Golden Predator Commences Drilling on St. Elmo Project, Nevada; Graduates to TSX-V Tier 1
Tuesday, August 25th 2009
Golden Predator Royalty & Development Corp. announces that it has commenced drilling on the St. Elmo Project located 100 km north of Elko, NV. The St. Elmo Project was recently acquired under an option agreement with Nevoro Nevada Inc., a wholly owned subsidiary of Nevoro Inc., and an aggressive exploration program has been initiated on several drill-ready targets on the Project.
Drilling at the St. Elmo Project is targeting bonanza style vein mineralization, with drilling initiating on the St. Elmo vein hosted in quartzite of the Cambrian Prospect Mountain Formation. The drill program will test 1,200 ft of strike up to 500 ft below surface with 5,600 ft of reverse circulation and 1,800 ft of diamond drilling in 16 drill-holes. The St. Elmo vein prospect has 6 historic drill holes from two separate drill campaigns, with best intercepts in diamond hole GC-01, containing 8.5 ft of 0.155 opt gold from 399.67 ft and 6.25 ft @ 0.50 opt gold from 432.75 ft as reported in Golden Hope Mines Limited’s August 23, 1999 news release.
An additional 3 to 4 reverse circulation drill-holes will also be completed on previously untested vein targets with gold anomalism at surface.
The St. Elmo Project is an exciting opportunity to generate near-term operations for the Company. Metallurgical work completed by past operators is favourable for Golden Predator’s planned modular milling facilities in Nevada. Hazen Research reported a head grade of 2.36 oz/t gold and 1.15 oz/t silver on a 360 kg bulk sample collected from existing stockpiles. The bulk sample was prepared for metallurgical assessment by Harrison Western Mining and collected in underground operations as recently as 1990.
Assay figures from previous operators have not been verified and are reported as un-cut, and all intercepts are reported as drilled width and are not to be interpreted as true widths.
Travis Schwertfeger, BSc, MAIG and Exploration Manager for Golden Predator Mines US Inc., the Company’s wholly-owned Nevada subsidiary, is the Qualified Person for the St. Elmo Property and is responsible for the technical content of this news release.
Graduation to Tier 1
The Company is also pleased to announce that it has graduated to Tier 1 status on the TSX Venture Exchange. Tier 1 is reserved for the TSX Venture Exchange’s most advanced issuers with the most significant financial resources, and the benefits of Tier 1 status include decreased filing requirements and improved service standards.