Shares in Golden Predator (TSX:GDP) jumped more than 20% in trading today after the company reported an impressive drill intersect at the Carlos Zone, which is within the Grew Creek Property in Yukon, Canada.
The company reported results from three drill holes (approximately 700 meters of drilling in total) completed at the Carlos Zone, and highlighted an impressive 146 meters averaging 1.72 grams per tonne gold in hold GC10-001. All three holes however intersected wide zones of mineralization, significantly upping the resource potential of the zone.
Drill hole GC10-003 cut 60.85 meters averaging 1.93 grams per tonne gold and a further 8.5 meters averaging 1.89 grams per tonne gold, while GC10-002 returned 132 meters grading 1.21 grams per tonne gold and a further 31.75 meters grading 2.08 grams per tonne gold, which ended in mineralization.
Silver assays for all three holes are still awaited.
Earlier this year Golden Predator`s geologists analyzed the structural orientations of mineralized veins exposed on the discovery outcrop and in available core from historic drilling. They concluded that previous drilling on the project “had not been optimally oriented”. The Company's 2010 drill program was established with a new orientation - which has turned out to be a very shrewd calculation.
"I am obviously excited by the consistency of the mineralization we have encountered at Grew Creek, and am pleased to place Grew Creek beside Clear Creek as our premier advance projects for 2011. We are anticipating significant progress towards resource calculations on both Grew Creek and Clear Creek next year, as well as expansion of the existing resource at Brewery Creek" said William M. Sheriff, Chairman and CEO. "Furthermore, I am very proud of our accomplished technical team which identified this opportunity and engineered a very successful drill program based solely on new structural interpretations."
Looking forward, the junior gold exploration company is planning to develop a 3D model of drilling completed to date and a maiden resource estimate in advance of a larger drilling program due to kick off in February 2011.
“The accessibility and infrastructure available at Grew Creek support year round operations and enables the Company to pursue a major drill program throughout the winter months of 2011 and continuing into the traditional field season,” Golden Predator noted.