Golden Predator Royalty & Development Corp.

Golden Predator Royalty & Development Corp.

November 05, 2009 13:44 ET

Golden Predator Intersects 12.45 gpt Gold Over 4.88 m Including 28.81 gpt Gold Over 2.45 m From the AJ Vein at Antimony Mountain, YT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") is pleased to report assays from the first four diamond drill holes completed this summer at its Antimony Mountain Project in the Yukon Territory. A series of short holes, drilled on the AJ target, intercepted an outcropping tourmaline + sulphide vein where historic grab sampling returned up to 77.7 gpt gold (Logan Resources Ltd. NR dated Nov. 20, 2006). Drilling by previous operators during the period 1966-1989 demonstrated vein continuity with depth, and the current drilling was designed to substantiate gold distribution over a well-defined vein strike length.

A total of 12 diamond drill holes were drilled in a fan pattern from two locations by the Company's wholly-owned Yukon subsidiary, True North Mining Corp. The assays presented here are from the first four of nine holes drilled on the southeast side of Cody Creek, where the vein is exposed in both sides of the creek bank. Highlights from this drilling include:

Drill Highlights from the AJ Vein – Antimony Mountain Project, YT
Significant Intercepts greater than 1.0 gpt Au
Drill Hole #From, mTo, mInterval, mAu, gpt

Each of the four drill holes reported yielded multiple intercepts of veining with variable amounts of quartz, tourmaline, and sulphide minerals consisting of arsenopyrite, pyrite, pyrrhotite and chalcopyrite. Gold appears geochemically associated with arsenic, bismuth, tellurium, and silver, (up to 27.8 gpt). The veins are hosted by a sequence of bedded metaquartzite and metagreywacke which appear to have been both contact metamorphosed and altered by a monzonitic stock belonging to the Tombstone plutonic suite. Within these host rocks, calc silicate hornfels and skarn are recognized in the drill holes, and in places form the immediate wall rock to the veins. Copper, lead, zinc, arsenic and silver are sporadically enriched outside of the veins within the hornfels and skarn presenting a potential new exploration target within the thermal aureole of the Tombstone monzonite.

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. The Project is underlain by Proterozoic metasedimentary rocks of the Hyland Group including rusty weathering gritty quartzite, sandstone, and greywacke with minor interbeds of limestone, calcareous sandstone, shale, and slate. These rocks are intruded by monzonitic rocks of the Antimony Mountain intrusion which is similar to other mid-Cretaceous Tombstone Plutonic Suite rocks associated with gold mineralization at Fort Knox and Pogo in Alaska and in the Yukon at Dublin Gulch, Freegold Mountain and the Company's projects at Brewery Creek and Gold Dome. The AJ Vein appears as a banded quartz-tourmaline-arsenopyrite vein cutting meta-greywacke and its exposure is located within approximately 200 m of a contact with the Antimony Mountain intrusive.

Further information about the Antimony Mountain Project, 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, up to 2 kg of core was dried then crushed to 80% -10 mesh. A 250 g split was then pulverized to 85% -200 mesh.

All samples were analyzed by ICP-MS after aqua regia digestion to yield a 37 element scan using a 15 g charge. All samples yielding greater than 500 ppb gold then underwent a 30 g fire assay with an ICP-ES finish.

QA/QC procedures followed 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. & 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 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 former producer, hosts an indicated resource of 3.98 million tonnes grading 1.135 gpt Au (145,000 ozs) and an inferred resource of 2.2 million tonnes grading 2.01 gpt Au (143,000 ozs) 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 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.

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
    Golden Predator Royalty & Development Corp.
    John Legg
    (604) 648-4653
    True North Mining Corp.
    Dr. Art Ettlinger, P.Geo.
    867.335.GOLD (4653)