Oct. 15, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), ("Golden Dory") is pleased to announce it has completed additional ground staking totaling 59 claim units over highly prospective ground contiguous with the recently acquired Root Lake option in the Red Lake Mining District of Ontario. Golden Dory has also started a trenching program to facilitate mapping, additional sampling and improved access for future diamond drilling activities at Root Lake.
The Root Lake property hosts significant historical lithium mineralization outlined by Consolidated Morrison Explorations Limited in 1955-56 which included trench channel sampling that returned 3% Li2O over 9.14 meters. The work completed by Consolidated Morrison indicates that the mineralized pegmatite exposed on the Root Lake property could extend over 1200 meters in length and that additional dikes may also exist.
Recent due diligence sampling by Golden Dory confirmed the presence of significant lithium as well as potentially significant rare metal mineralization. On September 18, 2009, Golden Dory announced high grade lithium oxide (Li2O) values up to 4.43% Li2O from a 5.0 meter chip sample, as well as rare metal 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.
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). Golden Dory recently announced signing a Letter of Intent to acquire the Jackpot lithium property in the Lake Nipigon region of northwestern Ontario pending due diligence and TSX Venture Exchange approval. Jackpot is reported to host 2 million tons of 1.09% Li2O in spodumene rich pegmatite dikes (historical in nature and not 43-101 compliant).
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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