Golden Predator Royalty & Development Corp.

Golden Predator Royalty & Development Corp.

October 08, 2009 14:02 ET

Golden Predator to Expedite High Grade Intercept Follow-Up Core Drilling Program at Golden Ridge Project, NE California

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") is pleased to announce an immediate mobilization of a core drill to the Company's Golden Ridge Project located in the High Grade district in northeastern Modoc County, California. The additional phase of drilling is being initiated on an expedited basis to follow up on high grade mineralization identified by the Company's recent RC drilling campaign (see press releases dates August 27, 2009 & October 1, 2009). At least four core holes are planned to establish orientation and tenor of the epithermal bonanza veins identified during the recently RC campaign.

The Company has also received assay results for the last hole of the RC program, hole GPGR-26 which returned 5 ft (1.5 m) of .225 ounce per ton Au (7.71 grams per tonne) from 192.5 to 197.5 ft (58.7 to 60.2 m). This was from within a broader zone of 17.5 feet (5.3 m) of .08 opt Au (2.74 gpt) from 190 to 207.5 ft (57.9 to 63.2 m). The hole also encountered a very shallow intercept of 12.5 ft (3.8 m) of .053 opt (1.82 gpt) from 87.5 to 100 ft (26.7 to 30.5 m) as well as a 10 ft (3 m) intercept of .045 opt (1.54 gpt) from 115 to 125 ft (35.1 to 38.1 m). The Company previously announced a number of higher grade intervals in several holes including:

Select Golden Ridge Intercepts greater than 3 gpt Gold
Drill From To Interval Gold Gold
Hole # ft ft ft gpt opt
GPGR-16 192.5 217.5 25 (7.62 m) 3.68 .107
including 205 207.5 2.5 (.76 m) 18.95 .553
GPGR-21 160 165 5 (1.5 m) 10.965 .320
GPGR-21 250 255 5 (1.5 m) 7.12 .208
GPGR-27 70 75 5 (1.5 m) 5.13 .150
including 70 72.5 2.5 (0.76 m) 9.22 .269
GPGR-27 87.5 90 2.5 (0.76 m) 9.04 .264
GPGR-27 105 112.5 7.5 (1.97 m) 4.52 .132
GPGR-29 52.5 57.5 5 (1.5 m) 100.07 2.919
GPGR-29 132.5 147.5 15 (4.6 m) 31.306 .913

The Company has submitted all samples from the recent RC drilling campaign at Golden Ridge returning in excess of 3 gpt Au for a metallic screen analysis, as there is good evidence to suggest coarse gold in the veins intersected to date. The metallic screen analysis consists of a 1 kg sample that is pulverized to greater than 90% finer than a100 mesh. The lab will then complete three fire assays to determine a gold value for the one sample, with one fire assay including all of the coarse fraction, while the other two assays are averaged to represent the fine material. All of which is then averaged back into the total sample mass to determine a gold value. This method of analysis is designed to help level the erratic nature of results in "nuggety" samples with the larger sample size.

Golden Predator has consolidated the largest land position in the High Grade district ever held by a single gold exploration company. Anomalous gold covers an area over three miles in length and one mile wide which contains over 14 historic mines in the district including the Sunshine, Modoc, Moonlight, Alturas and Klondike mines. The Company's drilling program is making the first drill tests on several of the outcropping quartz-adularia vein targets. The Golden Ridge Project represents a district-scale discovery opportunity with the potential for several underground mineable bonanza-grade gold deposits.

Additional information, including the August 27, 2009 and October 1, 2009 press releases with assay values for the 2009 drilling results on the Golden Ridge Project, along with property photos and a location map, may be viewed on the Company's website (

Laboratory Analysis and QA/QC

ALS CHEMEX of Reno, NV and Elko, NV performed all primary lab analyses. Samples received in the lab were first logged-in and assigned a barcode. The samples were then rotary split prior to crushing to retain a coarse sample for metallurgical work. The remainder was fine crushed to 70% less than 2 mm then split with a riffle splitter with one split pulverized to 85% less than 75 microns. Gold was analyzed by fire assay and AAS using a nominal 30 gm sample weight. For samples exceeding 10 ppm, values were analyzed by fire assay with a gravimetric finish. Silver was analyzed by aqua regia digestion and ICP-AES or AAS. Levels of detection for gold and silver are, 0.005 ppm and 1 ppm, respectively. Assay results for gold and silver are reported by the lab in ppm units. In public disclosure, ounce per imperial ton (opt) and gram per metric tonne (gpt) is used, where 34.285 ppm is equivalent to 1 opt and 1 ppm is equivalent to 1 gpt.

QA/QC procedures followed for the reverse circulation drilling include submittal of chip samples for analysis with a duplicate sample for every twenty samples and also a combination of blank and reference samples submitted for every twenty samples submitted.

All assay numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths. David R. Hembree, P.Geo., is the Qualified Person as defined under National Instrument 43-101 overseeing the Company's U.S. exploration programs outside Nevada, and has reviewed & verified the information presented on QA/QC procedures and technical aspects of the drilling results in this press 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.

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
    (867) 335-5000
    Golden Predator Royalty & Development Corp.
    Robert Eadie
    (604) 602-4935