| STOCK PRICE: | TSX:GPD | CAD $0.49 | VOLUME: | 78675 | 15-20 min. delay |
|
| ||||||
|   Lantern Pershing County, Nevada Property Overview The Lantern project is located in Pershing County, Nevada, approximately 40 miles (64.4 km) north of Lovelock. The project consists of 223 unpatented claims and 1,463 acres (592 Ha) of fee land owned or controlled by Golden Predator Royalty & Development Corp. (Golden Predator). The Company owns 167 claims and leases 56 claims in addition to 1,463 acres of fee land leased from Newmont Mining Corp. Historical Exploration Precious metal mineralization was identified on the property around 1930, and the first ore mined from quartz veins on the top of Silver Ridge in the early 1930's. Modern exploration of the district effectively commenced in the 1980 with identification of silicified gold boulders located in the western portion of the current Golden Predator land position. The property has been explored by several companies, including Homestake Mining Co. (1986), Corona Gold (1987-92), and Santa Fe Gold Corp (1993-96). An estimated 180 reverse circulation (RC) and rotary chip holes have been drilled on the property since 1980 on over 6 prospect areas, and the majority of drilling on those prospects was completed by Santa Fe Pacific Gold Corp., who focused their efforts on large tonnage, bulk mineable deposit style. Santa Fe Pacific completed a resource estimate in 1992 for the SP ridge prospect based on 64 angle and vertical reverse circulation drill-holes that covered an area of approximately 2,000 feet of strike length, in a north-south orientation. Santa Fe estimated a total of 12,670,000 tons averaging 0.012 ounce per ton (opt) (0.41 grams per tonne (gpt)) gold at a 0.008 (0.27 gpt) cut-off grade, and in a separate, but overlapping silver resource shell; 8,450,000 tons averaging 1.15 opt (39.4 gpt) silver at a 0.292 opt (10 gpt) silver cut-off (Chenevey, 1992). The two overlapping resource shells combined total just over 18 MM tons containing an estimated 145,900 ounces of gold and 9.73 MM ounces of silver. These estimates are historic in nature have not been verified by a Qualified Person as defined by NI 43-101. They should not be relied upon and are reported here for historical background only. Mineralization and Geology At Lantern, Kamma volcanic rocks form the margin of an eastward dipping structural basin, where Miocene sediments and fanglomerates that largely predate the volcanic rocks are in fault contact with each other. This fault contact is predominantly covered by Quaternary Lahontan lake sediments and all is underlain by the Late Triassic to early Jurassic Auld Lang Syne Group basement rocks, comprised of phyllite, shale, mudstone, siltstone, with intercalated calcareous units, which outcrop on the eastern margin of the property. Situated approximately 1 mile (1.6 km) south of the Rosebud deposit, the western margin of the Lantern Property is hosted by the same Miocene Kamma volcanic sequence that hosts mineralization along a north-northwest trend at Rosebud and at the Hycroft mine, located approximately 10 miles (16.1 km) north of Lantern. Between 1997 and 2000, Rosebud was mined by a Hecla-Newmont joint venture and produced 385,450 ounces of gold and 1,253,604 ounces of silver from 1,003,390 tons milled (Harvest Gold Corporation news release dated November 22, 2007). Hycroft Mine is currently in production, with resource and reserves reported in their Canadian NI 43-101 compliant report dated May 15, 2009 prepared by Scott E. Wilson Consulting, and posted to www.sedar.com by Allied Nevada Gold Corp on May 15 2009. Several styles of mineralization are recognized at Lantern including epithermal style vein and stockwork prospects with quartz-adularia mineralization and disseminated mineralization into porous fanglomerates and calcareous sedimentary units. SP Ridge and Silver Ridge prospects; are structurally complex zones with several feeder structures cutting through both Mesozoic sediments and Paleozoic Auld Lang Syne group rocks. Low grade mineralization exploits favourable lithologies at each prospect. The Gold Boulders target is a 1,600 ft (488 m) linear zone of nearly continuous quartz rubble, and several large sub angular boulders up to 3 ft (1m) wide and 5 ft (1.5 m) long. Large boulders and fragments are primarily composed of banded quartz-adularia veining, that repeatedly return +1 opt gold (+ 34.3 gpt) rock chip assays with representative sampling averaging >0.25 opt (8.6 gpt) gold by several companies in past exploration programs. Drilling on the prospect is limited and non conclusive as to the source for the boulders. The gold boulders may represent a blind target of high grade quartz-adularia veining located proximal, and to the west of the exposed geochemical signature. Current Work Golden Predator has completed a 3 diamond hole drill test totaling 1751.5 ft (533.9 m) of drilling on the SP Ridge prospect that commenced in late February 2010. The diamond program consisted of short step-outs and a twin hole on the Quincy Resources Inc., a predecessor company of Golden Predator Royalty & Development, results in drill holes QEL-4 & 5 (see table below). The diamond drilling has helped to characterize the nature of the mineralization encountered in previous drilling and with ongoing modeling, will better define the geometry of the mineralized system which will assist in better defining the exploration target. The 2010 SP ridge drilling results are pending analysis. Summary of Results Within Santa Fe's resource estimate are several feeder structures containing high grade silver values and significant gold values. Quincy Resources completed a four drill hole program in 2005 targeting the high grade feeders at SP ridge. Work by Golden Predator is designed to better define the geometry of the high-grade feeder target within the mineralization at SP ridge and further target that zone along strike and down-dip. Below is a table showing results of Quincy Resource's significant intercepts at a >0.3 gpt gold cut-off and/or a >1 opt silver cut-off.
Travis Schwertfeger, BSc, MAIG & the Company's Vice-President, Exploration (US) is the Qualified Person for the Lantern Project and has reviewed the technical content of this web summary. | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Flash Player is required to play this animation | |
HOME CORPORATEASSETSROYALTY TRUSTNEWS INVESTORS OPPORTUNITIES CONTACT CAREERS © Golden Predator Corp. 2010. All Rights Reserved | |
| DISCLAIMER | |
| 
|