Sep. 18, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), ("Golden Dory") is pleased to announce it has received assay results from the recently completed due diligence site visit on the 15 claim unit lithium (REE) oxide property (Root Lake Property) in the Red Lake mining District of Ontario.
Assay results are tabulated below and are highlighted by high grade lithium oxide (Li2O) values up to 4.43% Li2O from a 5.0 metre chip sample, as well as rare earth element (REE) enrichment up to 223 ppm tantalum (Ta), 224 ppm niobium (Nb), 217 ppm cesium (Cs), and 0.42% rubidium oxide (Rb2O). Select grab samples assayed as high as 5.10% Li2O with 208 ppm Ta.
Sample # Trench # type length LI2O Ta Nb Cs Rb2O
(m) (%) (ppm) (ppm) (ppm) (%)
----------------------------------------------------------------------
105951 Trench 1 chip 3.00 3.55 89.5 56 165 0.27
105952 Trench 1 chip 1.00 2.45 45.6 19 228 0.42
105953 Trench 2 chip 5.00 4.43 82.1 55 99 0.11
105954 Trench 2 grab 3.40 80.4 118 80 0.14
105955 Trench 2 chip 1.00 3.18 59.1 23 134 0.38
105956 Trench 5 grab 2.39 109 42 90 0.14
105957 Trench 4 grab 3.94 223 224 189 0.16
105958 Trench 3 chip 2.50 2.52 154 41 217 0.30
105959 Trench 3 chip 2.00 3.08 77.7 28 144 0.29
105960 Trench 3 grab 5.10 208 31 29 0.04
The due diligence sampling was carried out in historical trenches excavated by Consolidated Morrison Explorations Limited in 1955, and from which channel sample results of 3% Li2O over 9.14 metres were reported. Golden Dory collected a series of composite chip samples up to 5 meters in length, as well as localized grab samples, all of which were submitted to Activation Labs for lithium and rare earth element analysis. The trenches sampled were partially to completely slumped, and will require cleaning as well as extensions in order to undertake additional sampling and to test for additional pegmatite dikes. Trenches 1 and 5 are approximately 200 metres apart and the mineralization remains open along strike in both east and west directions. The Consolidated Morrison trench that assayed 3% Li2O over 9.14 meters was sampled as Trench 1 by Golden Dory, most of the original trench could not be sampled at the time of the due diligence sampling due to trench deterioration. Trench 3 chip samples 105958 and 105959 are contiguous, resulting in a continuous sampling length of 4.50 meters averaging 2.77% Li2O. The highest tantalum values were generally associated with an increase in tourmaline in the samples, typically nearer or at the southern dike contact with country rock. A fall work program consisting of trenching, sampling and follow up diamond drilling is currently being planned.
Kevin Keats, President and CEO of Golden Dory states, "We are extremely pleased with the due diligence sampling results, not only did we verify the historical lithium assays, but we also verified the presence of potentially significant levels of several important rare earth elements".
The Root Lake property is located approximately 90 kilometers north of Sioux Lookout and is road accessible. The property is contiguous with claims that host the McCombe lithium prospect which has reported historical reserves of 2.3 million tons grading 1.3% Li20 with locally significant tantalum (up to 380 ppm Ta). Only limited work has been carried out at Root Lake since 1956 and the historic assaying only reported lithium values. Golden Dory recently announced that it has signed a Letter of Intent, pending a due diligence review, to acquire a 100% interest in the Root Lake property (subject to a 2% NSR) by making cash and share payments totaling $195,000 and 300,000 common shares of Golden Dory over a four year period (subject to TSX Venture Exchange approval). A finders fee of 100,000 Golden Dory shares will be paid to an arms length party.
Samples were collected by Golden Dory personnel and hand delivered to Activation Laboratories in Thunder Bay, Ontario where sample prep work took place. Assaying was carried out at Activation Laboratories in Ancaster, Ontario as follows: lithium assays were carried out by sodium peroxide fusion, other major elements by fusion and trace element ICP/MS.
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 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."
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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