TORONTO, ONTARIO--(Marketwire - June 22, 2012) -
Alder Resources Ltd. ("Alder") (TSX VENTURE:ALR) is pleased to announce that it has filed a National Instrument 43-101 ("NI 43-101") Technical Report for its Rosita project located in northeast Nicaragua.
The independent technical report, entitled "Rosita Cu-Au-Ag Project, RAAN, Nicaragua-NI-43101 Technical Report on Mineral Resource Estimate of Rosita Stockpiles" (the "Technical Report") and dated May 8, 2012 was prepared for Alder by Yugang Wu of Coffey Mining Pty Ltd. The Technical Report is available under Alder's profile on SEDAR at www.sedar.com and on the Company's website at www.alderresources.ca.
Mineral Resource Estimates
As reported in the news release issued by Alder on May 9, 2012, the inferred resource estimate totals 7.95 million tonnes, at an average grade of 0.62% copper ("Cu"), 0.46 grams per tonne ("g/t") gold ("Au") and 9.2 g/t silver ("Ag") with an overall copper equivalent grade of 1.01%. The inferred mineral resource contains 108 million pounds of Cu, 118,500 ounces of Au and 2.35 million ounces of Ag.
Inferred Mineral Resources Estimate as at May 8, 2012
|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.
Notes on Mineral Resource Estimation
- The mineral resource estimate base case is reported at a 0.15% copper equivalent cut-off grade; this cut-off incorporates consideration of mining and processing cost, recoveries, commodity prices and selling cost.
- The mineral resource estimate is reported on an undiluted basis.
- The mineral resource estimate assumes a long term copper price of US$2.90/lb, a gold price of US$1,200/oz and a silver price of US$24/oz.
- Rounding as required by NI 43-101 reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
- Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces, contained copper pounds as imperial pounds.
- Mineral resources that 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.
- The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as indicated or measured mineral resources and it is uncertain if further exploration will result in upgrading them to indicated or measured mineral resources.
The Rosita Project
Alder has entered into an option agreement with Calibre Mining Corp. to acquire a 65% interest in the Rosita D concession (see news release dated August 22, 2011), which hosts the historic Santa Rita open pit Cu-Au-Ag deposit. Alder's management believes that a substantial amount of mineralization lies both below and adjacent to the Santa Rita pit. Recent drill results (see news release dated May 31, 2012) returned 0.20% Cu, 1.48 g/t Au and 2.00 g/t Ag over 65.0 metres in a hole collared along the southwest edge of the Santa Rita pit.
The Bambana prospect, located four kilometres northwest of the Santa Rita open pit, returned historic intercepts of up to 0.43% Cu and 6.54 g/t Ag over 42.0 metres and 0.51% Cu, 0.25 g/t Au and 10.41 g/t Ag over 11.5 metres in two diamond drill holes completed in 2010. Recent channel sampling across the full width of two benches from an open pit along the side of a small hill, returned two wide intercepts of 2.09% Cu, 0.19 g/t Au and 14.6 g/t Ag over 29.0 meters in the upper bench, and 1.98% Cu, 0.14 g/t Au and 14.4 g/t Ag over 29.0 metres in the lower bench. These results complement those from a nearby trench excavated by Alder (see news release dated March 1, 2012) that returned 3.32% Cu, 0.22g/t Au and 37.55 g/t Ag over 12.0 meters.
To date a total of 5,200 metres have been drilled in 16 holes, all in the Santa Rita/R-13 area. This initial drilling program is centered on the historic Santa Rita and R-13 pits, where approximately 5.5 million tonnes of ore averaging 2.06% Cu, 0.93 g/t Au, and 15 g/t Ag were extracted by La Luz Mines (a subsidiary of Falconbridge) in the mid-1970s when low metal prices forced mine closure. An additional 3,000 metres are planned at Bambana and other targets generated during the exploration program. The initial results have successfully identified a significant mineralized corridor that displays two styles of mineralization and is open in all directions. Any Cu-Au-Ag mineralization defined along this corridor will complement the existing stockpile resource and bolster project economics.
Alder now has four significant target areas, three of them with porphyry-style attributes, within the Rosita concession block that reinforce the company's goal of developing an economic mineral deposit at Rosita.
Quality Assurance/Quality Control
Samples were collected in heavy gage plastic bags, sealed on-site, then stored at Alder's secure Rosita field office until transported by Company personnel to Inspectorate Exploration and Mining Service's sample preparation facility in Managua. At this Managua facility, sample pulps are prepared, then air freighted to Inspectorate's Vancouver laboratory for analysis. Each sample is analyzed for total Cu using aqua regia digestion followed by an ICP analysis, which includes a 30-element geochemistry package, including silver. Soluble copper is determined for samples grading over 0.1% Cu, using dilute sulfuric acid digestion with an AA (atomic absorption) finish. Gold is determined via fire assay with an AA finish. Alder has implemented an industry standard Quality Assurance/Quality Control program that includes the insertion of certified standards, duplicates and blanks into the sample stream.
John C. Spurney, a Certified Professional Geologist (CPG-11007), Alder's Vice-President Exploration and qualified person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release.
Yungang Wu, Resource Geologist of Toronto-based consulting firm Coffey Mining Pty Ltd. and an independent Qualified Person under NI 43-101, has prepared and authorized the release of the mineral resource estimate presented herein.
About Alder Resources Ltd.
Alder is a resource company focused on the development of gold and base metal projects throughout Latin America. Current focus is on the Rosita project in Nicaragua located 275 kilometers northeast of Managua. Alder intends to build its property position with strategic acquisitions.
Alder Resources LTD.
Joseph Arengi, President & CEO
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 statements regarding potential mineralization, reserve and resource determination, exploration results and future plans. 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, as the case may be, 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 operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; 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.
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