Aldridge Minerals Reports Drill Results and Provides Exploration Update At Yenipazar
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TSX-V: AGM
Frankfurt: AIW
TORONTO, Nov. 22, 2011 /CNW/ - Aldridge Minerals Inc.
('Aldridge' or the 'Company') is pleased to announce the results of the final twelve metallurgical diamond drill holes completed as part of the ongoing feasibility study at Yenipazar. The full metallurgical drill program included thirty PQ diamond holes, eighteen of which were reported on October 11(th). The holes reported today again confirm that higher grade zones can still be found within the greater Yenipazar resource. Additionally, as with the previously released eighteen holes, the holes reported today continue to show higher grades than previous RC holes used to calculate the Company's resources, especially for gold and silver.Highlights Include:
-- 28 metres at 2.13 g/t Au, 105.42 g/t Ag, 1.15% Cu, 3.14% Pb and
4.74% Zn
-- 20 metres at 2.40 g/t Au, 72.53 g/t Ag, 1.03% Cu, 2.95% Pb and
4.89% Zn
-- 8 metres at 3.50 g/t Au, 58.61 g/t Ag, 5.28% Cu, 1.87% Pb and
1.18% Zn
See Table 1 for all the highlights from these twelve holes reported today.
Previously, the Company reported on October 11(th) that it had discovered two new mineralized outcrops. The first is located approximately 1.8 kilometres due north of the Yenipazar resource. The second is located approximately 1.3 kilometres north and north east of the Yenipazar resource. The Company chose to drill at the second outcrop and one hole has been completed which encountered oxide mineralization and has been sent for assay. A small ground magnetic survey has now been planned in an area (800m x 800m) targeting a major fault intersected in an earlier IP-Survey. This survey should help to identify the potential presence of oxide mineralized zones and thus aid in drill planning.
At the outcrop located 1.8 kilometres north of the Yenipazar resource, a new outcrop has been discovered approximately 380 metres to the east. The Company now plans to drill both of these outcrops in the near term and will report results once they have been received. Dr. Martin Oczlon, VP Exploration commented, 'Our exploration program is continuing to generate exciting results and we now strongly believe we can significantly increase resources at Yenipazar'.
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.
Table 1 Highlighted intersections from each of the remaining twelve diamond drill holes
_____________________________________________________________________
|Hole |From (m)|To (m)|Length |Au (g/t)|Ag (g/t)|Cu (%)|Pb (%)|Zn (%)|
| | | | (m)| | | | | |
|______|________|______|_______|________|________|______|______|______|
|YPD-12| 61| 68| 7| 1.74| 70.46| 0.93| 2.97| 6.73|
|______|________|______|_______|________|________|______|______|______|
|YPD-13| 62| 92| 28| 2.13| 105.42| 1.15| 3.14| 4.74|
|______|________|______|_______|________|________|______|______|______|
|YPD-14| 41| 49| 8| 3.50| 58.61| 5.28| 1.87| 1.18|
|______|________|______|_______|________|________|______|______|______|
| | 49| 54| 5| 2.45| 72.28| 6.39| 3.63| 1.90|
|______|________|______|_______|________|________|______|______|______|
|YPD-15| 30| 33| 3| 1.44| 87.23| 1.49| 2.24| 2.36|
|______|________|______|_______|________|________|______|______|______|
| | 33| 38| 5| 0.53| 33.86| 0.14| 1.17| 1.58|
|______|________|______|_______|________|________|______|______|______|
|YPD-24| 85| 95| 10| 0.89| 51.28| 0.22| 2.75| 3.72|
|______|________|______|_______|________|________|______|______|______|
|YPD-26| 85| 102| 17| 1.41| 62.48| 0.41| 2.00| 3.58|
|______|________|______|_______|________|________|______|______|______|
|YPD-27| 148| 150| 2| 0.22| 37.25| 0.26| 0.90| 5.01|
|______|________|______|_______|________|________|______|______|______|
| | 157| 164| 7| 1.21| 110.91| 0.65| 1.87| 2.37|
|______|________|______|_______|________|________|______|______|______|
|YPD-28| 87| 100| 13| 2.52| 42.71| 0.76| 1.38| 2.00|
|______|________|______|_______|________|________|______|______|______|
|YPD-29| 63| 83| 20| 2.40| 72.53| 1.03| 2.95| 4.89|
|______|________|______|_______|________|________|______|______|______|
|YPD-30| 43| 48| 5| 3.42| 106.17| 1.07| 3.14| 4.61|
|______|________|______|_______|________|________|______|______|______|
|YPD-31| 59| 63| 4| 2.47| 72.13| 1.39| 2.14| 4.13|
|______|________|______|_______|________|________|______|______|______|
|YPD-32| 71| 76| 5| 1.46| 65.59| 1.03| 2.05| 3.33|
|______|________|______|_______|________|________|______|______|______|
Note: All holes were drilled vertically and therefore represent true thickness
Assays were conducted at ALS Chemex Labs in Vancouver by ICP analysis.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company in the business of identifying and developing mineral properties in Turkey and Papua New Guinea ('PNG'). Aldridge is advancing its flagship Yenipazar polymetallic VMS deposit in Turkey with a feasibility study, which is building on its December 2010 Technical Report and Preliminary Economic Assessment. The deposit includes gold, silver, copper, lead and zinc. The feasibility study is expected to be completed by the end of 2012. Aldridge's PNG exploration license includes an area of approximately 338 square kilometres known as the Kili Teke license. The license area is prospective for gold, silver and copper.
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.
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.
CONTACT:
Jacob Willoughby Mario Caron
President and Director, CEO and Director,
Aldridge Minerals Inc. Aldridge Minerals Inc.
(416) 477-6981 (416) 477-6985
jwilloughby@aldridgeminerals.camcaron@aldridgeminerals.ca
Christine Espejo-Hyde
Manager Investor Relations,
Aldridge Minerals Inc.
(647) 407-2490
christine@ascendnow.ca