VANCOUVER, Canada, August 24th, 2021, Golden Dawn Minerals Inc., (TSX-V: GOM | FRANKFURT: 3G8C | OTC Pink: GDMRD), (“Golden Dawn” or the “Company”), announces that drilling will begin on the Golden Crown property at its Greenwood Precious Metals project in southeastern British Columbia early September or latest expectations September 15th 2021.
Drilling is expected to begin early September at the Golden Crown property, after a delay due to the Company submitted a new Notice of Work to amend the existing permit for the use of existing non-status roads. A total of 26 drill sites (sufficient for 3,950 meters) are planned, commencing at the JD historic mine, where 10 priority drill sites are planned for close-spaced to follow-up previous results at the JD. In addition, 7 sites are also planned at the Golden Crown mine to in-fill and extend the known resources and 9 sites are planned to test various geophysical and geochemical anomalies.
The JD area is located 5 kilometres east of Greenwood and 2 kilometres south of the historic Phoenix Mine open pit. The area was previously exposed by trenching and drilling over a strike length of 375 meters and is interpreted to be the northwestern extension of the Golden Crown deposit, which lies 2 kilometers to the southeast. (The Golden Crown deposit consists of indicated and inferred resources as defined in the Company’s 2017 PEA Technical report.) Between 1986 and 1988, soil and rock geochemistry, geophysics, 26 trenches, 8 diamond drill holes and 10 reverse circulation (RC) drill holes were completed. A trenching program was also conducted in 2003 and 2004 that identified three zones of sulphide mineralization, including the Main, Footwall and Hangingwall zones. Historic exploration highlights include the following:
The 2003-4 trenching program exposed the Main Shear over a strike-length of 375 metres in trenches dug across and along strike. The Hangingwall zone, 50 metres to the north, was exposed over a total strike length of 200 metres. Both zones are composed of semi-massive to massive sulfides within northwest trending, moderately north-dipping shear zones.
The Main Zone is composed of lenses of disseminated to massive pyritethat extend discontinuously along strike and dip about 45 degrees north. Massive magnetite was also exposedin one trench. The mineralization mainly consists of coarse euhedral pyrite in a silica matrix. Trace amounts of molybdenite and chalcopyrite occur in late-stage narrow quartz veinlets.
In 2017, Golden Dawn confirmed the gold grades in the 2003-4 trenches at the JD area by check sampling. Gold values ranged between 1.8 and 15.8 g/t gold for 1 metre surface rock channel samples, with an average grade of 7.4 g/t gold. The average grades for multi-meter sample traverses are provided below.
Table of results for surface channel samples at JD area:
Follow-up trenching conducted in 2020 by Golden Dawn at JD returned the following results:
The JD zones are interpreted to be controlled by the nearby regional Snowshoe Fault that cuts Triassic and Permian-aged sedimentary and volcanic units. The mineralized lenses are interpreted to be hosted within north-dipping secondary splays faults of the Snowshoe Fault. The size and orientation of the trenched mineralized zones support an interpretation that the JD zones could be extensions of the northwest-trending zones defined at the Golden Crown area.
Based on the exploration results obtained to date, a drilling program is planned for the JD area, with diamond drill sites spaced at 15 metre centers to test the Main and Hangingwall Zones for down dip continuity. The trend between the JD and the Golden Crown deposits and the northwest extension of the JD will also be explored.
In addition to the Golden Crown-JD property, other areas in Golden Dawn’s Greenwood Precious Metal Project are being permitted for drilling this year. Approval for the Phoenix permit, covering 12 drill sites (7,200 m) is expected soon, after the 2021 permit was updated to include the re-activation of existing non-status roads. The Lexington exploration permit for surface drilling is also being updated to include the use of non-status roads and exclude the Lexington mine permit area. A survey to establish whether the American Badgers are present also is underway.
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.
Analyses for 2017 disclosed in this release were conducted by Activation Laboratories (Act-Labs) in Kamloops, B.C. Activation Laboratories (Act-Labs) is an independent commercial laboratory that is ISO 9001 certified and ISO 17025 accredited. Analyses for gold were by the fire assay method using 30 gram samples with an AA finish. Fire assay gravimetric analyses were carried out on initial gold analytical results in excess of 30000 ppb gold. Silver and other elements were analyzed by ICP-OES using an aqua regia digestion. Copper results above 1% were re-analyzed by peroxide fusion. Results above 100 g/t silver were re-analyzed in duplicate for ore grade concentrations by the Fire Assay gravimetric method using a 30 gram sample. Quality control was monitored using reference and blank samples inserted into the sample sequence at intervals. Check analyses are being performed on selected samples.
Analyses for 2020 disclosed in this release were conducted by ALS Global – Geochemistry Analytical Lab in North Vancouver, BC, Canada. ALS is an independent, fully accredited commercial laboratory. Gold was determined by the fire assay method using a 50-gram sample weight and AA finish, with over-limits checked using a 50-gram sample weight and gravimetric finish. Other metals were analyzed as part of a 48-element package using a four-acid digestion and determination by ICP-MS.
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:
Tel: 604-221-8936Email: Office@goldendawnminerals.com
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.
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