Nov 29 2016
Golden Predator Mining Corp. (TSX VENTURE: GPY)(OTCQX: NTGSF) (the "Company") is pleased to announce the receipt of a Class 4 Mining Land Use Permit (MLUP) at the 3 Aces Project in Yukon, Canada. The permit allows the company to carry out expanded exploration activities including the ability to construct up to 45 kilometers of roads, 40,000 cubic meters of trenching and the ability to bulk sample up to 10,000 tonnes of material annually. The permit is valid for a period of five years.
The 2016 exploration program has consisted of road work and trenching that has successfully identified over 25 mineralized veins and lead to target identification for the drill program, currently underway, and future bulk sampling. The Class 4 MLUP allows the Company the ability to significantly expand its exploration program.
"Golden Predator commenced the application process for this permit in 2016 following the Company's bulk sampling program when the need for expanded exploration became clear," said Janet Lee-Sheriff, Chief Executive Officer. "We want to thank the Yukon Government, the Yukon Environmental and Socio Economic Assessment staff and Board and the Kaska Nation for their due diligence in the review and approval of our application."
A total of eight (8) projects in the Yukon operate under a Class 4 Mining Land Use Permits, including two projects held by Golden Predator; the 3 Aces project and the Brewery Creek project.
About 3 Aces
The 3 Aces property is a 225 km² property consisting of 1,118 contiguous quartz claims (23,000 hectares) located in southeast Yukon and includes the two highest grade surface outcrops discovered to date in the Yukon. The property is located along the all-season Nahanni Range Road which accesses the Cantung Mine located 40 km to the north. To date over 25 mineralized veins have been discovered through sampling, trenching and roadwork.
Coarse gold in quartz veins at surface were discovered in 2009 on the property. The project was advanced with extensive soil sampling by the previous operator, which outlined significant gold-in-soil anomalies over a Central Core Area of 10.5 km2, and helicopter supported core drilling. Previous exploration work by Golden Predator in 2015 and 2016, which includes metallurgical studies, rotary air blast (RAB) drilling, RC drilling and bulk sampling, has focused on establishing the grade and continuity of the Ace of Spades vein where previous diamond drilling had intersected the vein but returned lower than expected grades. The work in 2015 and 2016 has confirmed the high grades of the vein by utilizing a sampling protocol derived from the metallurgical studies that is resulting in a better estimation of gold grades within the veins.
The 2016 work program, commenced in August 2016, included airborne geophysics, soil sampling, trenching, geological mapping and sampling, road construction and installation of a bridge over the Little Hyland River. The 3 Aces drill program, currently underway, is intended to test high grade mineralization exposed in a number of trenches along strike and down dip in the Ace of Spades zone and the Jack of Spades zone, and from additional mineralized veins in the Spades, Hearts and Clubs areas. Together, the Clubs, Diamond, Hearts and Spades areas encompass approximately 10.5 km2.
The 3 Aces drill program is targeted to complete approximately 4,500m of 5.5 inch diameter reverse circulation (RC) drilling and PQ Core drilling in Q4 2016. Drilling is expected to continue into December 2016 and increase to over 25,000 m in 2017.
The 3 Aces property is located in the traditional territory of the Kaska Nation. In January 2013, Golden Predator signed an Exploration Agreement with the Kaska Nation, as represented by the Ross River Dena Council and the Liard First Nation, with respect to activities within their traditional territories.
The technical content of this news release has been reviewed and approved by Mike Burke, P.Geo., a Qualified Person as defined by National Instrument 43-101 and Chief Geologist for the Company.
Source: http://www.goldenpredator.com/