Dalradian Releases Further High Grade Drill Intercepts from the Curraghinalt Gold Deposit in Northern Ireland
TORONTO, ONTARIO -- (Marketwire) -- 12/12/12 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX: DNA)(OTCQX: DRLDF) is pleased to announce further results from its drill program in Northern Ireland. Seven holes are reported with highlighted intercepts of 17.55 g/t of gold over 1.7 metres, 18.99 g/t of gold over 2.47 metres and 13.78 g/t of gold over 1.5 metres in new infill and step out drilling. In addition, an intercept of 61.81 g/t of gold over 1.42 metres was returned from a previously unsampled hole as part of an on-going program of historic core review and evaluation.
"Our targeting continues to increase our confidence in the existing resource and is now expanding the drilled extent of the deposit with high grade hits to the west," said Patrick F.N. Anderson, Chief Executive Officer "Furthermore, the on-going sampling program to re-evaluate previously untested core is starting to bear fruit with the return of a high-grade intercept from the T-17 vein. We expect to see more results from both programs in the short term."
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Au
From To Width Grade Interpreted
Hole ID (m) (m) (m) (g/t) Target Vein Name
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12-CT-159 238.50 240.97 2.47 5.19 Step-out Attagh Burn
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12-CT-160 31.62 32.00 0.38 16.05 Step-out Crow
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12-CT-161 245.74 246.34 0.60 10.05 Step-out Attagh Burn
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12-CT-161 256.57 258.27 1.70 17.55 Step-out Attagh Burn
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12-CT-163 44.05 45.78 1.73 3.25 Infill Sheep Dip
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12-CT-163 263.12 263.28 0.10 60.60 Infill T-17
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12-CT-163 412.12 413.62 1.50 13.78 Infill 106-16
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12-CT-164 107.25 107.63 0.38 14.32 Step-out Attagh Burn
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12-CT-164 127.88 129.15 1.27 5.28 Step-out Attagh Burn
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12-CT-164 186.40 187.00 0.60 13.35 Step-out Attagh Burn
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12-CT-167 151.77 152.12 0.35 12.47 Step-out Attagh Burn
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12-CT-167 201.93 204.40 2.47 18.99 Step-out Attagh Burn
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including 203.90 204.10 0.20 158.00
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12-CT-167 221.92 222.19 0.27 15.35 Step-out Attagh Burn
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11-CT-91 33.48 34.90 1.42 61.81 Historic Core T-17
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(i) Note:
-- Composites calculated at 1 g/t Au cut-off and may include up to 2.5 m of
internal dilution
-- True width of CGT veins is minimum 95% of width
-- True Width of Attagh Burn veins is 85-92% of width
Step-Out Drilling
The Attagh Burn Vein system includes a set of at least two mineralized veins, immediately west of the main Curraghinalt Deposit.
Four holes have tested the Attagh Burn Vein system outside of and to the east of the existing resource estimate in this area (PR Nov 30, 2011).
12-CT-161
This hole was drilled due south and intersected 10.05 g/t Au over 0.60 m and 17.55 g/t Au over 1.70 m. 12-CT-161 has intersected the mineralized veins 130 m down dip from the nearest drill hole and thus these intersections are thought to represent the down dip extensions of the Attagh Burn Veins.
12-CT-167
This hole intersected 18.99 g/t over 2.47 m, including 158 g/t Au over 0.20 m and 15.35 g/t Au over 0.27 m, located 100 m east of the section containing hole 12-CT-161. These two intersections are interpreted to represent the 107 m down dip extension of the Attagh Burn Veins.
12-CT-164
This hole intersected three narrow, well mineralized veins 60 m west of the section containing 12-CT-161 including 5.28 g/t Au over 1.27 m, 13.35 g/t Au over 0.60 m and 14.32 g/t Au over 0.38 m.
12-CT-159
This hole targeted the Attagh Burn Veins 140 m west of the known mineralization. A cluster of veins were intersected yielding 5.19 g/t Au over 2.47 m.
12-CT-160
This hole tested for mineralized veins to the south of the Crow Vein at the western edge of the known Curraghinalt Deposit. The Crow Vein is the southernmost vein in the current resource estimate. 12-CT-160 intersected 16.05 g/t Au over 0.38 m near the top of the hole, interpreted to be the Crow Vein.
Infill Drilling
12-CT-163
This hole was collared at the north-western margin of the deposit. The hole intersected the up-dip projection of the Sheep Dip Vein outside of the existing resource envelope and returned 3.25 g/t Au over 1.73 m. The T17 Vein was intersected up dip of the existing resource envelope and returned 60.60 g/t Au over 0.10 m. The hole also intersected the 106-16 Vein inside the existing resource envelope and returned 13.78 g/t Au over 1.50 m.
Historic Core Evaluation
Dalradian recently discovered a series of gold bearing cross-cutting structures known as "C-veins" and is currently undertaking a review program whereby historical core is being examined and previously unsampled mineralized vein material is being sent for assay.
This work is demonstrating the potential to upgrade the confidence in the resource estimate by simply completing additional sampling on existing core. As a result of this program, Hole 11-CT-91 yielded 61.81 g/t Au over 1.42 m (T17 Vein).
Qualified Person
Michele L. Cote, MSc., P. Geo., VP Exploration, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.
Drill core was halved with samples averaging between 0.2 and 0.3 metres in mineralized material and up to 0.5 metre in wall rock were submitted to ALS Laboratories in the Republic of Ireland. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 50 gram gold fire assay with an atomic absorption finish.
ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition "General Requirements for the Competence of Testing and Calibration Laboratories".
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading
12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's recently completed Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate.
Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanovic, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
In Norway, Dalradian holds mineral rights for approximately 1.7 million hectares over three greenstone belts, as well as an area hosting an historic silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with field programs underway over its Kongsberg and Kautokeino concession areas.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative 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 statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements 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 statements.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/drldf1212fig1.pdf.
Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com