Golden Predator Announces Joint Venture and Option Agreement on the Marg Project, Yukon
ACCESS Newswire
HAYDEN, ID / ACCESSWIRE / March 16, 2015 /Golden Predator Mining Corp. (GPY.V) (the "Company") is pleased to announce it has concluded a joint venture and option agreement (the "Agreement") with Minquest Limited of Brisbane, Australia for the Marg polymetallic volcanic associated massive sulphide (VMS) deposit which is accessible via a 40 km winter road from Keno, Yukon. The Marg Deposit contains an Indicated Resource of 1.72 million tonnes of 1.97 % copper, 4.59 % zinc, 2.4 % lead, 59.72 g/t silver and 0.95 g/t gold, and an Inferred Resource of 4.8 million tonnes of 1.81 % copper, 4.64 % zinc, 2.28 % lead, 54.47 g/t silver and 0.77 g/t gold, both at a cut off of 1.0% Cu. (1)
Transaction Terms
In consideration of the Agreement, Minquest has the ability to earn:
- 25% interest in the Project by paying Golden Predator $50,000 cash and $50,000 in common stock upon signing plus an additional $50,000 cash and $50,000 in common stock on the first anniversary of the Agreement in addition to work commitments of $2,400,000 over the first two years of which the first year commitment of $500,000 is a firm requirement;
- 51% interest by paying Golden Predator the amounts above plus $100,000 cash and $100,000 in common shares on the second anniversary of the Agreement plus spending an additional $1,700,000 on work commitments no later than the third year;
- 75% interest in the Project by paying Golden Predator the amounts above and spending an additional $4,000,000 on qualified work commitments no later than the fourth year of the Agreement bringing the total work commitment to $8,100,000.
The Marg Deposit
The Marg Deposit consists of 402 quartz claims covering approximately 83 km2 (8,290 ha) and is located in the Mayo Mining district about 40 km east of Keno City and is accessible by a 45 km winter road. Access for exploration purposes is by helicopter from Keno City or Mayo and by small aircraft from Mayo to a 380 m airstrip located on the property. The Marg Deposit is a poly-metallic volcanic-hosted massive sulphide deposit. The deposit is open to expansion down plunge to the east, down dip to the south, and along strike to the west and hosts untested exploration targets with significant geochemical signatures in favorable stratigraphy.
The Marg Deposit is located within encumbered Class A settlement land owned by the Na-Cho Nyak Dun First Nation offering potentially significant economic opportunities and resource revenue locally. Further work on the property will be done in close consultation with the Na-Cho Nyak Dun First Nation and the local communities.
Mineral Resources(1)
Marg Deposit - Mineral Resource Estimate
Burgoyne, A.A., and Giroux, G., 2011
Resource Category
Cut-off Grade (Cu%)
Tonnes
Cu
(%)
Pb
(%)
Zn
(%)
Ag
(g/t)
Au
(g/t)
Indicated
0.50
3,960,000
1.57
1.92
3.90
49.40
0.79
Inferred
0.50
7,780,000
1.12
1.38
2.89
34.88
0.52
A NI 43-101 technical report and mineral resource estimate on the project was completed by A.A. Burgoyne, P.Eng, M.Sc and G.W. Giroux, P.Eng, MASc. The full report is filed on the Company's profile on SEDAR (www.sedar.com).
Minquest Limited
Minquest Limited acquires, explores, and develops mineral resource projects in Australia and internationally. The company explores for gold and other metal deposits. It primarily holds an option to acquire a 75% in the Fyre Lake Copper-Cobalt-Gold project, in the south-east Yukon and can earn up to a 100% interest in the Coober Pedy Iron Oxide Copper Gold Project in central South Australia. The company was formerly known as Merah Resources Limited and changed its name to Minquest Limited in December 2014. Minquest Limited was incorporated in 2010 and is based in South Brisbane, Australia.
Golden Predator Mining Corp.
Golden Predator Mining Corp. holds the Brewery Creek project, a past producing heap leach gold mine with a preliminary economic assessment delivered in Q4 2014. The Company also holds the 3 Aces gold project in the Yukon which it continues to delineate and test, and the Castle West project in Nevada.
The technical content of this news release has been reviewed and approved by Michael Maslowski BSc, CPG, a consultant to the company and a Qualified Person as defined by National Instrument 43‐101.
1. Burgoyne, A.A, P.Eng, MSc. and G. H. Giroux, P.Eng, MASc, May 2011. Technical Report and Mineral Resource Estimate for Redtail Metals Corp. Vancouver, BC, on the Marg Volcanogenic Massive Sulphide Deposit, Mayo Mining District, Yukon, Canada.
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 projections and 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 involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. 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.
