Golden Predator Installs All-Season Camp at Brewery Creek Mine; Reduces Start Up Costs
VANCOUVER, British Columbia, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Golden Predator Mining Corp. (TSX.V:GPY, OTCQX:NTGSF) (the “Company”) is pleased to announce that the Company has installed its fully owned 49 person all-season camp complete with dorm rooms, an 80 person industrial kitchen, recreational & mud room, and arctic corridors. The camp is in excellent condition and currently on site at the Brewery Creek Mine site located near Dawson City, Yukon. Importantly, the camp will be added to the current 24 person camp and maintenance/office facilities and will provide all the on-site accommodations required for contemplated development and operational activities at the Brewery Creek Mine.
Golden Predator’s Brewery Creek Mine is located 45 minutes from Dawson City, Yukon and the newly installed camp is expected to be sufficient for future anticipated exploration, development and operational activities. The proximity of the Brewery Creek Mine to the community will allow much of the workforce to live and work from Dawson City, with anticipated shuttle service, significantly reducing the personnel required to be housed in camp.
"The camp is now installed with maintenance work ongoing through the winter to ensure a fully operational camp for the spring start up. In addition to realizing significant upfront capital savings, the camp enables a more aggressive execution schedule once anticipated construction begins,” said Janet Lee-Sheriff, Chief Executive Officer. “It was also important for Golden Predator to provide the opportunity for personnel to live in Dawson City instead of camp accommodations. We are very fortunate to be located so close to a fabulous community located in the heart of the Klondike Gold Rush.”
Brewery Creek Mine: Production History
The Brewery Creek Mine is a licensed brownfields heap leach gold mine that was operated from 1996 to 2002 and was placed in Temporary Closure 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 and Brewery Creek is now 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 while the Company works with Tr’ondëk Hwëch’in and Yukon Government to expand the licensed mining area to include new discoveries made since 2011.
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 and increased the resource 5 fold and completed a Preliminary Economic Assessment (PEA) resource estimate including an Indicated oxide resource of 577,000 troy ounces of gold in 14.2 million tonnes averaging 1.27 g/t gold and an Inferred oxide resources of 279,000 troy ounces of gold in 9.3 million tonnes averaging 0.93 g/t gold (includes resource areas located within and outside of current production licenses). In addition, the resource estimate contains Indicated sulfide resources of 142,000 troy ounces of gold in 3.5 million tonnes at 1.28 g/t gold and Inferred sulfide resources totaling 546,000 troy ounces of gold in 12.4 million tonnes at 1.37 g/t gold (1). Most drilling was historically terminated a short depth below the oxide mineralization, leaving the sulfide potential largely untested. The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
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 an employee of the Company.
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 low capex to production in a safe first world jurisdiction, Brewery Creek has a clear path to production as an economically and environmentally known project. Optimization studies are progressing to enhance the already positive multi-phase project economics described in the 2014 Preliminary Economic Assessment. 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.
At the 3 Aces project, Golden Predator continues to expand on discoveries of native gold in quartz veins while ongoing bulk sampling and processing at the 50 tpd Company-owned processing plant has demonstrated gold recoveries of over 85% using a chemical-free process. This green gold provides the gold for the mintage of .9999 gold coins from the Yukon Mint™, a wholly owned subsidiary of Golden Predator.
For additional information:
Janet Lee-Sheriff
Chief Executive Officer
(604) 260-8435
(1) NI 43-101 Technical Report "Preliminary Economic Assessment for the Brewery Creek Property Yukon Territory, Canada" Release Date of November 19, 2014.
(2) Brewery Creek Technical Report, Richard Diment, PGeo May 18, 2003
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.
