Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE:ALR) has refined
its value development plan to include a plan to drill test near-surface
copper-gold-silver surface-enriched and oxide targets on its Rosita project in
Nicaragua.
A review of near-surface exploration targets, in management's opinion, indicates
potential for 2 to 5 million tonnes grading from 1.0% to 2.0% copper
equivalent(1) from three known near surface copper-gold-silver enriched
(supergene) and oxide mineralization zones. These targets, which can be tested
with a drill program expected to cost approximately $500,000, in management's
opinion, represent the best potential exploration investment return on the
property.
The potential quantity and grade of the exploration targets described in this
news release are conceptual in nature, there has been insufficient exploration
to define a mineral resource in respect of these targets and it is uncertain if
further exploration will result in these targets being delineated as a mineral
resource. Alder has not yet done sufficient work to verify the historical drill
results reported in this news release and does not intend to use this
information for purposes other than planning and prioritizing exploration
targets.
In addition to the previously explored near surface targets, several new
copper-gold-silver supergene and oxide targets have been developed (see summary
figure 1). A summary of the targets in order of priority follows:
- R13/R13 West
- Historic drill holes at R13 returned up to 2.08% Cu over 47.5 metres and 0.98%
Cu over 79.9 metres (see figure 2) in two parallel, interpreted, near-surface
mineralized zones 130 metres by 450 metres and 90 metres by 300 metres in size,
respectively. These intercepts need to be validated by drilling as there is no
other way to validate the historic results.
- Tipispan
- Alder trench results returned up to 5.21% Cu, 4.6 g/t Au and 144.01 g/t Ag
over 12.0 metres with zone open across strike (see figure 3).
- Supergene mineralization developed over Cu-Au-Ag mineralized porphyry zone
that is cut by up to six northwest-trending high grade cross-structures. Target
area is approximately 700 metres by 250 metres.
- T3
- Alder's work returned trench results of 2.09% Cu, 0.24 g/t Au and 14.6 g/t Ag
over 29.0 metres and two drill hole intercepts returned 1.74% Cu, 0.09 g/t Au
and 16.64 g/t Ag over 18.0 metres and 1.23% Cu, 0.36 g/t Au and 10.63 g/t Ag
over 13.0 metres, respectively (see Figure 4). The initial target area is
approximately 100 metres by 200 metres.
- Santa Rita pit
- Supergene Cu-Au-Ag mineralization has been documented around the historic
Santa Rita pit where sampling by Calibre Mining Corp. has returned 3.26% Cu,
0.15 g/t Au and 55.82 g/t Ag over 8.3 metres(2) and 0.96% Cu, 1.06 g/t Au and
9.33 g/t Ag over 12.0 metres(2).
- Intersection of the northwest-trending Tipispan trend with the
northeast-trending Santa Rita mine trend. Target area is approximately 400
metres by 750 metres in size.
- Intersection of the northwest-trending El Rastro trend with the
northeast-trending Santa Rita Mine trend. Target area is approximately 100
metres by 600 metres in size.
Don Dudek, President and CEO of Alder, is quoted: "Alder has determined that a
staged development plan is most likely to provide the best return at a lower
risk to shareholders with a short-term focus on those near term, high value
opportunities first, followed by the development of the larger scale porphyry
and skarn targets either when this work can be supported by cash flow or
stronger markets. The near-surface, copper-gold-silver supergene-enriched
targets are what supported historic production of 5.4 million tonnes grading
2.06% Cu, 0.93 g/t Au and 15.08 g/t Ag and represent, in management's opinion,
the best potential return per exploration dollar on the property. The
copper-gold-silver supergene and oxide zones occur throughout the property and
make excellent, inexpensive exploration targets. These zones have potential to
materially increase the value of the property for a modest exploration cost."
A summary of Alder's updated value building plan is as follows:
----------------------------------------------------------------------------
Value Building Plan Expected Timing
----------------------------------------------------------------------------
Determine metallurgy of 8 million tonne(3) on surface
stockpile(4) and 1.75 and 2.25 million tonne target
tailings resource(5) 3 months - 2014
----------------------------------------------------------------------------
Define additional supergene mineralization - targeting
2-5 million tonnes at 1.0% to 2.0% Cu equivalent(6) 6 months, 2014
----------------------------------------------------------------------------
Complete PEA 4 months, late 2014
----------------------------------------------------------------------------
Complete infill drill program of stockpiles and near
surface zones that have been defined early 2015
----------------------------------------------------------------------------
Initial production of stockpile and supergene in the
event of a positive feasibility study, cost determined
by metallurgy and PEA To be determined
----------------------------------------------------------------------------
Continued exploration of large scale porphyry and
skarn Cu-Au-Ag deposits 2017-2018
----------------------------------------------------------------------------
R13 Target Area
The R13 and R13 West areas lie just east of the Santa Rita open pit (see figure)
and were subject to historical mining via an up to 25 metre deep, shallow open
pit. A historic plan map for this area displays drill intercepts of up to 2.08%
Cu over 47.5 metres in a presumed vertical hole (see figure). No gold or silver
assays are recorded, however mill records and remnant stockpile grades suggest
that gold grades could be approximately 0.75 g/t Au for every 1% Cu and that
silver grades would be close to 15 g/t Ag. Assuming that the drill hole
intercepts represent a near surface supergene zone, which was the original mine
target, the existing intercept data was modeled and the result was the
delineation of two, northwest-trending, inverted, triangle-shaped zones, R13 and
R13 West. These zones can be traced for 450 metres and 300 metres along strike
and range from 130 metres to 90 metres wide, respectively. Assuming a density of
2.0 tonnes per cubic meter and weighted copper grades, the modeled
mineralization solids represent an exploration target of 1,000,000 to 3,500,000
tonnes, after subtracting for material assumed to have been mined. Based on the
historic drill data, targeted grades range from 0.90% copper to 0.95% copper
with estimated gold and silver grades of approximately 0.5 g/t Au to 1.0 g/t Au
and 10 g/t Ag to 20 g/t Ag, representing a copper equivalent target grade
ranging from 1.30% to 1.80% (using a copper price of US$3.00/lb, gold price of
US$1,300 per ounce and a silver price of $20 per ounce). Alder plans to
drill-test this target with 39 to 45 holes on 50 metre centres averaging from 30
to 35 metres deep, having an estimated cost of approximately US$150 per metre
and totaling US$200,000 to US$250,000. An added benefit to this target area is
that the mineralization continues to depth. An Alder drill hole that intersected
the down-dip extension of the R13 zone at 150 metres below the surface returned
33.0 metres grading 0.72% Cu, 0.24 g/t Au and 21.95 g/t Au (1.09% Cu
equivalent). The true width of this intercept is not known.
Tipispan Target Area
Tipispan, the second priority target area (see figure), is estimated to be at
least 700 metres by 250 metres in size. Two historic drill holes, active
artisanal mining and Alder trenching and soil geochemical data suggest that this
area is underlain by a mineralized monzanite porphyry intrusion that has been
cut by six, 5 to 15 metre wide, northwest-trending, higher grade mineralized
structures that developed supergene enriched zones at surface (see figure).
These mineralized structures and porphyry are in turn cut by barren granitic
dykes, the extent of which are unknown at this time. Trenching has returned
grades of up to 5.21% Cu, 4.6 g/t Au and 144.01 g/t Ag over 12.0 metres with
mapping indicating that the supergene zone extends below un-mineralized
overburden where no sampling has taken place. An exploration model for this area
envisions overlapping zones of supergene mineralization developing over both the
mineralized monzonitic porphyry and the mineralized northwest-trending cross
structures. Assuming a target area of 500 metres by 200 metres with an average
thickness of 5 metres and a density of 2.0 tonnes per cubic metre, this area
could host a near surface exploration target of 500,000 tonnes to 1,000,000
tonnes of approximately 1.0 to 1.8% copper equivalent (0.7% to1% copper, 0.25 to
1 g/t Au and 10 to 20 g/t Ag) as well as deeper-rooted mineralized
cross-structures and copper-gold-silver mineralized porphyritic monzonite
porphyry. An initial program of 25 vertical, 25 metre deep holes on three fences
100 metres apart has been designed to evaluate the extent of the supergene
mineralization and two holes have been planned to test below an active artisanal
mine zone on one of the mineralized cross-structures. This initial program is
estimated to cost approximately US$150,000 to complete.
T3 Target Area
The T3 area, which represents an exotic oxide Cu zone, lies on a hillside below
an interpreted northerly-trending mineralized cross-structure. Surface trenching
has returned up to 2.09% Cu, 0.24 g/t Au and 14.6 g/t Ag over 29.0 metres and
two drill hole intercepts returned 1.74% Cu, 0.09 g/t Au and 16.64 g/t Ag over
18.0 metres and 1.23% Cu, 0.36 g/t Au and 10.63 g/t Ag over 13.0 metres,
respectively. Based on trench and topographic data, this zone of exotic Cu-Au-Ag
mineralization is estimated to extend approximately 100 metres along strike, 150
metres down slope and is at least 10 metres thick. Assuming a density of 2.0
tonnes per cubic metre, this represents a target of approximately 250,000 to
350,000 tonnes grading from 1.0% to 2.0% Cu equivalent (1.0% to 1.5% Cu, 0.25 to
0.5 g/t Au and 10.0 to 15.0 g/t Ag) . This target can be tested by 16, 15 metre
deep holes drilled on a 25 metre by 25 metre grid with an estimated cost of
$40,000.
Additional known copper supergene mineralization lies proximal to the historic
Santa Rita pit, where chip sampling by Calibre Mining Corp. returned up to 3.26%
Cu, 0.15 g/t Au and 55.82 g/t Ag over 8.3 metres, and just east of the R13 zone,
where historic drilling returned an intercept of 0.66% Cu over 16.2 metres in
what could represent a third mineralized northwest trending structure in the R13
area. Additional work is required to define the tonnage and grade potential of
these zones.
Following the same targeting methodology as in the R13 zone area, there is also
a reasonable possibility that additional blind supergene Cu-Au-Ag mineralization
may occur where well known mineralized trends like the Tipispan trend intersects
the Santa Rita trend and where the El Rastro trend intersects the Santa Rita
trend and at Zopilote, where historic records indicate sulphide and oxide
resources of 260,000 tonnes grading 0.92% Cu (no gold and silver grades were
recorded). These specific blue sky target areas and other intersecting
structural zones represent reasonable Cu-Au-Ag supergene targets that should be
tested in subsequent programs.
A qualified person has not done sufficient work to classify the historical
estimate reported above as current mineral resources or mineral reserves and
Alder is not treating the historical estimate as current mineral resources or
mineral reserves.
Qualified Persons
Don Dudek, P. Geo., Alder's President and CEO 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 exploration program is focused on the
Rosita project in Nicaragua located 275 kilometres northeast of Managua. The
company has current Inferred mineral stock pile resources of 7.95 million tonnes
grading 0.62% Cu, 0.46 g/t Au and 9.21 g/t Ag. See the technical report entitled
"Rosita Cu-Au-Ag Project, RAAN, Nicaragua, NI 43-101 Technical Report on Mineral
Resource Estimate of Rosita Stockpiles" effective as of May 8, 2012, which is
available under the Company's profile at www.sedar.com.
In August 2011, Alder entered into an option agreement to acquire a 65% interest
in the Rosita D concession from Calibre Mining Corp. by issuing 1,000,000 shares
and incurring expenditures of $4,000,000 over four years. To date Alder has
incurred approximately $3.3 million of the $4.0 million obligation and has until
October 2015 to incur the remaining project expenditures.
For additional information, please visit our website at www.alderresources.ca
and follow us on Facebook and Twitter: @AlderResources.
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 Company's mineral
resource estimate, potential mineralization, future plans and the exploration
targets. 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.
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.
(1) 0.7% Cu to 1.5% Cu, 0.25 g/t Au to 1.0 g/t Au and 10 g/t Ag to 20 g/t Ag. Cu
@ US$3.00/lb, Au @ US$1,300/oz and Ag @ US$20/oz
(2) Calibre Mining Corp. news release July 13, 2011. Calibre is Alder's joint
venture partner on the Rosita Property
(3) As reported in the news release issued by Alder on May 9, 2012, the inferred
resource estimate totals 7.95 mt, at an average grade of 0.62% Cu, 0.46 g/t Au
and 9.2 g/t Ag with an overall copper equivalent grade of 1.01%. The inferred
mineral resource contains 108 million pounds of Cu, 118,500 ounces of Au and
2.35 million ounces of Ag.
(4) See Data in NI 43-101 Technical Report entitled "Technical Report on Mineral
Resource Estimate of the Rosita Stockpiles" dated June 22, 2012 and filed on
SEDAR.
(5) Targeted grade of tailings resource 0.14 to 0.30% Cu, 0.52 to 0.57 g/t Au
and 6.37 to 12.55 g/t Ag
(6) 1.0% to 2.0% Cu equivalent ranges 0.7% Cu to 1.5% Cu, 0.25 g/t Au to 1.0
g/t Au and 10 g/t Ag to 20 g/t Ag. Cu @ US$3.00/lb, Au @ US$1,300/oz and Ag @
US$20/oz
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/933947_FIG_1.pdf
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/933947_FIG_2.pdf
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/933947_FIG_3.pdf
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/933947_FIG_4.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Alder Resources Ltd.
Michael McAllister
416-309-2134
info@alderresources.ca
www.alderresources.ca
(TSXV:ALR)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:ALR)
Historical Stock Chart
From Jul 2023 to Jul 2024
