Quantcast
Last updated on April 24, 2014 at 5:30 EDT

Aldridge Announces an Updated 43-101 Resource Estimate

June 13, 2012

- Yenipazar Contained Gold Equivalent Now Stands at 2.62M oz Grading
3.05 g/t –

- Significant Improvement in Gold Recoveries -
- Conference call scheduled for today at 11:00 am ET –

www.aldridgeminerals.ca
TSXV: AGM

TORONTO, June 13, 2012 /CNW/ – Aldridge Minerals Inc. (TSX Venture: AGM)
(“Aldridge”) is pleased to announce an in pit updated National
Instrument 43-101 mineral resource estimate for its Yenipazar
polymetallic deposit in Turkey. The estimate is based on all drilling
completed to the end of 2011 (54,774 meters), and includes 7,202 metres
of diamond drilling.

Highlights of the June 2012 Resource Estimate
- Indicated resource – 2.62M gold equivalent ounces at 3.05 g/t
- Gold recoveries now stand at 92%
- Indicated resources increased 9.9% to 26,684,000 tonnes from
24,284,000 tonnes
- Inferred resources increased 432% to 1,159,000 tonnes from 218,000
tonnes

“Since the December 2010 mineral resource estimate for the Yenipazar
deposit, we have seen an increase in total resources and recoveries -
particularly gold recoveries – as a result of our ongoing efforts to
optimize metallurgy. The increased resources combined with improved
recoveries and metal prices have significantly enhanced the potential
of Yenipazar which now contains 2.62M gold equivalent ounces grading
3.05 g/t”, said Mario Caron, Aldridge President and CEO. “With the
progress that has been made, it is clear that Yenipazar is a
world-class VMS deposit with excellent potential for becoming a
near-term producer.”

Value Creation Through Process Improvements
Aldridge published a Preliminary Economic Assessment (“PEA”) in December
2010 that generated robust economic returns. The metallurgy identified
at the time was preliminary in nature and necessitated significantly
more test work for better optimization.

The PEA contemplated the production of a copper concentrate, a lead
concentrate, and a zinc concentrate, with only about one third of the
gold reporting to the copper concentrate and the majority of the silver
reporting to the lead concentrate. In December 2011, Aldridge announced
additional metallurgical testing completed by G&T Metallurgical
Services, which indicated that production of a gold gravity concentrate
prior to base metal flotation may more than double gold recoveries
reported in the PEA.

SGS UK, which is currently conducting all metallurgical test work for
Aldridge, has expanded upon the work by G&T. The process contemplates a
separate gold circuit followed by sequential flotation of copper, lead,
and zinc. Aldridge expects the flowsheet to be finalized for the
purposes of the Feasibility Study in the coming weeks. The matrix of
metal recoveries that formed the basis for the resource update, which
incorporates all testing completed to date, is set out in the table
below.

     ________________________________________________________________
    |Metal|  Total   |   Gold    |  Copper   |   Lead    |   Zinc    |
    |     |Recoveries|  Gravity  |Concentrate|Concentrate|Concentrate|
    |     |          |Concentrate|           |           |           |
    |_____|__________|___________|___________|___________|___________|
    |  Au |   92.0%  |    65.0%  |    20.0%  |     5.0%  |     2.0%  |
    |_____|__________|___________|___________|___________|___________|
    |  Ag |   90.0%  |    10.0%  |    10.0%  |    65.0%  |     5.0%  |
    |_____|__________|___________|___________|___________|___________|
    |  Cu |   75.0%  |           |    75.0%  |           |           |
    |_____|__________|___________|___________|___________|___________|
    |  Pb |   75.0%  |           |           |    75.0%  |           |
    |_____|__________|___________|___________|___________|___________|
    |  Zn |   77.0%  |           |           |           |    77.0%  |
    |_____|__________|___________|___________|___________|___________|

Metal Prices
In order to facilitate a comparison between the resource estimates, it
was determined that three year trailing average metal prices be used
for the June 2012 resource estimate update. As shown in the table
below, precious metal prices have increased significantly while base
metals have increased by up to 19% in the case of copper.

     __________________________________________________
    |       Three Year Trailing Average Metal Prices   |
    |__________________________________________________|
    |Metal      |Resource Update|  Resource   |Increase|
    |           |   June 2012   |December 2010|        |
    |___________|_______________|_____________|________|
    |Au (US$/oz)|       1,340   |       991   |   35%  |
    |___________|_______________|_____________|________|
    |Ag (US$/oz)|       25.00   |      15.86  |   58%  |
    |___________|_______________|_____________|________|
    |Cu (US$/lb)|        3.50   |      2.94   |   19%  |
    |___________|_______________|_____________|________|
    |Pb (US$/lb)|        1.00   |      0.92   |    9%  |
    |___________|_______________|_____________|________|
    |Zn (US$/lb)|        0.95   |      0.86   |   10%  |
    |___________|_______________|_____________|________|

Resource Summary
Compared to the December 2010 mineral resource estimate, the metal
grades of the resource have remained fairly stable while the total size
of the resource has increased. The total Indicated resource has grown
by almost 10% while recent geotechnical drilling that encountered
mineralization has added significantly to the Inferred resource base.

The updated mineral resource is summarized in the tables below. A
longitudinal section of the Yenipazar deposit is posted on the Aldridge
website at www.aldridgeminerals.ca.

In Pit Total Mineral Resources @ NSR/t cut-off of US$15/t for Sulphides
and US$10/t for Oxides
((1)(2)(3)(4)(5))


                                                                        Contained Metal

    Category     Tonnes   Au    Ag    Cu   Pb    Zn  Au Eq  Au   Ag    Cu    Pb    Zn   AuEq
                         (g/t) (g/t) (%)   (%)  (%)  (g/t)  (M   (M    (M    (M    (M    (M
                                                           oz)   oz)  lbs)  lbs)  lbs)  oz)

    Indicated 26,684,000 1.04  31.3  0.30  1.04 1.40 3.05  0.89 26.85 176.5 611.8 823.6 2.62

    Inferred  1,159,000  0.48  27.7  0.22 1.00  1.95 2.51  0.02 1.03   5.6  25.6  49.8  0.09

The total resources can be further broken down into sulphides and
oxides.

In Pit Sulphides @ NSR cut-off of US$15/t((1)(2)(3)(4)(5))


                                                                        Contained Metal

    Category     Tonnes   Au    Ag    Cu   Pb   Zn  Au Eq  Au   Ag    Cu    Pb    Zn   AuEq
                         (g/t) (g/t) (%)  (%)  (%)  (g/t)  (M   (M    (M    (M    (M    (M
                                                          oz)   oz)  lbs)  lbs)  lbs)  oz)

    Indicated 23,682,000 1.03  31.3  0.31 1.00 1.52 3.08  0.78 23.83 161.8 522.1 793.6 2.35

    Inferred  1,156,000  0.49  27.8  0.22 1.01 1.96 2.52  0.02 1.03   5.6  25.7  50.0  0.09

In Pit Oxides @ NSR cut-off of US$10/t((1)(2)(3)(4(5))


                                                                   Contained Metal

    Category    Tonnes   Au    Ag    Cu   Pb   Zn  Au Eq  Au   Ag   Cu   Pb   Zn  AuEq
                        (g/t) (g/t) (%)  (%)  (%)  (g/t)  (M   (M   (M   (M   (M   (M
                                                         oz)  oz)  lbs) lbs) lbs) oz)

    Indicated 3,002,000 1.10  31.1  0.23 1.35 0.49 2.76  0.11 3.00 15.2 89.3 32.4 0.27

    Inferred     3,000  0.28  10.3  0.07 0.59 1.17 1.28  0.00 0.00 0.00 0.04 0.08 0.00

    (1)      Mineral resources which are not mineral reserves do not have
             demonstrated economic viability.
             The estimateof mineral resources may be materially affected by
             environmental, permitting, legal, title,
             taxation, sociopolitical,marketing, or other relevant issues.

    (2)      The quantity and grade of reported Inferred resources in this
             estimation are conceptual in nature and there
             has been insufficient exploration to define these inferred
             resources as an Indicated or Measured mineral
             resource and it is uncertain if further exploration will
             result in upgrading them to an Indicated or Measured
             mineral resource category.

    (3)      The mineral resources in this estimate were calculated with
             the Canadian Institute of Mining, Metallurgy and
             Petroleum (CIM), CIM Standards on Mineral Resources and
             Reserves, Definitions and Guidelines prepared
             by the CIM Standing Committee on Reserve Definitions.

    (4)      Au equivalent ratios were calculated using the following
             recoveries: Au 92%, Ag 90%, Cu 75%, Pb 75% and
             Zn 77%. Metal prices in US$ used were Au $1,340/oz, Ag $25/oz,
             Cu $3.50/lb, Pb $1.00/lb and Zn $0.95/lb.

    (5)      All resources are reported within an optimized pit shell. The
             $15/tonne Sulphide NSR cut-off value for
             resourcereporting was derived from a processing cost of
             US$12.50/tonne and a G&A cost of US$2.50 per
             tonne.The $10/tonne Oxide NSR cut-off value for resource
             reporting was derived from a processing cost of
             US$7.50/tonne and a G&A cost of US$2.50 per tonne. Mining
             costs were US$1.60 per tonne and optimized
             pit slopes were 50 degrees.

Diamond Drill Twinning Program
A diamond drilling program is ongoing at Yenipazar and is anticipated to
continue until the end of July 2012 as part of a planned $1.3 million
program (10,000 metres). The purpose of the program is to twin up to 99
existing reverse circulation (“RC”) drill holes with the objective of
increasing in particular the precious metal grades as found in previous
diamond-RC duplicate pairs. The RC holes will be subsequently removed
from the resource database so that only the more accurate diamond data
remain for the duplicated holes. The 99 scheduled holes address about
81% of the RC-drilled gold resource, and about 75% of the Ag-Cu-Pb-Zn
resource.

The results of this twinning program will be included in a subsequent
resource estimate that will form the basis for the Feasibility Study,
which is on track for completion in December 2012. As announced in
March 2012, the Feasibility Study will reflect the decision to increase
the throughput of the proposed development at Yenipazar from a nominal
5,700 tonnes per day envisioned in the PEA to 7,500 tonnes per day (an
increase of 32%) for an annual throughput of 2.5 million tonnes.

Quality Assurance
The technical information in this news release was prepared, reviewed
and approved by Eugene Puritch, P. Eng. of P&E Mining Consultants Inc.
of Brampton, Canada. Mr. Puritch is a Qualified Person under NI 43-101
standards.

Analyses for gold, silver, copper, zinc, and lead were completed by ALS
Chemex of Vancouver, BC. Blanks, certified reference material and field
duplicates were inserted on a regular basis in the sample stream in
order to provide external QAQC on the lab analysis.

The metallurgical testing data in this news release were reviewed and
approved by Mike Hallewell, BSc., Fellow of IMMM, Chartered Engineer,
employed with SGS Mineral Services UK Limited of Truro, Cornwall U.K.
This data reflects the current indicative recoveries based on testwork
conducted to date. Work is on-going to optimize and understand the
recoveries across the various zones in the deposit. Mr. Hallewell is a
Qualified Person for metallurgical testing with respect to NI 43-101
standards.

Conference Call
Aldridge management will host a conference call on Wednesday June 13 at
11:00 am (Eastern) to review its updated resource estimate.  Mr. Mario
Caron, President and CEO, will chair the call. All interested parties
can join the conference call by dialing 1-888-231-8191.  Please dial in
15 minutes prior to the call to secure a line. The conference call will
be archived for replay until Tuesday June 20 2012 at midnight. To
access the archived conference call, please dial 1-855-859-2056 or
416-849-0833 and enter the reservation code 90684503.

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 Aldridge expects 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.

Additional information and corporate documents may be found on www.sedar.com and the Aldridge website, www.aldridgeminerals.ca.

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.


Source: PR Newswire