Additional Airborne Radiometric Targets Identified on the Burin Uranium Project, Newfoundland
Wed Apr 22, 8:19 AM
ca.news.finance.yahoo.com
Gander NL Canada, 4/22/2009 / FSC / - Golden Dory Resources Ltd. ( TSX V: GDR.V ), ("Golden Dory") is pleased to report that the Phase 2 airborne radiometric, magnetic and EM survey completed late in 2008 has identified significant radiometric anomalies in a previously unexplored portion of its Burin property in southern Newfoundland. At least three distinct radiometric trends, each 2 kilometers in length and 200-300 meters wide, are associated with a distinctive magnetic low that corresponds with a mapped volcanic complex (believed to represent cauldron subsidence). Lithologies reported by the Geological Survey of Newfoundland include flow banded rhyolites and ash tuffs which are chemically similar to the St. Lawrence Granite. The anomaly lies within the north central portion of Golden Dory's 100% owned (32,850 hectare) Burin Project and well north of previous reported bedrock mineralization in the Little Lawn Brook area which returned up to 1.88% U3O8 from surface sampling and where at least 5 new bedrock occurrences assaying >100 ppm were located in 2008. Based upon combined 2007 and 2008 data (188 samples) the Little Lawn Brook trend samples exhibit a mean value of 171 ppm uranium after eliminating the highest and lowest values (16,000 ppm and 1.5 ppm). The new radiometric anomalies will be a focus of the 2009 field program. The St. Lawrence Granite is similar in many respects to the host rocks at the Rossing uranium mine in Namibia, one of the world's largest producers of uranium. Extrusive phases of the St. Lawrence granite are also prospective for volcanic hosted uranium as at the large Streltsovska complex in Russia which like St. Lawrence, also produced significant fluorspar.
Other Business
Golden Dory expects its Phase 1 diamond drilling program at the recently acquired Huxter Lane property to begin on schedule in early May. The 12 hole (2000 meter) program will focus on the central portion of the Mosquito Hill zone from which drill intercepts of 35 meters grading 2.2 g/t gold have been reported by Paragon Minerals Corporation. Golden Dory is targeting bulk tonnage intrusion hosted gold similar to the large Fort Knox deposit in Alaska which has proven and probable reserves of 240 million tonnes averaging 0.50 g/t gold (3.8 million ounces of gold - Kinross Gold website). The Huxter Lane property was acquired through an option agreement with Paragon, whereby Golden Dory can earn up to a 70% interest in the 86 claim (2150 hectare) property (see News Release dated February 26, 2009). The Huxter Lane property is located in central Newfoundland and is contiguous with Golden Dory's 100% owned Brady property which is also host to significant intrusion hosted mineralization highlighted by drill intercepts of up to 41.1 meters averaging 1.1 g/t gold.
Golden Dory Resources Corp. has granted 1.78 million stock options to various officers, directors, employees and consultants of the company. The options have an exercise price of 25 cents and shall expire five years from the date of grant. The grant of options is subject to regulatory approval.
About Golden Dory
Golden Dory is focused on gold, uranium and base metal exploration in Newfoundland and Labrador, Canada. Golden Dory has 100% interests in the Little Rattling Brook (Au) property, and the Sterling (Cu, Co) property, a 50% interest in the Sims Ridge (U) property in western Labrador, and a 20% interest in the Portage Lake (Ni, Cu) property in western Newfoundland. Golden Dory is seeking partners to jointly explore the Little Rattling Brook and Sterling 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.
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 n the documents filed from time to time with the Canadian securities regulatory authorities by Golden Dory.
(Not for dissemination in the United States of America)
Source: Golden Dory Resources Ltd., TSX V: GDR.V,
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