The New Year got off to a strong start for Golden Predator (GPD-T) in the Yukon with drill results from the Sleeman zone at its flagship Brewery Creek deposit and a new gold discovery at Cache Creek.
On Jan. 9 the Vancouver-based explorer released assays from nine drill holes at the Sleeman zone deposit, which remains open at depth and in both directions along strike. Five of the nine holes demonstrated between two and four distinct mineralized zones.
Highlights include hole BC11-323, which returned 35.1 metres of 1.63 grams gold per tonne and 136.72 grams silver per tonne, including 20.70 metres of 2.43 grams gold and 226.3 grams silver from a depth of 142.84 metres. Hole BC11-335 cut 29.7 metres of 1.18 grams gold from a depth of 174.3 metres and hole BC11-341 returned 10.7 metres of 4.06 grams gold from a depth of 22.0 metres.
The Brewery Creek project, a 187 sq. km property 55 km east of Dawson City, is a past-producing heap leach gold operation. Between 1996 and 2002, Brewery Creek produced a total of 278,484 ounces of gold from seven near-surface oxide deposits along the property’s Reserve Trend. The mine was shut down due to low gold prices.
Mineralization in the Sleeman zone is hosted in altered intrusive rocks occurring as a tabular zone. Gold mineralization so far has been drilled to a vertical depth of about 200 metres from surface and extends horizontally more than 400 metres; it is open in both directions along strike and down dip.
Golden Predator believes that surface geochemistry, magnetics and IP “all support the existence of a potential target well in excess of 1 km in strike length.” The company also says it has all the required permits, including the Class 3 mining land use permit that is a requirement for additional exploration. It is authorized under a Type A water license, which expires in Dec. 2021. It also has a production license until Dec. 2021, and the 93 mining leases spanning the mine facilities, pits, waste dumps and adjacent drill indicated deposits, have expiry dates starting in 2016.
Meanwhile at its Cache Creek project, 90 km south of the Osiris discovery of Atac Resources (ATC-V), four of six holes intersected intervals of hydrothermal alteration. Highlights include hole HAR11-005, which returned 57 metres of 0.53 gram gold per tonne from a depth of 3.1 metres, in addition to a second zone of anomalous gold with 39.9 metres of 0.49 gram gold per tonne from a depth of 315.2 metres.
HAR11-006 cut 77.4 metres of 0.51 gram gold per tonne from a depth of 3.6 metres, including 35.63 metres of 0.77 gram gold from a depth of 3.6 metres, plus a second intersection with 16.66 metres of 2.10 grams gold from a depth of 117.3 metres, including 4.51 metres of 6.85 grams gold.
Cache Creek, formerly known as the Harlan project, is made up of 740 quartz claims over about 150 square kilometres and has at least two major drill-ready targets, the Vortex zone and the West Porphyry zone. All drilling so far has been in the Vortex zone. The company plans more drilling in teh Vortex zone in 2012, in addition to initial drill testing of the West Porphyry zone.
Shares of Golden Predator closed at 63¢ per share on Jan. 10, up 5% or 3¢ apiece. Over the last year the junior has traded within a 52-week range of 52¢-$1.46.
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