Alder Intersects 65 Metres Grading 1.48 g/t Gold, 0.20% Copper and 2.00 g/t Silver at the Rosita Project, Nicaragua
May 31 2012 - 7:22AM
Marketwired Canada
Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE:ALR) announces
assay results from an ongoing core drilling program at the Rosita
copper-gold-silver project in northeast Nicaragua. Results include a wide
intercept of 65 metres grading 1.48 grams per tonne ("g/t") gold ("Au") from
hole D910 that tested immediately below the southwest end of the Santa Rita pit
(See Figure 1). Included in this intercept is 8.0 metres grading 6.9 g/t Au and
an interval of Cu-Au-Ag mineralization that includes 15.0 metres grading 0.57%
Cu, 1.52 g/t Au and 5.93 g/t Ag with 4.0 metres grading 1.46% Cu, 3.22 g/t Au
and 15.25 g/t Ag. Selected highlights of results received to date are presented
in Table 1.
The drill rig is currently sited on the southeast side of the Santa Rita pit,
approximately 200 metres east of hole D910, where it is testing a 1970s La Luz
Mines intercept which returned an 18.3 metre (true thickness) interval grading
2.95% Cu, 3.2 g/t Au and 33.3 g/t Ag at 60 metres below the pit bottom. It is
believed that this high grade intercept occurs within the same mineralized
structural corridor that hosts mineralization in hole D910 and that drilling has
now traced the corridor for approximately 1,100 metres from hole D907 through to
hole D906. This mineralized corridor contains most of the historic resources on
the Rosita property and will be the focus of in-fill drilling (See Figure 1).
Alder will target the Bambana prospect next where exploration work has developed
an exciting Cu-Au-Ag porphyry prospect. At Bambana, a 700 metre by 500 metre IP
chargeability geophysical anomaly appears to be related to porphyry-type
mineralization in a trench that returned 3.32% Cu, 0.22 g/t Au and 37.55 g/t Ag
over 12.0 metres (See Figure 2). This target represents significant potential
upside for Alder in addition to the Santa Rita and R-13 mineralized zones.
Table 1. Rosita Drill Intercepts
----------------------------------------------------------------------------
From To Thickness Cu Au Ag Zn
Hole ID Area (m) (m) (m) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
D901 Sta Rita 75.0 85.9 10.9 0.36 0.15 6.32 1.05
----------------------------------------------------------------------------
" 89.0 92.0 3.0 0.12 1.27 3.57
----------------------------------------------------------------------------
D902 R-13 39.0 45.0 6.0 0.18 0.17 3.45 0.08
----------------------------------------------------------------------------
" 61.0 77.0 16.0 0.32 0.66 12.49 0.29
----------------------------------------------------------------------------
" 153.0 161.0 8.0 0.38 0.04 3.71
----------------------------------------------------------------------------
D903 Sta Rita 109.0 110.0 1.0 0.01 0.33 9.00 1.62
----------------------------------------------------------------------------
D904 R-13 3.0 14.0 11.0 0.09 0.13 7.16
----------------------------------------------------------------------------
" 25.0 27.0 2.0 0.94 0.75 10.00
----------------------------------------------------------------------------
52.1 53.0 0.9 3.33 0.40 40.10 0.23
----------------------------------------------------------------------------
" 67.0 75.0 8.0 0.10 0.81 16.53 0.69
----------------------------------------------------------------------------
" 151.0 152.1 1.1 0.11 0.20 88.50 0.18
----------------------------------------------------------------------------
" 211.0 212.1 1.1 0.55 0.18 11.60 0.34
----------------------------------------------------------------------------
D905 Sta Rita 215.8 217.3 1.5 1.02 0.69 2.88
----------------------------------------------------------------------------
D906 R-13 213.0 217.0 4.0 0.49 1.15 4.40
----------------------------------------------------------------------------
less
than
D907 Sta Rita 43.0 67.0 24.0 0.09 0.15 0.1
----------------------------------------------------------------------------
D908 Sta Rita Low Grade
----------------------------------------------------------------------------
D909 Sta Rita Assays Pending
----------------------------------------------------------------------------
1.48
(1.00
D910 Sta Rita 50.0 115.0 65.0 0.20 cut) 2.00
----------------------------------------------------------------------------
less 6.90 less
than (3.03 than
Including 84.0 92.0 8.0 0.1 cut) 0.1
----------------------------------------------------------------------------
and 100.0 115.0 15.0 0.57 1.52 5.93
----------------------------------------------------------------------------
and 106.0 110.0 4.0 1.46 3.22 15.25
----------------------------------------------------------------------------
D911 R-13 Assays Pending
----------------------------------------------------------------------------
D912 Sta Rita Assays Pending
D913 Sta Rita Assays Pending
D914 Sta Rita Assays Pending
D915 Sta Rita In Progress
----------------------------------------------------------------------------
NB. Au values greater than 10 g/t cut to 10 g/t. Thickness represents
drilled width; true widths are unknown at this time.
To date a total of 4,732 metres have been drilled in 15 holes, all in the Santa
Rita/R-13 area. Assay results in this news release represent the first 3,144
metres in 9 holes of an 8,000 metre drill program for the Rosita project. The
initial 5,000 metre campaign is centered on the historic Santa Rita and R-13
pits, where approximately 5.5 million tonnes of ore averaging 2.06% Cu, 0.93 g/t
Au, and 15 g/t Ag were extracted by La Luz Mines (a subsidiary of Falconbridge)
in the mid-1970s when low metal prices forced mine closure. An additional 3,000
metres will be drilled at Bambana and other targets generated during the
exploration program. The drill program has three main objectives:
-- Obtain basic geologic information to establish the controls for
mineralization, the limits of skarn development and the extent of the
volcanic-intrusive domains
-- Selectively test historic mineralized intercepts
-- Identify areas for follow up drilling that could add tonnage and
complement the stockpile resource increasing the attractiveness of a
potential commercial operation
The drilling is highlighted by hole D910, which returned a long interval
averaging 1.48 g/t Au over 65 metres in
garnet-quartz-calcite-epidote-pyrite-chalcopyrite skarn cut locally by
mineralized veinlets and breccias which tend to boost precious metals grades.
Included in this interval is a 15.0 metre section that returned 0.57% Cu, 1.52
g/t Au and 15.25 g/t Ag. Alder management has maintained that a significant
tonnage of Cu-Au-Ag mineralization can be identified by exploring adjacent to
and below the Santa Rita and R-13 pits. Alder believes discovery hole D910 and
several narrower drill intercepts in the other core holes validate this
hypothesis, and provide specific areas for follow-up investigations. The
mineralization in hole D910 is open at depth and to the east. Hole D907, 400
metres west of D910, intersected a 24.0 metre interval of 0.15 g/t Au and 0.09%
Cu and may represent the western continuation of the system. Additional drilling
is required to determine the strike of the gold-copper zone.
Alder President and CEO, Joe Arengi states: "The discovery of a new style of
gold mineralization along the south side of the Santa Rita pit in hole D910 is
highly significant. This long gold-copper intercept is very different from the
style of mineralization historically developed, where narrower intervals of high
grade were more commonly mined. The initial results have successfully identified
a significant mineralized corridor that displays two styles of mineralization
and is open in all directions. Any Cu-Au-Ag mineralization defined along this
corridor will complement the existing stockpile resource and bolster project
economics. We are also very pleased with the progress our exploration team has
made at the large Bambana porphyry target. Both the Bambana and Santa Rita
target areas are of sufficient size to generate significant tonnage that should
attract the attention of the market."
Other highlights include drill holes D905 and D907 both of which intersected
intervals of quartz-sulphide-magnetite veinlets in an altered diorite intrusive.
Hole DDH 907 cut a 24 metre interval (from 43 m to 67 m) of veinlet stockwork
which returned highly anomalous gold (0.15 g/t) and copper (0.09% Cu). Alder
believes that follow up work in this area is warranted.
The Rosita Project
The Rosita project is located seven kilometres north of the Primavera prospect,
where Calibre Mining Corp. ("Calibre") and B2Gold Corp. announced the discovery
of significant porphyry style Au-Cu mineralization, including 261.7 metres
grading 0.78 g/t Au and 0.30% Cu in a diamond drill hole (Calibre news release
dated January 20, 2012).
In a news release dated May 9th, 2012 Alder announced an independent National
Instrument ("NI") 43-101-compliant inferred resource estimate for the stockpiles
at Rosita. The resource estimate totals 108.5 million pounds Cu, 118,500 ounces
("oz") Au and 2.35 million oz Ag contained within 7.95 million tonnes based on a
cutoff of 0.15% copper equivalent, and averages 0.62% Cu, 0.46 g/t Au and 9.21
g/t Ag.
Drilling will now focus on the Bambana prospect where several IP anomalies have
been delineated. Targets will be selectively drill tested. In addition, an
IP-resistivity geophysical survey is nearing completion that has delineated
several distinct chargeability anomalies, with 50.5 line-kilometres completed,
representing approximately 72% of the proposed program. Chargeability anomalies
are inferred to represent areas of disseminated sulphide mineralization that
could represent porphyry-type exploration targets. Detailed geologic-alteration
mapping at Bambana has been completed and trenching is planned across several of
the stronger anomalies.
Quality Assurance/Quality Control
All holes are collared in HQ size drill core and reduced to NQ size where
reduction is necessary. Core is transferred into wooden core boxes and
transported on a daily basis by Company personnel to Alder's secure field office
in Rosita, where geologists log the holes, and select intervals for assay.
Individual samples of drill core are sawed using a 10" diamond blade trim saw.
Half of the sample is retained in the core box, and the other half loaded into a
pre-numbered, heavy gauge plastic bag, sealed then trucked on a weekly basis (by
the lab or by company personnel) to Inspectorate Exploration and Mining
Services' preparation laboratory in Managua. There, pulps are prepared for
shipping to Inspectorate's Analytical laboratory in Vancouver, where each sample
is analyzed for total copper using aqua regia digestion and a 30 element ICP
(inductively coupled plasma-atomic emission spectrometry) method, and gold using
fire assay with AA finish. 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
John C. Spurney, Certified Professional Geologist (CPG-11007), Vice President
Exploration for 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 Latin America. Current focus is on the Rosita project in
Nicaragua located 275 km northeast of Managua.
Alder entered into an option agreement to acquire a 65% interest in the Rosita D
concession from Calibre Mining Corp. (See press release issued by Alder on
August 22, 2011) 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 the $500,000 expenditure commitment.
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,
reserve and resource determination, 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 the maps associated with this release, please visit the following links:
Figure 1 - http://media3.marketwire.com/docs/alder31Fig1.pdf.
Figure 2 - http://media3.marketwire.com/docs/alder31Fig2.pdf.
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