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Golden Predator Provides Update on Yukon Projects
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Vancouver, British Columbia, September 28, 2009: Golden Predator
Royalty & Development Corp. (TSX-V:GPD) (the "Company") is pleased to
provide an update on its three drilling projects currently underway in
the Yukon Territory. Through its wholly-owned subsidiary, True North
Mining Corp., the Company undertook a $2 million
Diamond drilling
campaign this summer, which will continue through the fall. The
following update is being given to provide a geologic background for
the three projects in anticipation of receipt of a significant amount
of assay data over the coming weeks.
Antimony Mountain Project
The Antimony Mountain project is located in the west-central Yukon
Territory approximately 65 km east of Dawson City and 25 km north of
the Company's Brewery Creek Project, discussed below. The property is
underlain by Upper Proterozoic-Lower Cambrian metasedimentary rocks of
the Hyland Group. These rocks are intruded by monzonitic rocks of the
Antimony Mountain intrusion, which is similar to other mid-Cretaceous
Tombstone Plutonic Suite (TPS) rocks associated with gold
mineralization at Fort Knox and Pogo in Alaska, at Dublin Gulch in the
Yukon, and at the Company's Brewery Creek and Gold Dome projects.
Golden Predator initiated drilling at Antimony Mountain earlier this
month from a fly camp location near the AJ vein target. The AJ vein
crops out on either side of Cody Creek and comprises a steeply-dipping
quartz-arsenopyrite-tourmaline vein cutting meta-greywacke. This
exposure is located within approximately 200 m of a contact with the
Antimony Mountain stock and is situated within the skarn and hornfels
alteration halo of that intrusion. To date, nine short holes totaling
approximately 881 m have been completed in an area of the vein, where
previous historic drilling and surface sampling identified gold values
up to 77.7 g/t gold.
The AJ vein is a high-grade massive quartz-sulphide vein comprising
pyrrhotite-arsenopyrite-pyrite-chalcopyrite within coarse-grained
quartz (30%) and fine-grained massive tourmaline (20-30%). The vein
strikes nominally east-west on the south side of Cody Creek, and dips
75� to the south. On the north side of Cody Creek, the vein changes
direction, striking N78oW and is truncated to the west by a quartz
monzonite intrusive body thought to be the Antimony Mountain stock. To
date, every drill hole has intercepted well mineralized vein material
with a true thickness varying between 1.0 and 2.5 m and averaging 1.4
m. The vein is open down-dip and to the east and the chlorite and
calc-silicate altered rocks adjacent to the vein may also be
mineralized.
The AJ vein is only a small part of Golden Predator's significant
property position at Antimony Mountain, which also has potential for
bulk tonnage gold mineralization, intrusive-hosted Fort Knox style
veins, and base metal mineralization. Drilling in 2009 is targeted at
locally defining the tenor and distribution of gold within the AJ vein
and surrounding rocks, and to allow for an estimate of grade over a
short section.
Brewery Creek Project
The Brewery Creek project is located approximately 55 km to the east of
Dawson City, Yukon and was the site of a heap leach gold mine which
operated from 1996 -- 2002. A total of 279,541 ounces of gold were
produced during this period. Golden Predator has embarked on a
Diamonddrilling program to both expand the remaining Indicated Resource of
3.98 million tonnes grading 1.135 g/t Au and Inferred Resource of 2.2
million tonnes averaging 2.01 g/t Au (see Technical Report on the
Brewery Creek Property by Diment and Simpson, 2009), and to locate
sulphide-rich feeder zones interpreted by Company geologists to lie
beneath the near-surface oxide ore that was the focus of previous
mining activity.
Supracrustal rocks of the Cambrian-Ordovician Rabbitkettle Formation
which consist of calcareous phyllite overlain by the
Ordovician-Silurian Road River Group volcanic and off shelf sedimentary
rocks and Lower Devonian Earn Group siliclastic rocks underlie the
property. Cretaceous Tombstone Suite (92.5-90.5 Ma) monzonite and
quartz monzonite intrudes Earn Group and Road River Group stratigraphy
as a series of semi-conformable sills along a 15 km strike length while
biotite monzonite and syenite stock-like bodies occur locally in the
south-central part of the property.
Mineralization at Brewery Creek occurs along a 12 km long, east-west
trend of oxidized gold deposits known as the Reserve Trend. In the
western portion of this trend, altered sedimentary rocks predominate
and are the host to gold mineralization whereas along the Reserve Trend
progressing towards the east, brecciated and silicified sills become
more abundant and are an important gold host. As in many other gold
deposits within the Tintina Gold Trend, gold mineralization is
associated with anomalous arsenic, bismuth and antimony. Arsenopyrite
(arsenic) +/- stibnite (antimony) has been noted in all of the drill
holes completed by the Company this season.
To date, eight drill holes have been completed with five drilled at the
Pacific zone and three completed in the North Slope area. Underlying
the Pacific open pit, drilling by the Company has intersected
silicified and brecciated monzonitic sills not previously identified in
the Pacific mine workings. Observable within the altered sills are
veinlets and wisps of black, fine grained sulphide minerals. The
Company views the identification of sulphide-bearing sills as
significant as altered monzonite accounted for approximately 85% of the
ore mined on the property in previous operations.
Deep drilling in the North Slope area is targeting a quartz breccia
zone at depths of about 250-300 m. Initial drilling has identified both
quartz veins and quartz-carbonate breccia zones hosted within
mineralized volcanic rocks. Drilling in the North Slope area is
ongoing.
Gold Dome Project
The Gold Dome project is located apporoximately 25 km to the northwest
of Mayo and is host to one of the largest gold, arsenic and bismuth
soil anomalies in the Yukon. The project is situated in the western
Selwyn Basin, dominated by Late Proterozoic and Middle Palaeozoic
basinal clastic sedimentary rocks. Structure is defined by the
Jura-Cretaceous Dawson, Tombstone, and Robert Service thrusts all of
which are intruded by rocks belonging to the 92.5 to 90.5 Ma Tombstone
Plutonic Suite (TPS). Metasedimentary rocks of the Upper
Proterozoic-Lower Cambrian Hyland Group, underlie the property and
consist of highly foliated phyllite, and quartzite. The Scheelite Dome,
Morrison Creek and Minto Lake stocks, comprising medium- to
coarse-grained hornblende- and biotite-bearing granodiorite and quartz
monzonite also underlie the property. The Company has drilled 18 holes
on three targets (Toby, Tom and Hawthorne) for a total of 2,416 m.
The Toby zone is located on the south side of Highet Creek, a
long-active placer gold mining center in the area. Trenching in 2006 by
Copper Ridge Explorations Inc. on a gold-arsenic-bismuth soil anomaly
and coincident near-surface IP anomalies identified gold values up to
14.9 g/t and 8.0 g/t in grab samples from two separate trenches, as
well as chip samples as high as 8.9 g/t gold over 1 m. True North, the
first to drill this zone, targeted the extension of gold mineralization
at depth beneath one of the trenches. Holes GD09-01 and GD09-02
intersected abundant quartz--arsenopyrite veinlets, minor pyrrhotite
and an altered monzonitic dyke. However no significant gold values were
obtained. The Company intends to re-map and sample the Copper Ridge
trenches at the beginning of next field season to gain a deeper insight
into the controls to gold mineralization.
The Tom zone is located across Highet Creek from Toby. In 2003 Golden
Patriot Mining Inc. drilled five core holes within a large
gold-bismuth-arsenic soil anomaly and identified a limey unit in the
Hyland Group schists that displays weak skarn alteration and high grade
gold values.
Diamond drill hole SH03-30 returned the best intercept of
7.09 gm/t over a drilled width of 6.4 m. This gold mineralization was
not followed up by drilling or other subsequent exploration until the
Company's work this year. True North has drilled a total of six core
holes, totaling 1,286 m in an effort to confirm and trace the
skarn-hosted gold mineralization encountered in 2003. Assays are
pending for this work however in at least four of the drill holes,
GD09-004, 005, 006, and 007, variable amounts of semi-massive to
massive pyrrhotite and arsenopyrite with minor chalcopyrite were
identified. Locally intense pyroxene-amphibole skarn alteration is
observable over widths up to 2 m.
The final target to be drill tested this summer by True North is the
Hawthorne vein. Exploration by Kennecott Canada Exploration Inc. in
1997 exposed a quartz-arsenopyrite-stibnite-scorodite vein in a long
trench which assayed 188 ppb gold over 744 m. Focused on large tonnage,
bulk mineable deposits, Kenecott did not pursue any further work on the
vein. This year True North completed eight closely spaced shallow drill
holes to explore for gold mineralization within the vein and to work
out vein geometry for a more extensive drill program next season. The
vein has been intersected by at least two of the drill holes with up to
5% arsenopyrite-pyrite and 1% scorodite with narrower quartz-sulphide
veinlets also observed in the footwall to the vein. Core logging is
ongoing and assays are pending.
Continued Drilling though 2010
Drilling at Brewery Creek is planned to continue through the fall and
winter months with a short break for Christmas. The Company anticipates
expanding its Yukon operations in 2010 through multi-drill, reverse
circulation drilling campaigns, expediting evaluation of its gold
projects.
Dr. Art Ettlinger, P.Geo. & President of True North is the Qualified
Person for the above projects and is responsible for the technical
content of this news release.
About Golden Predator Royalty & Development Corp.
Golden Predator's corporate mandate is to establish a self-funded
precious metal exploration company with an immediate focus on exploring
for and developing world class gold deposits in the Tintina Gold Belt
and the Rocky Mountain Alkalic Gold Province. The Company seeks
internal revenue generation from early high grade precious metals
production in Nevada augmented by increasing revenues from its royalty
portfolio.
The Company is aggressively exploring its three Yukon properties, Gold
Dome, Brewery Creek, and Antimony Mountain, in the prolific Tintina
Gold Belt through its wholly owned subsidiary True North Mining Corp.
Brewery Creek has a current Type A water license and a production
license.
In Nevada and adjacent states, Golden Predator is drilling a number of
its properties with bonanza-style gold mineralization in 2009 with the
intent of identifying one or more properties for near term production
of small-tonnage high grade ores. The Company intends, through
strategic use of its Taylor Mill near Ely, Nevada and a facilities use
agreement at EMC Metals Corp.'s Springer Facility in Pershing County,
Nevada, to become a mid-tier precious metals producer.
Golden Predator is partially self-financed through its passive
pre-production royalty stream from a portfolio of properties,
anticipated to yield approximately $1.2 million during 2009. The
Company owns royalties on several known deposits including a portion of
the Barrick Bald Mountain property, the Pan deposit of Midway Gold,
significant portions of US Gold's Tonkin Springs deposit and Evolving
Gold's Rattlesnake project.
For additional information:
Golden Predator Royalty & Development Corp.
William Sheriff, Chairman (867) 335-5000
Robert Eadie, President (604) 602-4935
Neither TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
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.
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Copyright (c) 2009 GOLDEN PREDATOR ROYALTY & DEVELOPMENT CORP. (GPD)
All rights reserved. For more information visit our website at
http://www.goldenpredator.com/ or send mailto:info@goldenpredator.com
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