Alderon Intersects 29% Iron Over 227 Meters at North Rose
11 May 2011 - 10:30PM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce assay results from the 2011 winter program
on the 100% owned Kamistiatusset ("Kami") Iron Ore Project in
western Labrador. These results are from North Rose and are all
outside of the currently defined National Instrument ("NI") 43-101
resource estimate. Highlights include:
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From To
Drill Hole (meters) (meters) Length (meters) Total Iron %
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K-11-100B 31.8 120.3 88.5 31.8
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K-11-107 48.0 162.0 114.0 25.8
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Including 48.0 81.0 33.0 31.1
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and 93.0 134.4 41.4 32.9
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K-11-109 103.0 225.0 122.0 29.0
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K-11-110 56.0 283.2 227.2 28.6
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including 222.0 283.2 61.2 32.9
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"It's great to see North Rose developing with such positive
results and we are excited to have this new zone included in the
updated resource estimate later this year," says Mark Morabito,
President and CEO of Alderon.
The North Rose Zone is located northwest of Rose Central, which
has a currently defined NI 43-101 indicated resource of 376.1
million tonnes at 29.8% iron and an additional inferred resource of
46.0 million tonnes at 29.8% iron (refer to News Release dated
April 5, 2011 for further details). This new North Rose Zone will
be part of the updated NI 43-101 resource estimate expected at the
end of Q3 2011. The goal for the updated resource is to delineate
800 million to 1 billion tonnes at a grade between 28-32% iron ore.
The potential increase in tonnage and the grade are conceptual in
nature, there has been insufficient exploration to define a larger
mineral resource and it is uncertain if further exploration will
delineate a larger mineral resource. These updated resource figures
are reported as exploration targets based on the presence of
step-out mineralized drill holes, known mineralized zones open
along strike and geophysically anomalous areas from data received
by Alderon.
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 above vary depending on
the angle of the individual drill holes and are estimated to be
between 85% and 92% of the core interval as reported. All 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.
About Alderon
Alderon is a leading iron ore exploration and development
company in Canada. The 100% owned 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. Mr. Lyons has verified the data disclosed in this
news release, including sampling, analytical and test data
underlying the information disclosed in this news release. Mr.
Lyons has verified that the results were accurate from the official
assay certificates provided to Alderon.
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
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about the timing and size of an increased
resource estimate and future exploration on and the development of
the Kami Project are forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified 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.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and
Alderon undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms "reserves", "resources",
"proven reserves", "probable reserves", "measured resources",
"indicated resources" and "inferred resources". United States
investors are advised that, while such terms are recognized and
required by Canadian securities laws, the United States Securities
and Exchange Commission (the "SEC") does not recognize them. Under
United States standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. United States investors are cautioned not to
assume that all or any part of measured or indicated resources will
ever be converted into reserves. Inferred Resources are in addition
to Measured and Indicated Resources. Further, inferred resources
have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United States investors
are also cautioned not to assume that all or any part of the
inferred resources exist, or that they can be mined legally or
economically. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations, however, the SEC normally
only permits issuers to report "resources" as in place tonnage and
grade without reference to unit measures. Accordingly, information
concerning descriptions of mineralization and resources contained
in this release may not be comparable to information made public by
United States companies subject to the reporting and disclosure
requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators, which established standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all reserve and resource estimates referred to in this
press release or released by the Company in the future have been or
will be prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. The requirements of NI 43-101 are not the same as those of
the SEC and any reserves reported by the Company in compliance with
NI 43-101 may not qualify as reserves under the SEC's
standards.
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 J
Morabito President & CEO 604-681-8030 604-681-8039 (FAX)
info@alderonmining.com www.alderonmining.com Alderon Resource Corp.
- Toronto Office 416-309-2135 416-861-5887 (FAX) Renmark Financial
Communications Inc. Florence Liberski (416) 644-2020 or (514)
939-3989 fliberski@renmarkfinancial.com Renmark Financial
Communications Inc. Barry Mire (416) 644-2020 or (514) 939-3989
bmire@renmarkfinancial.com www.renmarkfinancial.com
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