Golden Dory Resources Receives Airborne Gravity Gradiometer Report; Potential DSO targets identified at Iron Horse
GANDER, NEWFOUNDLAND - August 1, 2013 - Golden Dory Resources Corp., TSX.V: GDR ("Golden Dory") is pleased to announce that it has received from Fugro Airborne Surveys Corp., the Interpretive Report on the recently completed FALCON Airborne Gravity Gradiometer survey over its 100% owned Iron Horse property in the Labrador Trough.
The Fugro report, which incorporated airbone magnetic data from 2008, as well as geological and diamond drill data from 2012, has outlined several target areas that share characteristics suggestive of DSO (direct shipping ore). The largest target area lies immediately south of Anomaly D where surface sampling has returned in excess of 53% Fe and where diamond drilling in 2012 returned numerous intercepts including 120.93 meters grading 30.08% Fe from GL12-03. Locally higher grades were also intersected including a 20.75 meter section from GL12-04 that averaged 41.02% Fe within an 87.49 meter interval that averaged 34.03% Fe.
The Fugro report states; "The holes were centered over the strong magnetic anomalies, however.....the strongest density responses on Anomaly D likely lie to the south. Given that the magnetic signature is weaker to the south, it is possible that the strong gravity anomaly corresponds with more of a DSO type rather than taconite style mineralization."
The gravity anomaly is centered approximately 600 meters south of the 2012 drilling and extends for approximately 1.8 kilometers south of the 2012 drilling.
The Iron Horse property is host to two new and potentially significant Iron Ore discoveries made by Golden Dory in late 2012 on the 400 claim (10,000 ha) property located approximately 55 kilometres east of the common carrier rail line servicing the Schefferville Mining District. A total of eight holes were drilled in 2012 testing two of four previously untested magnetic anomalies (Anomalies A and D), and all holes successfully intersected significant thicknesses of iron formation including hole GLAA12-02 which returned 354 metres grading 27.8% Fe from Anomaly A in the northern portion of the property. As the Fugro report points out, all previous drilling focused exclusively on magnetic targets, no holes were drilled to test for DSO. Now that potential DSO targets have been identified, the next phase of drilling will include testing for DSO, and in particular the area in the vicinity of Anomaly D.
Kevin Keats, President and CEO of Golden Dory, commented; "We are thrilled to have identified potential DSO targets on the Iron Horse property. Fugro has done a great job merging all of the available data and the results certainly supports our belief that the property has excellent DSO potential. We look forward to moving the project forward and are working on finding a funding partner to begin the next phase of work. We are confident that the Iron Horse Project could potentially become a new mining district in Canada's premiere iron ore producing region."
About Golden Dory
Golden Dory Resources Corp. (TSX.V-GDR) is focused on advancing its 100% owned Iron Horse project located in the eastern portion of the Labrador Trough, Canada's premiere iron ore producing district. The Iron Horse Project is approximately 55kms from the rail line servicing the Schefferville mining camp and 8 km from an all-weather access road. To date, drilling has discovered iron-rich mineralization at Anomaly D and Anomaly A highlighted by a 354 meter intercept grading 27.8% Fe from Anomaly A. (See geophysical map on homepage at www.goldendoryresources.com).
For further information, please contact Kevin D. Keats, President and CEO of Golden Dory at (709) 256-4201, or Cathy Hume, CHF Investor Relations 416.868.1079 ext. 238 or email cathy@chfir.com. This news release has been reviewed and approved by Timothy Froude, P. Geo., a "Qualified Person" under National Instrument 43-101.
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 these Issuers should be considered highly speculative. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. The Issuers 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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