|By Marketwired .||
|January 20, 2014 01:00 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/20/14 -- Alder Resources Ltd.'s ("Alder" or the "Company") (TSX VENTURE: ALR) news release is being revised to include required cautionary statements. Alder's work over the past few months has targeted a tailings tonnage of between 1.75 and 2.25 million tonnes grading from 0.14 to 0.30% Cu, 0.52 to 0.57 g/t Au and 6.37 to 12.55 g/t Ag (see figure and table). The target target is the result of 99, up to 6 metre deep, augur holes, with most holes penetrating to the base of the tailings. The average grade of these intercepts is 0.21% Cu, 0.55 g/t Au and 9.37 g/t Ag over an average width of 5.4 metres. Within this block, Alder is targeting a higher grade sub-block containing between 400,000 to 500,000 tonnes grading from 0.38 to 0.41 % Cu, 0.70 to 1.00 g/t Au and 6.37 to 10.65 g/t Ag.
---------------------------------------------------------------------------- Target Tonnes Target Cu Target Au Target Ag CuEq(i) Tailing (Mt) (%) (g/t) (g/t) (%) ---------------------------------------------------------------------------- Area A 1.75 - 2.25 0.14-0.30 0.52-0.57 6.37-12.55 0.53-0.80 ---------------------------------------------------------------------------- Sub-area 0.4-0.5 0.38-0.41 0.70-1.00 6.37-10.65 0.88-1.14 ---------------------------------------------------------------------------- (i) As per previous news releases - 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
In addition to the area that Alder sampled in detail, 66 additional auger holes, spaced approximately 100 metres apart (see figure), covering an area of 0.45 hectares, and having an average thickness of 2.76 metres, returned average grades of 0.16% Cu, 0.21 g/t Au and 5.56 g/t Ag. Sampling completed to date does not encompass the entire tailings area.
Metallurgical work is still required to determine how much of the metal in the tailings can be recovered and if the recovery methods are economically feasible.
The potential quantity and grade of the tailings material is conceptual in nature, there has been insufficient exploration to define a mineral resource in respect of the tailings and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Don Dudek, President and CEO, is quoted: "The addition of a well defined tailings target with compelling grades further supports Alder's plan to complete the metallurgical studies required so that a business case for the project can be developed. This project is more advanced than most in that there is a large mineral resource already stockpiled on surface."
Alder is currently reviewing financing alternatives to fund the metallurgical and additional studies that are required, including the sale of a royalty on the property.
In summary, the Rosita property is well endowed and Alder management strongly believe that the existing stockpile resource and historic near surface mineral resources are sufficient to justify defining the metallurgical characteristics of the stockpiles. In addition, there are numerous exploration targets that could add significant value to the project. The results of metallurgical studies of the stockpiles are expected to define a probable processing path, likely processing costs and which exploration targets to prioritize. Assuming a cost effective process for extracting the metals is defined, a preliminary economic assessment would be the subsequent step.
Quality Assurance/Quality Control
Auger tailings samples were collected into heavy gauge plastic bags, sealed on-site, then stored at Alder's Rosita field office until transported by company or laboratory personnel to Inspectorate Exploration and Mining Services' sample preparation facility in Managua. In Managua, pulps were prepared for shipping to Inspectorate's Analytical laboratory in Reno, Nevada, where each sample was analyzed via one assay-tonne fire assay for gold and 30 element ICP (Inductively Coupled Plasma-atomic emission spectrometry) methods for copper, silver and 28 other elements.
Alder has implemented an industry standard Quality Assurance/Quality Control program that includes the insertion of certified standards and blanks into the sample stream. Standards for the exploration program were prepared by WCM Minerals of Burnaby, B.C. Based on the types of mineralization identified in the region and the anticipated grades, four standards were selected for the program, including CU157, CU159, CU164 and CU186. The recommended Cu-Au-Ag-Mo values for the four geochemical standards are shown in Table 4 below. Blanks were prepared from a felsic tuff unit (the Quaternary Las Sierras Formation) which crops out at Tipitapa, east of Managua. Apparently several other mining companies have used this material in the past, and shown it to be void of Au-Ag mineralization, although our own analyses indicate that it frequently returns anomalous Cu values in the 100 to 300 ppm range. The QA/QC program was more rigorous for the tailings sampling program consequently, only these results are discussed below. In addition to Alder's QA/QC program, Inspectorate has established an internal control system that includes the insertion of standards every 30 samples; however, these have not been evaluated.
The sampling program was carried out under the supervision of Joe Arengi, M.Sc, P.Geo, Alder's past President and CEO and a qualified person as defined by NI 43-101. Don Dudek, P. Geo., Alder's President and CEO 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 Cu-Au-Ag porphyry target is the Rosita project in Nicaragua located 275 kilometres northeast of Managua. The company has current Inferred mineral stock pile resources of 7.95 million tonnes grading 0.62% Cu, 0.46 g/t Au and 9.21 g/t Ag with numerous zones that have good near term potential to add to and enhance these resources. See the technical report entitled "Rosita Cu-Au-Ag Project, RAAN, Nicaragua, NI 43-101 Technical Report on Mineral Resource Estimate of Rosita Stockpiles" effective as of May 8, 2012, which is available under the Company's profile at www.sedar.com.
In August 2011, Alder entered into an option agreement to acquire a 65% interest in the Rosita D concession from Calibre Mining Corp. by issuing 1,000,000 shares and incurring expenditures of $4,000,000 over four years. To date Alder has incurred approximately $3.1 million of the $4.0 million obligation and has until October 2015 to incur the remaining project expenditures.
For additional information, please visit our website at www.alderresources.ca and follow us on Facebook, Linked in and Twitter: @AlderResources.
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 the Company's mineral resource estimate, potential mineralization, future plans and the exploration target. 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.
NEITHER 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.
To view the figure associated with this press release, please visit the following link: http://media3.marketwire.com/docs/923012a.pdf.
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