Alder Resources Ltd. Provides Exploration Update for Its Rosita Project, Nicaragua
01.11.2012 | Marketwire
TORONTO, 11/01/12 - Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE: ALR) is pleased to provide exploration highlights for the Rosita Project in northeast Nicaragua. The following highlights were achieved during its first year of exploration over the 33.57 km2 Rosita D Concession (Figure 1):
-- Definition of a 7.95 million tonne inferred mineral resource grading
0.62% Cu, 0.46 g/t Au and 9.2 g/t Ag for the mine stockpiles (see news
release dated May 9, 2012);
-- Completion of 18 diamond drill holes at Santa Rita resulting in the
delineation of a 1,100 metre long trend of Cu-Au-Ag skarn
mineralization;
-- Discovery of a high grade gold zone that overprints the skarn
mineralization at Santa Rita;
-- Identification of a high grade (1-2% Cu) exotic Cu-Au-Ag deposit in the
Bambana area;
-- Discovery of a new gold zone at El Rastro with samples returning up to
114.12 g/t Au;
-- Confirmation of porphyry Cu +-Au, Ag mineralization with historic
intercepts that returned 0.43% Cu and 6.54 g/t Ag over 48.0 metres and
0.51% Cu and 0.25 g/t Au over 11.5 metres; and
-- Identification of four large geophysical anomalies that are deemed to be
highly prospective Cu-Au-Ag porphyry targets at Bambana.
Company President and CEO, Joseph Arengi, states: "With minimal work and in a very short time, Alder has discovered and documented numerous zones of copper, gold and silver mineralization on the Rosita property that, in management's opinion, indicate that the Rosita property encompasses a major mineralized system. With our current stockpile mineral resource in hand we are confident that with additional drilling Alder can delineate a better than average grade deposit on the Rosita Property".
Since October 2011 Alder has carried out an aggressive exploration program that has included reverse circulation and diamond drilling, ground geophysical surveys, resource delineation, soil sampling and trenching.
Mineral Resource Estimate
Alder completed a 1,575 metre reverse circulation drill program with the primary objective to evaluate mineralization contained in a series of stockpiles which flank the historic Santa Rita pit. A National Instrument 43-101-compliant inferred mineral resource estimate for the stockpiles totals: 7.95 million tonnes averaging 0.62% copper ("Cu"), 0.46 grams per tonne ("g/t") gold ("Au") and 9.21 g/t silver ("Ag") (see news release dated May 9, 2012), based on a 0.15% copper equivalent cut-off, which equates to 108.5 million pounds copper, 118,500 ounces gold and 2.35 million ounces silver.
Santa Rita/R-13 Skarn Mineralization
The company also completed an 18 hole, 5,485 metre core drilling program in the vicinity of the past producing Santa Rita and R-13 open pits. The drilling was designed to test historic Cu-Au-Ag mineralized intercepts, obtain basic geologic information and to identify areas where mineralized tonnage could be developed and complement the stockpile resource that would increase potential commercial viability. Drill hole locations are shown in Figure 2. Significant assay results for the core drilling program at Santa Rita as well as Bambana are summarized in Table 1 below:
Table 1. Summary of significant assay results from 2012 core drilling program.
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Core
Hole From To Length Cu Au Ag CuEq
ID Area (m) (m) (m) (%) (g/t) (g/t) (%)
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D910 Santa Rita 50.0 115.0 65.0 0.20 1.48 2.00 1.15
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less less
than than
Including 84.0 92.0 8.0 0.1 6.90 0.1 na
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and 100.0 115.0 15.0 0.57 1.52 5.93 1.59
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D911 R-13 173.0 179.0 6.0 0.05 1.86 3.15 1.25
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and 289.0 292.0 3.0 0.80 10.45 21.83 7.61
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D912 Santa Rita 156.0 158.0 2.0 1.24 1.45 12.25 0.64
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and 197.0 201.0 4.0 0.03 1.76 0.09 1.13
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D914 Santa Rita 235.0 250.0 15.0 0.04 15.82 0.23 na
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including 240.0 248.0 8.0 0.04 29.54 0.29 na
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including 241.0 243.0 2.0 0.04 110.69 0.60 na
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D915 Santa Rita 57.0 63.0 6.0 0.36 0.15 3.07 0.49
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and 96.0 149.0 53.0 0.50 0.08 6.44 0.63
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including 128.0 138.0 10.0 1.42 0.18 20.45 1.77
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and 129.0 133.0 4.0 1.94 0.25 30.05 2.45
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D917 Santa Rita 0.0 55.0 55.0 0.05 0.31 0.86 0.25
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including 8.0 14.0 6.0 0.19 1.07 3.62 0.90
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and 98.0 105.0 7.0 0.32 0.13 4.37 0.45
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and 165.0 169.0 4.0 0.35 0.55 2.40 0.72
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D918 Santa Rita 71.0 85.0 14.0 0.87 0.81 7.96 1.47
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D919 Bambana 0.0 13.0 13.0 1.23 0.36 10.63 1.58
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D920 Bambana 0.0 18.0 18.0 1.74 0.09 16.65 1.99
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NB. Thickness represents drilled width; true widths are unknown at this time. CuEq = Cu% + Au g/t x (0.6033) + Ag g/t x (0.012) and US$2.90/lb Cu, US$1200/oz Au and US$24/oz Ag. Values are not top cut. Na = not applicable.
At Santa Rita a corridor of Cu-Au-Ag skarn mineralization has been identified in a series of stacked lenses over a 1,100 metre strike length that is open along strike and down dip (Figure 2). Additional, closer spaced drilling will be carried out along the Rosita corridor with the goal of defining an in situ mineral resource that will complement the stockpile resource.
Gold Discovery at Santa Rita returns 29.54 g/t Au over 8.0 metres
In addition to the skarn mineralization, a later, Au-rich mineralizing event that over prints and transects the skarn mineralization along the western end of the Santa Rita pit has been interpreted along a northwest trending zone. Hole D914 intersected this zone and returned 8.0 metres grading 29.54 g/t Au. The zone was also intersected in two gold intercepts in each of holes D910 (8 metres at 6.90 g/t and 15 metres at 1.52 g/t) and D912 (2 metres at 1.45 g/t and 4 metres at 1.76 g/t), located 250 metres to the southeast. The zone is open along strike and down dip and is coincident with a strong northwest trending IP chargeability anomaly (Figure 2).
Bambana Porphyry Targets
Exploration at Bambana focused on the T3 Zone, an area of exotic Cu-oxide mineralization four kilometres northwest of the Santa Rita pit (Figure 2). Trenching returned 12.0 metres grading 3.32% Cu, 0.22 g/t Au and 37.55 g/t Ag. Rock chip sampling returned two wide intercepts of 2.09% Cu, 0.19 g/t Au and 14.6 g/t Ag over 29 metres and 1.98% Cu, 0.14 g/t Au and 14.4 g/t Ag over 29.0 metres. Two diamond drill holes tested the Cu-oxide mineralization and returned 13 metres grading 1.23% Cu, 0.36 g/t Au and 10.63 g/t Ag in hole D919 and 18 metres grading 1.74% Cu, 0.09 g/t Au and 16.65 g/t Ag in hole D920. In both holes mineralization begins at surface. The T3 Zone occurs along the flank of a strong IP chargeability anomaly. Additional exploration in this area will be carried out to determine the extent of this mineralization.
Exploration was also carried out at a highly prospective porphyry target, Tipispan, one kilometre northeast of T3. Two diamond drill holes were completed by Calibre Mining in 2010 to test for continuity in Cu-oxide mineralization in a small, well mineralized pit (Figure 3). Sampling by Alder returned 6.28% Cu, 0.74 g/t Au and 132.75 g/t Ag over 2.8 metres. One hole drilled to the southwest intersected porphyry-style copper mineralization in a potassically altered intrusive that returned 0.43% Cu and 6.54 g/t Ag over 48.0 metres at a vertical depth of 100 metres. A second hole drilled to the northeast, returned 11.5 metres grading 0.51% Cu and 0.25 g/t Au in a highly altered diorite intrusive. The mineralized intercepts in these holes have not been followed up and the zone is open in all directions. Recently excavated Trench 10 is 40 metres northwest and along strike from the prospect pit. Cu-oxides over narrow widths within a broad zone of altered intrusive with quartz veining, have been reported. Assay results for the trench are pending.
In addition to the targets discussed above, the IP geophysical survey identified a series of strong chargeability anomalies that conform to a circular feature interpreted from a magnetic survey (Figure 3). Chargeability anomalies are inferred to represent areas of disseminated sulphide mineralization that could represent porphyry-type exploration targets. In addition to the anomaly at T3, an 800 metre by 500 metre anomaly occurs in the north central part of the Bambana area and an approximate 1,500 metre by 1,000 metre anomaly has been delineated in the southeast corner of the Bambana area. The latter coincides with the Zopilote prospect, drilled in the 1960s, with reported historic reserves of 176,000 tonnes of oxide material grading 0.90% Cu and 79,000 tonnes of sulphide material grading 0.97% Cu (referenced in a map by A. Rivera, 1977)(1). Gold and silver values are not reported for this zone. Geologic mapping, trenching and soil sampling have been carried out over Zopilote.
(1)This historical estimate was not prepared in accordance with currently accepted guidelines for the preparation of mineral resources and mineral reserves, does not comply with NI 43-101 and should not be relied upon. Although the historical estimate is relevant to recognizing potential, a qualified person, as such term is defined in NI 43-101, has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
El Rastro discovery returns samples to 114.12 g/t Au
Alder is currently carrying out a detailed mapping, soil sampling and trenching program at Rosita. Rock chip sampling has returned up to 114.12 g/t Au at El Rastro.
Ongoing Exploration
In addition to the well mineralized sample from El Rastro, several other rock samples returned gold values greater than 1.0 g/t, mainly in the Bambana area.
Soil sampling has identified coincident Cu and Au anomalies along a one kilometre long northwest trend north of El Rastro as well as several broad 400 metre wide +300 ppm Cu anomalies at T3, Tipispan, Zopilote and El Rastro South.
Eleven hand-dug trenches have been excavated, nine at Bambana and two at El Rastro. Results are summarized in Table 3 below.
Table 3. Summary of trench highlights at Rosita.
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Trench Area Zone Length Cu Au Ag
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2 Bambana na 2 less than 0.05 1.18 1.35
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3 Bambana T3 84 1.02 0.1 9.45
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including 12 3.32 0.22 37.55
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4 Bambana T3 4 0.37 0.05 0.08
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7 Bambana T3 12 2.28 0.14 19.56
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9 El Rastro na na results pending
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10 Bambana Tipispan na results pending
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11 Bambana Tipispan na results pending
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Mineralogical Analysis
As a precursor to a metallurgical testing of the stockpile material, four composite samples from mineralized reverse circulation drill cuttings were evaluated for deportment of copper, gold, silver and zinc. Results indicate that copper occurs mainly as chalcopyrite and covellite and has a predicted flotation recovery of 72% to 75%. Gold occurs in native form as well as electrum and has a predicted recovery by flotation of 72%. Silver occurs mainly as solid solution in covellite and chalcocite with lesser amounts in chalcopyrite and has a predicted flotation recovery of 62%. It may be possible to improve the predicted recoveries with finer grinding and detailed metallurgical testing.
Proposed Activities
Future program goals include delineating the geometry, orientation, limits, and controls for the mineralization identified during Phase 1. Specific objectives include:
1. In-fill drilling along the south side of the Santa Rita/R-13 area with a goal to define mineral resources.
2. Continued exploration for additional high grade gold mineralization along the northwest-striking structural corridors.
3. Prioritize and selectively test IP chargeability anomalies identified over the property to evaluate the potential for new porphyry style Cu-Au mineralization.
4. Drill test to expand the Cu-Au-Ag porphyry style mineralization encountered in previous drilling in the Bambana area.
Quality Assurance/Quality Control
Reverse circulation drill samples were collected into heavy gauge plastic bags, sealed on-site, then stored at Alder's secure Rosita field office. All diamond drill holes were collared using HQ-size drill core, and reduced to NQ-size where necessary. Core was loaded on-site into wooden core boxes and transported on a daily basis by Company personnel to Alder's field office where geologists logged the holes and selected intervals for assay. Individual samples of drill core were sawed, using a 10" diamond blade trim saw. Half of the sample was retained in the core box, the rest loaded into a pre-numbered, heavy gauge plastic bag and sealed. All samples were transported on a weekly basis (by the laboratory or by Company personnel) to Inspectorate Exploration and Mining Services' preparation laboratory in Managua. There, pulps were prepared for shipping to Inspectorate's Analytical laboratory in Vancouver, where each sample was analyzed via fire assay for gold and for copper, silver and 28 other elements using ICP (Inductively Coupled Plasma-atomic emission spectrometry) methods. Alder has implemented an industry standard Quality Assurance/Quality Control program that includes the insertion of certified standards and blanks into the sample stream.
Qualified Person
Joseph Arengi, M. Sc., P. Geo., President and Chief Executive Officer of Alder 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 current high priority target is the Rosita project in Nicaragua located 275 kilometres northeast of Managua. Also, the Company has an active reconnaissance program in the country, selectively evaluating areas of interest.
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, of which $500,000 must be spent by October 2012. Alder has completed this $500,000 expenditure commitment, and with the work presented here is well on the way to meeting its $4,000,000 earn-in obligation.
Alder intends to continue to build its property position with strategic acquisitions.
Alder Resources Ltd.
Joseph Arengi
President & CEO
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 potential mineralization, exploration results and future plans. 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.
To view "Figure 1. Exploration highlights at Rosita D Concession", please click the following link:
http://media3.marketwire.com/docs/Fig_1_Rosita_Project_Targets.pdf
To view "Figure 2. Exploration highlights at Santa Rita area on -100m IP chargeability slice", please click the following link:
http://media3.marketwire.com/docs/Fig_2_Santa_Rita_R13_Drill_Plan.pdf
To view "Figure 3. Bambana porphyry targets on -100m IP chargeability slice", please click the following link:
http://media3.marketwire.com/docs/Fig_3_Bambana.pdf
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.
Contacts:
Alder Resources Ltd.
Michael McAlliste
416-309-2134
info@alderresources.ca
www.alderresources.ca