Significant Uranium Mineralization Confirmed by Golden Patriot, Corp.\'s Successful Drill Program
2007-01-12 03:01 ET - News Release
Trading Symbols:
GPTC - OTCBB
GPU - Frankfurt Stock Exchange
784832 - WKN No.
LAKE SUCCESS, NY, Jan. 12 /CNW/ - Golden Patriot, Corp. ("Golden Patriot") (OTCBB: GPTC) (Frankfurt Stock Exchange: GPU: 784832-WKN)) is extremely pleased to announce that the assay results of the recently completed drill program on the Lucky Boy Uranium Property has been received by the operator and the following positive results has been ascertained. The recent reverse circulation drill program, totaling 3,430 feet in 23 holes, testing geological and anomalous areas of the Lucky Boy Uranium Property in Gila County, Arizona has been successful in delineating significant mineralization over a strike length of approximately 396 feet. Bradley Rudman, president of Golden Patriot, stated, "It is great news that this phase of our drill program produced significant mineralization over sufficient lengths. We have been told that economic grade uranium has been found and that a trend of mineralization has been ascertained. The next phase will now focus on the area of mineralization to prove out the potential tonnage and grades available to take us to the next phase of the program and ultimately to the goal of putting the Lucky Boy Prospect into production. 2007 could prove to be a watershed year in the short and long term growth of the company. Golden Patriot is one of the smallest capitalized junior uranium companies that has achieved successful uranium drilling results, and we feel that as this prospect is ultimately developed, Golden Patriot might provide tremendous Future leverage within the uranium segment of the market."
Drilling also suggests a NE/SW trend to the mineralization which is open along strike. Intercepts of interest included hole No. 2 returning 10 ft of (.12%) 2.4 lbs per ton U from a depth of 60 to 70 feet, hole No. 21 returning 5 ft of (.13%) 2.6 lbs per ton or 10 ft of (.092%) 1.84 lbs per ton U from a depth of 85-95 ft, and hole No. 9 yielding 5 ft of (.12%) 2.4 pounds per ton from a depth of 150-155 ft.
Systematic sampling of the adit, centered within the presently drill indicated zone of mineralization, has defined a potential core area of higher grade mineralization. Analysis with a portable, X-Ray fluorescence analyzer (NITON) has returned readings ranging from (.42% to .71%) 8.4 lbs per ton to 14.2 lbs per ton U. Readings taken from the back of the adit and adjacent to a production stope returned extremely anomalous readings and samples have been sent to IPL laboratories of Richmond B.C. for verification analysis.
Historically, the Lucky Boy property has seen two periods of production. In the early 1950\'s, 2,500 tons grading (.16%) 3.2 pounds per ton was shipped to a government buying station. During the 1970\'s, and following delineation of two blocks of ore by shallow air-track drilling, a .5 acre leach pad and complete on-site, yellow cake recovery plant was put into production. Open pit mining of material from near surface to a depth of about 25 feet, and grading between (.1 to .2%) 2 lbs per ton to 4 lbs per ton U, is reported to have produced roughly 5,000 lbs of refined yellow cake. During the time it was determined that torbernite, a secondary uranium copper phosphate mineral developed along fracture faces, was the dominant uranium mineral present.
Recent drilling and geologic interpretation strongly suggests that untested mineralization shallows in depth along a northeasterly trend. Planning is currently underway to test this high priority target. Recent work has confirmed that at least 10 cased, air track holes drilled in the 1970\'s are open and are within this new zone of interest. Results of this work will help guide a second phase of drilling consisting of close spaced core-drilling holes. With respect to potential open pit mining, confirmation of relatively shallow mineralization lying roughly parallel to slope would be highly favorable. |
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