Golden Predator (GPD-T) started strong in 2012 with more drill results from the Sleeman zone at its flagship Brewery Creek deposit and a new gold discovery at Cache Creek. Golden Predator is the largest active-exploration property holder in the Yukon.
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 11-323, which returned 35 metres of 1.63 grams gold per tonne and 136.72 grams silver per tonne, including 21 metres of 2.43 grams gold and 226.3 grams silver from a 143-metre depth. Hole 11-335 cut 30 metres of 1.18 grams gold from a 174-metre depth and hole 11-341 returned 11 metres of 4.06 grams gold from a 22-metre depth.
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 278,484 oz. gold from seven near-surface oxide deposits along the property’s Reserve trend. The mine was shut down when gold prices bottomed.
Mineralization in the Sleeman zone is hosted in altered intrusive rocks occurring as a tabular zone. Gold mineralization has so far been drilled to a vertical depth of 200 metres from surface. It extends horizontally for more than 400 metres, and is open in both directions along strike and downdip.
Golden Predator proposes that surface geochemistry, magnetics and induced polarization “all support the existence of a potential target well in excess of one kilometre in strike length.” The company also says it has all the required permits, including the Class 3 mining land-use permit required for additional exploration. It is authorized under a Type A water licence, which expires in December 2021. It also has a production licence until December 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 Atac Resources‘ (ATC-V) Osiris property, four of six holes intersected intervals of hydrothermal alteration. Highlights include hole 11-005, which returned 57 metres of 0.53 gram gold per tonne from a 3-metre depth, and a second zone of anomalous gold with 40 metres of 0.49 gram gold per tonne from a 315-metre depth.
Drill hole 11-006 cut 77 metres of 0.51 gram gold per tonne from a 4-metre depth, including 36 metres of 0.77 gram gold from a 4-metre depth, plus a second intersection with 17 metres of 2.10 grams gold from a 117-metre depth, including 5 metres of 6.85 grams gold.
Cache Creek, formerly known as the Harlan project, is made up of 740 quartz claims over 150 sq. km 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 is planning more drilling into Vortex this year, as well as initial drill testing of the West Porphyry zone.
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.
Northern Securities analyst Kwong-Mun Achong Low has a speculative “buy” on the stock with a 12-month price target of $1.60 per share. “We believe that Golden Predator offers investors a good combination of exploration potential in the Yukon with the promise of near-term production at its Brewery Creek project,” he writes in a Jan. 11 note.
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