Golden Predator Corp. (TSX: GPD) has announced that it has signed an option agreement to acquire up to a 75% interest in 75 quartz mineral claims known as the Harlan Property, located 150 km north of the town of Ross River, Yukon Territory, Canada from Alexco Resource Corp.
"We are excited to be the first to test this truly outstanding drill-ready target located in the heart of the Tintina gold belt. We have added Harlan to our already robust project advancement program for 2011, which includes aggressively following-up on the three important discoveries we made in 2011 at our Brewery Creek, Grew Creek and Clear Creek Projects" said William M. Sheriff, Chairman and CEO. "Golden Predator is also pleased to continue our relationship with Alexco through this joint venture opportunity."
The 1,400 ha Harlan Property is approximately 60 km northwest of the North Canol. It contains at least two major drill-ready gold targets; the Vortex and West Porphyry Zones. The following data has been summarized from the Yukon Assessment Report #094286 (Johnson, G. 2000).
The Vortex Zone consists of a northwest trending gold-bismuth-arsenic-antimony anomaly measuring 1,600 m by 700 m that averages over 500 ppb Au in soils covering a zone consisting of fine disseminated pyrite within a silicified hydrothermal breccia. Grab samples taken within the Vortex Zone have returned values up to 6.5 g/t Au. The Vortex Zone contains a 500 by 300 m core that is intensely brecciated and clay altered that averaged more than 1 g/t Au with peak values up to 10.4 g/t Au in soils.
The West Porphyry Zone consists of a series of east-southeast trending, steeply south-southwest dipping altered quartz monzonite dykes. Rock chip sampling returned values up to 0.86 g/t Au over 20.8 m. Anomalous values to 1.26 g/t Au were returned from dykes across 2.5 km(2).
The Harlan Property covers a broad area of strongly silicified and variably clay-altered sedimentary rocks including Devonian-Mississippian clastic rocks of the Earn Group and lesser Ordovician-Silurian shales of the Road River Group, all of which have been intruded by Cretaceous, Tombstone suite, quartz porphyry sills and dykes, similar to those seen at Golden Predator's Brewery Creek Project.
The Company can earn up to a 51% interest in the Harlan Property by incurring a total of $2,000,000 in exploration expenditures, in stages, on or before December 31, 2013, of which $500,000 is a firm commitment. The Company can increase its interest to 65% by incurring an additional $850,000 of exploration expenditures on the Property and completing a Preliminary Economic Assessment by December 31, 2015. The additional 10% (for a total of 75% interest) can be earned by the Company incurring an additional $1,000,000 in exploration expenditures (for a total of $3,850,000) and delivering a bankable feasibility study by December 31, 2016. On the Company earning a 75% interest Alexco has a one-time right to buy back a 5% interest by paying $750,000.
The technical content of this news release has been reviewed and approved by Gilles Dessureau, M.Sc., P.Geo., a Professional Geologist employed by the Company and a Qualified Person as defined by National Instrument 43-101.
Source: Golden Predator Corp.