Aldridge Minerals Inc. Finds Significantly Higher Metal Grades in Diamond versus RC-Drill Holes at its Yenipazar Deposit
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- Comparison of 6 Diamond holes vs. RC Holes shows an average increase in gold and silver grades of 49% and 42% respectively.
www.aldridgeminerals.ca TSX-V: AGM
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TORONTO, Oct. 24, 2011 /CNW/ - Aldridge Minerals Inc.
('Aldridge' or the 'Company') is pleased to announce a review of diamond versus RC-drill results available to date from the Yenipazar volcanogenic massive sulphide (VMS) deposit in Central Turkey. Diamond drilling has twined six RC-holes within a distance of four to six metres, and a comparison is given below in Table 1. The comparison of grade thickness (grade multiplied by thickness) between these diamond holes drilled within four to six metres of RC-drilled holes shows average 49 % more gold, 42 % more silver, 9 % more copper, 11 % more lead, and 14 % more zinc than the duplicated RC-holes.To reduce the effect of natural grade and thickness variation which may occur in VMS deposits at a scale of five metres, results from all six holes were added up and averaged, resulting in a cumulative number for grade multiplied by thickness, thereby addressing the total amount of metal found in all six holes together. The average grade for each metal in those six holes is given below in Table 1.
Dr. Martin Oczlon, Exploration Manager and CEO of Aldridge noted: 'Even when RC and diamond holes were spaced up to 27 metres apart, we are still consistently seeing an average of approximately 35% more gold in the diamond holes. The higher loss of gold in RC-drilling versus diamond drilling likely indicates that gold must at least partially occur in fine particles that were not recovered during the RC-drilling campaign. However, on mining, these gold grains can be recovered using simple gravitational enrichment devices. This is exactly what we have been seeing in our latest test work at G&T Metallurgical Services Ltd., Kamloops, a report on which is expected to be released in due course'.
Table 1
____________________________________________________________________
| 6 DIAMOND HOLES |Thickness| Au| Ag| Cu| Pb| Zn|
| |(metres) |(g/t*m)|(g/t*m)|(%*m)|(%*m)|(%*m)|
|________________________|_________|_______|_______|_____|_____|_____|
|Total mineralized | 350 | 560.9| 18438| 118|515.2|658.3|
|intervals | | | | | | |
|________________________|_________|_______|_______|_____|_____|_____|
| | | Au g/t| Ag g/t| Cu %| Pb %| Zn %|
|________________________|_________|_______|_______|_____|_____|_____|
|Weighted average grade | | 1.60| 52.7| 0.34| 1.47| 1.88|
|________________________|_________|_______|_______|_____|_____|_____|
| | | | | | | |
|________________________|_________|_______|_______|_____|_____|_____|
|* Difference (RC Holes =| | 149| 142| 109| 111| 113|
|100) | | | | | | |
|________________________|_________|_______|_______|_____|_____|_____|
| | | | | | | |
|________________________|_________|_______|_______|_____|_____|_____|
|6 RC HOLES (within 4 - 6|Thickness| Au| Ag| Cu| Pb| Zn|
| metres) |(metres) |(g/t*m)|(g/t*m)|(%*m)|(%*m)|(%*m)|
|________________________|_________|_______|_______|_____|_____|_____|
|Total mineralized | 352 | 375.4| 13019|107.7|463.7| 580|
|intervals | | | | | | |
|________________________|_________|_______|_______|_____|_____|_____|
| | | Au g/t| Ag g/t| Cu %| Pb %| Zn %|
|________________________|_________|_______|_______|_____|_____|_____|
|Weighted average grade | | 1.07| 37.0| 0.31| 1.32| 1.65|
|________________________|_________|_______|_______|_____|_____|_____|
* The difference calculated by dividing total mineralized intervals of Diamond holes by RC holes to account for the fact that the interval thicknesses are not exactly equal.
Note: Results for currently available pairs of diamond-duplicated RC-Holes (within 5-7 m) are not capped and include: YP-1, YP-2, YP-4, YP-5, YP-6, YP-7.
Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release.
The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6 % net profit interest ('NPI', revenues less operational costs) until revenues of US$ 165 million are generated, and a 10 % NPI from there on.
About Aldridge Minerals Inc.
Aldridge is focused on mineral opportunities in Turkey where the Company is advancing to feasibility on an ambitious development program at its flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338 square kilometre exploration licence in Papua New Guinea where a systematic exploration program is underway.
Additional information and corporate documents may be found on www.sedar.com and the Company's website, www.aldridgeminerals.ca.
Neither the 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.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of the Company. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Aldridge Minerals Inc.
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