VANCOUVER, British Columbia, Feb. 25, 2022 (GLOBE NEWSWIRE) -- Golden Dawn Minerals (TSXV:GOM) (OTCPink:GDMRD) (FSE:3G8C), a near term gold producer, has successfully intersected mineralization in all holes completed at the Lexington property in the Greenwood Precious Metals project in southeastern British Columbia. In addition to the Lexington property, Golden Dawn has an extensive land package, located east of Greenwood in southeastern, British Columbia, which includes numerous past producing mines and the fully permitted Greenwood Mill that was built in 2007.
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A total of 612.9 meters were drilled in 5 holes last fall, testing an area approximately 450 meters northwest of the known resource, which includes 96,300 gold equivalent ounces in the Measured and Indicated categories and 2,300 gold equivalent ounces in the Inferred category.
Geological logging was completed in December with core sampling completed in January and assays currently pending. The drilling targeted the same porphyry-serpentinite contact zone that hosts mineralization in the Lexington deposit.
All of the holes hit pyrite +/- chalcopyrite mineralization, including long intervals of disseminated and veinlet-hosted mineralization in the overlying Lexington porphyry, and massive sulphide lenses at the base of the porphyry and in the underlying serpentinite. A well-mineralized quartz vein was also intersected in one hole, containing pyrite, chalcopyrite and tetrahedrite.
Hole LEX21-01 intersected veinlet-hosted and disseminated mineralization from 40.29 to 184.02 meters in the Lexington porphyry unit, along with two massive sulphide lenses of 0.58 meters and 0.85 meters of core lengths within the lower serpentinite unit. The porphyry-style mineralization consists of 2 to 5% of disseminated, fracture and veinlet hosted pyrite with up to 2% local chalcopyrite in varying abundance over the entire 143.73-meter interval. Massive sulphide lenses were intersected from 184.02 to 184.60 and from 186.75 to 187.60 meters consisting of pyrite and 5 to 10% chalcopyrite.
Hole LEX21-02 also intersected porphyry-style disseminated mineralization from 31.05 to 160.02 meters in the Lexington porphyry unit, along with one massive sulphide lens of 0.43-meter core length within the lower serpentinite unit.
Hole LEX21-03 intersected porphyry-style disseminated mineralization from 21.14 to 89.15 meters in the Lexington porphyry unit, along with two massive sulphide lenses of 0.30 and 0.47-meter core lengths within the lower serpentinite unit.
Hole LEX21-04 intersected porphyry-style disseminated pyrite and chalcopyrite mineralization in two intervals of 0.3 and 0.73- meter core lengths within the lower serpentinite unit.
Hole LEX21-05 intersected a mineralized quartz vein of 1.76 meters in core length, along with three semi-massive pyrite lenses of 1.6, 0.5 and 0.3- meters in core lengths within the lower serpentinite unit. The quartz-carbonate vein contains 20% sulphide minerals, including tetrahedrite, pyrite and chalcopyrite.
Golden Dawn is very encouraged about the mineralization encountered in the drill holes because it shows there is much more mineralization to evaluate outside of the known Lexington deposit. Sulphide mineralization is present 450 meters from the known deposit and is open along strike to the northwest. The long intervals of veinlet-hosted pyrite-chalcopyrite mineralization that were intersected potential for a large, disseminated-style gold deposit. A new paradigm for exploration of the Lexington property is now apparent; exploration can be focussed on a large-tonnage, low-grade gold deposit.
Lexington has a Multi-Year Area Based permit for a total of 25 drill sites, from which multiple holes can be drilled from each of the sites, so the permit allows for approximately 20,000 meters, with only 612 meters completed in these first 5 holes. Over at the company’s Phoenix area, the company has an exploration permit in place that includes trenching and drilling for a total of 25 drill sites. An exploration permit is also in place for the Golden Crown property for a total of 35 drill sites. Multiple holes can be drilled from each of these 2 sites, so the current permits allow for a total of up to approximately 21,000 meters. Other projects are in the permitting stages so investors can expect a steady flow of assay results.
The shares are trading at $0.185. For more information on these and the company’s other projects, please visit www.GoldenDawnMinerals.com, contact Christopher R. Anderson, CEO, at 604-221-8936 or email office@GoldenDawnMinerals.com.
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