TORONTO, ONTARIO--(Marketwired - Aug 15, 2013) - Dalradian Resources Inc. ("Dalradian" or the "Company") (DNA.TO) is pleased to report additional results from its recent drilling program at the Curraghinalt Gold Deposit in Northern Ireland.
Highlights from this press release include:
- 4.87 m grading 8.35 g/t gold from the No. 1 vein zone in hole 13-CT-188, comprised of a mineralized D-vein flanked by several high-grade C-veins
- 2.07 m grading 7.97 g/t gold from the No. 1 vein zone in hole 13-CT-189
- 2.48 m grading 21.33 g/t gold from a C-vein array within the broader No. 1 vein zone, also from 13-CT-189
- 1.53 m grading 17.14 g/t gold from the 106-16 vein zone in hole 13-CT-190
Details of Drilling at Curraghinalt
Results from sampling over broader intervals on existing and historical core continue to support the new model that mineralization at Curraghinalt is hosted in a suite of sub-parallel Vein Zones comprising one or more shear-related D-veins (the historically recognized main veins) plus a surrounding array of extension veinlets (C-veins). By interpreting the mineralization into wider vein zones, the historical D-vein mineralization remains the key or anchoring component, however, the wider zones of mineralization and structures will increase confidence in correlating mineralization on cross-section and from section to section. This allows a better understanding of the geometry of the mineralization, and will provide a more robust geological model to support future resource updates.
Final results are being reported for three infill drill holes located in the central part of the Curraghinalt deposit (see plan map for collar locations).
All drill holes were drilled to the south and intersected the entire suite of vein zones currently included in the 2011 resources estimate. The three drill holes also intersected several high-grade, narrow C-veins. These C-veins, which were typically not sampled by previous operators, are the target of a historical core sampling program currently underway at Curraghinalt.
Selected Curraghinalt Drill Intersections
|Hole ID||Azimuth/ |
|321.80||322.16||0.36||24.38||T-17 vein zone|
|*13-CT-188||345.58||350.45||4.87||8.35||No. 1 vein zone|
|*13-CT-188||380.06||382.39||2.33||6.26||No. 1 vein zone|
|13-CT-188||552.93||554.82||1.89||6.61||Bend vein zone|
|129.72||132.2||2.48||21.33||C-veins in No. 1 vein zone|
|13-CT-189||154.11||156.18||2.07||7.97||No. 1 vein|
|13-CT-189||217.64||218.2||0.56||16.49||106-16 vein zone|
|*13-CT-190||284.46||285.9||1.44||9.90||Mullan vein zone|
|13-CT-190||333.00||333.81||0.81||28.16||No. 1 vein|
|13-CT-190||359.82||361.35||1.53||17.14||106-16 vein zone (hanging wall)|
|13-CT-190||410.63||413.42||2.79||8.58||106-16 vein zone (footwall)|
|13-CT-190||515.35||517.81||2.46||8.99||Bend vein zone|
- True width varies depending on vein zone intersected but are generally not less than 90% of width
- * Intercepts outside existing resource envelope
- # Maps and diagrams associated with this release may also be viewed at www.dalradian.com.
Hole 13-CT-188 (Az. 200, Dip -47) intersected all interpreted vein zones but most significant is the No. 1 vein zone where an approximately 45 m wide mineralized envelope consists of high-grade C-veins flanking the core D-vein.
Holes 13-CT-189 (Az. 200, Dip -47) and 13-CT-190 (Az. 200, Dip -45) were drilled on the same section approximately 100 m east of 13-CT-188. 13-CT-189 intersected a 45 m wide mineralized envelope around the No. 1 vein, with the core D-vein grading 2.07 m at 7.97 g/t gold, approximately 115 m below surface. Hole 13-CT-190 drilled approximately 200 m below 13-CT-189 and intersected a 15 m wide mineralized envelope around the No. 1 vein, with the core D-vein grading 0.81 m at 28.16 g/t gold, demonstrating good vertical continuity of the No 1 vein zone. In addition, both 13-CT-189 and 13-CT-190 intersected a 23 m wide mineralized envelope around the 106-16 vein. In hole 13-CT-189 this envelope hosts a core D-vein grading 0.56 m at 16.49 g/t gold, while in 13-CT-190 a cluster of both C-veins and D-veins grading 2.79 m at 8.58 g/t gold are interpreted to form the core of the mineralized envelope.
Results from additional holes from this program are still pending and will be released as they are received, compiled and interpreted.
Michele L. Cote, MSc., P. Geo., VP Exploration, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.
Drill core was halved with samples averaging between 0.10 m and 0.30 m in mineralized material and up to 1 m in wall rock were submitted to ALS Laboratories in the Republic of Ireland. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 50 gram gold fire assay with an atomic absorption finish.
ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition "General Requirements for the Competence of Testing and Calibration Laboratories".
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based gold and silver development and exploration company. With a European focus, our most advanced property is in Northern Ireland and around the high-grade lode gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Northern Ireland Properties.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Dalradian's Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and 33.4% and NPV of $467 and $331 million based on an 8% discount rate using a 3 year and 5 year trailing average gold price of $1378 and $1166 per ounce respectively.
Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanović, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
In Norway, Dalradian holds mineral rights for approximately 1.3 million hectares over three greenstone belts, as well as an area hosting an historical silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative 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 statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions, such as the continued political stability in Northern Ireland and Norway, that permits required for the Company's operations will be obtained in a timely basis in order to permit the Company to proceed on schedule with its planned development and exploration programs, that skilled personnel and contractors will be available as the Company's operations continue to grow, that the price of gold will be at levels that render the Company's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates, and that the assumptions contained in the PEA are accurate and complete.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements 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 statements.
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