TECHNICAL REPORT COMPLETED ON UPDATED J&L MINERAL RESOURCE
ESTIMATE: 1.35 MILLION MEASURED AND INDICATED GOLD EQUIVALENT
OUNCES AND 1.08 MILLION INFERRED GOLD EQUIVALENT OUNCES
Vancouver -- March 19, 2018 – InvestorsHub
NewsWire -- Wolf Wiese, CEO of Golden Dawn Minerals Inc. (TSX-V: GOM; FRANKFURT: 3G8A;
OTC: GDMRF) (the “Company” or
“Golden Dawn”), announces that a NI 43-101 Technical Report
describing the updated Mineral Resource Estimate for the J&L
Project has been completed by P&E Mining Consultants Inc. and
filed on SEDAR. The updated Mineral Resource Estimate (effective
date January 23, 2018) contains 1.35 million gold equivalent ounces
in the Measured and Indicated categories and 1.08 million gold
equivalent ounces in the Inferred category (table below). J&L
is therefore one of the largest undeveloped gold Mineral Resources
in western Canada.
1) Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues.
2) The Inferred Mineral Resource in this estimate has a
lower level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is
reasonably expected that the majority of the Inferred Mineral
Resource could be upgraded to an Indicated Mineral Resource with
continued exploration.
3) The Mineral Resources in this estimate were calculated
using the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM), CIM Standards on Mineral Resources and Reserves, Definitions
and Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council.
4) The following parameters were used to derive the NSR
block model cut-off values used to define the Mineral
Resource:
– Dec 31, 2017 US$ two year trailing avg. metal prices: Pb
$0.95/lb, Zn $1.13/lb, Au $1,253/oz, Ag $17.08/oz
– Exchange rate of US$0.76 = CDN $1.00
– Process recoveries of Pb 74%, Zn 75%, Au 91%, Ag
80%
– Smelter payables of Pb 95%, Zn 85%, Au 96%, Ag
91%
– Refining charges of Au US$10/oz, Ag US$0.50/oz
– Concentrate freight charges of C$65/t and Smelter
treatment charge of US185/t
– Mass pull of 5% and 8% concentrate moisture
content.
5) The NSR cut-off of CDN$110 per tonne was derived from $75/t
mining, $25/t processing and $10/t G&A.
6) AuEq= Au g/t + (Ag g/t x 0.011) + (Pb % x 0.422) + (Zn %
x 0.455)
J&L is an advanced stage project
located 35 km north of Revelstoke, BC, and consists of mineral
tenure claims and crown granted claims that total 3,150.74
hectares. Huakan International Mining Inc. owns 100% interest in
the J&L Property (the “Property”) and assets without any
underlying royalties. Golden Dawn announced signing a three-stage
option agreement on December 18, 2017 to earn 100% interest of
J&L from Huakan subject to an NSR Royalty. The option agreement
is subject to regulatory approval.
The Property has been explored by a number of mining companies
by trenching, tunneling and drilling. There are a total of 315
drill holes completed on the property from 1983 to present
(41,075.9 metres). The 830 drift and related cross-cuts total 3.1
kilometres exposing the Main Zone for approximately 0.8 kilometres.
The 550 metre long 832 trackless drift provides year round
underground access to the 830 drift. Other assets include a rail
siding and load-out facility for the Canadian Pacific Railway in
Revelstoke, and a fully functional 40-man camp as well as a large
shop and office facility located at the property, as well as a
fleet of previously utilized underground mining equipment.
The J&L Property lies at the
northern end of the Kootenay Arc which is known for its Irish-type
carbonate hosted Zn-Pb, volcanic-hosted massive sulphide (VMS)
deposits (Goldstream) and Sedimentary Exhalite (Sedex) deposits.
The two main deposits on the J&L Property are the Main Zone and
the Yellowjacket Zone. Geologists who have worked on the Main Zone
in the past have proposed a Sedex model, a VMS model, a replacement
model and a shear hosted model. Huakan geologists interpret the
Main Zone to be a shear-hosted sheeted sulfide replacement deposit
that lies in a thrust zone and post-dates the Yellowjacket Zone
mineralizing episode. The Yellowjacket Zone has a close affinity to
Irish-type carbonate hosted Zn-Pb deposits. However, core
examinations point to a contact replacement model with pervasive
silica flooding.
The Main Zone is a sheeted
gold-silver sulphide vein system composed of
arsenopyrite-pyrite-sphalerite-galena mineralization. It has a
surface trace of over 3 kilometres strike length, and is traced by
drilling for 1.5 kilometres strike length and 0.8 kilometres dip
length. In addition, it is speculated that the Main Zone is linked
to the Roseberry Prospect and also to the former Mastodon Mine,
which would suggest a collective potential strike length of 9
kilometres. The Main Zone generally dips approximately 60 degrees
to the northeast with an average true thickness of 2.5 metres;
however, it can reach up to 15 metres in true thickness. Extensive
drilling has indicated a traceable continuous plane with virtually
no fault offsets, cut-offs or fault drags zones. As such, there
remains excellent potential for additional resources on the Main
Zone; it remains open up and down dip, and along strike to the
northwest and possibly to the southeast.
Sub-parallel intermittent footwall
and hanging wall zones occur proximal to the Main Zone. One hanging
wall zone (HM1) (named HW Zone in the Mineral Resource Estimate)
lies approximately 5 metres to the hanging wall of the Main Zone. A
footwall zone (FM1) (named FW Zone in the Mineral Resource
Estimate) zone lies approximately 5 metres to the footwall of the
Main Zone. Other zones include a second hanging wall zone (HM2)
that lies approximately 20 metres to the hanging wall of the Main
Zone, and a second footwall zone (FM2) that lies approximately 20
metres to the footwall of the Main Zone (Mineral Resources have not
been defined on these secondary zones).
The Yellowjacket Zone is
silver-lead-zinc-rich, and is composed of multiple parallel
siliceous sphalerite-galena bearing zones. The individual zones
making up the Yellowjacket Zone occur as lenticular bodies each up
to 8 metres thick at the contact between alternating units of
volcanics and limestone. The Yellowjacket Zone sub parallels and is
in the immediate hanging wall of the Main Zone. The Yellowjacket
Zone has higher silver, lead and zinc values than the Main Zone but
no notable gold.
Underground bulk samples have been
taken from the Main Zone to conduct metallurgical test work. The
Main Zone is a complex polymetallic deposit high in arsenic values
which create a challenge in the production of saleable zinc and
lead concentrates and the economic recovery of gold. Extensive
metallurgical testing between the mid 1980’s and 2014 have
considered various options and have produced numerous effective
options for acceptable recoveries of gold, silver, zinc and lead by
making 3 separate concentrates, including using heavy media
separation. Based on the current envisioned circuit and
corresponding laboratory test response, the overall process
recoveries for the Main Zone are expected to be approximately 93%
Au, 70% Ag, 74% Pb, and 80% Zn. Limited metallurgical test work
from drill core has been performed on the Yellowjacket Zone, which
appears to have less complex metallurgy than the Main Zone. The
expected process recoveries for the Yellowjacket Zone are 94% Ag,
88% Pb, and 93% Zn.
On February 6, 2018, Golden Dawn
reported that a legal action has arisen between Armex Mining Corp.
(“Armex”) and Huakan whereby Armex claims that it has a valid
letter of intent with Huakan covering Huakan’s J&L property.
Huakan has notified the Company that it intends to defend the Armex
action. The legal action has not been resolved at this time. Huakan
has filed a compelling defense and has initiated a substantial
counter claim. Huakan’s legal counsel Dentons LLC and Golden Dawn’s
legal counsel are confident of a favourable outcome for Huakan
International Mining Inc.
Assuming a resolution in Huakan’s
favour, Huakan and Golden Dawn could proceed with the recommended
Phase 1 program. Subsequent to the May 2012 PEA, 45 additional
drill holes were completed resulting in a sizable increase to the
Mineral Resource Estimate. The metal prices and US$ exchange rate
have changed considerably since the May 2012 PEA as well. It is
therefore justifiable and recommended to update a PEA for J&L.
The cost of updating a PEA is estimated at $250,000. Once
completed, the results can drive the next steps of advancing the
Project. Assuming the results of the updated PEA are favourable, a
Phase 2 program to advance the J&L project through a
Pre-Feasibility Study would be appropriate at an estimated cost of
$800,000. Associated with the Pre-Feasibility Study additional
recommended work includes metallurgy, geotechnical site assessment
drilling and some currently incomplete environmental studies. These
additional studies are estimated to cost an additional $800,000. A
drifting and drilling campaign to expand Mineral Resources would be
a sizable program and could cost several million dollars.
Conditional on a resolution in
Huakan’s favour, Golden Dawn is committed to updating the
Preliminary Economic Assessment (PEA) to fulfill the first phase of
the terms of its option agreement. The Company has no further
significant obligations under the terms of the option agreement
until a decision is made to proceed with a Pre-Feasibility Study.
Golden Dawn intends to manage the J&L Project on a stand-alone
basis and finance it on the foundation of an economically robust
Pre-Feasibility Study.
DISCUSSION:
In other news, the Greenwood Precious Metals Project milestones
are being met in a timely manner. As recently reported (news
release January 18, 2018), de-watering of the Lexington Mine is now
complete and current work is progressing towards start-up of
operations within the next few months.
Technical disclosure in this news release has been approved by
Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants
Inc., who is a Qualified Person as defined by NI 43-101 and is
independent of Golden Dawn Minerals Inc.
On behalf of the Board of Directors,
GOLDEN DAWN MINERALS INC.
Wolf Wiese, President & CEO
For further information, please contact:
Corporate Communications
604-221-8936
allinfo@goldendawnminerals.com
This press release was prepared
by management, who take full responsibility for its contents.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This document contains certain forward
looking statements which involve known and unknown risks, delays,
and uncertainties not under the Company’s control which may cause
actual results, performance or achievements of the Company to be
materially different from the results, performance, or achievements
implied by these forward looking statements. We seek safe
harbor.
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