Golden Dory Commences Airborne Gravity Gradiometer Survey at Iron Horse Project, Labrador Trough
(via Thenewswire.ca)
GANDER, NEWFOUNDLAND - May 29, 2013 - Golden Dory Resources Corp.
("Golden Dory" or the "Company") is pleased to
announce that it has commenced an airborne gravity gradiometer (AGG)
survey over the Iron Horse Project in the eastern portion of the
Labrador Trough, approximately 190 kilometres east of Labrador City
and 55 kilometres east of the common carrier railway line. Fugro
Airborne Surveys will fly approximately 571 line kilometres of FALCON
Airborne Gravity Gradiometry and DTM on lines spaced 150 metres apart,
using a fixed wing aircraft based out of Schefferville, Quebec. The
survey is expected to take approximately one week to complete.
The AGG data will be merged with airborne magnetic and electromagnetic
data flown in 2007 and will be used to guide future programs,
specifically diamond drilling. Importantly, the AGG will help define
potential direct shipping ore (DSO) targets that the company believes
to underlie portions of the property. The potential for DSO is
suggested by the presence of higher grade sub-crop and float that
returned in excess of 75% Fe2O3 (approximately 53% Fe) at Anomaly D
from sampling completed in late 2011.
Iron Horse represents a new discovery in the Labrador Trough, Canada's
premiere iron ore producing district. Diamond drill results from 2012
include a 354.18 metre intercept grading 27.75% Fe, one of the most
significant drill intersections in the Trough in recent years. Golden
Dory is currently in the process of locating a funding or strategic
partner to move the project forward. Several groups have expressed
interest in the project and discussions are ongoing.
Golden Dory would also like to thank the Government of Newfoundland
and Labrador for its support of the project through a grant of
$150,000 in exploration assistance through the Junior Exploration
Assistance program for exploration expenses incurred by the company at
the Iron Horse project in 2012.
The Company also reported that it has engaged CHF Investor Relations,
its investor relations counsel since March 2011, in a new IR contract.
Effective immediately, the agreement for customized IR services is
runs to March 22, 2015, subject to two months' termination notice.
Under the terms of the services agreement, which is subject to TSX
Venture Exchange approval, CHF will receive $2,000 per month in fees
and reimbursement of expenses, and additional fees related to special
projects on an ad-hoc basis.
CHF holds fully vested options to purchase Golden Dory shares in the
amount of 250,000 shares at $0.25 and 250,000 shares at $0.35, all
expiring on July 12, 2016, or earlier as per cancellation terms for a
Tier 2 Issuer on the TSX Venture Exchange.
About Golden Dory Resources Corp.
Golden Dory Resources Corp. (TSX.V-GDR) is primarily focused on iron
ore exploration at the Iron Horse Project in Newfoundland &
Labrador, Canada; and in the Long Canyon district (Pequop South), and
Reef properties in the state of Nevada, USA.
This news release has been reviewed and approved by Timothy Froude, P.
Geo., a "Qualified Person" under National Instrument 43-101.
For further information, please contact Kevin D. Keats, President and
CEO of Golden Dory at (709) 256-4201, or Jeremy Hill, CHF Investor
Relations at (416) 868-1079.
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 Company
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.
Copyright (c) 2013 TheNewswire - All rights reserved.
