Alder Resources Drilling Returns 10 Metres Grading 1.42% Copper, 0.18 g/t Gold and 20.45 g/t Silver, Rosita Project
11.09.2012 | Marketwire
Bambana Drilling Returns a Near Surface Intercept of 13.0 Metres Grading 1.23% Copper, 0.36 g/t Gold and 10.63 g/t SilverTORONTO, 09/11/12 - Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE: ALR) is pleased to announce results for the final six holes from its Phase 1 core drilling program at the Rosita copper-gold-silver project in northeast Nicaragua. Results include a well mineralized intercept that returned 10 metres grading 1.42% copper ("Cu"), 0.18 grams per tonne ("g/t") gold ("Au") and 20.45 g/t silver ("Ag") within a wider intercept that returned 0.50% Cu, 0.08 g/t Au and 6.44 g/t Ag over 53.0 metres. This mineralization was intersected approximately 120 metres below the base of the historic Rosita Pit.
Two holes at the Bambana prospect, four kilometres northwest of Rosita, also returned excellent results with intercepts of 13 metres grading 1.23% Cu, 0.36 g/t Au and 10.63 g/t Ag and 18 metres grading 1.74% Cu, 0.09 g/t Au and 16.65 g/t Ag. In both holes mineralization begins at surface. Selected highlights of the drill results are presented in Table 1 and illustrated in Figures 1, 2 and 3.
Table 1. Summary of selected final diamond drill results at Santa Rita and
Bambana.
----------------------------------------------------------------------------
From To Core Length Cu Au Ag CuEq
Hole ID Area (m) (m) (m) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
D915 Santa Rita 57.0 63.0 6.0 0.36 0.15 3.07 0.49
----------------------------------------------------------------------------
and 96.0 149.0 53.0 0.50 0.08 6.44 0.63
----------------------------------------------------------------------------
including 128.0 138.0 10.0 1.42 0.18 20.45 1.77
----------------------------------------------------------------------------
and 129.0 133.0 4.0 1.94 0.25 30.05 2.45
----------------------------------------------------------------------------
D916 Santa Rita 7.0 12.0 5.0 0.33 0.09 1.14 0.40
----------------------------------------------------------------------------
D917 Santa Rita 0.0 55.0 55.0 0.05 0.31 0.86 0.25
----------------------------------------------------------------------------
including 8.0 14.0 6.0 0.19 1.07 3.62 0.90
----------------------------------------------------------------------------
and 98.0 105.0 7.0 0.32 0.13 4.37 0.45
----------------------------------------------------------------------------
and 165.0 169.0 4.0 0.35 0.55 2.40 0.72
----------------------------------------------------------------------------
D918 Santa Rita 71.0 85.0 14.0 0.87 0.81 7.96 1.47
----------------------------------------------------------------------------
D919 Bambana 0.0 13.0 13.0 1.23 0.36 10.63 1.58
----------------------------------------------------------------------------
D920 Bambana 0.0 18.0 18.0 1.74 0.09 16.65 1.99
----------------------------------------------------------------------------
NB. Thickness represents drilled width; true widths are unknown at this
time. CuEq = Cu% + Au g/t x (0.6033) + Ag g/t x (0.012) and US$2.90/lb Cu,
US$1200/oz Au and US$24/oz Ag.
Alder President and CEO, Joe Arengi stated "Our drill program was highly successful in identifying skarn-hosted copper-gold-silver mineralization along a 1.1 kilometre long corridor below and adjacent to the Santa Rita pit. Additionally, our exploration team has identified a significant gold-rich mineralizing event that is later than, and overprints, the copper-gold-silver skarn mineralization. The presence of shallow, high grade, oxide copper and silver mineralization at Bambana is a pleasant surprise as well, and the porphyry copper potential here remains largely untested. Collectively, these results are positive steps toward developing a potential mining operation. We now have areas where we think we can likely add tonnes to an already robust stockpile mineral resource."
The intercept in hole D915 occurs within a thick, lower grade zone that includes 53.0 metres grading 0.50% Cu, 0.08 g/t Au and 6.44 g/t Ag. Hole D918, collared 250 metres southwest of D915, returned 14 metres grading 0.87% Cu, 0.81 g/t Au and 7.96 g/t Ag also in skarn and starting at 71 metres. Hole D917, located 80 metres west of hole D915, intersected a wide, low grade gold zone that returned 55 metres from surface grading 0.31 g/t Au, with low Cu and Ag values. The mineralization is hosted in skarn, and all three intercepts lie below the central part of the Santa Rita pit (See Figure 1). The average intercept width of the higher grade intercepts is 10.3 metres, and together they define a strike length of 250 metres, and occur over a vertical range of roughly 150 metres. These results, together with those announced previously (See Alder news releases of September 5 and May 31, 2012), have traced mineralization along 1,100 metres from surface to 200 metres vertical depth. The Santa Rita/R-13 mineralized corridor contains most of the historic resources on the Rosita property and these zones will be selectively targeted with in-fill drilling later this year.
At Bambana, northeast directed angle hole D919, located at the T3 Zone, cut 13 metres from surface grading 1.23% Cu, 0.36 g/t Au, and 10.6 g/t Ag. Previous trenching results and panel sampling at T3 returned encouraging results (see June 13, 2012 news release) with up to 29 metres grading 2.09% Cu, 0.19 g/t Au, and 14.6 g/t Ag. Mineralization in D919 is localized in variably oxidized and clay-weathered potassium feldspar-quartz altered andesitic volcanics and diorite containing copper oxides and minor sulphides. Off-set hole D920 returned 18 metres grading 1.74% Cu, 0.09 g/t Au, and 16.65 g/t Ag. The recoveries in this hole were locally very poor, however, the results are consistent with the mineralization encountered to date and as such, the grade is taken as representative. Drilling and trench work has defined a near-surface, good grade, "exotic" copper zone that is open to modest expansion and appears to be rooted within, or proximal to a primary Cu-Au-Ag zone.
The Phase 1 diamond drilling program included 20 holes totaling 5,908.5 metres. Eighteen of the holes were collared in the Santa Rita to R-13 corridor and two holes were drilled at Bambana to test high grade copper oxide mineralization below a trench and two benches. All of the holes intersected varying levels of copper, gold and silver mineralization.
The Company has delineated a stockpile resource at Rosita of 7.95 million tonnes grading 0.62% Cu, 0.46 g/t Au and 9.20 g/t Ag (1.01% CuEq) (see Alder news release of May 9, 2012). This material is at surface and already broken, so will provide a readily available source of mill feed at low cost. Drilling to date has led management to believe that estimated mineral resources will be expanded along the Santa Rita/R-13 corridor and Bambana. Several areas of historic resources are also present that have not yet been tested.
Alder is currently carrying out a geologic mapping, soil sampling and trenching program, designed to test several high quality IP geophysical anomalies, and high grade copper-gold bearing grab samples from the highly prospective Bambana Cu-Au-Ag porphyry prospect, and the El Rastro prospect where artisanal miners are mining gold 1.5 kilometres north of the R-13 pit. Previous work at Bambana has returned 3.32% Cu, 0.22 g/t Au and 37.55 g/t Ag over 12.0 metres in what appears to be related to porphyry-style mineralization in a trench as well as 2.09% Cu, 0.19 g/t Au, 14.6 g/t Ag and 1.98% Cu, 0.14 g/t Au and 14.4 g/t Ag over two 29 metre bench channel samples (See Figure 2). These targets represent significant potential upside for Alder in addition to the Santa Rita and R-13 mineralized zones.
Quality Assurance/Quality Control
All drill holes were collared using HQ-size drill core, and reduced to NQ-size where necessary. Core was loaded on-site into wooden core boxes and transported on a daily basis by Company personnel to Alder's secure field office in Rosita, where geologists logged the holes, and selected intervals for assay. Individual samples of drill core were sawed, using a 10" diamond blade trim saw. Half of the sample was retained in the core box, the rest loaded into a pre-numbered, heavy gauge plastic bag, sealed and then trucked on a weekly basis (by the laboratory or by Company personnel) to Inspectorate Exploration and Mining Services' preparation laboratory in Managua. There, pulps were prepared for shipping to Inspectorate's Analytical laboratory in Vancouver, where each sample was analyzed via fire assay for gold and for copper, silver and 28 other elements using ICP (Inductively Coupled Plasma-atomic emission spectrometry) methods. Alder has implemented an industry standard Quality Assurance/Quality Control program that includes the insertion of certified standards and blanks into the sample stream.
Qualified Person
John C. Spurney, Certified Professional Geologist (CPG-11007), Vice President Exploration for Alder and a qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release.
About Alder Resources Ltd.
Alder is a resource company focused on the development of gold and base metal projects throughout the Americas. Alder's current high priority target is the Rosita project in Nicaragua located 275 kilometres northeast of Managua. Also, the Company has an active reconnaissance program in the country, selectively evaluating areas of interest.
Alder entered into an option agreement to acquire a 65% interest in the Rosita D concession from Calibre Mining Corp. (see Alder news release of August 22, 2011) by issuing 1,000,000 shares and incurring expenditures of $4,000,000 over four years, of which $500,000 must be spent by October 2012. Alder has completed this $500,000 expenditure commitment.
Alder intends to continue building its property position with strategic acquisitions.
Alder Resources Ltd.
Joseph Arengi
President & CEO
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding potential mineralization, exploration results and future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Alder to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operations in foreign jurisdictions; ability to successfully integrate the purchased properties; and other risks inherent in the mining industry. Although Alder has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Alder does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view Figure 1. Location of diamond drill holes at Santa Rita reported in this news release, please visit the following link:
http://media3.marketwire.com/docs/Figure_1_Santa_Rita_R13_Drill_Plan.pdf
To view Figure 2. Location of diamond drill holes at Bambana illustrated on the -100 metre IP chargeability depth slice, please visit the following link:
http://media3.marketwire.com/docs/Figure_2_Bambana_T3_Zone_Drill_Plan.pdf
To view Figure 3. Longitudinal section along Santa Rita/R-13 corridor, south side, please visit the following link:
http://media3.marketwire.com/docs/Figure_3_Santa_Rita_R13_CuEq_Long_Section.pdf
NEITHER 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.
Contacts:
Alder Resources Ltd.
Joseph Arengi
416-309-4296
info@alderresources.ca
Alder Resources Ltd.
Don Dudek
416-861-2261
info@alderresources.ca
www.alderresources.ca