Golden Predator Reports 3 Aces Project Bulk Sample Results
VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Golden Predator Mining Corp. (TSX.V:GPY) (OTCQX:NTGSF) (the “Company” or “Golden Predator”) reports today the reconciliation from the bulk sample program at the 3 Aces Project in Southeast Yukon, which yielded 29.654 kg (953.4 troy ounces) of fine gold from 776 metric tonnes processed. The average calculated grade of the bulk sample was 46.18 grams per tonne (g/t). The bulk sample was processed solely by the Company using conventional gravity recovery methods (crushing, grinding, sluicing and shaker tables) and has provided valuable technical information, and effectively demonstrates that gravity processing is sufficient to obtain high gold recoveries without the use of chemicals or elaborate equipment.
Location map and pictures of the bulk sample location at 3 Aces, Yukon can be viewed at:
2016 Bulk Sample Results: 3 Aces Project
|Final Doré Bar Weight1 |
|% Gold in |
|% Silver in |
|High Purity Gravity Concentrates (refined by Technic)|
|High Purity Gravity Concentrates (refined by Asahi)|
|High Purity Gravity Concentrates held in Inventory by Company|
|Concentrate Weight |
|% Gold in |
|% Silver in |
|Sulfide Gravity Concentrates (refined by Sipi Metals)|
|#2 + #33||2,139.00||0.28||%||0.041||%||195.4||28.5|
|Total Metals Recovered (#1 and #2 + #3 Concentrates)||953.4||100.7|
|Estimated Tailings |
|Estimated Total Contained Metals (Recovered + Contained in Tails)||1152.4||118.1|
|Calculated Gold Head Grade||46.18 g/t|
- Doré bars are poured by the company from #1 concentrates and sent to a commercial refinery for final processing to 99.99% gold.
- # 1 concentrate is over 50% pure gold and is the highest purity, lowest volume of material recovered from the shaker tables at the end of the Company’s processing; these concentrates are melted to produce doré bars.
- Number 2 and 3 concentrates consist largely of sulfides with significant gold, the relatively high sulfide content in comparison to the gold content requires smelting by a commercial smelter.
- Tails grade estimate is based on incomplete sampling of tails produced on an hourly basis.
Three gravity concentrates were collected. The #1 concentrate was very high grade and was directly smelted into gold doré bars, which were processed into 99.99% fine gold by Technic Inc. in Richmond, British Columbia and Asahi Refinery in St. Catharines, Ontario. The #2 and #3 sulfide concentrates were combined and shipped to Sipi Metals Corporation in Chicago, Illinois for smelting and refining.
Of the total metal recovered from the bulk sample, 671 troy ounces of gold has been sold for proceeds of US$865,446. The Company retains 256 troy ounces of fine gold on account with the refinery and 19.5 troy ounces in process at Company facilities. The remaining 6.9 troy ounces were retained by the refiners and the smelter for their services.
Assuming an average gold content of 8 g/t in the tails, the resulting recovery rate is 83% from a simple gravity recovery circuit. Additional testing by Met-Solve Laboratories Inc. has indicated that up to 75% of the remaining gold in the tailings can be recovered with additional gravity processing using an inexpensive Falcon concentrator. Total gravity recoverable gold is expected to be approximately 95%.
“These metallurgical characteristics have important positive consequences for 3 Aces. We can see the potential for low cost, on site, environmentally-friendly processing which could contribute to improved economics and fewer environmental hurdles,” said Janet Lee-Sheriff, Chief Executive Officer. “While the proceeds from gold sales are welcome, the overriding importance of the bulk sample program is the scientific information, especially the understanding of the metallurgy of the high-grade material from the Ace of Spades vein.”
3 Aces Project, Yukon
The 3 Aces Project is an orogenic gold project consisting of 1,734 claims covering 357 km2 (35,700 hectares) in southeast Yukon. The Company has focused exploration on the 13.5 km2 Central Core Area, a broad gold-in-soil anomaly, where numerous orogenic gold-bearing quartz veins have been discovered. Exploration over the past 18 months has successfully established: (1) high gold grades can be reliably sampled; (2) gold mineralization is in predictable stratigraphic locations; and (3) gold grades have robust continuity within the recognized controlling features. Results have led to a geological model that predicts extensive lateral and vertical continuity of the 3 Aces mineral system. The Company is now developing a strategy to establish this continuity between the Central Core Area and the Sprogge property 6 to 8 kilometers to the south.
The Project is located along the all-season Nahanni Range Road that was recently announced as being a part of the $360 million Federally and Yukon funded, Yukon Resource Gateway Project. Golden Predator operates under an Exploration Agreement with the Ross River Dena Council and the Liard First Nation, and a Class 4 Mining Land Use Permit issued by the Yukon Government.
The technical content of this news release has been reviewed and approved by Mark Shutty, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company.
For additional information:
Janet Lee- Sheriff
Chief Executive Officer
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.