Golden Dawn Minerals Inc.

Published : October 31st, 2017

Golden Dawn Reports Positive Initial Drill Results From the Golden Crown Property

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Golden Dawn Reports Positive Initial Drill Results From the Golden Crown Property

VANCOUVER, British Columbia, Oct. 31, 2017 (GLOBE NEWSWIRE) -- Wolf Wiese CEO of Golden Dawn Minerals Inc., (GOM.V) (3G8A.F) (GDMRF) (the “Company” or “Golden Dawn”) announces preliminary results from surface Diamond drilling at its Golden Crown property, part of the Greenwood Precious Metals Project.

Diamond drilling is underway at the Golden Crown property, part of the Greenwood Precious Metals Project acquired in 2016. To date, a total of 1,488 metres have been drilled in 21 holes. Initial results were received for the first nine holes.  Significant results for gold, silver and copper are presented in the table below.  The results indicate gold and copper values of economic interest in massive sulphide veins and adjacent wall rocks.  The results also show that significant gold mineralization occurs in the host rock diorite and serpentinite (identified as wall rock in the table).  High gold values occur in wall rock containing small sulphide veinlets - essentially these are mixed zones of sulphide and wall rock.  This style of mineralization was not previously recognized and was not systematically tested in the historic drill holes." data-reactid="12">Surface Diamond drilling is underway at the Golden Crown property, part of the Greenwood Precious Metals Project acquired in 2016. To date, a total of 1,488 metres have been drilled in 21 holes. Initial results were received for the first nine holes.  Significant results for gold, silver and copper are presented in the table below.  The results indicate gold and copper values of economic interest in massive sulphide veins and adjacent wall rocks.  The results also show that significant gold mineralization occurs in the host rock diorite and serpentinite (identified as wall rock in the table).  High gold values occur in wall rock containing small sulphide veinlets - essentially these are mixed zones of sulphide and wall rock.  This style of mineralization was not previously recognized and was not systematically tested in the historic drill holes.

Length weighted average grades were calculated for two intercepts as follows:

       
1.  GC17-02: 12.3 meters (9.24-21.58 m), 3.53 g/t Au, 0.11% Cu,
         
      Including: (massive sulphide zone)
       
      4.6 meters (17.0-21.58 m), 7.66 g/t Au, 0.13% Cu
       
    Note: these intercepts include a few intervals with low core recovery (as low as 21%).
       
2. GC17-05: 7.0 meters (14.65-21.60m), 5.14 g/t Au, 1.18% Cu,
       
      Including: (massive sulphide zone)
       
      2.7 meters (18.13-20.82m), 12.27 g/t Au, 1.96% Cu
       
    Note: the average grades for these intervals are considered preliminary; they include one sample interval for which the gold analysis is incomplete because the initial result was above the laboratory upper detection limit of 30 g/t gold and a repeat gravimetric fire assay has not yet been completed.  For this sample interval, a value of 30 g/t Au was used in the calculation of average grade.
       

Table of Significant Results for 2017 Golden Crown Drill Holes 1 to 9.

Hole From
(m)
To
(m)
Length
(m)
Recovered
Length
Gold
(g/t)
Silver
(g/t)
Copper
(%)
Comment
GC17-02 9.24 9.79 0.55 0.55 1.61 NS NS wall rock
9.79 14.02 4.23 0.89 1.08 NS 0.13 wall rock
21% recovery
14.02 14.83 0.81 0.81 3.58 NS 0.19 Massive sulphide
(King Zone)
14.83 17.00 2.17 0.59 NS NS NS wall rock
27% recovery
17.00 17.57 0.57 0.57 7.57 NS 0.08 massive sulphide
(King Zone)
17.57 18.18 0.61 0.61 4.03 NS 0.15 massive sulphide
(King Zone)
18.18 18.84 0.66 0.66 14.10 NS 0.8 massive sulphide
(King Zone)
18.84 19.74 0.9 0.52 2.52 NS 0.11 massive sulphide
(King Zone)
57% recovery
19.74 20.6 0.86 0.86 17.30 NS 0.27 massive sulphide
(King Zone)
20.6 21.58 0.98 0.85 1.91 NS NS wall rock
87% recovery
GC17-04 24.2 25.1 0.9 0.9 1.05 NS NS wall rock
41.47 42.47 1.0 1.0 1.04 NS NS wall rock
69.54 69.95 0.41 0.41 11.20 NS 0.12 massive sulphide
(King Zone)
GC17-05 14.65 14.96 0.31 0.31 1.36 37.4 3.19 massive sulphide
(King Zone)
14.96 15.95 0.99 0.99 NS 0.8 NS wall rock
15.95 16.92 0.97 0.97 0.51 9.0 0.60 wall rock
16.92 18.13 1.21 1.21 0.14 10.3 0.71 wall rock
18.13 18.44 0.31 0.31 16.90 72.7 4.15 massive sulphide
(King Zone)
18.44 18.84 0.4 0.4 >30.0 75.6 3.18 massive sulphide
(King Zone)
18.84 19.24 0.4 0.4 24.50 67.5 3.92 massive sulphide
(King Zone)
19.24 20.56 1.32 1.32 0.81 3.0 0.19 wall rock
20.56 20.82 0.26 0.26 18.80 59.9 3.47 mixed wall rock
massive sulphide
20.82 21.28 0.46 0.46 2.72 9.7 0.57 wall rock
21.28 21.6 0.32 0.32 1.01 13.5 0.64 mixed wall rock
massive sulphide
GC17-08 47.98 48.36 0.38 0.38 2.01 0.6 0.12 wall rock
79.96 80.52 0.56 0.56 12.60 2.9 0.26 massive sulphide
(Winnipeg Zone)
80.52 81.22 0.7 0.7 7.55 2.4 0.23 massive sulphide
(Winnipeg Zone)
109.15 109.45 0.3 0.3 2.71 0.3 NS wall rock
GC17-09 41.91 42.21 0.3 0.3 4.01 0.4 NS wall rock

NS= not significant; g/t = grams per tonne; results for gold above detection limit: >30.00

The widths of zones reported above for the drill holes are core lengths, which may be different from true width.  There is insufficient information at this time to accurately estimate the true width of the zones.

The holes reported above were drilled to test the King and Winnipeg zones.  The most significant gold and copper values are associated with massive sulphide zones or veins, which are comprised of up to 97% sulphides including pyrrhotite and pyrite, with associated chalcopyrite and minor arsenopyrite.

The initial drilling results are consistent with previously reported grades and widths for the Golden Crown deposit within the Greenwood Precious Metals Project. The results support the conclusion that the deposit warrants detailed follow-up investigation.  The Golden Crown property lies 3 kilometres from the Greenwood Processing Plant and is included in the Preliminary Economic Assessment (PEA) as a key component of the resource to be processed at the plant.  Recommended work for the Golden Crown mine includes infill drilling in areas of low data density to potentially upgrade Inferred resources to Indicated category, and underground rehabilitation and further mine development, followed by bulk sampling and trial mining to prepare the deposit for full scale production. Additional technical studies were also recommended in the PEA report, including mine planning, metallurgical, geotechnical and environmental studies.  The Company plans to complete this initial drilling campaign before the end of the year and then proceed with permitting a bulk sample and mining operation in the coming year.

The Company is also steadily progressing towards re-opening the Lexington mine and milling operation, with de-watering currently being done at the Lexington mine.  A plan and budget is being formulated for a trial mining operation, which will start once the mine is dewatered.  A time frame of about two months has been set for wet commissioning of the Greenwood Processing Plant, which is scheduled to commence once the mining operation is underway.

Samples reported above were collected under the supervision of Dr. Mathew Ball, P.Geo. and delivered to Activation Laboratories (Act-Labs) in Kamloops, B.C.  Activation Laboratories (Act-Labs) is an independent commercial laboratory that is ISO 9001 certified and ISO 17025 accredited.  Analyses for gold were by the fire assay method using 30 gram samples with an AA finish.  Fire assay gravimetric analyses are done on initial gold analyses that assayed in excess of 30 grams per tonne gold.  Silver and other elements were analyzed by ICP-OES using an aqua regia digestion.  Quality control was monitored using reference and blank samples inserted into the sample sequence at intervals. Check analyses are being performed on selected samples.

The Company would like to clarify that its decision to proceed to extract mineralized material from the Golden Crown and Lexington deposits for processing at its facility located at the Greenwood Precious Metals Project is not based on a feasibility study. The Company cautions that, in such cases, there is increased uncertainty and higher economic and technical risks of failure.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., a Qualified Person as defined by National Instrument 43-101, and Chief Operating Officer of the Company.

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:

GOLDEN DAWN MINERALS INC.

Wolf Wiese, Chief Executive Officer

For further information, please contact:
Corporate Communications
604-221-8936                                     
allinfo@goldendawnminerals.com   

Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
Tel.: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER 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.

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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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