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 Further Drilling Extends Oxide Gold Mineralization to 3.5 km of Strike at Golden Predator's Brewery Creek Mine

April 15, 2020 | About:

Results include 15.4 m of 3.3 g/t Gold at Lucky Zone
New resource estimate in process

VANCOUVER, British Columbia, April 15, 2020 (GLOBE NEWSWIRE) -- Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the “Company”) reports that all of the final 15 holes in its 2019 drill program at its 100% owned and licensed Brewery Creek Mine project encountered significant gold grades. The drilling successfully tested an additional 1,000 m of the Reserve Trend for both near surface oxide mineralization and the continuation of mineralization down dip within structural zones below the historically mined pits. The holes released today also confirm additional high-grade mineralization in the eastern portion of the Lucky resource area.

Highlights of the Lucky Zone 2019 drill program include:

  • These intercepts now extend mineralization over a 3.5 km strike length through the Fosters, Kokanee, Golden and Lucky resources areas. The current data indicates that gold mineralization is continuous between the four resource areas and this trend remains open for resource expansion along strike and at depth along the entire Reserve Trend.
  • Drill highlights include:
    - 1.5 m of 15.0 g/t gold from a depth of 57.9 m in hole RC19-2655;
    - 15.2 m of 3.3 g/t gold from a depth of 1.5 m in hole RC19-2552;
    - 12.2 m of 2.1 g/t gold from a depth of 19.8 m in hole RC19-2555.

To view Brewery Creek maps: http://www.goldenpredator.com/_resources/news/GPY-Brewery-Creek-NR-April-15-2020.pdf

Golden Predator CEO Janet Lee-Sheriff noted: “These final results of the Brewery Creek 2019 drill program confirm continuous oxide gold mineralization along a 3.5 km segment of the 9km long Reserve Trend extending from the western edge of Fosters along strike to the east through the Lucky Zone. Future drilling will concentrate on establishing continuous mineralization along the remaining 5.5 km of the Reserve Trend attempting to link up other mineralized resource areas between Big Rocks and Camp to the west and Schooner to the east. The Reserve Trend represents one of three known mineral trends on the Brewery Creek project site but we have made a clear decision to focus our efforts solely on the licensed area where we are planning for a restart of mining activities.”

2019 Significant Results from the Lucky Zone

The 15 drill holes reported in this release totaled 1,826 m drilled; all 15 drill holes reported encountered significant gold grades with a high of 15.0 g/t gold over 1.5 m in drill hole RC19-2655 at a depth of 57.9 m. Highlighted composite drill intercepts include 3.3 g/t gold over 15.4 m from a depth of 1.5 m in drill hole RC19-2552, 2.1 g/t gold over 12.2 m from a depth of 19.8 m in drill hole RC19-2555, 8.2 g/t gold over 6.1 m from a depth of 54.9 m in drill hole RC19-2655, 2.9 g/t gold over 4.57 m from a depth of 4.6 m in drill hole RC19-2672 and 0.7 g/t gold over 21.3 m at a depth of 67.1 in drill hole RC19-2656.

Intercepts in drill holes RC19-2552, RC19-2555, RC19-2655, RC19-2656 and RC19-2672 define the continuation of significant mineralization below the historic Lucky pit. Intercepts in RC19-2552, RC19-2555, RC19-2655 and RC19-2672 define a 330 degree trending, high angle structural zone with significant high-grade gold mineralization.

Intercepts in drill holes RC19-2555 and RC19-2656 are not in the current resource model while intercepts in drill holes RC19-2552, RC19-2655 and RC19-2672 are within the current model and confirm grade and continuity of modeled mineralization; these intercepts remain open at depth. Today’s results build on previously announced (GPY News Release NR19-19, November 4, 2019) high-grade drill intercepts from the Lucky Zone of 9.3 g/t gold over 6.1 m at a depth of 32.0 m in drill hole RC19-2554 and 5.2 g/t gold over 10.7m from surface in drill hole RC19-2553.

2019 Brewery Creek Exploration Program

The 2019 Brewery Creek drill program focused on extending mineralized structures along the Reserve Trend in areas with little historic drilling. Mineralized structural trends were also extended down dip from previously mined zones. A total of 15,623 m of drilling was completed in 137 drill holes into five separate zones including the Camp, Fosters, Kokanee, Golden and Lucky Zones. With this release, results from all 137 drill holes have now been announced. Gold mineralization in the Reserve Trend is hosted in mid-Cretaceous age monzonitic intrusions over a +9 km strike length in the project area. The intrusive rocks were emplaced into the regionally extensive mid Mesozoic Robert Service Thrust Fault.

To view the Lucky Zone drill results: http://www.goldenpredator.com/_resources/Lucky_Drill_Results_April.pdf

Brewery Creek 43-101 Technical Report

The Company filed the updated NI 43-101 Technical Report for the Brewery Creek project prepared by Gustavson & Associates, with an effective date of October 1, 2019, on SEDAR on January 23, 2020. The 2019 drill program results are not included in the report as they were not available at the time of the estimation, an updated NI 43-101 technical report is underway to include the additional drilling.

Sampling Methodology, Quality Control and Assurance

Analyses for drill samples were performed by SGS Canada, Inc., ALS Canada and Bureau Veritas, Canada with sample preparation in Whitehorse, YT and assaying in Burnaby, North Vancouver and Vancouver, BC respectively. Drill samples were analyzed for gold using a 30 gram fire assay with atomic absorption finish (SGS-GO FAA30V10 method, ALS-Au AA-25 method and BV-FA430 method). Quality controls standards include standard reference material, certified blank and field duplicate samples in every sample dispatch.

BREWERY CREEK PROJECT OVERVIEW

Heap Leach Reprocessing Study: Phase 1

Kappes Cassiday is currently conducting a feasibility level study to determine the parameters for the phase 1 plan to reprocess and recover gold from material on the heap leach pad. The study will include detailed analysis of all the key parameters involved in reconstructing or adding necessary infrastructure including a crushing plant, ADR plant, and assay lab. The study will estimate all projected capital and operating costs, production levels and will estimate projected economic returns. The study is focusing on remediating and reprocessing the heap leach pad as a means of fast-tracking re-development of the site. The study will include a project implementation schedule, sourcing, and economic cash flow model sufficiently detailed to move directly into procurement, development and construction if economically warranted. Any production decisions would be dependent on the outcome of this feasibility level study demonstrating positive technical and economic viability.

Brewery Creek Mine: Production History

The Brewery Creek Mine is a licensed brownfields heap leach gold mine that was operated by Viceroy Minerals Corporation from 1996 to 2002. Brewery Creek was put into Temporary Closure in 2002 following a collapse of the gold price below $300 US per troy ounce. Golden Predator’s team commenced work on the project starting in 2009. Brewery Creek is authorized to restart mining activities as defined in their Quartz Mining License and Water License. The Company intends to resume mining and processing of licensed deposits when supported by an independent economic study. In 2020 the Company will begin work with Tr’ondëk Hwëch’in and Yukon Government to expand the licensed mining to include new discoveries and mining activities contemplated for an expansion of mining beyond the existing license.

The 180 km2 property is located 55 km east of Dawson City and is accessible year-round by paved and improved gravel roads. Significant infrastructure remains in place, allowing for a timely restart schedule under existing licenses.

Brewery Creek Mine: Resources

The Company conducted exploration drilling on the Brewery Creek project from 2010 to 2013 which increased the resource significantly. The project has an Indicated oxide resource of 21,140,00 tonnes at 1.125 g/t Gold containing 765,000 ounces, plus an Inferred oxide resource of 14,120,000 tonnes at 0.967 g/t Gold containing 440,000 ounces. In addition, resources include 8,570,000 tonnes of Inferred sulfide resource at 0.985 g/t Gold containing 270,000 ounces. Materials on the heap leach pad were not included in the resource update. The resource incorporates drill results through 2014. There are 200 additional exploration drill holes to be included in an anticipated resource update.

The current NI 43-101 Technical Report is now available on SEDAR and the Company’s website. The updated report replaces the technical report dated November 19, 2014.

Brewery Creek Mine: Licenses, Permits and NI 43-101 Disclosure

The Company has a Socio-Economic Accord with Tr’ondëk Hwëch’in for the Brewery Creek Mine and is licensed to resume mining activities as permitted under the current Water License and Quartz Mining Licenses. The project also has a Class IV Mining Land Use Permit to conduct additional exploration.

The technical content of this news release has been reviewed and approved by Jeff Cary, CPG a Qualified Person as defined by National Instrument 43-101 and is employed by the Company as its Senior Project Geologist.

Golden Predator Mining Corp.

Golden Predator is advancing the past-producing Brewery Creek Mine towards a timely resumption of mining activities, under its valid Quartz Mining and Water Licenses, in Canada’s Yukon. With established resources grading over 1.0 g/t Gold and a feasibility level study currently underway by Kappes Cassiday considering the economics of a restart of heap leach operations at the Brewery Creek Mine, 2020 proves to be a pivotal year for the Company. Drilling continues to expand the open-ended resources and untested targets across the 180 km2 brownfield property located 55 km by road from Dawson City, Yukon. The Company has a Socio-Economic Accord with the Tr’ondëk Hwëch’in First Nation.

For additional information:
Janet Lee-Sheriff
Chief Executive Officer
(604) 260-8435
[email protected]
www.goldenpredator.com

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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