Altair Reports Substantial Increase in Gold Resources at Kena
11.04.2013 | The Newswire
- Inferred Resources grow to 1,399,000 ounces gold, up 173%- Measured & Indicated Resources at 490,000 ounces gold
Vancouver, BC -- April 11, 2013: Altair Gold Incorporated (TSX-V: AVX; "the Company") is pleased to report the results of an updated resource estimate for the Kena gold project near the town of Nelson in southeastern British Columbia. This updated 2013 mineral resource estimate was derived from the incorporation of the 2012 drilling results which successfully expanded the volume and continuity of the mineralized zones used in the 2012 resource estimate.
The new resource estimate includes a total of 25,280,000 tonnes at 0.60g/t gold in the Measured + Indicated (M&I) Resource categories, comprising 490,000 contained ounces of gold, while the Inferred Mineral Resource comprises 90,440,000 tonnes at 0.48g/t gold, for 1,399,000 contained ounces of gold. These figures were estimated using a 0.30g/t gold cut-off.
"The updated resource estimate on the Kena Project gives Altair excellent incentive for continued exploration of the newly modeled gold mineralization", stated Altair's President & CEO, Fayyaz Alimohamed. "We also intend to continue with evaluating the many other undrilled targets on the project, such as the artisanal Euphrates mine which between 1928 and 1941 reportedly mined 307 tonnes at average grades of 46.9 g/t gold and 249.3 g/t silver" (BC MINFILE DEPOSIT No 082FSW186).
The 2012 diamond drilling program was designed to infill the gold bearing trend along strike and to depth and to step out from the existing mineralised zones, and comprised 7,527 metres in 41 drill holes. To this point most drilling, and hence the resource estimate, is based upon the Gold Mountain Zone (GMZ), the Kena Gold Zone (KGZ), and the High Grade Zone (HGZ).
The 173% increase in the Inferred estimate is due to the extension of the mineralized Kena zone to the northwest by the results of the 2012 drilling. This extension has resulted in the interpreted connection of the KGZ and GMZ to collectively form what is referred to as the KGM Zone in the new geologic model.
The previous 2012 total M&I resources for the KGZ and GMZ comprised 549,000 contained ounces of gold, while total Inferred resources comprised 513,000 ounces. The current increase in the inferred gold resource reflects the potential for the host to be a larger and more continuous structure than what had previously been recognized.
Following completion of the 2012 drilling program, all drill holes were entered into the Kena Project database. With the new information, Altair's consultants designed a new geologic model for the resource. Gary Giroux, P.Eng, MASc, was then contracted to prepare a new resource estimate for the property. This resource updates previous estimates completed in May 2004 and reported in Giroux and Dandy, 2004, and the resource estimate in May 2012 and reported in Giroux and Grunenberg 2012.
G.H. Giroux is the qualified person responsible for the resource estimate. Mr. Giroux is a qualified person by virtue of education, experience and membership in a professional association. He is independent of the company applying all of the tests in section 1.5 of National Instrument 43-101.
The results from the 2013 Giroux resource estimate are tabled below:
COMBINED KENA AND GOLD MT. (KGM) ZONE
----------------------------------------------------------------------
|A |MEASURED PLUS INDICATED |CLASSED INFERRED |
|--------------------------------------------------------------------|
|Au |Tonnes > |GradeA > Cut-off |Tonnes > |GradeA > Cut-off |
|Cut-off|Cut-off | |Cut-off | |
|--------------------------------------------------------------------|
|(g/t) |(tonnes) |Au (g/t)|Ounces Au|(tonnes) |Au (g/t)|Ounces Au|
|--------------------------------------------------------------------|
|0.10 |43,940,000|0.44 |615,000 |261,340,000|0.29 |2,462,000|
|--------------------------------------------------------------------|
|0.20 |35,790,000|0.50 |574,000 |167,900,000|0.37 |2,008,000|
|--------------------------------------------------------------------|
|0.30 |25,280,000|0.60 |490,000 |90,440,000 |0.48 |1,399,000|
|--------------------------------------------------------------------|
|0.40 |17,430,000|0.72 |403,000 |49,640,000 |0.59 |946,000 |
|--------------------------------------------------------------------|
|0.50 |12,330,000|0.83 |330,000 |27,270,000 |0.72 |627,000 |
----------------------------------------------------------------------
The Kena Property, located seven kilometres south of Nelson, British Columbia, is readily accessible by Highway 6 and several major logging roads. It comprises 152 claim units totaling an area of 7,609 hectares (76.1 km²). The property covers approximately 10 kilometres of strike length on a district-scale gold-copper system.
The Qualified Person for the Kena Property is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Gold Inc.
For further information please contact Justin Schroenn at (604) 780-1371, or e-mail info@altairgold.com. (www.altairgold.com)
ON BEHALF OF THE BOARD
"Fayyaz Alimohamed"
Fayyaz Alimohamed, President & CEO
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.