Alder Resources Ltd. ("Alder") (TSX VENTURE:ALR) is pleased to
announce that significant historic diamond drill intercept data for
the Santa Rita pit located on the Rosita D concession has been
recovered from archives at the government mines library in Managua,
Nicaragua. The drill results are displayed as assay intercepts on a
series of ore reserve sections in a report titled "La Luz Mines
Limited, Rosita Mines, Nicaragua C.A., Ore Reserves" dated October
1, 1969 and written by M. J. Knuckey, the Chief Geologist at the
time. Some of the better results include the following:
-- 1.15% Cu, 0.48 g/t Au over 19.8 metres
-- 1.01% Cu over 42.1 metres
-- 2.95% Cu, 0.34 g/t Au, 35.31 g/t Ag over 18.3 metres
-- 1.34% Cu over 31.0 metres
-- 2.27% Cu, 0.21 g/t Au, 30.85 g/t Ag over 16.7 metres
This new information reflects only those intercepts that are
considered to have a very high probability of lying outside the
historic pit boundary. The sections cover a strike length of 380
metres and mineralized intercepts occur over a vertical height of
175 metres. The sections show that the mineralization is open at
depth and along strike. It should be noted that the drill logs for
these holes are not available and the analytical method utilized
for the core samples is unknown. Alder will twin several of these
holes to test the reproducibility of the results. Alder has not yet
done sufficient work to verify these historic drill results and
does not intend to use this information for purposes other than
planning and prioritizing exploration targets. A summary of the
drill results are appended at the end of this press release as
Schedule "A".
A description of the Rosita Mine operation published in a CIM
Bulletin in August 1973 stated that the mine was put on a salvage
basis with mining scheduled to be completed to the -19.8 metre
elevation. Mining was carried out intermittently by subsequent
owners, but accurate historic information has not been located. On
this basis, Alder assumes the base of the pit is 30.5 metres below
ground level, which is at 30.5 metres.
Joseph Arengi, President and Chief Executive Officer of Alder,
stated: "Much of the early data from mining operations and
subsequent exploration at Rosita has been lost or destroyed. The
only information available before this discovery were plan maps of
the Santa Rita and R-13 pits that illustrated assay values and
drill lengths. La Luz Mines was a subsidiary of Falconbridge Nickel
Mines and the work is considered to be of high quality and
reliable. Finding a document like the La Luz Mines report is a
major step forward in identifying high priority drill targets with
a high degree of confidence."
Alder has entered into an option agreement with Calibre Mining
Corp. ("Calibre") (TSX VENTURE:CXB) to acquire a 65% interest in
the Rosita D concession (as disclosed in a press release issued by
Alder on August 22, 2011), which hosts the historic open pit Santa
Rita copper-gold-silver deposit from which 5.37 million tonnes of
ore grading 2.06% Cu, 0.93 g/t Au, and 15.08 g/t Ag was extracted.
The mine closed in 1975 due to low copper prices. Alder management
believes that a substantial amount of Cu-Au-Ag mineralization lies
both below and adjacent to the Santa Rita pit. Recent work carried
out by Calibre returned trench intercepts of 1.06 g/t Au, 0.96% Cu
and 9.33 g/t Ag over 12.0 metres and 3.26% Cu, 55.82 g/t Ag and
0.15 g/t Au over 8.30 metres. Historic drill intercepts from the
R-13 zone, located 500 metres east of the Rosita deposit,
reportedly returned up to 7.2% Cu, 0.44 g/t Au and 76.8 g/t Ag over
10.5 metres. This zone is open to depth and along strike.
The Bambana prospect, located four kilometres northwest of the
Santa Rita open pit, returned intercepts of up to 0.43% Cu over
42.0 metres and 0.51% Cu and 0.25 g/t Au over 11.5 metres in two
diamond drill holes completed by Calibre in 2010. A review of this
area by Alder identified copper porphyry-style alteration and
sulphide mineralization.
Alder has also received results from several due diligence
samples collected in September 2011. These results are summarized
below and confirm the presence of significant copper, gold and
silver mineralization in dump material and in bench faces at the
Santa Rita pit as well as at the Bambana prospect.
---------------------------------------------------------------------------
Area Rock Type Type Cu % Au g/t Ag g/t
---------------------------------------------------------------------------
Bambana pit Altered Composite grab 3.09 0.435 74.4
intrusive
---------------------------------------------------------------------------
Bambana trench Altered Composite grab 0.02 1.345 11.7
intrusive
---------------------------------------------------------------------------
Santa Rita pit Skarn sulphides Composite grab 1.31 2.685 24.9
central bench
---------------------------------------------------------------------------
Santa Rita pit NW Andesite with Composite grab 0.01 0.058 less
bench sulphides than 0.1
---------------------------------------------------------------------------
Santa Rita pit NE Marble skarn Composite grab 5.42 0.172 102.5
bench
---------------------------------------------------------------------------
Santa Rita pit N Waste 1m vertical 0.64 0.689 5.9
Dump channel
---------------------------------------------------------------------------
Santa Rita pit SE Waste 1m vertical 0.45 2.014 4.3
Dump channel
---------------------------------------------------------------------------
Alder has begun a work program of trenching at the Bambana area
and systematic detailed vertical channel sampling of the dumps. As
stated in a press release dated October 20, 2011, Alder's first
priority will be to validate the historic Cu-Au mineral resources
on the property. The initial work program includes an evaluation of
the mineralized dumps by trenching and reverse circulation
drilling, testing high priority targets around the old Santa Rita
and R-13 pits, trenching and drilling at Bambana and a
reinterpretation of the geophysical data. Alder plans to use the
results of this initial work to develop an aggressive drill program
that will be designed to lead to a resource estimate.
Extension of Warrants
Alder also announced that it has extended the term of 6,030,666
common share purchase warrants (the "Warrants") that were issued as
part of an offering which closed on November 25, 2009. Each Warrant
is exercisable for one common share in the capital of Alder at an
exercise price of $0.25 and was previously set to expire on
November 25, 2011. Alder has received TSX Venture Exchange approval
to extend the expiry date of the Warrants to June 30, 2012.
Qualified Person
Joseph Arengi, M. Sc., P. Geo., President and Chief Executive
Officer of Alder and a qualified person under NI 43-101, has
reviewed and approved the scientific and technical information in
this press release.
About Alder Resources Ltd.
Alder is a resource company focused on the development of gold
and base metal projects throughout Latin America. Current projects
include the recently announced Rosita project in Nicaragua located
275 km northeast of Managua and the La Montanita gold property 40
km northeast of Medellin. Alder will continue to build 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 the effect of the historic drill results on
the Company's understanding of the project, potential
mineralization, reserve and resource determination, 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, as the case may be, 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 operation in
foreign jurisdictions; ability to successfully integrate the
purchased properties; foreign operations risks; 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.
SCHEDULE "A"
HISTORIC DIAMOND DRILL INTERCEPT DATA
------------------------------------------------------------------------
True Ele.
Section Hole ID Angle %Cu Au gpt Ag gpt Width (m) (m)
------------------------------------------------------------------------
18.7 NQ-17 -45 0.45 29.1 51.8
------------------------------------------------------------------------
R-101 -66 0.41 37.7 85.4
------------------------------------------------------------------------
18.8 NQ-11B -51 1.15 0.48 19.8 30.5
------------------------------------------------------------------------
R-168 -45 0.86 8.0 62.5
------------------------------------------------------------------------
18.9 NQ-14 -45 0.56 31.4 48.8
------------------------------------------------------------------------
19.0 NQ-3 -67 0.60 12.8 64.0
------------------------------------------------------------------------
NQ-12 -61 0.54 24.4 189.0
------------------------------------------------------------------------
R-167 -45 1.19 15.2 100.6
------------------------------------------------------------------------
19.1 R-99 90 0.35 15.2 121.9
------------------------------------------------------------------------
19.2 NQ-1 -47 1.01 42.1 67.1
------------------------------------------------------------------------
NQ-2 90 0.87 18.3 137.2
------------------------------------------------------------------------
NQ-5 -69 0.63 21.3 109.7
------------------------------------------------------------------------
19.3 R-72 90 2.95 0.34 35.31 18.3 89.9
------------------------------------------------------------------------
R-74 90 1.05 12.2 140.2
------------------------------------------------------------------------
R-77 90 0.39 4.6 161.6
------------------------------------------------------------------------
19.4 NQ-7 -51 1.34 31.0 57.9
------------------------------------------------------------------------
NQ-10 -59 0.84 4.6 164.6
------------------------------------------------------------------------
2.27 0.21 30.85 16.7 204.3
------------------------------------------------------------------------
R-58 -59 0.82 6.4 39.6
------------------------------------------------------------------------
19.5 NQ-19 -61 0.54 10.7 70.1
------------------------------------------------------------------------
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 President & CEO
416-309-4296jarengi@alderresources.ca Alder Resources Ltd. Paul
Paez Marketing Director
416-309-2698ppaez@alderresources.cawww.alderresources.ca
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