Alacer Gold Extends Çöpler Mineralization Including 100.1m @ 4.1g/t in Deepest Drillhole to Date
TORONTO, Aug. 22, 2011 /CNW/ --
TORONTO, Aug. 22, 2011 /CNW/ - Alacer Gold Corp ('Alacer' or the
'Company') [TSX:ASR, ASX:AQG] announces ongoing results from the 2011
drilling program at the Çöpler Gold Mine. Of particular note is a
thick, high-grade zone intersected below the Manganese Pit of 100.1m @ 4.1g/t Au from 427.5m including 41.1m @ 9.4g/t Au in CDD274
that confirms the significant depth potential of the Çöpler deposit.
The ongoing drilling campaign has also identified thick, high-grade
mineralization outside of current resources in several areas:
-- Depth extensions to Main Zone sulfide mineralization
identified. Results include:
o 70m @ 2.5g/t Au from 120m in CRC747
-- Depth extensions to Southern Main Zone sulfide mineralization
identified. Results include:
o 35m @ 1.9g/t Au from 185m in CDD256
o 56m @ 1.1g/t Au from 122m in CDD261
o 17m @ 1.5g/t Au from 110m and 32.1m @ 1.4g/t Au from 161m in CDD253
-- Shallow oxide mineralization extended and identified up to 1km
west of the Main Zone. Results include:
o 9m @ 2.0g/t Au from 8m in CRC750
o 9m @ 1.0g/t Au from 16m in CRC756
o 7m @ 1.1g/t Au from 1m in CRC751
o 3m @ 2.3g/t Au from surface and 11.9m @ 1.1g/t Au from 102m in
CDD268
Edward Dowling, President and CEO of Alacer stated 'The 2011 exploration
program has continued to discover significant extensions to the Çöpler
gold deposit in several areas. The deepest diamond drillhole to date
under the Çöpler gold deposit has intercepted a 100m thick zone grading
4.1g/t gold beneath the Manganese Zone that resoundingly demonstrates
the potential for mineralization to continue at depth. Drilling to
extend known Main Zone mineralization has returned thick, high-grade
sulfide gold mineralization and shallow oxide mineralization has been
intersected up to one kilometer west of the Main Zone. Drilling
continues to demonstrate the significant growth potential of the
resource base and mine life at Çöpler. An ongoing drill program will
test the scale and continuity of these numerous mineralized zones,
leading to an updated mineral resource for Çöpler in early 2012. Alacer
is also actively drilling numerous prospects in Australia and an update
on those extensive exploration activities will be released soon.'
Çöpler Exploration
The Çöpler 2011 drilling program has been designed to infill and extend
known oxide and sulfide mineralization at the Main Zone, particularly
to the south, west and at depth. In addition, deep diamond drillholes
are planned to test the depth potential of the Çöpler deposit beneath
the Manganese Zone.
Approximately 25,000 meters of diamond and reverse circulation ('RC')
drilling has been completed at Çöpler since drilling recommenced in
January 2011 after a twelve month hiatus. Results from the initial 37
drill holes were announced on April 29, 2011 and May 31, 2011. These
previous results highlighted significant extensions to both sulfide and
oxide mineralization at the Main Zone. This release provides an update
on the results from 47 drillholes received since the May 31, 2011
release. All significant assays from these 47 drill holes are detailed
in Table 1.
Çöpler Sulfide Extensional Drill Program - Manganese Zone Depth
Extension Identified
A program of deeper diamond drill holes is in progress within the 2011
drill program to determine the potential size and scale of the Çöpler
deposit as part of the sulfide feasibility study. The first deeper
drillhole (CDD274) has been completed, with the second deeper drillhole
to commence soon.
CDD274 targeted gold mineralization 150m below the current Manganese
open pit design limits. A thick high-grade zone of 100.1m @ 4.1g/t Au from 427.5m including 41.1m @ 9.4g/t Au from 453.5m was intersected at the target depth. True widths are estimated at 80%
of downhole width. Mineralization is strongly associated with a
brecciated diorite intrusive and limestone breccia complex.
Figure 1 shows the location of CDD274 on section while Figure 6 shows
the location in plan view. The highest grade mineralization occurs
within a brecciated intrusive and within the highly brecciated and
fractured limestone near the intrusive contacts. This mineralized,
brecciated instrusive cuts an earlier barren intrusive. The
intersection in CDD274 has a mix of oxide and sulfide mineralization
with the majority of the higher grade mineralization associated with
strongly oxidized breccia. The extreme depth of oxidation in the
Manganese Zone deposit is highlighted by the strongly oxidized
recrystalised limestone that was noted at over 640m downhole in CDD274.
CDD274 is the deepest (681.6m) drillhole ever completed at Çöpler and
represents the deepest test of mineralization ever recorded (830RL),
sitting over 300m below the current Manganese pit floor and 150m below
the planned sulfide pit floor as outlined in the Çöpler Sulfide
Prefeasibility Study.
During 2009, two deeper exploration holes in the Manganese Zone
intersected 313.2m @ 2.4g/t Au from 54.2m in CDD201/201A and 249m @
3.8g/t Au from 69m in CDD202/202A. At that time, the Company noted the
potential for significant high-grade mineralization below the bottom of
the current sulfide pit design. The thick, high-grade zone in CDD274
lies immediately below these previous intercepts and confirms the
geological model and depth potential hypothesis for the Çöpler gold
deposit.
Given the thickness and grade intersected in CDD274 and the fact that
mineralization remains open in all orientations, potential exists to
add significant ounces to the current oxide resource at Çöpler. The
scale and continuity of this mineralized zone will be tested with an
ongoing drill program.
Çöpler Sulfide Extensional Drill Program - Main Zone Depth Extensions
Identified
As part of the infill drill program at Çöpler for the sulfide
feasibility study, individual drillholes are being extended to test the
depth potential of mineralization below the existing resource model and
open-pit mine design at Main Zone. Drilling is indicating significant
depth extensions in several areas at Main Zone with the potential to
add ounces to the current resource.
In the central part of Main Zone immediately below the current planned
pit floor (see Figure 2), CRC747 intersected 70m @ 2.5g/t Au from 120m (including 28m @ 3.8g/t Au from 132m).
In the eastern part of Main Zone immediately below the current pit
boundary, CRC766 intersected 24m @ 1.8g/t Au from 126m (finished in mineralization at end-of-hole at 150m), and
CDD260 intersected 19.9m @ 1.2g/t Au from 132.1m and 32.3m @ 1.4g/t Au from 168m (shown with previous mineralization extensions in Figure 3).
Mineralization continues to remain open at depth and further deeper
drilling is in progress.
Çöpler Sulfide Extensional Drill Program - South Main Zone Depth
Extensions Identified
Results from this latest drilling campaign have indicated significant
depth extensions to the new mineralized zone at the south end of Main
Zone ('South MZ') announced in the press release dated May 31, 2011.
Drilling following up previously released drillholes CRC-721 (117m @
2.0 g/t Au from 73m) and CRC-722 (69m @ 3.0 g/t Au from 54m) has
identified continuity of mineralization over a minimum 750m strike
length related to a south dipping intrusive / meta-sediment contact.
New results in the South MZ include 35.0m @ 1.9 g/t Au from 18.5m in CDD256, 56m @ 1.1g/t Au from 122m in CDD261 (see Figure 4), 28.1m @ 1.5g/t Au from 87.3m in CDD263, and 17.1m @ 1.5g/t from 110.4m and 32.1m @ 1.4g/t from 161.5m in CDD253. All intersections are expected to add
significant ounces to the current Çöpler sulfide resource.
Mineralization continues to remain open down dip and is a target for
further extensions to the sulfide mineralization. True widths are
expected to be 80-100% of downhole width.
Çöpler Infill Drill Program
The infill drill program is continuing on the Main Zone as part of the
Çöpler Sulfide Feasibility Study. Drilling is targeted to bring the
drill spacing down to less than 50m x 50m to provide an improved
geological and grade estimation model for detailed mine planning and
optimization. The majority of the infill drill results are confirming
thicknesses of mineralization, but several holes are indicating
significantly improved grades with the potential to add ounces to the
current resource.
Additional Shallow Oxide Targets
Drill testing of additional oxide targets to the west of Main Zone
continued to identify new oxide gold mineralization.
Two drillhole results (CRC756 and CRC757) have been received from
drilling over 1km west of Main Zone and 600m northwest of West Zone at
457500E (see Figure 6). Significant shallow oxide mineralization was
intersected indicating the potential for significant western extensions
to the Çöpler gold deposit with mineralization remaining open to the
west. CRC756 included 9m @ 1.0g/t from 16m and 6m @ 1.7g/t from 54m.
A northeast trending structure between the West Pit and Main Zone Pit
has returned shallow oxide mineralization. Best results are 9m @ 2.0g/t Au from 8m in CRC750, 7m @ 1.1g/t Au from 1m in CRC751, 5m @ 1.4g/t Au from 4m in CRC749 and 5m @ 1.1g/t Au from 12m in CRC753.
Drilling over the planned northwest waste dump has intersected oxide
mineralization at surface, CDD268 recorded 3m @ 2.3g/t Au and CDD272A intersected 6.6m @ 1.4g/t Au. Both drillholes also intersected deep oxide mineralization; CDD268
intersected 11.9m @ 1.1g/t Au from 102m and CDD272A intersected 5m @ 1.8g/t Au from 211.7m.
Further drilling is in progress to identify the extent of mineralization
in these areas. True widths are expected to be 60-80% of downhole
width.
About Alacer
Alacer is a leading intermediate gold company with operations in both
Australia and Turkey.
Australia
Alacer has three operating gold mines in Australia, namely the
Higginsville and South Kalgoorlie operations; and a 49% interest in the
Frog's Leg underground mine. The South Kalgoorlie operations and the
Frog's Leg interest were acquired following the successful takeover of
Dioro Exploration NL, which was completed in March 2010. The Australian
operations are targeting 280,000 ounces of gold in 2011.
Turkey
Alacer is recognized as a leader in exploration and development in
Turkey and, with the start-up of Çöpler, will soon be among Turkey's
leading gold producers. Çöpler is 95% owned by Alacer and 5% by Lidya
Mining (formerly known as Çalık Mining, see Anatolia News Release,
August 13, 2009). Initial plans at Çöpler are to produce approximately
1.42 million leachable ounces of gold at costs consistent with the
lower end of industry standards. Average annual production is expected
to be about 175,000 gold ounces. Additional production expansion from
the sulfide gold reserve is expected to add 2.25 million ounces. A
detailed feasibility study is underway. In addition, Alacer holds a
significant pipeline of prospective gold and base metal projects.
Alacer Gold currently has 278.0 million common shares issued and
outstanding, 297.1 million fully diluted.
Other Information
Technical Procedural Information
The information in this report which relates to Exploration Results and
the Mineral Resources is based on information compiled by Chris Newman,
a full time employee of Alacer Gold Corp. and who is a Member of the
Australasian Institute of Mining and Metallurgy and a Member of the
Australian Institute of Geoscientists. Mr Newman has sufficient
experience which is relevant to the style of mineralization and type of
deposit under consideration and to the activity which is being
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' and a qualified person pursuant to
National Instrument NI 43-101 of the Canadian Securities
Administration. Mr Newman consents to the inclusion in the report of
the matters based on this information in the form and context in which
it appears.
Exploration and drilling results are reported as drilled thicknesses.
Reverse circulation cuttings were sampled on 1.0 meter intervals and
core was sampled at geologically selected intervals. Drill samples
were performed by ALS-Chemex in Vancouver, BC, Canada, for gold by Fire
Assay off a 30 gram charge with an AA finish. For these samples, the
gravimetric data were utilized in calculating gold intersections.
Quality Assurance/Quality Control included the insertion and continual
monitoring of numerous standards and blanks into the sample stream, and
the collection of duplicate samples at regular intervals within each
batch. Selected holes are also analyzed for a 33-element four acid
ICP—AES. Drill composites were calculated using a cut-off of 0.3 g/t.
Cautionary Statements
Certain statements contained in this report constitute forward-looking
information, future oriented financial information, or financial
outlooks (collectively 'forward-looking information') within the
meaning of Canadian securities laws. Forward-looking information may
relate to this report and other matters identified in Alacer's public
filings, Alacer's future outlook and anticipated events or results and,
in some cases, can be identified by terminology such as 'may', 'will',
'could', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend',
'estimate', 'projects', 'predict', 'potential', 'continue' or other
similar expressions concerning matters that are not historical facts
and include, but are not limited in any manner to, those with respect
to proposed exploration, communications with local stakeholders and
community relations, status of negotiations of joint ventures,
commodity prices, mineral resources, mineral reserves, realization of
mineral reserves, existence or realization of mineral resource
estimates, the timing and amount of future production, timing of
studies and analysis, the timing of construction of the proposed mines
and process facilities, capital and operating expenditures, economic
conditions, availability of sufficient financing, exploration plans and
any and all other timing, exploration, development, operational,
financial, economic, legal, social, regulatory and political factors
that may influence future events or conditions. Such forward-looking
statements are based on a number of material factors and assumptions,
including, but not limited in any manner, those disclosed in any other
Alacer filings, and include exploration results and the ability to
explore, the ultimate determination of mineral reserves, availability
and final receipt of required approvals, titles, licenses and permits,
sufficient working capital to develop and operate the mines, access to
adequate services and supplies, commodity prices, ability to meet
production targets, foreign currency exchange rates, interest rates,
access to capital markets and associated cost of funds, availability of
a qualified work force, ability to negotiate, finalize and execute
relevant agreements, lack of social opposition to the mines, lack of
legal challenges with respect to the property or the Company and the
ultimate ability to mine, process and sell mineral products on
economically favorable terms. While we consider these assumptions to be
reasonable based on information currently available to us, they may
prove to be incorrect. Actual results may vary from such
forward-looking information for a variety of reasons, including but not
limited to risks and uncertainties disclosed in other Alacer filings at
www.sedar.com and other unforeseen events or circumstances. Other than
as required by law, Alacer does not intend, and undertakes no
obligation to update any forward-looking information to reflect, among
other things, new information or future events.
To view the figures and table referenced in this release, please visit: http://files.newswire.ca/986/XPL.pdf
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/22/c5216.html
Edward Dowling or Lisa Maestas - North America at 1-303-292-1299
Rohan Williams - Australia at 618-9226-0625
Roger Howe - Australia at 61-405-419-139