Aldridge Announces an Updated 43-101 Resource Estimate
- Diamond drilling delivers increased tonnage and metal content -
TORONTO, Nov. 26, 2012 /CNW/ – Aldridge Minerals Inc. (TSX Venture: AGM)
(“Aldridge” or the “Company”) is pleased to announce an in-pit updated
National Instrument 43-101 mineral resource estimate for its Yenipazar
gold and polymetallic deposit in Turkey. The estimate is based on
54,248 metres of drilling, including 20,604 metres of diamond drilling.
Highlights of the November 2012 Resource Estimate
-- Indicated resources total 29,669,000 tonnes, an increase of 11% since the June 2012 resource -- Contained metal content of gold and all other metals has increased since the June 2012 resource, highlighted by a 16% increase in contained copper and a 17% increase in contained zinc, all in the Indicated category.
“During 2012, we successfully completed a 10,000 metre diamond drilling
program, which confirmed the continuity of the resource and resulted in
a better understanding of the geology of the Yenipazar deposit and its
mineralized zones,” said Mario Caron, President and CEO of Aldridge.
“With the increased tonnage and metal content, we have significantly
enhanced the value of Yenipazar over the past 12 months. Our updated
resource will form the basis for the reserves, mine plan, and cash flow
analysis underpinning the feasibility study, which we look forward to
delivering in Q1 2013.”
Compared to the June 2012 mineral resource estimate, the metal grades of
the resource have remained fairly stable while the total size of the
resource has increased. Due to the better quality of information
provided by diamond drilling versus reverse circulation drilling, all
reverse circulation holes drilled within a six-metre radius of a
diamond drill hole have been excluded from the database.
The updated mineral resource is summarized in the following tables.
Total Mineral Resources (in-pit) @ NSR/t cut-off of US$15/t for Sulphides, US$12/t for Oxides,
and US$15/t for Copper Enriched( (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 oz)| (M | (M | (M | (M oz) | | | | | | | | | | oz) | | lbs) | lbs) | lbs) | | |_________|___________|_____|_____|_____|_____|_____|_____|_____|______|______|______|______|________| |Indicated| 29,669,000| 0.95| 31.3| 0.31| 1.01| 1.47| 2.42| 0.90| 29.85| 204.8| 660.2| 961.2| 2.30| |_________|___________|_____|_____|_____|_____|_____|_____|_____|______|______|______|______|________| |Inferred | 369,000| 0.47| 25.5| 0.18| 0.94| 1.89| 1.88| 0.01| 0.30| 1.5| 7.7| 15.4| 0.02| |_________|___________|_____|_____|_____|_____|_____|_____|_____|______|______|______|______|________|
The total resources can be further broken down into the three major
mineralized zones of the Yenipazar deposit, namely: sulphide, oxide and
copper enriched zones.
Sulphides (in-pit) @ 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 oz)| (M | (M | (M | (M oz) | | | | | | | | | | oz) | | lbs) | lbs) | lbs) | | |_________|___________|_____|_____|_____|_____|_____|_____|_____|______|______|______|______|________| |Indicated| 23,624,000| 0.97| 32.2| 0.31| 1.02| 1.64| 2.61| 0.74| 24.46| 161.4| 531.2| 854.1| 1.98| |_________|___________|_____|_____|_____|_____|_____|_____|_____|______|______|______|______|________| |Inferred | 369,000| 0.47| 25.5| 0.18| 0.94| 1.89| 1.88| 0.01| 0.30| 1.5| 7.7| 15.4| 0.02| |_________|___________|_____|_____|_____|_____|_____|_____|_____|______|______|______|______|________|
Oxides (in-pit) @ NSR cut-off of US$12/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) | oz) |lbs) |lbs) |lbs) | | |_________|_________|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|________| |Indicated|3,541,000| 0.81| 23.0| 0.23| 0.96| 0.53| 1.26| 0.09| 2.62| 18.0| 74.9| 41.4| 0.14| |_________|_________|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|________|
Copper Enriched (in-pit) @ NSR cut-off of US$15/t((1)(2)(3)(4)(5))
__________________________________________________________________________________________________ | | Contained Metal | |___________________________________________________________|______________________________________| |Category | Tonnes | Au | Ag | Cu | Pb | Zn |Au Eq| Au | Ag | Cu | Pb | Zn | AuEq | | | |(g/t)|(g/t)| (%) | (%) | (%) |(g/t)| (M | (M | (M | (M | (M | (M oz) | | | | | | | | | | oz) | oz) |lbs) |lbs) |lbs) | | |_________|_____________|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|________| |Indicated| 2,504,000| 0.94| 34.5| 0.46| 0.98| 1.19| 2.21| 0.08| 2.78| 25.4| 54.1| 65.7| 0.18| |_________|_____________|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|_____|________|
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. (2) The quantity and grade of reported Inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. (3) The mineral resources in this estimate were calculated with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. (4) The resources and Au equivalent ratios were calculated using the below recoveries (see October 16, 2012 press release for further details). Metal prices in US$ used were Au $1,435/oz, Ag $27/oz, Cu $3.50/lb, Pb $1.00/lb and Zn $0.95/lb. Sulphides:Au 92%, Ag 90%, Cu 75%, Pb 75% and Zn 70%. Oxides:Au 75%, Ag 45%, Cu 0%, Pb 40% and Zn 0%. Copper Enriched:Au 82%, Ag 72%, Cu 50%, Pb 50% and Zn 30%. (5) All resources are reported within an optimized pit shell. The $15/tonne Sulphide NSR cut-off value for resource reporting was derived from a processing cost of US$12.50/tonne and a G&A cost of US$2.50 per tonne. The $12/tonne Oxide NSR cut-off value for resource reporting was derived from a processing cost of US$9.50/tonne and a G&A cost of US$2.50 per tonne. Mining costs were US$1.35 and US$1.85 per tonne respectively for oxide and Cu enriched/sulphide and optimized pit slopes were 40 degrees.
It was determined that three-year trailing average metal prices be
applied (see above footnotes). It is understood that more conservative
metal prices may be used for the reserve estimate and cash flow
analysis in the feasibility study, which is expected in Q1 2013.
As evidenced by the tonnage/NSR tables and curves below, the resource is
largely insensitive to NSR cut-off, and by extension, metal prices.
This is especially true in the case of the sulphides, which compose
approximately 80% of the resource.
Sulphides (in-pit) – Indicated Resource
_____________________________________________ |Cut-Off| Tonnes | Au | Ag | Cu | Pb | Zn | |(NSR/t)| |(g/t)|(g/t)|(%) |(%) |(%) | |_______|__________|_____|_____|____|____|____| | $50|17,755,498| 1.21| 38.8|0.37|1.24|1.96| |_______|__________|_____|_____|____|____|____| | $45|18,740,852| 1.17| 37.6|0.36|1.20|1.90| |_______|__________|_____|_____|____|____|____| | $40|19,815,678| 1.12| 36.4|0.35|1.16|1.84| |_______|__________|_____|_____|____|____|____| | $35|20,865,577| 1.08| 35.3|0.34|1.12|1.78| |_______|__________|_____|_____|____|____|____| | $30|21,661,664| 1.05| 34.5|0.33|1.09|1.74| |_______|__________|_____|_____|____|____|____| | $25|22,308,081| 1.02| 33.8|0.33|1.07|1.71| |_______|__________|_____|_____|____|____|____| | $20|23,000,673| 0.99| 32.9|0.32|1.04|1.67| |_______|__________|_____|_____|____|____|____| | $15|23,623,821| 0.97| 32.2|0.31|1.02|1.64| |_______|__________|_____|_____|____|____|____|
Oxides (in-pit) – Indicated Resource
____________________________________________ |Cut-Off| Tonnes | Au | Ag | Cu | Pb | Zn | |(NSR/t)| |(g/t)|(g/t)|(%) |(%) |(%) | |_______|_________|_____|_____|____|____|____| | $50| 912,351| 1.85| 41.5|0.34|1.47|0.68| |_______|_________|_____|_____|____|____|____| | $45|1,073,443| 1.70| 39.8|0.33|1.44|0.67| |_______|_________|_____|_____|____|____|____| | $40|1,260,776| 1.56| 37.7|0.33|1.40|0.66| |_______|_________|_____|_____|____|____|____| | $35|1,458,505| 1.44| 35.7|0.31|1.36|0.64| |_______|_________|_____|_____|____|____|____| | $30|1,721,763| 1.31| 33.3|0.29|1.29|0.62| |_______|_________|_____|_____|____|____|____| | $25|2,111,516| 1.16| 30.4|0.27|1.20|0.59| |_______|_________|_____|_____|____|____|____| | $20|2,634,223| 1.00| 27.2|0.25|1.11|0.57| |_______|_________|_____|_____|____|____|____| | $15|3,200,545| 0.87| 24.5|0.24|1.02|0.54| |_______|_________|_____|_____|____|____|____| | $12 |3,540,766| 0.81| 23.0|0.23|0.96|0.53| |_______|_________|_____|_____|____|____|____|
Copper Enriched (in-pit) – Indicated Resource
____________________________________________ |Cut-Off| Tonnes | Au | Ag | Cu | Pb | Zn | |(NSR/t)| |(g/t)|(g/t)|(%) |(%) |(%) | |_______|_________|_____|_____|____|____|____| | $50|1,560,299| 1.35| 45.0|0.62|1.25|1.47| |_______|_________|_____|_____|____|____|____| | $45|1,679,323| 1.28| 43.9|0.59|1.22|1.43| |_______|_________|_____|_____|____|____|____| | $40|1,802,672| 1.22| 42.7|0.56|1.19|1.40| |_______|_________|_____|_____|____|____|____| | $35|1,915,273| 1.17| 41.6|0.54|1.16|1.37| |_______|_________|_____|_____|____|____|____| | $30|2,027,611| 1.12| 40.2|0.52|1.12|1.33| |_______|_________|_____|_____|____|____|____| | $25|2,161,815| 1.07| 38.6|0.50|1.08|1.29| |_______|_________|_____|_____|____|____|____| | $20|2,353,479| 0.99| 36.2|0.48|1.02|1.23| |_______|_________|_____|_____|____|____|____| | $15|2,504,254| 0.94| 34.5|0.46|0.98|1.19| |_______|_________|_____|_____|____|____|____|
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 an Independent Qualified Person
under NI 43-101 standards.
Analyses for gold, silver, copper, lead, and zinc, 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.
Aldridge is a near development stage mining company focused on advancing
its Yenipazar gold and polymetallic VMS deposit (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 that we expect to complete in March
2013. 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.