- 2012 Diamond Drilling Program Completed -
TORONTO, Oct. 2, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge") today announced that it has completed a diamond drill ("DD") twinning program at its polymetallic Yenipazar deposit located in central Turkey, and that results have confirmed improved grades across all metals. The 2012 campaign was completed with 87 DD twins drilled within 5 metres of earlier reverse circulation ("RC") holes for a total of 10,096 metres. This campaign was undertaken following a successful limited twin program of 6 DD holes drilled during 2007-2010. In addition, one DD hole for metallurgical sampling was drilled within RC-duplicate distance.
"We are very pleased with the results of our 2012 twinning program, which was completed on budget," said Mario Caron, Aldridge President and CEO. "The results substantiate the encouraging higher-grade results that we obtained previously through a limited twinning program. Based on a diamond drill database that now totals 94 holes, we have seen an increase in the grades of all five metals compared to database of the corresponding RC holes. The higher grades range from a 9% increase in the case of gold to a 31% increase in the case of copper."
The objective of the program was to twin the RC holes that carry the bulk of the mineralization and add the DD holes to the database for a more accurate resource estimate in the framework of the current feasibility study. Aldridge is today reporting all twin results on a cumulative basis, which now totals 94 holes.
Weighted Average Grades of 94 DD Twins of RC Drill Holes (1)*
|Au (g/t)||Ag (g/t)||Cu (%)||Pb (%)||Zn (%)|
|(1)||The weighted average grade is calculated as the sum of the Grade × Length of each mineralized intersection divided by the sum of the mineralized intersections.|
Comparison of Grade and Metal Content of 94 DD Twins Versus RC Drill Holes (2)*
|Grade (% change)||+9||+17||+31||+4||+30|
|Metal Content (% change)||-7||-1||+11||-11||+10|
(2) The metal content is calculated as Grade × Length of the mineralized intersections.
*The 94 DD twins include one metallurgical hole which was identified in Aldridge's press release of August 15, 2012 but not included in the aggregate results reported at that time. With the additional drilling and an improved understanding of the geology, it has been determined that the metallurgical hole should be included in the aggregate results.
As shown in the tables on the preceding page, the grade improved across all five metals in these 94 holes, while the metal content reflects the shorter DD intersections compared to the RC intersections (15% shorter).
Mr. Caron added, "As the holes are not evenly distributed across the deposit, it is premature to draw any firm conclusions on the impact that improvements to grade and metal content will have on subsequent resource estimates. However, based on the results we have achieved, it appears that the twinning program has the potential to improve the average grade of the deposit and thereby enhance the quality of the Yenipazar deposit."
Aldridge is currently in the process of incorporating the results of the twinning program in the database and updating the geological model of Yenipazar. This is a critical step in the progression towards finalizing the resource and reserve update for the feasibility study. The enhanced quality of the DD information has improved Aldridge's understanding of the contacts between the sulfide, oxide, and transition zones at Yenipazar, which again will prove invaluable in the context of ongoing work to complete the feasibility study.
The location of the 94 twin holes are shown on the plan map in Figure 1.
The technical information in this news release was prepared, reviewed and approved by Martin S. Oczlon, PhD Geo, VP Exploration of Aldridge. Dr. Oczlon is a Qualified Person under NI 43-101 standards.
Analyses for gold, silver, copper, zinc, lead, and a number of other elements were completed by ALS Chemex of Vancouver, BC, and by SGS Turkey in Ankara. Analysis for gold was conducted by the fire assay method and analyses for silver, copper, zinc and lead were conducted by 4-acid-digestion and ICP. Blanks, certified reference material and field duplicates were inserted on a regular basis in the sample stream in order to provide external QA/QC on the lab analysis.
About Aldridge Minerals Inc.
Aldridge is a near development stage mining company focused on advancing its Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey - a country that is committed to developing its natural resources and is rapidly emerging as an economic powerhouse. Aldridge is currently building on its December 2010 Preliminary Economic Assessment with a feasibility study, which we expect to complete by the end of 2012. The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6% net profit interest ("NPI", revenues less operational costs) until revenues of US$165 million are generated, and a 10% NPI from there on.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of Aldridge. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this new release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the 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.
SOURCE Aldridge Minerals Inc.