Toronto Stock Exchange: G
New York Stock Exchange: GG
Goldcorp Provides Update On 2009 Exploration Program
VANCOUVER, British Columbia, November 24, 2009 � Goldcorp Inc.
(TSX: G, NYSE: GG) today provided highlights of its successful
$110 million 2009 exploration program.
- Red Lake High Grade
Zone Continues at Depth. Several assay intervals in excess
of 60 grams per tonne in the deep High Grade Zone support the strong
potential for gold resource to reserve conversion between the 46 and 50
levels, as well as for new gold resources below the 50 level. A new
and growing area of high grade gold called the Far East Zone has also been
identified up-plunge from the High Grade Zone. In the under-explored
Party Wall area (�R Zone�) between Campbell and Red Lake, strong results
from the deepest drilling will direct an aggressive exploration campaign
in 2010.
- More Upside
Potential at Pe�asquito. At the Noche Buena deposit north
of the Pe�asquito mine, in-fill drilling is expected to result in an
upgrade of the gold resource at this key satellite project. In
addition, high grade intercepts in the deeper sulfides demonstrate the
potential for a sulfide resource beneath Noche Buena�s oxide cap.
The potential integration of this project with the Canplats acquisition
will be evaluated following completion of the transaction, expected in
January 2010. At Pe�asquito, a drill test program is now underway to
confirm the current high-grade manto-skarn underground model.
- New Gold
Discoveries at Porcupine�s Hoyle Pond. Ore-grade gold
intercepts in the newly-discovered TVZ zone situated laterally from the
Hoyle Pond underground are showing continuity over a large vertical
distance. Another new lateral zone (�North Mafic�) has also been
discovered, with narrow intercepts of high grade gold. In-fill drilling in
the VAZ zone at Hoyle Pond continues to exceed expectations, indicating
significant additional depth potential consistent with historic
underground gold mines in the prolific Timmins gold district.
- Musselwhite Grades
Improving at Depth. Strong results in the C and D Blocks of
the core PQ Deeps underground underscore the potential for overall grade
increases as the ore body continues downward.
- Reserve Additions
Likely at Los Filos. Drilling has extended the Bermejal pit to
the south, and results also indicate the emergence of an additional Los
Filos-style deposit in the 4P area.
- �l�onore Resource
Continues to Improve. In-fill drilling shows growing
potential ahead of pre-feasibility study completion by year-end.
Preparations are underway for the sinking of the exploration shaft.
- High Grade Vein
Identified at Marlin Underground. A fourth high grade
intercept has extended a gold and silver vein in Marlin�s West Vero area.
Also in Guatemala, in-fill drilling at the Escobal silver discovery is
expected to significantly increase the existing resource.
�The ability to grow organically is a key strategic attribute of Goldcorp,
and the high quality of our operations and development projects makes that
organic growth possible,� said Chuck Jeannes, Goldcorp President and Chief
Executive Officer. �The broad-based exploration success we are
experiencing is a direct result of an asset portfolio that is young, long-lived
and highly prospective. This combination of very low finding costs for
new gold ounces with the lowest cash operating costs in the industry translates
into outstanding leverage to gold prices for our shareholders.�
Canada
Goldcorp is the largest producer of gold in Canada, and its Red Lake and
Porcupine mines are hosted in two of the most prolific gold districts in the
world. The third Ontario-based mine, Musselwhite, is hosted in banded
iron formations with mineralization common along folds and shear zones within
these formations. In Quebec, the Company�s late-stage development project
�l�onore is in the heart of the James Bay area, Canada�s newest gold district.
Red Lake
A primary focus of exploration at Red Lake in 2009 was the early completion
of the 4199 exploration drift, enabling drilling of the deep High Grade Zone
for the first time in four years. Five assayed drill holes have been
completed within the resource shape from this platform, with results indicating
the continuation of the High Grade Zone at depth. This year, the Company
is targeting new gold reserves in the zone between the 46 and 50 levels and new
resources below the 50 level. The 4199 exploration drift will now provide the
primary exploration platform for exploration of the deep High Grade Zone on an
ongoing basis. It will be developed progressively in order to maintain
favourable drilling geometry into the area.
The Party Wall at Red Lake comprises the former boundary area between the
Red Lake and Campbell mines that had been previously unexplored. Assays
over the last two years have demonstrated a high grade gold resource.
Mining operations in the shallower portions of the Party Wall have drifted
toward the gold zone, with in-fill drilling confirming the resource
model. Deep drilling of the Party Wall area to the 38 level has resulted
in some of the highest grade intercepts to date, and will be the focus of an
aggressive drill program in 2010.
Up-plunge and to the east of the Red Lake High Grade Zone lies an underexplored
area called the Far East Zone. Assay results in 2009 indicate an ore
grade gold zone at the 16 level that will continue to be tested as drilling
moves closer to the surface.
Red Lake Drilling
Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. true
width (m)
|
Au (g/t)
|
D44008
|
High Grade Zone 49 level
|
360.30
|
365.91
|
4.50
|
931.89
|
D44004
|
High Grade Zone 48 level
|
362.41
|
374.29
|
8.11
|
65.83
|
D43058
|
High Grade Zone 49 level
|
322.78
|
325.53
|
2.19
|
120.00
|
D43059
|
High Grade Zone 49 level
|
359.36
|
369.94
|
10.58
|
43.89
|
D36439
|
R Zone
|
92.20
|
96.77
|
3.50
|
60.00
|
D41178
|
R Zone
|
663.25
|
670.56
|
4.73
|
45.87
|
16L1427
|
Far East
|
21.03
|
32.13
|
9.24
|
29.83
|
16L1426
|
Far East
|
38.40
|
42.67
|
4.00
|
31.70
|
The Cochenour/Bruce Channel deposit
is located down-dip from Goldcorp�s historic Cochenour mine and is a key
component of Goldcorp�s consolidation plans in the Red Lake district. Dewatering
of the Cochenour shaft is expected to be completed by the end of 2009, and
subsequent rehabilitation of the shaft will provide a platform for deep
exploration access to the deposit. In 2009, a surface drilling program
identified strong gold intercepts in the Gap zone between the bottom of the
historic Cochenour mine and the top of the Bruce Channel exploration
drilling. The intercepts are the latest results in support of a
contiguous, significant deposit. For budget and planning purposes the Company
has sized the Cochenour project for a mineable deposit of 5 million gold
ounces.
The Company recently announced the
completion of a study which establishes the best way to access and develop the
Cochenour/Bruce Channel deposit. The study indicates that the best method is to
enlarge and upgrade the existing Cochenour shaft and construct a 5 kilometre
drift and high speed tram on the 5400 foot level connecting to the Red Lake
mine. This would enable Cochenour/Bruce Channel ore to be hauled directly
to the Red Lake mine and processed at the existing mill facility. The
drift will also open up for exploration over four kilometres of untested ground
in one of the world�s richest gold districts. Preparatory work for the
haulage drift project has commenced.
Cochenour Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. true
width (m)
|
Au (g/t)
|
BC-36
|
Footwall of Upper Main
|
1,935.80
|
1,942.80
|
3.21
|
336.24
|
CW09088
|
GAP Zone
|
722.00
|
724.15
|
2.15
|
28.71
|
BC36W3
|
Footwall mineralization
|
1,891.80
|
1,897.20
|
5.40
|
23.50
|
CW09077
|
Gap Zone
|
809.50
|
817.00
|
7.50
|
14.59
|
Production improvements at Porcupine
in 2009 have been driven by mining in higher grade stopes and development of
the new high grade VAZ zone in the Hoyle Pond underground mine. Expanding
Hoyle Pond has been a focus of exploration activity this year, with significant
success. In-fill drilling in the VAZ zone at Hoyle Pond continues to
exceed expectations, indicating additional depth potential consistent with
historic underground gold mines in the prolific Timmins gold district.
Drilling has also intersected new lateral ore bodies of potentially mineable
widths on either side of the VAZ zone. The TVZ zone to the south has
drill intercepts with ore grades over a vertical range of 800 metres to a depth
of 2,000 metres. The new lateral North Mafic zone to the north of the VAZ zone
has also returned impressive gold assay results, including 0.35 metres true
width of 256.7 grams per tonne. The Company is currently evaluating underground
mine development plans to reflect the enhanced opportunities at Hoyle Pond.
Porcupine Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. true
width (m)
|
Au (g/t)
|
16925
|
VAZ '1c' infill hole
|
61.00
|
62.50
|
1.00
|
462.20
|
16732
|
North Mafics, 1200mL
|
201.80
|
202.20
|
0.35
|
256.70
|
16931
|
VAZ near mafic/sediment contact, 1310mL
|
68.50
|
70.00
|
1.50
|
239.40
|
16910
|
VAZ zone 1340mL
|
106.50
|
116.10
|
2.90
|
196.83
|
17139
|
UP style vein, near VAZ/UM interface
|
230.50
|
232.50
|
1.90
|
180.60
|
16908
|
VAZ zone 1330mL
|
131.10
|
137.50
|
6.00
|
89.90
|
16904
|
VAZ zone between 1210 and 1250mL
|
26.10
|
32.20
|
3.80
|
32.20
|
Strong assays at Musselwhite mine in
the C and D blocks of the cornerstone PQ Deeps underground zone confirm the
Company�s expectation that gold grades are increasing with depth. Drill
result highlights include 4.2 metres true width of 21.8 grams per tonne gold in
the C block and 6.4 metres true width of 25.5 grams per tonne gold in the D
block. Ongoing success from lateral targets in the Moose and
Thunderwolves zones will direct an aggressive 2010 drill program that targets
mineralization in other lateral shear zones within banded iron formations at
Musselwhite.
Musselwhite Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. true
width (m)
|
Au (g/t)
|
09-PQE-062
|
12,475N: Intraformational
|
62.40
|
66.10
|
3.20
|
27.40
|
09-PQE-076
|
12,600N: PQD D-Block
|
144.00
|
156.10
|
6.40
|
25.50
|
09-PQE-046
|
12,425N: Intraformational
|
81.70
|
85.10
|
2.20
|
23.00
|
09-PQE-047
|
12,475N: PQD D-Block
|
200.20
|
204.60
|
2.20
|
21.80
|
09-PQE-089
|
12,575N: PQD C-Block
|
148.20
|
158.80
|
4.20
|
21.80
|
Drilling at �l�onore has focused on
identifying additional high grade blocks between the elevations 500 metres and
900 metres from surface. Positive drilling results have created an
opportunity for an upgrade of the resource model. These results include
1.0 metre true width of 198 grams per tonne gold and 2.80 metres true width of
31.17 grams per tonne gold from the Bay Area and 11 metres true width of 27.98
grams per tonne gold from the Main Roberto Zone. Following completion of
the pre-feasibility study by year-end, work is expected to begin on a new
exploration shaft in 2010 to provide drill platforms to further test the deep
portions of the deposit.
�l�onore Drilling
Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. True
Width (m)
|
Au (g/t)
|
ELE-09-639-W03
|
Bay Area
|
1,134.50
|
1,136.00
|
1.00
|
198.00
|
ELE-09-646
|
Hangingwall
|
723.50
|
725.00
|
1.00
|
63.20
|
ELE-09-642
|
Hangingwall
|
994.00
|
998.15
|
3.20
|
40.05
|
ELE-09-639-W03
|
Bay Area
|
1,467.50
|
1,471.00
|
2.80
|
31.17
|
ELE-09-644-W01
|
Main Area
|
910.82
|
924.82
|
11.00
|
27.98
|
ELE-08-611
|
Bay Area- Hangingwall
|
137.00
|
140.76
|
3.00
|
26.33
|
ELE-08-618
|
Bay Area
|
907.00
|
911.40
|
3.20
|
23.47
|
ELE-09-644-W01
|
Main Area
|
829.00
|
834.90
|
4.80
|
20.39
|
ELE-08-631
|
Bay Area
|
1,105.00
|
1,109.00
|
3.00
|
19.38
|
ELE-08-620
|
Hangingwall
|
4.00
|
8.00
|
2.25
|
17.72
|
ELE-08-610
|
Bay Area
|
1,815.00
|
1,819.00
|
3.00
|
17.11
|
ELE-08-627
|
North Area - HG Veins
|
95.81
|
102.35
|
5.20
|
16.18
|
ELE-09-00644
|
North Area
|
111.50
|
117.50
|
4.00
|
15.29
|
Marigold/ Dee
At the 60% owned Marigold mine, the
Company has recently initiated an aggressive exploration program to test the
potential for disseminated and high grade gold systems in the Pediment area.
This area is adjacent to Newmont�s Lone Tree mine along the prolific Battle
Mountain trend in Northern Nevada. Exploration drilling in 2009 has
focused on the Red Dot target, where shallow drilling has demonstrated the
potential for increasingly attractive economics of a new surface deposit.
At the 40% owned Dee property, joint venture partner Barrick has reported
continued success at the high grade Button Hill discovery in Nevada�s Carlin
Trend.
Mexico
Pe�asquito
As the Pe�asquito mine advances
toward steady state production, exploration of key regional targets was a
priority in 2009. At the Noche Buena deposit north of the Pe�asquito
mine, in-fill drilling is expected to result in an increase in grade and tonnes
of the gold resource. In addition, higher grade in the deeper sulfides
demonstrate the potential for minable material beneath Noche Buena�s oxide
cap. Along with the proposed acquisition of Canplats� Camino Rojo
property south of Pe�asquito, Noche Buena�s exploration success supports the
Company�s long-term plan for satellite operations that leverage Pe�asquito�s
presence while supplementing its already-strong production profile.
Compelling potential also exists to
confirm the previously identified manto-skarn model below the Pe�asco
pit. A drill test program is now underway to follow up on previous
high grade assays at depth that included 22 metres of 5.41 grams gold, 191
grams silver, 6.05% lead and 8.82% zinc as well as 12 metres of 1.02 grams
gold, 354 grams silver, 4.10% lead and 14.02% zinc. True widths of the
preceding assays are estimated to be 70% to 90% of the interval.
Noche Buena Sulfide
Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. True Width
(m)
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
NB-47-09
|
Noche Buena
|
306.00
|
360.00
|
54.00
|
3.16
|
81.50
|
1.76
|
2.06
|
NB-50-09
|
Noche Buena
|
324.00
|
348.00
|
24.00
|
2.72
|
97.70
|
0.53
|
0.41
|
NB-52-09
|
Noche Buena
|
342.00
|
356.00
|
14.00
|
3.29
|
78.50
|
1.20
|
0.56
|
NB-54-09
|
Noche Buena
|
388.00
|
398.00
|
10.00
|
7.07
|
125.00
|
|
|
NB-59-09
|
Noche Buena
|
306.00
|
308.00
|
2.00
|
28.50
|
414.00
|
|
|
|
|
548.00
|
550.00
|
2.00
|
18.55
|
142.00
|
|
|
NB-61-09
|
Noche Buena
|
412.00
|
414.00
|
2.00
|
34.30
|
307.00
|
|
|
Exploration drilling at Los Filos in
2009 focused on drilling the Bermejal extension to the south and on adding
reserves in the 4P area. Assay results during the year demonstrate
progress on both fronts, with 102.16 metres of 1.41 grams gold per tonne and
99.25 metres of 1.40 grams per tonne gold in the Bermejal south extension as
well an exceptional intercept of 84.27 metres true width of 14.91 grams per
tonne gold in the 4P area. The objective of further drilling at 4P is to
develop an open pit mine to be integrated into the existing Los Filos
operations.
Los Filos Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. True
Width (m)
|
Au (g/t)
|
EG39-09
|
4P
|
25.30
|
109.57
|
84.27
|
14.91
|
EG30-09
|
4P
|
92.57
|
107.74
|
15.17
|
5.25
|
EG46B-09
|
4P
|
71.45
|
172.45
|
101.00
|
0.97
|
BSG30-09
|
Bermejal
|
48.74
|
151.00
|
102.16
|
1.41
|
BSG28-09
|
Bermejal
|
126.30
|
171.45
|
45.15
|
1.83
|
BSG56-09
|
Bermejal
|
143.35
|
242.60
|
99.25
|
1.40
|
Guatemala
At the Marlin mine, four intercepts
have defined a new vein in the West Vero area. The vein is now defined to 100
metres strike length and 200 metres dip extension. Strong exploration
results support the potential for reserve additions in 2009 at Marlin. At
the Escobal silver discovery in Western Guatemala, in-fill drilling continues
to significantly increase the inferred resource, which stood at 145.0
million ounces of silver as of year-end 2008.
Marlin Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. True
Width (m)
|
Au (g/t)
|
Ag (g/t)
|
CD09-119
|
W. Vero area
|
535.90
|
542.20
|
5.50
|
316.80
|
12,888.00
|
CD09-120
|
W. Vero area
|
556.70
|
560.10
|
3.00
|
41.33
|
1,740.00
|
CD09-127
|
W. Vero area
|
523.10
|
541.90
|
15.00
|
11.30
|
717.00
|
CD09-128
|
W. Vero area
|
544.07
|
574.36
|
17.50
|
18.48
|
1,093.00
|
Escobal Drilling Results
<P
Drill Hole
|
Area
|
From (m)
|
To (m)
|
Approx. True
Width (m)
|
Au (g/t)
|
Ag (g/t)
|
E09-154
|
Deep Test Central Zone
|
471.00
|
522.00
|
27.00
|
2.00
|
1,197.00
|
E09-157
|
Central Zone
|
345.00
|
363.00
|
16.00
|
1.12
|
653.00
|
E09-159
|
Central Zone
|
376.50
|
402.00
|
18.00
|
1.27
|
779.00
|
E09-162
|
East Zone
|
363.00
|
375.00
|
10.00
|
0.84
|
1,866.00
|
Complete drill hole
databases for the mines and projects mentioned in this news release are
available at www.goldcorp.com.
Goldcorp is the lowest-cost and
fastest growing multi-million ounce gold producer with operations throughout
the Americas. Its gold production remains 100% unhedged.
Goldcorp has a team of geoscientists
who are "qualified persons� as such term is defined under National
Instrument 43-101, responsible for the design and conduct of Goldcorp�s
exploration programs and have reviewed and approved the contents of this news
release. Maryse Belanger, Director Technical Services is the Qualified
Person for Corporate. For information on geology, exploration activities
generally, and drilling and analysis procedures on Goldcorp�s material
properties, see Goldcorp�s Annual Information Form/Form 40-F on file with
Canadian provincial securities regulatory authorities and the United States
Securities and Exchange Commission. Sampling and assaying methods of these
programs are being conducted in accordance with the CIM Mineral Exploration
Best Practices Guidelines.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains �forward-looking statements�, within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and applicable Canadian securities legislation, concerning the business,
operations and financial performance and condition of Goldcorp Inc. (�Goldcorp�).
Forward-looking statements include, but are not limited to, statements with
respect to the future price of gold, silver, copper, lead and zinc, the
estimation of mineral reserves and resources, the realization of mineral
reserve estimates, the timing and amount of estimated future production, costs
of production, capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines, hedging
practices, currency exchange rate fluctuations, requirements for additional
capital, government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, timing and possible outcome of pending
litigation, title disputes or claims and limitations on insurance
coverage. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as �plans�, �expects�
or �does not expect�, �is expected�, �budget�, �scheduled�, �estimates�,
�forecasts�, �intends�, �anticipates� or �does not anticipate�, �believes� or
variations of such words and phrases or statements that certain actions, events
or results �may�, �could�, �would�, �might� or �will be taken�, �occur� or �be
achieved�. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Goldcorp to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: risks related to the integration of acquisitions; risks
related to international operations; risks related to joint venture operations;
actual results of current exploration activities; actual results of current
reclamation activities; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of gold, silver,
copper, lead and zinc; possible variations in ore reserves, grade or recovery
rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes; delays in obtaining governmental approvals or
financing or in the completion of development or construction activities and
other risks of the mining industry, as well as those factors discussed in the
section entitled �Description of the Business � Risk Factors� in Goldcorp�s
annual information form for the year ended December 31, 2008 available at
www.sedar.com. Although Goldcorp has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Goldcorp does not undertake to update any
forward-looking statements that are included in this document, except in
accordance with applicable securities laws.
CONTACT INFORMATION:
Jeff Wilhoit
Vice President, Investor Relations
(604) 696-3074
Fax: (604) 696-3001
Email: info@goldcorp.com
Website: www.goldcorp.com