VANCOUVER, BC / ACCESSWIRE / August 18, 2016 / Golden Predator Mining Corp. (TSX.V: GPY) (the "Company") is pleased to announce the results of the initial test processing of its Winter 2016 bulk sample program from the Ace of Spades Vein (formerly named Sleeping Giant Vein) at its 3 Aces Project. A total of 79.70 dry tonnes (87.83 dry tons) from a stockpile estimated at 750 tons of material was processed intermittently through July 12th, 2016. A total of 4,587 grams of concentrate were recovered from the shaker tables, which was poured into a doré bar which contained 81.408 troy ounces of fine gold and 7.771 troy ounces of silver. The Company sold the precious metals and received payment for 99% of the gold and 96% of the silver for a net of CDN$139,062.45. The doré bar weighed 96.72 troy ounces and contained 85.02% gold and 8.37% silver. Non-payable metals represented the balance of the weight.
To view the doré bar please use the following links:
http://www.goldenpredator.com/_resources/images/Director-Brad-Thiele-at-gold-pour.jpg
http://www.goldenpredator.com/_resources/images/dore-bar.jpg
In addition to the precious metal concentrate reported on above a significant amount of gold remains in the middling or sulphide concentrate which has returned an assay of 986.0 g/t Au. A significant amount of the gold in this middling concentrate will be recovered through additional 3rd party processing at a later date. Daily head and tail assays collected from the plant after May 5th, 2016 continue to indicate above 80% average overall recovery.
PROCESSING PLANT UPGRADE
As discussed in the Company's interim processing report (GPY News Release dated June 6th, 2016), the processing plant experienced good operational productivity from both the jaw crusher and the shaker tables with the hammer mill restricting throughput. After further investigation, the Company elected to significantly upgrade its processing equipment in an effort to optimize sample throughput and gold recovery. The Company has received a 4' by 8' rod mill and expects to receive twin 16-foot sluice boxes, a magnetic separator and clean-up table as well as a screen and pump.
The rod mill will provide a more consistent grind with much greater output than the hammer mill without overgrinding the material. The twin sluices will be installed down circuit from the rod mill. The rod mill combined with the screen and a slurry pump in closed circuit will produce a consistent particle size classification, thereby allowing better gold recovery from the sluices and tables. The use of the twin sluices will provide continuous operation and a high concentration ratio which will require less clean up with a higher gold content. The magnetic separator and clean-up table will allow the production of a higher gold content concentrate.
Plant renovations have begun and are expected to be completed within the next few weeks. Once the new circuit is operational the remaining bulk sample will be processed. The new plant design and equipment is designed to provide better recovery, cleaner concentrates and an increased throughput capacity of approximately 25 tons per day. The Company's continuing bulk sample program is intended to provide important metallurgical information while deferring potential shareholder dilution.
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.
3 Aces Project, Yukon
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 veins discovered to date are characterized by coarse nuggetty gold with a low sulphide content consistent with an orogenic vein model. The property is located along the all-season Nahanni Range Road which accesses the Cantung Mine located 40 kilometers to the north.
The 3 Aces property contains a number of quartz veins and vein zones that cut Cambrian aged limestone, shale, quartz grits and chert pebble conglomerates of the Hyland Group. Previous sampling and exploration by Golden Predator has outlined extensive gold-in-soil anomalies over ten square kilometers, including the five high grade gold in quartz veins that contain coarse visible gold. Exploration work in 2015 and 2016 to date, including metallurgical studies, Rotary Air Blast drilling, Reverse circulation 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 establishing a sampling protocol which is resulting in a better estimation of gold grades within the veins. This work, the sampling protocol and the Phase II program are designed to significantly advance the understanding and discoveries on the project in 2016 and 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.
Golden Predator Mining Corp.
Golden Predator Mining Corp., a Canadian gold mineral exploration company, is focused on advancing its high grade 3 Aces Project and the Brewery Creek project, a past producing heap leach gold operation in Canada's Yukon.
For additional information:
Janet Lee-Sheriff
Chief Executive Officer
(604)260-5029 Ext.101
[email protected]
www.goldenpredator.com
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.
SOURCE: Golden Predator Mining Corp.