Dalradian Reports on Its 2012 Exploration Program in Norway and Plans for 2013
TORONTO, ONTARIO -- (Marketwire) -- 01/16/13 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX: DNA)(OTCQX: DRLDF) is pleased to announce results from the 2012 regional exploration programs over two of its exploration blocks in Norway. Fieldwork at the Kongsberg property, a historic silver mining district, successfully identified silver samples with grades of 278 g/t of silver with 0.28% zinc, 109 g/t of silver with 16.20% zinc and 61 g/t of silver with 21.60% zinc. Furthermore, the stream sediment sampling identified five new silver target areas. At Kautokeino, one of the Company's greenstone belt properties, a sampling program discovered 10 gold in till dispersion trains for follow up in 2013.
"These results are fantastic. In our first field season, we have identified fifteen precious metals targets for detailed work," says Patrick F.N. Anderson, Chief Executive Officer. "When our 2013 field season commences, not only will we dedicate resources to these focus areas, we will deploy teams to cover the 70% of our exploration ground that remains unsampled."
Kongsberg
The Kongsberg exploration permits surround an historic silver mining district consisting of nearly 300 historic mines and prospects, which produced over 45.8 million ounces of silver between 1623 and 1958. This silver trend extends into Dalradian concessions where an additional 122 historic showings have been identified. Evidence of artisanal mining at many of these prospects demonstrates the existence of silver mineralization and priority areas for follow-up.
In our 2012 program, we took:
-- 462 stream sediment samples as part of an on-going regional program
-- 86 regional rock samples
-- 70 rock samples from 94 visited historic silver showings
The regional stream sediment sampling, which covered 50% of the permits, has already identified five new areas of silver mineralization outside of the known historic mining district. These areas along with the continuation of the stream-sediment sampling program will be a focus of attention in 2013.
Selected Rock Sample Assay Results
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Sample Ag (g/t) Zn (%) Pb (%)
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L231004 278 0.28 0.14
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L231019 231 1.20 0.20
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L231064 212 0.08 0.03
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L231042 167 4.81 1.58
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L231017 129 2.36 0.92
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L225608 60.90 21.60 9.88
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L225536 109 16.20 0.50
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L231022 4.13 1.08 0.67
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L231044 4.14 1.12 0.02
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L225543 41.60 0.57 1.29
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Ranges of assay results from all rock samples:
-- Silver ranged from 278 g/t to less than 0.01 g/t
-- Lead ranged from 9.88% to less than 0.0001%
-- Zinc ranged from 21.6% to less than 0.0002%
Kautokeino
The Kautokeino exploration permits cover the Norwegian continuation of the Finnish Proterozoic greenstone belt which hosts Agnico-Eagle Mines Limited's Kittila producing gold mine and Anglo American's Sakattilampi, a recently announced nickel-copper discovery. During 2012, a regional 1 km by 1 km till sampling program was undertaken and a total of 2,476 till samples and 48 rock samples were collected covering 55% of the permits.
The Kautokeino greenstone belt is historically underexplored and few gold occurrences have been reported. Our program to date, has already identified 10 classic gold in till down ice dispersion trails as priority for follow-up.
2013 Exploration Plan
The 2013 exploration program will see activity on all of the company's properties including:
-- Kongsberg - continuation of regional stream sediment sampling program
with an additional 600 samples planned. Follow-up of stream-sediment
silver anomalies and more detailed visits to the existing silver
showings sampled in 2012.
-- Kautokeino - continuation of regional till sampling program, with an
additional 1500 samples planned. Follow up will include detailed
sampling, prospecting and geophysics of all ten anomalies with the goal
of defining drill targets during the upcoming 2013 field campaign.
-- Karasjok - 3500 planned regional till samples and 400 regional stream
samples covering the greenstone belt.
-- Pasvik - 700 planned regional till samples to cover the greenstone belt.
-- Rombak - regional stream and till sampling program consisting of
approximately 300 samples, covering the basement window. Investigation
of historical showings will also be undertaken.
Exploration Permit Renewal
Annual renewal fees for exploration permits under the Norwegian Minerals Act are due by January 15th of each year. Dalradian Resources, through its subsidiary NMG has submitted renewal applications for 1,314 exploration permits totaling more than 1.3 million hectares. In order to consolidate the land package, approximately 477 exploration permits were not renewed and a property relinquished as it has now been deemed geologically unprospective.
Qualified Person
Michele L. Cote, MSc., P. Geo., VP Exploration, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.
All samples were submitted to ALS Minerals in Pitea, Sweden for sample preparation or Overburden Drilling Management in Ottawa, Canada and then to ALS Minerals in Vancouver, Canada for assaying. ALS Geochemistry has developed and implemented at each of its locations a Quality Management System (QMS) designed to ensure the production of consistently reliable data. The system covers all laboratory activities and takes into consideration the requirements of ISO standards.
Stream sediment samples were hand dug, using a spade and wet sieved to less than 1.7 mm. Till samples were hand dug, using a spade. Standards, blank and field duplicates were inserted pseudo randomly among both stream sediment and till samples. Samples were analyzed using a 51 element Ultra Trace Level Method with an aqua regia partial digestion and both ICP-AES and ICP-MS finish.
Rock samples were analyzed using a 48 element and four acid nearly total digestion method followed by an ICP-AES and ICP-MS finish. In addition, gold was assayed by fire assay fusion with an ICP-AES finish at ALS Minerals laboratory in Rosia Montana, Romania.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland 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 recently completed Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate.
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 1.3 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 the 2013 field program commencing shortly.
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/847062FIG1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/847062FIG2.pdf.
Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com