Dalradian Resources Intersects 2.34 m Grading 47.94 g/t Au and 3.97 m Grading 38 g/t Au and 4 m Grading 7.38 g/t Au at the Curraghinalt Gold Deposit
TORONTO, ONTARIO -- (Marketwire) -- 10/09/12 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX: DNA)(OTCQX: DRLDF) has received final assays from holes 12-CT-156 and 12-CT-157 at the Company's wholly owned Curraghinalt gold deposit in Northern Ireland. The holes demonstrate that both the main resource veins remain open at depth and that there exists a series of gold bearing cross-cutting structures, the "C" vein set.
"Two weeks ago we announced a new gold discovery over one and a half kilometres on strike from the Curraghinalt deposit. This week we are very happy to announce a new gold discovery within the Curraghinalt deposit. Not only have we just hit two of the best main vein intercepts in the history of the project, including a 120 m step-out," commented CEO Patrick F. N. Anderson, "but as well, our new discovery shows that the hanging wall and footwall zones are also gold bearing. While it is early days in understanding this new vein set, it has the potential to be a game changer by adding grade to areas previously considered to be barren."
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Vein Name
Hole_ID From (m) To (m) Width (m) Uncut Au (g/t) (Interpreted)
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12-CT-156 364.16 364.72 0.56 45.18 Sheep Dip(i)
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12-CT-156 442.14 446.14 4.00 7.38 "C" vein
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12-CT-156 534.00 534.75 0.75 11.77 Mullan(i)
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12-CT-156 586.70 590.67 3.97 38.00 T17(i)
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includes 588.77 589.07 0.30 400.00
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12-CT-156 671.57 675.98 4.41 1.29 "C" vein
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12-CT-157 255.68 256.18 0.50 16.46 Mullan(i)
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12-CT-157 359.31 361.65 2.34 47.94 T17(i)
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12-CT-157 490.33 494.50 0.12 61.20 "C" Vein
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Note:
-- Composites calculated at 1 g/t Au cut-off and may include up to 2m of
internal dilution
-- True width of main veins is interpreted to be at least 95% of width
-- There has been insufficient testing of the "C" vein zones to estimate
their true width
-- "(i)" considered one of the main resource veins
The "C" vein results have triggered a new program to re-assess our core library and sample this previously over-looked vein set at Curraghinalt. This secondary system is interpreted to be steeply dipping and trending at a low angle to the main Curraghinalt Vein System. In addition to sampling existing core, the current drill program is testing the "C" set so we can evaluate their potential contribution to the resource at Curraghinalt. A number of these veins were intersected in Holes 12-CT-156 and 12-CT-157 and the best composites are shown above. The true width of individual "C" veins is commonly less than a few centimeters, however, en masse, these "C" vein zones may prove to be an attractive target for additional resource modelling. As this sampling program progresses, we expect to determine the bulk dimensions and geometry of the "C" vein zones as well as their relationship to the main veins.
Qualified Person
Martin Moloney, BSc (hons), M.AIG, Senior Geologist, Dalradian Gold, is the Qualified Person who supervised the preparation of the technical data in this news release.
Drill core was halved with samples averaging between 0.1 and 0.3 metres in ore and up to 1.0 metre in wall rock were submitted to ALS Laboratories in the Republic of Ireland. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 50 gram gold fire assay with an atomic absorption finish.
ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition "General Requirements for the Competence of Testing and Calibration Laboratories".
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of gold, base metals and other precious metals projects. With a European focus, our most advanced property is in Northern Ireland and focuses on and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanovic, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
In Norway, Dalradian holds mineral rights for approximately 1.7 million hectares over three greenstone belts, as well as an area hosting an historic silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with field programs underway over its Kongsberg and Kautokeino concession areas.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative 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 statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements 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 statements.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/DNA109fig1.jpg.
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To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/DNA109fig3.jpg.
To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/DNA109fig4.jpg.
To view Figure 5, please visit the following link: http://media3.marketwire.com/docs/DNA109fig5.jpg.
Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com