SOURCE: Golden Predator Mining Corp.

Golden Predator Mining Corp.

March 16, 2017 08:00 ET

Golden Predator intersects 13.1 m of 16.8 g/t Gold including 3.4 m of 61.7 g/t Gold at 3 Aces Project, Yukon

VANCOUVER, BC--(Marketwired - March 16, 2017) - Golden Predator Mining Corp. (TSX VENTURE: GPY) (OTCQX: NTGSF)(the "Company" or "Golden Predator") is pleased to report assay results for the final 25 holes of the winter 2016 drill program at the 3 Aces Project in southeastern Yukon. Drill results have confirmed high-grade gold mineralization with good continuity in the Ace of Hearts vein with additional veining identified at depth. The Ace of Hearts zone is located approximately 1 km west of the Ace of Spades zone and approximately 1.6 km south of the Queen of Clubs zone where drilling results were previously reported.

Significant Aces of Hearts results reported at true width include:

  • Hole 3A16-RC-048 intersected 7.59 m of 6.39 g/t gold from a depth of 96.01 m, including 2.76 m of 12.79 g/t gold;
  • Hole 3A16-RC-054 intersected 17.26 m of 4.76 g/t gold from a depth of 38.86 m, including 3.32 m of 14.98 g/t gold;
  • Hole 3A16-RC-055 intersected 7.43 m of 9.37 g/t gold from a depth of 51.05 m, including 3.09 m of 20.76 g/t gold;
  • Hole 3A16-DD-082 bottomed in mineralization intersecting 13.07 m of 16.75 g/t gold from a depth of 42.67m, including 3.38 m of 61.74 g/t gold, which included 0.54 m of 315.00 g/t gold; and
  • Hole 3A16-RC-085 intersected 7.18 m of 8.65 g/t gold from 86.87 m including 1.80 m of 30.83 g/t gold.

The Ace of Hearts Winter 2016 confirmation and in-fill drilling covers an area approximately 165 m along strike and up to 110 m down dip, with reported holes variably spaced from approximately 15 to 75 m apart. The Hearts zone was tested with 15 holes totaling 1,541 m; significant gold mineralization (minimum interval of 3.0 g/t gold) was encountered in 13 holes; 2 holes did not reach the target depth. Broad mineralization, which remains open, had previously been outlined with wide spaced drilling for 250 m down dip from the original discovery outcrop and along strike for 300 m.

"We are very pleased with the excellent high-grade results from our 2016 winter program at the Hearts, Spades and Clubs Zones," said Janet Lee-Sheriff, Chief Executive Officer. "With our $17.25 million bought deal financing now complete we are well positioned for our 2017 drilling campaign, which is underway and off to a good start."

To view maps of the 3 Aces project, as well as detailed maps and sections from the Aces of Hearts included in the 2016 drill program, please visit:
http://www.goldenpredator.com/_resources/images/HeartsMapsAndSections_20170315.pdf

10 holes totaling 916 m were completed at a new prospect in the Clubs Zone with 8 holes encountering anomalous gold mineralization similar to that reported at the Nine of Clubs (News Release Feb. 16, 2017). This mineralization is thought to be distal to the preferred stratigraphic contact which hosts mineralization elsewhere on the property.

SIGNIFICANT DRILL RESULTS TABLE - Ace of Hearts

Hole ID*  Sample Type1  From (m)  To (m)  Drilled Width (m)  True Width (m)2  Au g/t3
3A16-045  RC  105.16  105.92  0.76  0.68  31.5
and  RC  109.73  121.16  11.43  10.28  1.20
including  RC  109.73  114.30  4.57  4.11  1.95
and  RC  124.21  125.73  1.52  1.37  4.18
3A16-048  RC  81.53  84.58  3.05  2.76  2.50
including  RC  83.82  84.58  0.76  0.69  7.39
and  RC  87.63  92.20  4.57  4.14  3.02
including  RC  89.15  89.92  0.77  0.70  11.95
and  RC  96.01  104.39  8.38  7.59  6.39
including  RC  96.01  96.77  0.76  0.69  12.55
including  RC  99.82  102.87  3.05  2.76  12.79
and  RC  108.20  108.97  0.77  0.70  3.34
3A16-049  RC  100.58  106.68  6.10  4.11  2.26
and  RC  111.25  115.06  3.81  2.57  3.14
and  RC  118.87  121.92  3.05  2.06  4.87
including  RC  119.63  121.16  1.53  1.03  8.82
and  RC  131.06  134.11  3.05  2.06  1.34
3A16-050  RC  80.01  89.92  9.91  8.87  1.48
3A16-051  RC  78.49  79.25  0.76  0.69  5.21
and  RC  82.30  96.77  14.47  13.11  0.60
3A16-052  DD  46.85  47.24  0.39  0.35  5.09
3A16-053  RC  56.39  62.48  6.09  5.45  2.61
and  RC  56.39  57.15  0.76  0.68  15.55
3A16-054  RC  38.86  58.67  19.81  17.26  4.76
including  RC  38.86  40.39  1.53  1.33  5.12
including  RC  48.01  51.82  3.81  3.32  6.00
including  RC  54.10  57.91  3.81  3.32  14.98
including  RC  54.86  57.15  2.29  1.99  23.28
3A16-055  RC  51.05  60.20  9.15  7.43  9.37
including  RC  55.63  59.44  3.81  3.09  20.76
including  RC  55.63  57.15  1.52  1.23  41.60
including  RC  58.67  59.44  0.77  0.63  17.40
3A16-082  DD  42.67  60.96  18.29  13.07  16.75
including  DD  55.27  60.00  4.73  3.38  61.74
including  DD  55.27  56.03  0.76  0.54  315.00
3A16-083  DD  54.86  59.44  4.58  2.55  15.82
including  DD  56.39  57.91  1.52  0.85  39.60
and  DD  68.58  70.60  2.02  1.12  11.45
including  DD  68.58  69.38  0.80  0.45  26.90
and  DD  72.62  76.20  3.58  1.99  3.23
3A16-084  DD  103.98  115.82  11.84  6.59  1.72
3A16-085  RC  86.87  96.01  9.14  7.18  8.65
including  RC  91.44  93.73  2.29  1.80  30.83
and  RC  122.68  127.25  4.57  3.59  0.86
and  RC  130.30  131.83  1.53  1.20  4.21
and  RC  137.16  139.45  2.29  1.80  0.87
and  RC  150.11  156.97  6.86  5.39  1.39
*Hearts area holes 3A16-046 and 3A16-047 (not completed) returned no significant results.  
1Sample Type DD is for whole 85mm (PQ) core and RC for whole 5.5" (139.7mm) reverse circulation cuttings. 
2True Width intervals are estimates of actual mineralized zone thickness as presently understood, and subject to change as the geologic model evolves.
3Reported Au assay grade sourced from ALS using Au-SCR24 method   

SIGNIFICANT DRILL RESULTS TABLE - Clubs Prospect

Hole ID*  Sample Type1  From (m)  To (m)  Drilled Width (m)  True Width (m)2  Au g/t3
3A16-074  RC  51.82  54.10  2.28  2.19  1.29
and  RC  61.72  64.77  3.05  2.93  1.77
including  RC  63.25  64.01  0.76  0.73  3.31
3A16-079  RC  67.06  67.82  0.76  0.56  3.19
3A16-080  RC  65.53  66.29  0.76  0.61  6.23
*Clubs area holes 3A16-072, 3A16-073, 3A16-075 to 3A16-078, and 3A16-081 returned no significant results.
1Sample Type DD is for whole 85mm (PQ) core and RC for whole 5.5" (139.7mm) reverse circulation cuttings.
2True Width intervals are estimates of actual mineralized zone thickness as presently understood, and subject to change as the geologic model evolves.
3Reported Au assay grade sourced from ALS using Au-SCR24 method

2016-2017 Drill Program

The Company completed a 54-hole, 4,315 m drill program during winter 2016. The program included 3,776 m of reverse circulation drilling utilizing a larger 5.5 inch center face-return hammer drill bit and 539 m of PQ-size (3.35 inch) diamond core drilling. Fifty-two of the 54 drill holes reached their targeted depths. Drilling commenced in the Spades Zone before testing several previously undrilled targets in the Clubs Zone and conducting confirmation and infill drilling at the Hearts Zone.

Confirmation and in-fill drilling at the Hearts Zone was designed to establish continuity, provide confidence in grade of the gold mineralization, and to begin to understand the structural setting and orientation of the Ace of Hearts vein. The drilling program was conducted using large diameter RC and PQ core drilling in an area where more widely spaced and small diameter (HQ, NQ) core drilling had encountered high grade gold mineralization between 2010-2012.

Four holes (52, 82, 83 and 85) bottomed in mineralized zones and several holes encountered multiple mineralized zones. Drilling in 2017 will test the Hearts Zone at depth following up on the holes that bottomed in mineralization and multiple mineralized zones. In addition, in-fill and step-out drilling will test mineralization that is open along strike and to depth.

A 20,000 m drilling program commenced in February 2017 and is initially focusing on the Spades Zone before expanding to other areas of the property. Drilling in the Spades Zone is intended to test targets including the depth and strike extensions of the Ace of Spades vein, stockwork mineralization encountered below the Ace of Spades vein, and initial drilling at the Jack, Queen, Seven and Three of Spades. The Clubs and Hearts Zone are 350 to 500 m above the Spades Zone, and experience heavier snow conditions; follow up drilling of these zones is expected to commence in Q3/17.

Style and Mode of Occurrence of the 3 Aces Gold Mineralization System

Rock types, structure, vein geometry and both alteration and ore mineralogy at 3 Aces are compatible with an orogenic gold model. The quartz veins are developed along bedding parallel shears zones believed to be related to mid Mesozoic compression within the Selwyn fold-thrust belt. Neoproterozoic age, shale, sandstone and pebble conglomerate of the Hyland group are metamorphosed to lower greenschist facies and have been intensely sheared and folded along regional scale thrust faults. The bounding thrust faults are north striking and shallow east dipping shear zones that display movement over an extended period of time. Field and laboratory research show that the rock package was mineralized at significant depth in the crust and by high temperature fluids.

Within the Hyland group rock package the strongest and highest grade veins are preferentially at the stratigraphic contact between a thick package of less competent shale-phyllite-slate and underlying brittle competent, sandstone-quartz pebble conglomerate. Field relationships and polished section microscopy suggest multiple episodes of mineralization and alteration. Alteration is dominated by the introduction of quartz and carbonate minerals associated with sulfide minerals that include pyrrhotite, pyrite, sphalerite, galena as well as gold and electrum.

The structural setting and style of mineralization observed at 3 Aces is similar to other orogenic gold districts in the world, including the Mother Lode deposits in California USA and the western Tien Shen gold belt of Uzbekistan. Although the style and setting of the mineralization at 3 Aces has commonalities with well-known deposits the ultimate size and grade potential of 3 Aces has yet to be demonstrated, requiring significantly more geological work. The comparisons, based on field observations, are presented as illustrations of analogous exploration models guiding work at 3 Aces.

3 Aces Project, Yukon

The 3 Aces project includes the 3 Aces, Reef, and Hy-Jay properties consisting of 1,734 claims covering 357 km² (35,700 hectares) in southeast Yukon. The project is located along the all-season Cantung Mine Road which accesses the Cantung Mine, 40 km to the north. The 3 Aces Project, which includes the two highest grade surface discoveries to date in the Yukon, has 30 mineralized veins that have been discovered through sampling, trenching, roadwork and drilling over 762 m (2,500 feet) of elevation within the Central Core area.

Surface outcrops of gold bearing quartz veins were discovered on the property, then advanced with extensive soil sampling and helicopter supported core drilling, which outlined significant gold anomalies over a Central Core Area of 10.5 km2. Previous exploration work by Golden Predator in 2015 and 2016, which includes metallurgical studies, rotary air blast (RAB) drilling, RC drilling and bulk sampling, focused on establishing reproducible gold grades and continuity of the Ace of Spades vein where previous diamond drilling had returned inconsistent grades. The work in 2015 and 2016 confirmed the high gold grades of the vein by utilizing a sampling protocol derived from the metallurgical studies that are resulting in consistent and reproducible estimation of gold grades within the veins.

The 3 Aces property is in the traditional territory of the Kaska Nation. In January 2013, Golden Predator signed an Exploration Agreement with the Kaska Nation, as represented by the Ross River Dena Council and the Liard First Nation, with respect to activities within their traditional territories. The 3 Aces project operates under a Class 4 Mining Land Use Permit.

Sampling Methodology, Quality Control and Assurance

Because of the high-grade gold encountered at 3 Aces to date, the Company has taken steps to ensure that its sampling and assaying procedures can be depended upon. The Company has utilized larger diameter drilling to provide sample material for comparative/effectiveness analysis of past drilling programs, including sampling protocols, assay methods and QA/QC procedures, and to more confidently estimate grades of high-grade veins containing coarse gold.

All analyses for the drill samples from the program were performed by ALS with sample preparation in Whitehorse, YT, Terrace, B.C. or North Vancouver, B.C. and assaying in North Vancouver, B.C. Drill samples were analyzed using a 50 g fire assay atomic absorption finish. If the procedure returned a value of 0.75 g/t gold or greater, or if the sample is within a mineralized zone, it is re-run using a 2kg screen metallic gold method (Au-SCR24)

The screen metallic procedure utilizes a two-kilogram split from each crushed sample, which is pulverized and passed through a 150-mesh screen. The material remaining on the screen (Plus fraction) is analyzed in its entirety by fire assay with gravimetric finish. The material that passed through the screen (Minus fraction) is homogenized and two 50 g subsamples are analyzed by fire assay with AAS finish and averaged. The Plus and Minus fraction gold analyzes are weight averaged to obtain a final gold determination for the sample.

No field-split samples were submitted for analysis. The samples generated by reverse circulation drilling consisted entirely of whole interval cuttings, and diamond drill core samples were submitted as whole core intervals. Quality control and assurance (QA/QC) included 12% of the samples, consisting of reject duplicates, blank and certified reference materials.

The technical content of this news release has been reviewed and approved by Mark C. Shutty, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company.

Golden Predator Mining Corp.

Golden Predator Mining Corp., a well-financed Canadian gold mineral exploration company is expanding surface discoveries, at its 3 Aces project in Canada's Yukon, through focused drilling. The 3 Aces property is a high-grade gold in quartz project with an exploration program underway that includes sampling, trenching, drilling and bulk sampling to define and interpret the project. The Company also holds the Brewery Creek project in Canada's Yukon.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains 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 that the private placement will complete as described herein, that the Project will advance through permitting and feasibility. 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, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

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