VANCOUVER, Canada, September 14, 2021, Golden Dawn Minerals Inc., (TSX-V: GOM | FRANKFURT: 3G8C | OTC Pink: GDMRD), (“Golden Dawn” or the “Company”), announces that it has received final approval for its drilling plan on the Phoenix Property at the Greenwood Precious Metals project in southeastern BC, which is anticipated to be executed in October.
The Phoenix Multi-Year Area Based permit is for a total of 25 drill sites, with 12 sites approved for this year. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 7,200 meters to be drilled this year out of a total of up to 15,000 metres.
The Phoenix Property is extensively mineralized and covers 29 past producing mines and in excess of 70 mineral showings. Targets for this year are located in the northeast area of the property and include the Minnie Moore and Summit epithermal gold and silver prospects, and nearby gold-copper skarn deposits located northeast of the historic open pit Phoenix copper-gold mine.
The Minnie Moore showing is a silver-rich epithermal style breccia vein hosted in limestone. Sulfide content is generally low but can exceed 5% of pyrite, with lesser chalcopyrite, sphalerite, galena, tetrahedrite, and ruby silver. Native gold has been seen in thin section and in hand specimen. In 2017, Golden Dawn reported a check sample result of 1700 g/t silver and 2.68 g/t gold over 1.0 meters for the Minnie Moore (news release dated Oct. 18, 2017).
The Summit showing lies 75 m north of the main R. Bell skarn deposit and historic workings. The Summit is hosted within Brooklyn limestone and consists of discontinuous quartz veins carrying high gold values. Sampling results from 1997 were reported at 30.2 g/t Au over 7.3 meters. In 2017, Golden Dawn reported a check sample result of 85.9 g/t gold over 0.4 meters from the Summit (news release dated Oct. 18, 2017).
The BC Mine is one of several skarn deposits that occur in the northeast area of the Phoenix property where drilling is planned. Historic production at the B.C. Mine occurred 1900-1907, 1916-1918, 1938 when a total of 93,874 tonnes were mined grading 0.3 g/t Au, 71.0 g/t Ag, and 4.4% Cu. Mineralization occurred as massive to semi-massive lenses of chalcopyrite with subordinate pyrrhotite, pyrite and magnetite replacements in the Triassic Brooklyn Group, near the contact of the sharpstone conglomerate on the west (footwall) and a narrow band of marble/limestone on the east (hangingwall). Associated skarn gangue minerals include garnet (most abundant), quartz, calcite, epidote, actinolite and chlorite.
Historic BC Mine (left) and example of copper gold skarn mineralization with malachite (right).
The Phoenix permit is the first to receive final approval from the Ministry of Energy Mines and Low Carbon Innovation (EMLI) out of four permits being processed for Golden Dawn. Three of the four (Phoenix, Golden Crown and Lexington) are existing permits whereas one (Tam O’Shanter) is a new application.
Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,
For more details, please see the most recent National Instrument 43-101 Technical Report on the Company’s website at www.goldendawnminerals.com.
On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.
Per: “Christopher R. Anderson”
Christopher R. Anderson
Chief Executive Officer
For further information, please contact:
Golden Dawn Minerals Inc. – Corporate Communications:
Forward-Looking Statement Cautions:
This news release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company’s Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
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