Golden Predator Royalty & Development Corp.

Golden Predator Royalty & Development Corp.

October 15, 2009 13:23 ET

Golden Predator Intersects 5.39 gpt Gold Over 2 m From the Pacific Zone at Brewery Creek

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Golden Predator Royalty & Development Corp. (TSX VENTURE:GPD) (the "Company") has received assays from its first five holes drilled on the Brewery Creek project, located approximately 55 km to the east of Dawson City, Yukon.

Brewery Creek was the site of a heap leach gold mine which operated from 1996 – 2002 and produced a total of 279,541 ounces of gold during this period. Current resources remaining on the Project include an Indicated Resource of 3.98 million tonnes grading 1.135 grams per tonne Au and an Inferred Resource of 2.2 million tonnes averaging 2.01 gpt Au (Diment & Simpson, 2009). The current drilling program, which is continuing through the winter, was initiated to test for extensions of known mineralization beneath the Pacific Open Pit and other mineralized zones on the 12,772 ha property. The following table lists assays received that were greater than 1.0 m in drilled thickness and 0.5 gpt Au, the ICP-MS threshold above which samples are reanalyzed for gold by fire assay.

Drill Highlights from Pacific Area Drilling - Brewery Creek, YT
Significant Intercepts greater than 0.5 gpt Au
Drill Hole #From, mTo, mInterval, mAu, gpt

Altered quartz monzonite sills encountered during the 2009 drilling host gold mineralization. Drill holes BC09-132, 133 and 134 were drilled in a fan pattern from the same setup adjacent and to the south of the Pacific Open Pit to test unexplored down dip extensions of gold mineralization intersected in reverse circulation holes drilled in 1993 and 1994. The sulphide related gold mineralization encountered in the current drilling indicates the presence of a down dip continuation to the oxide mineralization mined at the Pacific Zone, and is associated with the altered sills and sulphide minerals dominated by pyrite and arsenopyrite.

Drill holes BC09-135 and 136 were drilled from a second setup approximately 50 m to the east of the first drill pad. Drill hole BC09-135 extended beneath the Pacific Open Pit and BC09-136 targeted the down dip continuation of alteration observed in BC09-135. The gold mineralization encountered in the second hole appears to be associated with a second, more biotite rich phase of monzonite and a characteristic quartz breccia containing variable amounts of sulphide minerals including pyrite, arsenopyrite, stibnite and galena was observed higher in the drill holes in the hangingwall to the sills.

William Sheriff, Chairman, observed: "The results we are receiving from our initial drill holes at Brewery Creek have met expectations as being consistent with historic mining grades, and we look forward to expanding the existing resources on the project."

Further information about the Brewery Creek Project, including a geological description, as well as information on the Company's other Yukon projects can be found in the Company's news release dated September 28, 2009.

Laboratory Analysis and QA/QC

ACME Analytical Laboratories of Vancouver, British Columbia 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.

For the first two drill holes a 0.5 g split of each sample was analyzed by ICP-MS after aqua regia digestion to yield a 37 element scan. Thereafter all samples were analyzed 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 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 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 Mining Corp., the Company's wholly owned Yukon subsidiary, 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 Yukon's Tintina Gold Belt. The Company seeks internal revenue generation from early high grade precious metals production in Nevada augmented by increasing revenues from its royalty portfolio.

In the Yukon, the Company is aggressively exploring Gold (Scheelite) Dome, Brewery Creek, and Antimony Mountain in the Tintina Gold Belt. In addition, further advanced exploration & development projects within this prolific Belt are being evaluated for potential acquisition.

In Nevada, 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 its 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, yielding 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
    Chairman & CEO
    (604) 648-GOLD (4653)
    True North Mining Corp.
    Dr. Art Ettlinger, P.Geo.
    (867) 335-GOLD (4653)