Oct. 13, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), is pleased to announce that it has received exploration permits and government funding (Junior Exploration Assistance) to carry out diamond drilling on the 100% owned Brady portion of the Huxter Lane/Brady gold project, 60 kilometers south of Grand Falls-Windsor, in central Newfoundland. The property hosts significant intrusion hosted gold mineralization at the Reid Porphyry zone which has returned significant historical (2003-2004) drill intercepts including 41.1 meters grading 1.1 grams per tonne gold (not verified by Golden Dory).
2003-2004 DIAMOND DRILL RESULTS - REID PORPHYRY ZONE - BRADY PROPERTY
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|DRILL HOLE # FROM TO LENGTH (M) AU G/T|
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|BO-03-2 48.50 51.60 3.10 1.30 |
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| 81.20 102.70 21.50 1.10 |
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|incl. 82.20 88.30 6.10 1.40 |
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|incl. 96.70 102.70 6.00 1.60 |
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| |
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|BO-03-3 46.80 48.50 1.70 2.40 |
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| 59.20 65.10 5.90 1.30 |
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|incl. 63.20 65.10 1.90 2.20 |
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| 78.80 98.80 20.00 1.60 |
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|incl. 82.30 93.40 10.60 2.20 |
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| 116.10 152.20 36.10 0.96 |
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|incl. 133.20 151.00 17.80 1.40 |
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|and 143.40 148.00 4.60 2.20 |
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| 160.40 161.80 1.40 3.10 |
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| |
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|BO-03-06 51.50 92.90 41.40 1.10 |
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|incl. 53.00 59.00 6.00 1.90 |
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|and 60.00 62.80 2.80 2.00 |
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|incl. 61.20 62.00 0.80 3.60 |
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| |
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|BO-04-15 56.30 116.10 59.80 0.83 |
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|incl. 56.30 61.30 5.00 1.40 |
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|incl. 78.20 110.10 31.90 1.07 |
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| 165.40 171.50 6.10 1.74 |
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| 223.20 227.30 4.10 1.90 |
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|incl. 226.30 227.30 1.00 6.15 |
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The zone has only been tested with 9 drill holes to date and the proposed 1200 meter program will test for extensions as well as local infill holes where previous drill spacing is 100 meters or greater.
The Brady property is contiguous with the Huxter Lane property which is currently under option from Paragon Minerals Corporation whereby Golden Dory can earn up to a 70% interest in the property (see February 26, 2009 News Release). Huxter Lane is host to the Mosquito Hill Zone which has extensive zones of intrusion hosted gold mineralization measuring up to 900 meters in length, 500 meters wide, and up to 103 meters in thickness within which drill intercepts of 35 meters grading 2.2 grams per tonne gold have been reported by Paragon Minerals Corporation (not verified by Golden Dory). The gold mineralization at both zones is associated with disseminated arsenopyrite and pyrite generally closely associated with locally intense quartz vein swarms hosted within a quartz prophyritic felsic intrusive. The mineralized zones, outcrop at surface and dip very gently to the south and remain open along strike and to depth and lie less than 2 kilometers apart.
The geological similarity and proximity of the two zones, in addition to several untested coincidental geophysical and geochemical anomalies, strongly suggests the area could host a cluster of gold enriched porphyritic intrusions which individually or collectively could prove very significant.
Golden Dory would like to acknowledge the Government of Newfoundland and Labrador for providing funding assistance under the JCEAP program which will subsidize approximately 50% of the proposed program. Drilling services will be provided by New Valley Drilling of Springdale, NL, under an existing contract linking the Huxter and Brady drill programs.
Director Resignation
Golden Dory has been notified that Mr. Cyril Reid has decided to step down as a member of the Board of Directors. Management would like to thank Cyril for his service and dedication to the Company and extend best wishes in his future endeavors.
About Golden Dory
Golden Dory is focused on gold exploration in Nevada, USA, and gold and uranium exploration in the province of Newfoundland and Labrador, Canada. The company recently announced an option agreement with Reno, Nevada based AuEx Ventures, whereby Golden Dory can acquire a 70% interest in the Pequop South property in Elko County, Nevada. Golden Dory has 100% interests in the Burin intrusion hosted uranium property, the Little Rattling Brook gold property, and the Brady intrusion hosted gold property in central Newfoundland. Golden Dory is earning a 70% interest in the Huxter Lane intrusion hosted gold property and also has a 50% interest in the Sims Ridge Athabasca type uranium property in western Labrador. Golden Dory 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 is seeking partners to jointly explore the Burin, Little Rattling Brook and Brady 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."
On behalf of the Board of Directors of Golden Dory Resources Corp.
"Kevin Keats"
Kevin Keats, President
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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