Alderon Confirms Iron in New Zone With 30% Iron Over 207 Meters
17 November 2010 - 12:30AM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce assay results from the ongoing drill program
on the Kamistiatusset ("Kami") Iron Ore Project in western
Labrador. Results have been received for resource definition at the
Central Rose Zone, as well as for the new zone located north of
Central Rose. This new zone, labelled North Rose, will be the focus
of the recently announced 2011 winter program that is scheduled to
commence late January with the objective of increasing the
potential size of the iron ore resource (see News Release dated
November 4th, 2010).
Highlights from recent North Rose drilling:
----------------------------------------------------------------------------
From To Length Total Iron
Drill Hole (meters) (meters) (meters) %
----------------------------------------------------------------------------
K-10-49 453.0 660.0 207.0 30.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
K-10-51(i) 212.5 278.0 65.5 28.5
----------------------------------------------------------------------------
(i) Hole lost at 278 meters
K-10-49 intersected the full stratigraphy, while K-10-51 only
intersected the upper portion before being lost. The 2011 winter
program, which is set to commence late January 2011, will focus
exclusively on drilling North Rose. The goal following the 2011
winter program is to delineate 600 to 800 million tonnes at a grade
between 28-32% iron ore. The potential tonnage and grade are
conceptual in nature and it is uncertain if further exploration
will delineate a mineral resource.
"It's very exciting to see this new zone demonstrate such strong
preliminary results," says Matt Simpson, Chief Operating Officer of
Alderon. "We look forward to commencing a comprehensive drill
program at North Rose in late January and we have great
expectations regarding adding further tonnage to the overall
resource."
Highlights from recent Central Rose drilling:
----------------------------------------------------------------------------
From To Length Total Iron
Drill Hole (meters) (meters) (meters) %
----------------------------------------------------------------------------
K-10-48 406.0 517.1 111.1 28.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------
K-10-52 125.3 227.7 102.4 30.8
----------------------------------------------------------------------------
----------------------------------------------------------------------------
K-10-55 280.8 442.5 161.7 29.5
----------------------------------------------------------------------------
A total of 23,495 meters (m) has been drilled on the property to
date and the 2010 drill program is on track to be completed by the
end of November 2010 with 25,000m drilled. The 2010 program will be
followed by an initial National Instrument 43-101 ("NI 43-101")
resource estimate in the first quarter of 2011. Watts, Griffis and
McOuat Limited ("WGM") has been commissioned to provide this
resource estimate and has already completed the required site
visits and sampling program. An updated NI 43-101 resource estimate
will follow the 2011 winter program and is expected late in the
second quarter of 2011.
Complete assay highlights with drill plan maps and sections are
posted on the Alderon website at:
http://www.alderonmining.com/projects/kami/
True widths of the reported intercepts vary depending on the
angle of the individual drill holes and are estimated to be between
45% and 89% of the core interval as reported. Samples were prepared
from sawn NQ-sized half-core sections on site in Labrador. Split
drill core samples are then sent to SGS Mineral Services in
Lakefield, Ontario for analyses. Total iron analysis is performed
using X-ray fluorescence (XRF) and the magnetic component is
determined by Satmagan magnetic analysis. Standards, blanks, and
duplicate assays are included at regular intervals in each sample
batch submitted from the field as part of an ongoing Quality
Assurance/Quality Control program.
Stock Option Grant
Alderon announces that it has, effective November 8, 2010,
granted incentive stock options to purchase a total of 1,900,000
common shares of Alderon at an exercise price of $1.60 per share to
certain executive officers, directors, employees and consultants of
Alderon. The options vest in equal quarterly instalments of a
period of 24 months and have a term of five years.
About Alderon
Alderon is a leading iron ore exploration and development
company in Canada. The Kami Project is located within an existing
iron ore district and is surrounded by producing iron ore mines.
The Alderon team is comprised of skilled professionals with
significant iron ore expertise to advance Kami towards
production.
Alderon's exploration work on the Kami Property is supervised by
Edward Lyons, P.Geo., the Chief Geologist for Alderon and a
Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed
and is responsible for the technical information contained in this
news release.
For more information on Alderon, please visit our website at
www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J. Morabito, President & CEO
This news release may contain forward-looking statements. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
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: Alderon Resource Corp. - Vancouver Office Mark
Morabito 604-681-8030 604-681-8039 (FAX)
mmorabito@explorationgroup.com Alderon Resource Corp. - Toronto
Office 416-309-2135 416-861-5887 (FAX) info@alderonmining.com
www.alderonmining.com
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