Golden Predator Royalty & Development Corp.
TSX VENTURE : GPD

Golden Predator Royalty & Development Corp.

November 16, 2009 14:18 ET

Golden Predator Intersects 11.12 gpt Gold Over 25.40 m Including 52.35 gpt Gold Over 2.70 m From the Tom Zone at Gold (Scheelite) Dome, YT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") is pleased to report assays from 14 diamond drill holes completed this summer at the Gold (Scheelite) Dome Project. Six of the holes, drilled in the Tom Zone along the north slope of Sabbath Creek, were targeting an area of auriferous calc-silcate alteration first drilled by Golden Patriot Mining Inc. which completed 310 meters of drilling in five drill holes during the 2003 field season. With the intersection this summer of 11.12 grams per tonne gold from 10.25-35.65 m in drill hole GD09-007, the Tom Zone has gained importance as a primary focus for the 2010 field season. The Tom Zone is one of several distinct gold targets identified to date within the 30 square kilometer soil geochemical anomaly present at Gold (Scheelite) Dome. The Company is planning an accelerated campaign next year to further evaluate the numerous known gold targets as well as identify additional gold targets within the very large anomaly area.

Drilling at the Tom Zone formed part of a larger Phase 1 drilling campaign on the Project undertaken by True North Mining Corp., the Company's wholly-owned Yukon subsidiary, which also included first time drilling at the Toby and Hawthorne Vein Zones. Each of the six holes (1,173 m) drilled at Tom returned gold values >1 gpt. The Tom Zone drilling targeted extensions of gold mineralization intersected in diamond drill core during Golden Patriot's 2003 exploration program and was designed in particular to follow up the previous best intersection from that program of 6.40 m at 7.09 gpt Au from 5.00 m in diamond drill hole SH03-30. Drill hole GD09-004 was collared 85 m to the south of SH03-30, at the location of 2003 diamond drill hole SH03-31. This 2003 hole was shut down prematurely due to poor recovery and drilling problems, and was designed to target test pit 97-14, which returned up to 25,000 ppb Au in grab samples. Drill hole GD09-004 intersected narrow quartz-sulfide veins and up to 2% coarse-grained arsenopyrite in partially oxidized phyllite, which returned 1.78 m of 3.50 gpt Au from 5.39 m. The hole also intersected 0.21m of 75.33 gpt Au in partially oxidized calc-silicate skarn-altered phyllite/quartzite from 5.18 m. This interval likely represents an intersection through transported material. However, given the nature of the local topography, it is unlikely that this material was transported over any great distance, and this result provides evidence for high grade mineralization in the immediate Tom Zone area, above drill hole GD09-004.

Hole GD09-005 was drilled 100 m to the north-east of hole SH03-30, and 35 m behind drill hole SH03-29, which previously returned 1.22 m of 5.06 gpt Au from 20.12 m. Hole 005 intersected calc-silicate skarn and semi-massive to massive, coarse-grained arsenopyrite, with minor pyrite and pyrrhotite and trace chalcopyrite, which returned a best result of 4.15 m of 6.23 gpt Au from 26.77 m, and disseminated and vein-hosted arsenopyrite associated with tourmaline and actinolite alteration, which returned 1.95 m of 3.75 gpt Au from 55.7 m. Hole GD09-006 was drilled 50 m south-east, directly along section, of hole SH03-30, and also intersected calc-silicate skarn with semi-massive coarse-grained arsenopyrite. This hole returned a best result of 1.03 m of 21.64 gpt Au from 13.62 m. Hole GD09-007 was collared on the same setup as 006, but was oriented 45° to the west, and was designed to target the mineralization intersected in drill hole 006. Two mineralized intersections comprising clinopyroxene and tremolite-actinolite altered phyllite and up to 25% coarse-grained arsenopyrite+pyrite+pyrrhotite+chalcopyrite were identified, and returned best results of 2.70 m of 52.35 gpt Au from 13.00 m and 10.45 m of 12.96 gpt Au from 25.20 m. Holes GD09-008 and 009 were drilled 90 and 25 m west of hole GD09-006, respectively. These were vertical holes designed to test the possibility of flat-lying mineralization, however, they did not intersect the zones of skarn-altered semi-massive sulphide mineralization identified in holes GD09-005, 006 and 007. Minor gold mineralization in these holes was associated with weak calc-silicate skarn alteration and quartz veins in silicified phyllite.

Drill Highlights from Tom Zone - Gold (Scheelite) Dome Project, YT
Assay Intervals >1 gpt
      
Drill Hole #From, mTo, mInterval, mAu, gptAu, opt
      
GD09-0045.187.16(1)1.9810.870.32
      
GD09-00521.3430.929.582.560.07
including27.4430.923.485.390.16
including30.0130.920.9112.590.37
GD09-00555.7057.631.932.460.07
GD09-005161.99163.15(2)1.161.170.03
      
GD09-00613.6215.541.9211.550.34
including13.6214.651.0321.640.63
      
GD09-00710.2535.65(3)25.4011.120.32
including10.2518.608.3517.560.51
Including13.0015.702.7052.351.53
Including25.2035.6510.4512.960.38
Including26.6527.911.2621.870.64
Including30.9733.922.9519.080.56
GD09-007240.15243.253.101.120.03
      
GD09-00859.9361.491.561.230.04
GD09-00864.6166.601.991.000.03
      
GD09-00977.9079.671.771.000.03

(1) Includes first recovered core interval from 5.18-5.39 m which appears less oxidized and may be locally transported.
(2) Part of a larger interval assaying 0.49 gpt over 12.14 m.
(3) Includes 9.50 m interval starting at 15.70 m that assays less than 500 ppb Au.

Gold mineralization at Tom is apparently associated with calc-silicate skarn that is partially retrograde altered and contains significant amounts of arsenopyrite, pyrrhotite, pyrite, and chalcopyrite. Preliminary petrographic analyses have identified relict clinopyroxene-plagioclase partly altered to tremolite-actinolite, variable quartz, biotite or phlogopite, local carbonate, and sericite, as well as scheelite. Gold mineralization is, at least in part, associated with geochemical enrichment in W-As-Bi-Te-Ag-Se.

The remaining eight holes were drilled on the Hawthorne quartz–arsenopyrite-stibnite-scorodite Vein and represent the first drilling at this occurrence. The Hawthorne Vein was originally staked and identified in 1916, and was explored by hand and mechanical trenching intermittently between 1933 and 1965, then again 1997, when Kennecott Canada Exploration Inc. trenched along the Vein footwall while exploring for a bulk mineable gold deposit. The Company has completed eight closely-spaced shallow drill holes to explore for gold mineralization within the Vein and to work out vein geometry. The Vein contains up to 5% arsenopyrite+pyrite and possibly stibnite and 1% scorodite with narrower quartz-sulphide veinlets also observed in the footwall to the Vein. Highlights from this drilling include:

Drill Highlights from the Hawthorne Vein - Gold (Scheelite) Dome Project, YT
Assay Intervals >1 gpt
      
Drill Hole #From, mTo, mInterval, mAu, gptAu, opt
      
GD09-01056.3957.931.541.430.04
      
GD09-01220.0022.152.153.790.11
GD09-01248.9650.401.441.920.06
      
GD09-01348.6850.391.712.290.07
      
GD09-01414.2027.4313.231.400.04
      
GD09-01524.3525.811.462.810.08
GD09-01536.3538.872.525.170.15
GD09-01592.7794.371.602.340.07
      
GD09-01614.7416.461.721.960.06

Results of the drilling indicate that the Hawthorne Vein is a complex structure that pinches and swells and appears to have some development of anastamosing secondary veinlets in its footwall. During the winter drilling hiatus, the Company's geologists will review known structural and geochemical data for the Hawthorne area to determine what, if any, follow up work is warranted for this showing in 2010.

Further information about Gold (Scheelite) Dome, including a geologic description of the property, as well as information on the Company's other Yukon projects can be found in the Company's news release dated September 28, 2009.

Quality Assurance – Quality Control

ACME Analytical Laboratories of Vancouver, B.C. performed all sample preparation and analyses. Core samples were logged and sampled at the Project site under the supervision of the Project Geologist and then expedited in sealed bags to Whitehorse where they were shipped via common carrier to Vancouver. After being received and logged in at the laboratory, a 2 kg split of core was dried then crushed to 80% -10 mesh. A 250 g split was then pulverized to 85% -200 mesh.

A 15 g split of each sample was analyzed by ICP-MS after aqua regia digestion to yield a 37 element scan. All samples yielding greater than 500 ppb gold then underwent a 30 g fire assay with an ICP-ES finish.

QA/QC procedures followed for the diamond drilling program include submittal of assay standards for analysis approximately every 30 samples as well as a blank and a duplicate sample of quarter core at approximately the same frequency.

All assays are reported as drilled width and are not to be interpreted as true widths. Dr. Art Ettlinger, P.Geo. & Vice-President of Corporate Development is the Qualified Person for the above Project 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 metals exploration company with an immediate focus on exploring for and developing world class gold deposits in the Yukon's Tintina Gold Belt, where the Company is aggressively exploring its Gold (Scheelite) Dome, Antimony Mountain and Brewery Creek Projects. Brewery Creek, a permitted former producer, hosts an indicated resource of 3.98 million tonnes grading 1.135 gpt Au (145,000 oz) and an inferred resource of 2.2 million tonnes grading 2.01 gpt Au (143,000 oz) using a cutoff grade of 0.5 gpt Au (Simpson, 2009).

The Company's Yukon operations are supported by four divisions: the Royalty Division partially self-finances the Company's exploration activities through its passive royalty stream, holding 29 properties. The Advanced Assets Division includes the Taylor Mine and Mill which hosts a 43-101 silver resource, as well as the Company's Alkalic Gold program in Wyoming and the Lewis-Phoenix and Bonterra joint ventures. The Nevada Division is drilling a number of its properties with bonanza-style gold mineralization, including Angel's Camp, Adelaide and Golden Ridge, to identify one or more targets for the near term production of small-tonnage high grade ores. The Company intends, through its strategic use of modular mills at its Taylor and Humboldt mill sites, to become a mid-tier precious metals producer. The Non-Core Assets Division is responsible for disposing of non-core properties to augment the Company's treasury and royalty portfolio.

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.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Golden Predator Royalty & Development Corp.
    William Sheriff
    Chairman & CEO
    (604) 648-GOLD
    or
    Golden Predator Royalty & Development Corp.
    John Legg
    President
    (604) 648-4653
    www.goldenpredator.com