Golden Predator Finds Gold In California

VANCOUVER — Golden Predator Royalty & Development (GPD-T) has hit high-grade gold in the latest drill program at its Golden Ridge project in California. The company plans to identify and tap into small-tonnage, high-grade ores in the area and use the proceeds to fund its gold exploration in the Yukon.

The Golden Ridge project is in northeast Modoc County on the site of the historic Alturas mine. The latest results confirm the presence of two northeast trending, steeply dipping and gold-bearing quartz veins hosted within silicified and brecciated rhyolitic volcanics.

All four diamond holes drilled into the zone pulled multiple high-grade gold intercepts. Hole 2 hit 1.5 metres grading 67.39 grams gold per tonne 16 metres downhole, followed by 2.3 metres of 22.64 grams gold at 53 metres. Hole 4 returned 1.8 metres averaging 40.09 grams gold starting at 12 metres and then returned 1.2 metres of 11.55 grams gold from 39 metres. And hole 1 cut 2.3 metres carrying 12 grams gold at 34 metres depth.

The diamond drilling is a follow-up to a reverse circulation (RC) drill program on the property in the fall of 2009. Previous gold intercepts from the earlier efforts include 1.5 metres grading 100.07 grams gold from 16 metres and 9.6 metres carrying 31.31 grams gold starting at 36.6 metres.

The latest results confirm the width and tenor of the vein system. Furthermore, the drill holes indicate the gold-bearing veins extend at least 30 metres vertically below the initial RC intercepts and widen the vein to the north by some 15 metres and to the south by roughly 12 metres. Mineralization is open in all directions.

While Golden Predator is carrying out work on Golden Ridge and several other properties in the United States, its main concentration is developing its projects in the Yukon.

One of those properties is Brewery Creek, about 55 km east of Dawson City. The company recently released results from the final 17 drill holes on the Fosters and South Fosters zones of the project. Results included 8.3 metres grading 60.07 grams gold starting at 46.1 metres, 6.73 metres averaging 1.8 grams gold from 39.3 metres downhole, and 7.14 metres carrying 3.24 grams gold starting at 54.9 metres.

Brewery Creek was the site of a heap-leach gold mine between 1996 and 2002 that produced 280,000 oz. gold. Current resources include an indicated count of 4 million tonnes grading 1.14 grams gold and an inferred resource of 2.2 million tonnes averaging 2.01 grams gold.

The company also recently expanded its Yukon holdings when it bought five properties from Atac Resources and Strategic Metals. The properties contain 508 claims, including the exploration-stage Eureka and Panorama projects.

Golden Predator is also a founding member of the recently established Yukon Gold Mining Alliance.

The company’s share price was up a penny on the day of the Golden Ridge news to close at 54¢. Golden Predator’s 52-week trading range is between 38¢ and 88¢; the company has 51 million shares outstanding.