Alder Drilling Returns 10 Metres Grading 1.42% Copper, 0.18 g/t Gold and 20.45 g/t Silver, Rosita Project, Nicaragua
September 11 2012 - 6:00AM
Marketwired Canada
Alder Resources Ltd. ("Alder" or the "Company") (TSX VENTURE:ALR) is pleased to
announce results for the final six holes from its Phase 1 core drilling program
at the Rosita copper-gold-silver project in northeast Nicaragua. Results include
a well mineralized intercept that returned 10 metres grading 1.42% copper
("Cu"), 0.18 grams per tonne ("g/t") gold ("Au") and 20.45 g/t silver ("Ag")
within a wider intercept that returned 0.50% Cu, 0.08 g/t Au and 6.44 g/t Ag
over 53.0 metres. This mineralization was intersected approximately 120 metres
below the base of the historic Rosita Pit.
Two holes at the Bambana prospect, four kilometres northwest of Rosita, also
returned excellent results with intercepts of 13 metres grading 1.23% Cu, 0.36
g/t Au and 10.63 g/t Ag and 18 metres grading 1.74% Cu, 0.09 g/t Au and 16.65
g/t Ag. In both holes mineralization begins at surface. Selected highlights of
the drill results are presented in Table 1 and illustrated in Figures 1, 2 and
3.
Table 1. Summary of selected final diamond drill results at Santa Rita and
Bambana.
----------------------------------------------------------------------------
From To Core Length Cu Au Ag CuEq
Hole ID Area (m) (m) (m) (%) (g/t) (g/t) (%)
----------------------------------------------------------------------------
D915 Santa Rita 57.0 63.0 6.0 0.36 0.15 3.07 0.49
----------------------------------------------------------------------------
and 96.0 149.0 53.0 0.50 0.08 6.44 0.63
----------------------------------------------------------------------------
including 128.0 138.0 10.0 1.42 0.18 20.45 1.77
----------------------------------------------------------------------------
and 129.0 133.0 4.0 1.94 0.25 30.05 2.45
----------------------------------------------------------------------------
D916 Santa Rita 7.0 12.0 5.0 0.33 0.09 1.14 0.40
----------------------------------------------------------------------------
D917 Santa Rita 0.0 55.0 55.0 0.05 0.31 0.86 0.25
----------------------------------------------------------------------------
including 8.0 14.0 6.0 0.19 1.07 3.62 0.90
----------------------------------------------------------------------------
and 98.0 105.0 7.0 0.32 0.13 4.37 0.45
----------------------------------------------------------------------------
and 165.0 169.0 4.0 0.35 0.55 2.40 0.72
----------------------------------------------------------------------------
D918 Santa Rita 71.0 85.0 14.0 0.87 0.81 7.96 1.47
----------------------------------------------------------------------------
D919 Bambana 0.0 13.0 13.0 1.23 0.36 10.63 1.58
----------------------------------------------------------------------------
D920 Bambana 0.0 18.0 18.0 1.74 0.09 16.65 1.99
----------------------------------------------------------------------------
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.
Alder President and CEO, Joe Arengi stated "Our drill program was highly
successful in identifying skarn-hosted copper-gold-silver mineralization along a
1.1 kilometre long corridor below and adjacent to the Santa Rita pit.
Additionally, our exploration team has identified a significant gold-rich
mineralizing event that is later than, and overprints, the copper-gold-silver
skarn mineralization. The presence of shallow, high grade, oxide copper and
silver mineralization at Bambana is a pleasant surprise as well, and the
porphyry copper potential here remains largely untested. Collectively, these
results are positive steps toward developing a potential mining operation. We
now have areas where we think we can likely add tonnes to an already robust
stockpile mineral resource."
The intercept in hole D915 occurs within a thick, lower grade zone that includes
53.0 metres grading 0.50% Cu, 0.08 g/t Au and 6.44 g/t Ag. Hole D918, collared
250 metres southwest of D915, returned 14 metres grading 0.87% Cu, 0.81 g/t Au
and 7.96 g/t Ag also in skarn and starting at 71 metres. Hole D917, located 80
metres west of hole D915, intersected a wide, low grade gold zone that returned
55 metres from surface grading 0.31 g/t Au, with low Cu and Ag values. The
mineralization is hosted in skarn, and all three intercepts lie below the
central part of the Santa Rita pit (See Figure 1). The average intercept width
of the higher grade intercepts is 10.3 metres, and together they define a strike
length of 250 metres, and occur over a vertical range of roughly 150 metres.
These results, together with those announced previously (See Alder news releases
of September 5 and May 31, 2012), have traced mineralization along 1,100 metres
from surface to 200 metres vertical depth. The Santa Rita/R-13 mineralized
corridor contains most of the historic resources on the Rosita property and
these zones will be selectively targeted with in-fill drilling later this year.
At Bambana, northeast directed angle hole D919, located at the T3 Zone, cut 13
metres from surface grading 1.23% Cu, 0.36 g/t Au, and 10.6 g/t Ag. Previous
trenching results and panel sampling at T3 returned encouraging results (see
June 13, 2012 news release) with up to 29 metres grading 2.09% Cu, 0.19 g/t Au,
and 14.6 g/t Ag. Mineralization in D919 is localized in variably oxidized and
clay-weathered potassium feldspar-quartz altered andesitic volcanics and diorite
containing copper oxides and minor sulphides. Off-set hole D920 returned 18
metres grading 1.74% Cu, 0.09 g/t Au, and 16.65 g/t Ag. The recoveries in this
hole were locally very poor, however, the results are consistent with the
mineralization encountered to date and as such, the grade is taken as
representative. Drilling and trench work has defined a near-surface, good grade,
"exotic" copper zone that is open to modest expansion and appears to be rooted
within, or proximal to a primary Cu-Au-Ag zone.
The Phase 1 diamond drilling program included 20 holes totaling 5,908.5 metres.
Eighteen of the holes were collared in the Santa Rita to R-13 corridor and two
holes were drilled at Bambana to test high grade copper oxide mineralization
below a trench and two benches. All of the holes intersected varying levels of
copper, gold and silver mineralization.
The Company has delineated a stockpile resource at Rosita of 7.95 million tonnes
grading 0.62% Cu, 0.46 g/t Au and 9.20 g/t Ag (1.01% CuEq) (see Alder news
release of May 9, 2012). This material is at surface and already broken, so will
provide a readily available source of mill feed at low cost. Drilling to date
has led management to believe that estimated mineral resources will be expanded
along the Santa Rita/R-13 corridor and Bambana. Several areas of historic
resources are also present that have not yet been tested.
Alder is currently carrying out a geologic mapping, soil sampling and trenching
program, designed to test several high quality IP geophysical anomalies, and
high grade copper-gold bearing grab samples from the highly prospective Bambana
Cu-Au-Ag porphyry prospect, and the El Rastro prospect where artisanal miners
are mining gold 1.5 kilometres north of the R-13 pit. Previous work at Bambana
has returned 3.32% Cu, 0.22 g/t Au and 37.55 g/t Ag over 12.0 metres in what
appears to be related to porphyry-style mineralization in a trench as well as
2.09% Cu, 0.19 g/t Au, 14.6 g/t Ag and 1.98% Cu, 0.14 g/t Au and 14.4 g/t Ag
over two 29 metre bench channel samples (See Figure 2). These targets represent
significant potential upside for Alder in addition to the Santa Rita and R-13
mineralized zones.
Quality Assurance/Quality Control
All 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 secure field office in Rosita,
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, sealed and then trucked 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
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 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.
Alder entered into an option agreement to acquire a 65% interest in the Rosita D
concession from Calibre Mining Corp. (see Alder news release of 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 this
$500,000 expenditure commitment.
Alder intends to continue building 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. Location of diamond drill holes at Santa Rita reported in this
news release, please visit the following link:
http://media3.marketwire.com/docs/Figure_1_Santa_Rita_R13_Drill_Plan.pdf.
To view Figure 2. Location of diamond drill holes at Bambana illustrated on the
-100 metre IP chargeability depth slice, please visit the following link:
http://media3.marketwire.com/docs/Figure_2_Bambana_T3_Zone_Drill_Plan.pdf.
To view Figure 3. Longitudinal section along Santa Rita/R-13 corridor, south
side, please visit the following link:
http://media3.marketwire.com/docs/Figure_3_Santa_Rita_R13_CuEq_Long_Section.pdf.
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