In the junior mining space, finding candidates for investment is always a challenge. High grades, access to finances and resource estimates are the most common criteria. Another important criterion of course is ongoing development efforts.Canadian Venture listed Golden Predator Royalty & Development Corp. (TSX-V: GPD) is certainly meeting all these aspects. Results for the first 6 drill holes from the 13 hole Reverse Circulation (RC) drill programme at its Adelaide Project, Nevada highlight the continuity of the Margarite Vein Structural Zone and increasing tenor of grade with depth. GPD has also completed a National Instrument 43-101 compliant technical report on the Project.
Holes GPA-035, GPA-036 & GPA-037 were drilled on approximate 30.5 m (100 ft) spacing along the trend of the Margarite Vein Structural Zone, and in-fill a 300 ft gap in the 2008 drilling at the 1,707 to 1,737 m (5,600 to 5,700 ft) elevation range, located approximately 60 m (200 ft) below the current pit floor. These intercepts demonstrate continuity of +3.43 gpt (+0.1 opt) intercepts for over 900 ft of strike and approximately 46 m (150 ft) of vertical extent. This elevation range is interpreted to be the upper levels of the boiling zone in the bonanza vein style system. Continued drilling in this program will test this zone further down-dip.
According to William M. Sheriff, Chairman & CEO, GPD intends to integrate these new results into their 3-D model immediately in order to plan the next round of drilling, scheduled to commence in early January. The continuity and the grade of the Margarite Vein makes Adelaide a distinctly attractive project and its proximity to Humboldt modular mill site will serve to significantly enhance the Project's economics said Sheriff.
Brisk development activities are expected at Adelaide project. The plan is to drill a total of 10 RC holes into the Margarite Vein Structural Zone, and an additional 3 holes testing a new target on the Sage vein, located approximately 450 m (1,500 ft) to the northwest. The next phase of delineation drilling at the Adelaide Project is expected in early January following modeling of the current programs results. The Company holds an option to acquire up to 100% of Atna Resources Ltd.'s interest in the Adelaide Gold Project, which is subject to an underlying lease with Newmont Mining Corporation.
While the Adelaide project indeed takes considerable management focus, it is not the only project GPD is engaged in. Brisk development activities are currently underway in all its properties with some $2 million diamond drilling campaign this summer in the Yukon Territory alone.
Drilling is also expected to commence at the Company's Eagleville Project, located in Mineral County NV shortly, where a planned seven hole RC program (1,371 m/4,500 ft of drilling) will test the epithermal, bonanza vein style system. Eagleville is host to a series of NW trending quartz veins with over 8,000 feet of underground workings developed on the historic quartz vein deposits. One of the only four historic drill holes in the system intersected 1m of 5.8 gpt (3.28 ft of 0.17 opt) gold from a depth of 65.8m (216 ft) and a second hole returned 0.4m of 32.9 gpt (1.3 ft of 0.96 opt) gold from 47.2 m (155 ft) drill depth.
About Golden Predator
Golden Predator's corporate mandate is to establish a self-funded precious metal exploration company with an immediate focus on exploring for and developing world class gold deposits in the Tintina Gold Belt and the Rocky Mountain Alkalic Gold Province. GPD is also aggressively exploring its three Yukon properties, Gold Dome, Brewery Creek, and Antimony Mountain, in the prolific Tintina Gold Belt. Brewery Creek has a current Type A water license and a production license.