Feb. 4, 2010 (TheNewswire.ca) --
GANDER, NEWFOUNDLAND - February 4, 2010 - Golden Dory Resources Corp. (TSXV:GDR)("Golden Dory") is pleased to announce that all assays have now been received from the Phase 1, 1200 metre diamond drill program at its 100% owned Brady property in central Newfoundland. Highlights include:
-All holes intersected and expanded the footprint of the Reid Porphyry Zone which remains open to depth and along strike with gold mineralization starting near surface
-Wide zones of low grade gold mineralization (up to 101.08 metres thick) are augmented by significant zones of higher grade including 5.75 metres grading 3.89 grams per tonne gold
Phase 1 Reid Porphyry Zone Drilling Summary - Brady Property
B0-09-16 Dip -90o From (m) To (m) Length (m) g/t Au 4.00 26.00 22.00 0.31 incl. 12.03 21.00 8.97 0.64 41.00 49.00 8.00 1.09 99.80 115.40 15.60 1.12 incl. 99.80 105.35 5.55 2.05 131.05 140.51 9.46 0.86 incl. 133.95 140.51* 6.56 1.14 BO-09-17 Dip -90o From (m) To (m) Length (m) g/t Au 19.95 22.15 2.20 0.92 26.08 28.95 2.87 1.19 32.92 42.20 9.28 1.04 incl. 65.40 68.40 3.00 1.51 102.50 122.95 20.45 0.87 incl. 102.50 119.30 16.80 1.02 incl. 104.30 110.80 6.50 1.98 133.05 153.50 20.45 1.27 incl. 144.85 153.50 8.65 2.87 incl. 147.75 153.50 5.75 3.89 BO-09-18 Dip -90o From (m) To (m) Length (m) g/t Au 40.36 44.41 4.05 1.04 59.27 63.40 4.13 1.19 114.00 120.00 6.00 0.65 129.23 133.23 4.00 0.72 BO-09-19 Dip -90o From (m) To (m) Length (m) g/t Au 79.90 132.00 52.10 0.76 incl. 110.00 124.04 14.04 1.05
BO-09-20 Dip -90o From (m) To (m) Length (m) g/t Au 17.18 118.26 101.08 0.54 incl. 66.80 118.26 51.46 0.73 incl. 66.80 86.55 19.75 1.00 BO-09-21 Dip -90o From (m) To (m) Length (m) g/t Au 39.46 47.50 8.04 1.03 incl. 43.46 47.50 4.04 1.92 68.00 104.95 36.95 0.36 incl. 99.02 104.95 5.93 0.62 BO-09-22 Dip -90o From (m) To (m) Length (m) g/t Au 5.90 38.66 32.76 0.46 incl. 5.90 15.97 10.07 0.75 incl. 29.87 38.66 8.79 0.61 104.93 143.60 38.67 0.51 incl. 122.70 143.60 20.90 0.78 incl. 122.70 130.70 8.00 1.01
Reported widths are believed to represent at least 95% of true widths.
*Hole BO-09-16 was terminated in mineralization and will be deepened in 2010. Holes 16 to 20 previously released.
The Phase 1 program was extremely successful in verifying and expanding a potentially significant zone of near surface, potentially bulk mineable gold mineralization similar in style to the adjoining and much larger Mosquito Hill Zone. The Mosquito Hill Zone was subject to a successful drill program in the 2nd quarter of 2009 by Golden Dory (Golden Dory is earning up to a 70% interest from Paragon Minerals Corp. (OOTC:PAONF) (TSXV:PGR) ), and where historical drilling has returned up to 35 metres grading 2.21 grams per tonne gold. Golden Dory has commissioned an independent deposit model and preliminary resource report on the Mosquito Hill Zone which will be the basis for a forthcoming compliant resource estimate.
Kevin Keats, President and CEO of Golden Dory states; "We are extremely pleased with the recent program and it is now clear that the Reid Porphyry Zone could be a significant contributor to potential resources on the property in combination with the nearby Mosquito Hill Zone. Our focus will be to continue to drill and expand both mineralized zones while testing other high priority targets in proximity to Reid and Mosquito Hill. It is our firm belief that additional mineralized zones will be found this year."
The Reid Porphyry Zone lies approximately 1600 metres northwest of Mosquito Hill and both zones share characteristics similar to the intrusion hosted Fort Knox gold deposit in Alaska which hosts bulk tonnage, open pit mineable proven and probable reserves of 252 million tonnes averaging 0.47 grams per tonne gold or 3.80 million ounces of gold (Kinross Gold website). In 2003, previous operators at Brady reported strong drill intercepts including 41.1 meters grading 1.1 grams per tonne gold from the Reid Porphyry Zone, while exploration at the adjacent Huxter Lane property (Mosquito Hill Zone) in 2006 returned drill intercepts up to 35 metres grading 2.21 grams per tonne gold. The proximity and similarity of the two zones, as well as additional untested coincidental geochemical and geophysical targets suggests the property could host a cluster of near surface zones of gold mineralization. The Huxter Lane - Brady property lies within an extensive structural zone at least 100 kilometres in length and host to numerous gold occurrences and prospects as well as the producing Beaver Brook antimony mine.
Golden Dory would like to thank the Government of Newfoundland and Labrador for its support of this project through a financial contribution from the Junior Exploration Assistance program.
Assaying for this program was carried out by Accurassay Laboratories of Thunder Bay, Ontario. NQ drill core was sawn in half, and placed in sealed bags and delivered by Golden Dory personnel to the Accurassay prep facility in Gambo, Newfoundland. The core was then assayed by Fire Assay methods with AA finish. Industry certified standards and blanks were also inserted into the sample stream as part of QA/QC.
About Golden Dory
Golden Dory is primarily focused on gold exploration in Newfoundland & Labrador, Canada, and in the state of Nevada, USA. The Company has recently signed Letters of Intent to acquire 100% interests (subject to a 2% NSR) in the Root Lake lithium-rare metals property, and the Jackpot lithium property, both in northern Ontario.
Golden Dory has 100% interests in the Burin intrusion hosted uranium property and the Little Rattling Brook, Aztec and Lamaline gold properties, all in Newfoundland, and a 50% interest in the Sims Ridge Athabasca type uranium property in western Labrador. Golden Dory is seeking partners to jointly explore the Burin uranium property, Little Rattling Brook and Aztec gold properties, and the Root Lake and Jackpot lithium properties.
This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.
For further information contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201.
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.
Investors are cautioned that trading in the securities of the Corporation should be considered highly speculative. The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Golden Dory will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
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