VANCOUVER, BC / ACCESSWIRE / September 20, 2022 / Golden Dawn Minerals Inc., (TSX-V:GOM)(FRANKFURT:3G8C)(OTC PINK:GDMRF), ("Golden Dawn" or the "Company"), announces that drilling has started at its Phoenix Property at the Greenwood Precious Metals project in southeastern BC.
Photo of diamond drill set up.
Drilling is being done to test several large anomalies identified from last year's airborne VTEM geophysical survey. Areas of high conductivity were selected as priority targets. Magnetic anomalies extending from historically mined skarn copper-gold deposits were selected as secondary targets.
The first area to be tested is in the middle of a large, 1 km diameter conductivity anomaly identified in the 2022 VTEM survey, located near the historic Phoenix mine (A). The resistivity-depth section indicates this anomaly is below 150 meters depth. Similar conductive anomalies located to the east and west are also selected for drilling (B,C).
Image showing Phoenix Property Boundary and Inset Maps
The first site is situated near the Gilt Edge showing, where historic drilling hit zones of mineralization such as 18 metres grading 0.23% copper and 0.30 g/t gold in drill hole DDH GE-2 by Granby Mining Company Ltd. in 1968. Previous operators intersected 16.5 meters grading 0.50 g/t gold and 0.22% copper in 1992. In 2007, Kettle River Resources reported results for 10 surface samples that ranged from 0.18 to 6.06 grams per tonne gold and from 0.12 to 0.99% copper. In 2017, Golden Dawn reported fine disseminations of chalcopyrite, pyrrhotite and pyrite in a micro-diorite intrusion over a length of approximately 15.0 metres. Five of eight chip samples returned significant results, with the average of these five samples being 0.18% copper and 0.87 g/t gold (GOM NR dated October 18, 2017).
Area 1: VTEM Geophysics Conductivity (TauSF) map. Areas of high conductivity in purple.
The second area of interest is in the northeast area of the Phoenix property, where potential for skarn-type mineralization is indicted by magnetic high anomalies that extend from areas of known mineralization. This area is named "Skarn Corridor" because it is a trend line of copper-gold deposits in skarn altered (calcium-silicate altered) Brooklyn limestone. Target sites have been selected to test a magnetic high that extends southward and is inferred to be a concealed intrusion that could be associated with skarn-related mineralization and/or precious metal vein mineralization.
Area 2: Total Magnetic Intensity map. Highly magnetic areas are red and purple.
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,
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.
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 CEO
For further information, please contact:
Golden Dawn Minerals Inc. - Corporate Communications: Tel: 604-221-8936
Email: [email protected]
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE: Golden Dawn Minerals Inc.