VANCOUVER, Nov. 7, 2011 /PRNewswire via COMTEX/ — TSXV: GOM FRANKFURT EXCHANGE:3G8
Golden Dawn Minerals Inc. /quotes/zigman/479198 CA:GOM +7.69% (frankfurt:3G8), (the “Company” or “Golden Dawn”) reports that the Company and Hi Ho Silver Resources Inc. (Hi Ho) (cnsx:HHS) (frankfurt:H9T) will commence a diamond drill program of 2,500 meters in the second week of November 2011 on the Royal Attwood Project located in the Greenwood Mining District, 8 km west of Grand forks on Highway #3 . This property is located approximately 10 km southeast of Golden Dawn’s Greenwood Project. Golden Dawn holds an option to earn 100 % interest in this property and has granted Hi Ho an option to earn in a 50% interest by contributing 57.5% of all costs incurred by Golden Dawn on the property. Golden Dawn is the operator for the project.
The 1,800 Ha Royal Attwood Propertyis approximately 7 km due south of the Phoenix Mine which produced 30 million tonnes, grading 1.2 grams per tonne (g/t) gold, 8.5 g/t silver and 1% copper.
The Royal Attwood Project has been the subject of the following comprehensive large-scale historical geochemical and geophysical surveys together with some current programs:
(i) stream sediment sampling programs that yielded multiple strong gold anomalies;
(ii) four-thousand (4,000) stream and soil samples which included widespread anomalous gold values including 50 soil samples exceeding 200 ppb gold (0.2 g/t) up to 1,160 ppb gold (1.16 g/t);
(iii) various geophysical surveys including Ground Magnetics, Induced Polarization (IP), AeroTEM Magnetics and AeroTEM Electromagnetics (EM) that have yielded a number of IP and EM anomalies that are spatially coincident with gold in soil anomalies; and
(iv) a recent Titan 24 survey, which produced more than 30 potential EM anomalies of interest, requiring follow-up exploration.
The coincidence of extensive gold in soil geochemical anomalies with large AeroTEM EM and Magnetic anomalies suggests that there is exploration potential for sizeable gold deposits related to either an intrusive related gold-copper system, intrusive related high sulphide skarn system or possibly volcanogenic related massive sulphide zones.
Titan 24 Survey
A state-of-the-art Titan 24 ground geophysical EM survey covering the northern quarter of the property was completed in January 2011. This survey further refined the exploration targets. A comprehensive mapping and rock sampling survey over the numerous targets prioritized by the Titan 24 survey was carried out in the summer of 2011.
The objectives of the Titan 24 DCIP & MT EM survey at the Royal Attwood Project were the detection of zones of conductivity and definition of structures possibly related to the emplacement of gold and copper mineralization. The main objective was to identify high quality drill targets in the areas of strong gold in soil geochemical anomalies.
The Titan 24 survey has yielded a number of conductivity (EM) anomalies on the northern most portion of the Royal Attwood property including dyke-like sub vertical and moderately conductive anomalies in the central and north-central parts of the grid. These conductive features extend from surface and appear to extend to great depths and interconnect with a deep U-shape conductive anomaly in the area.
The chargeability distribution at the surface of the survey grid defines a number of chargeability EM zones, which crops out mainly in the western and eastern parts of the grid. At 100 meter depth, the highest chargeability is observed in the north and northwest parts of the grid. High chargeability areas between 200 meters and 400 meters depths are limited to the west and northwest parts of the grid. Below 400 meters in depth, two high chargeability zones are observed in the westernmost part of the grid.
A number of these conductivity and chargeability anomalies warrant drill testing.
Survey Anomalies and Planned Drilling
A total of 30 potential targets with different priority levels have been delineated on the Royal Attwood project. These potential targets are prioritized as High, Moderate, or Low, based on the chargeability and conductivity characteristics of the anomalies as well as their size. Two (2) High priority, fifteen (15) Moderate-High priority, nine (9) Moderate priority, and four (4) Low-Moderate priority anomalies are ranked for further evaluation and drilling. At least eight (8) of the anomalies are coincident with known gold in soil geochemical anomalies or known skarn or massive sulphide mineralization at surface and will be drill tested. A land use permit has been received from the BC Ministry of Energy and Mines for the drilling. A drill crew is being mobilized to site to commence drilling shortly.
Golden Dawn and Hi Ho are optimistic as the initial drilling program begins on this encouraging suite of targets in this historically productive mineral belt.
There are no known mineral resources on the Royal Attwood, and there can be no assurance that any mineral resources will be discovered on the property and, if discovered, there is no assurance that any mineralization may be economically extracted. Historical results have not been confirmed.
The drilling program will be supervised by Michael Dufresne, P.Geol., of APEX Geoscience Ltd., a Qualified Person as defined by National Instrument 43-101. Mr. Dufresne has reviewed and verified the contents of this release.
On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.
Chief Executive Officer
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER 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.
SOURCE: Golden Dawn Minerals Inc.