Jun. 8, 2010 (TheNewswire.ca) --
GANDER, NEWFOUNDLAND June 8, 2010 Golden Dory Resources Corp. (TSXV:GDR) ("Golden Dory") is pleased to report that it has initiated soil sampling of its Pequop South property, Nevada, under option from AuEx Ventures Inc. (TSX:XAU) Golden Dory is targeting Carlin-style gold mineralization in Paleozoic carbonate sequences immediately south of Fronteer Gold's (TSX:FRG) Long Canyon project and Agnico Eagle's West Pequops project, both in joint Venture with AuEx Ventures Inc. A field crew has been mobilized to the area and sampling is expected to be completed by late June. Field work leading up to the soil program has also identified several new hematized cave-fill breccia zones developed within the carbonate platformal sequences which will require additional follow-up.
The soil sampling program is focusing on highly prospective sequences identified by geological mapping carried out in the fall of 2009 by Dr. Jon Thorson, Special Advisor to Golden Dory. These sequences include the Ordovician Pogonip Group, the Silurian Roberts Mountain Formation, the Devonian Guillmette and Mississippian Joana limestones, all known to host significant gold deposits regionally. The sampling will also target the potential extension of a new, north-south-trending soil anomaly recently reported from the adjacent West Pequop property (Gold Occurrences at the West Pequop Project, Elko County, Nevada, Agnico Eagle presentation to the 2010 Geological Society of Nevada symposium, Reno, Nevada).
Golden Dory is currently in year two of an earn in agreement with AuEx Ventures to acquire a 70% interest in South Pequops property (see Golden Dory Press Release dated Aug. 27, 2009). AuEx is currently operator on the project. The Pequop South property consists of 232 unpatented mining claims (the JT and GD claims) which are located approximately 25 miles southeast of the town of Wells, in Elko County, Nevada.
The rapidly emerging Pequop Gold District is underlain by platformal carbonate sequences similar to those hosting the Bald Mountain and Alligator Ridge deposits; districts with over 5 million ounces of production and reserves. The district is currently the focus of two aggressive exploration programs which include the Long Canyon property, a joint venture between Fronteer Gold (51%) and AuEx Ventures Inc. (49%); and the West Pequop property, operated by Agnico Eagle (USA) Limited through an earn-in option agreement with AuEx Ventures Inc. Resources at West Pequop and Long Canyon currently exceed 1.5 million ounces and growing.
Long Canyon lies approximately 8 miles northeast of and along trend from Golden Dory's Pequop South property, while Agnico's West Pequop property is contiguous with the northern portion of Golden Dory's property, and has reported drill intercepts of 0.238 ounces per ton gold over 141 feet. The near surface and oxidized mineralization at Long Canyon and West Pequop is hosted within solution and cave fill breccias developed within a sequence of Paleozoic limestones and dolomites that trend onto the Pequop South property.
About AuEx Ventures Inc.
AuEx Ventures, Inc. (TSX-XAU) is a Reno, Nevada based precious metals exploration company with a current portfolio of more than 20 exploration projects in Nevada of which half are under exploration earn-in or joint venture agreements. The Company employs leading edge exploration techniques and technology for ore deposit vectoring including: proprietary remote sensing, spatial probability modeling and multivariate statistical analysis. Data is then combined with field geology and alteration mineralogy for the purpose of target selection, property acquisition and joint venture development.
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) is primarily focused on gold exploration at its flagship property, the Huxter Lane-Brady Project in Newfoundland & Labrador, Canada; and on the Pequop South property in the state of Nevada, USA, where the company is currently earning a 70% interest in Pequop South from Reno based AuEx Ventures Inc. The Company has signed agreements to acquire 100% interests (subject to a 2% NSR) in the Root Lake lithium-rare metals property, and the Jackpot lithium properties 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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