Gateway Announce NI 43-101
7/13/2011Receives Technical Report for NI 43-101
5/26/2011Receives Initial Mineral Resource Estimate
5/2/2011Renews Mine Evaluation at May Mac Mine
4/21/2011Schedules Resource Calculation
4/4/2011Intersects 127m Grading 0.43 g/t Gold
Corporate news of Golden Dawn Minerals Inc.
6/2/2016Golden Dawn Minerals Inc. Appoints New Executive Director & ...
5/12/2016Golden Dawn Drilling Intersects Gold And Silver Values Below...
4/25/2016Golden Dawn Completes Second Of Three Phases Of Huakan Green...
4/13/2016Golden Dawn Reports Positive Preliminary Economic Assessment...
4/13/2016Golden Dawn Signs Option Agreement With Huakan And Solicits ...
12/18/2015Closing of the Second Tranche of the Company’s Private Place...
12/18/2015Golden Dawn Minerals Inc.: Closing of the Second Tranche of ...
12/17/2015Golden Dawn Confirms Mineralized Zone Extends Below #6 And #...
11/23/2015IIROC Trading Resumption - GOM
11/23/2015Golden Dawn Drilling Intersects Mineralized Zone from #6 to ...
11/23/2015IIROC Trading Halt - GOM
10/22/2015Golden Dawn Minerals Inc. Assays Rock Channel Samples at 529...
10/15/2015GOLDEN DAWN MINERALS INC. STARTS DRILLING AT GREENWOOD PRECI...
10/14/2015Completion of the Financing for $268,147.40
10/13/2015Golden Dawn Minerals Inc.: Completion of the Financing for $...
10/1/2015GOLDEN DAWN MINERALS INC. SAMPLES 12.97 G/T GOLD OVER 0.87 M...
9/24/2015GOLDEN DAWN MINERALS INC. APPOINTS DR MATHEW BALL TO MANAGE ...
9/24/2015Golden Dawn Minerals Inc. Appoints Dr. Mathew Ball to Manage...
9/12/2015Golden Dawn Minerals Inc. Drops Tam O’Shanter Property
9/12/2015Golden Dawn Minerals Inc. Drops Tam O'Shanter Property
9/8/2015Golden Dawn Minerals Inc. Appoints a New German Director
9/2/2015Golden Dawn Minerals Inc. Upgrades Its Current Frankfurt Lis...
8/15/2015Completion of the Financing for $207,600
8/14/2015Golden Dawn Minerals Inc.: Completion of the Financing for $...
7/17/2015Golden Dawn Minerals Inc. Options Tam O'Shanter Property fro...
7/8/2015Golden Dawn Minerals Inc.: Completion of the Financing for $...
6/13/2015Closing of the First Tranche of the Company’s Non-Brokered P...
6/13/2015Golden Dawn Provides Update for Greenwood Exploration and Bu...
4/13/2015Golden Dawn Minerals Inc. Purchases 100% of Amigo Property, ...
4/13/2015Golden Dawn Minerals Inc. Granted Stock Options
4/2/2015Golden Dawn Minerals Inc. Granted Stock Options
3/26/2015Golden Dawn Minerals Inc. Purchases 100% of Amigo Property, ...
3/11/2015Closing of Private Placement
3/6/2015Company Update
2/5/2015Golden Dawn Announces Development Of Greenwood Project, Brit...
1/9/2015Final Tranche Closing of Private Placement
12/30/2014Closing the Private Placement of $ 65,250
10/28/2014Golden Dawn Announces Private Placement to Existing Sharehol...
4/17/2014Golden Dawn Drops Tam O' Shanter Property
4/4/2014Golden Dawn Announces the Resignation of Director
1/7/2014Announces Consolidation
6/12/2013News Release
3/14/2013Purchases the Boundary Falls Property Hosting the May Mac Mi...
1/29/2013Files National Instrument 43-101 Technical Report For Update...
12/11/2012News Release
10/2/2012News Release
10/2/2012s Exploration and Sampling Schedules for Greenwood Project W...
5/30/2012News Release
5/29/2012News Release
5/14/2012News Release
3/22/2012News Release
1/23/2012News Release
10/24/2011News Release
10/24/2011News Release
9/23/2011signs with Lichtfield
5/10/2011Schedules Drilling on Royal Attwood
5/9/2011s from Golden Dawn
5/9/2011SCHEDULES DRILLING OF MULTIPLE PRIORITY TITAN 24 GEOPHYSICAL...
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