NEW YORK, April 15, 2015 /PRNewswire/ -- S&P Capital IQ (MHFI) announced today that it has commenced Factual Stock Report coverage on Dalradian Resources Inc.
Dalradian Resources Inc. (TSX: DNA; OTC: DRLDF), in the exploration stage as of December 31, 2014, engages in the acquisition, exploration and evaluation of mineral properties in Northern Ireland. Dalradian is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom.
The company's properties, located in counties Tyrone and Londonderry in Northern Ireland, total approximately 84,000 hectares. The ground is underlain by geology proven to host gold, silver and base metals deposits both in the upper Precambrian Dalradian sequence and younger Ordovician volcanics. The properties host several historical showings and recent discoveries.
Central to the company's properties, and by far the most advanced of its projects is the Curraghinalt high-grade orogenic gold deposit, which lies within the Dalradian sequence of rocks. According to the company, these sorts of systems form quartz veins or sheet-like deposits and are sometimes called lode gold deposits.
The company has commenced a work program with a fully funded budget of approximately Canadian Dollar (C$) 30 million and the goal of completing a pre-feasibility study in support of a planning application for construction of an operating mine at Curraghinalt. Components of the program include underground exploration, which incorporates approximately 1,100 meters of development and 20,000 meters of infill drilling, a pre-feasibility study and an environmental impact assessment.
Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 million tonnes grading 20.15 grams per tonne (g/t) gold for 15,100 contained ounces, indicated mineral resource of 2.98 million tonnes grading 10.34 g/t gold for 989,000 contained ounces and inferred mineral resource of 8.01 million tonnes grading 9.67 g/t for 2,487,700 contained ounces.
On September 24, 2014, Dalradian announced that surface works had begun at site as the first stage of a planned underground exploration program in support of a pre-feasibility study at its 100%-owned Curraghinalt Gold Project in Northern Ireland.
On October 31, 2014, the company filed the updated Preliminary Economic Assessment (PEA) of the Curraghinalt deposit, which demonstrated positive economics for an underground mine producing 194,000 ounces of gold per year on average for the first five years and an average of 149,000 ounces of gold over the remainder of the 18-year mine life.
On January 6, 2015, Dalradian reported that the initial underground blast at its Curraghinalt Gold Project in Northern Ireland occurred in late December 2014. The blast went as planned and in accordance with Dalradian's planning permission for its underground exploration program.
In addition to Curraghinalt, there are several other known historical occurrences of precious and base metals mineralization throughout the company's properties. Currently, Dalradian's sole focus is on developing the Curraghinalt deposit.
On February 9, 2015, Dalradian announced that it had closed a C$11,300,400 financing by way of a non-brokered private placement. Pursuant to the private placement, the purchaser acquired 12,556,000 units at a price of C$0.90 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Dalradian intends to use the net proceeds of the private placement for exploration and development of the company's Curraghinalt Gold Project and for general working capital purposes.
The company was formerly known as SA Resources Inc. and changed its name to Dalradian Resources Inc. in April 2010. Dalradian Resources Inc. was incorporated in 2009 and is headquartered in Toronto, Ontario, Canada.Peer Comparison Chart - 1 Year
S&P Capital IQ's Factual Stock Report coverage on Dalradian Resources Inc will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit http://www.dalradian.com for additional information.
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