TORONTO, ONTARIO--(Marketwired - Jul 3, 2013) - Dalradian Resources Inc. ("Dalradian" or the "Company") (DNA.TO)(DRLDF) is pleased to report results from its recent drill program at the Curraghinalt Gold Deposit, and from the Alwories gold discovery, 1.7 km east along strike from Curraghinalt.
Highlights from this press release include:
- Drill results from infill drilling at Curraghinalt
- 1.21 m grading 41.22 g/t gold in hole 12-CT-182
- 4.88 m grading 8.61 g/t gold in hole 13-CT-187
- Drill results from the 2012 Alwories discovery
- 0.73 m grading 32.81 g/t gold in hole 12-CT-174
- A 40,000 metre drill program has now been completed, three diamond drill rigs remain onsite
- 12,000 m historical core logging program on schedule for completion in August
- Underground development lead on site
- Planning permission for underground exploration development pending
"These high-grade infill results from Curraghinalt continue to increase our confidence in the continuity and nature of the resource. We are waiting for final results from the remainder of the infill program and we expect to finish our extensive re-logging and re-sampling campaign on historical core by the end of the summer. The combined data from these two studies are being used to create a more robust resource model of the deposit. This in turn will be used in guiding future drilling and development work at Curraghinalt", says Patrick F.N. Anderson, Dalradian's CEO. "In anticipation of this future drilling, three rigs remain onsite. While we continue our core logging program and await further results, our permitting and development teams are fully engaged with the government of Northern Ireland and working towards the receipt of planning permission for our next stage of underground development."
Details of Drilling at Curraghinalt
Thirty-two intercepts are reported from ten holes drilled to fill gaps within the current resource envelope at Curraghinalt. Each of the holes encountered the expected mineralized veins systems, with notable results including 1.21 m grading 41.22 g/t gold in the 106-16 vein (13-CT-182) and 4.88 m grading 8.61 g/t gold in the Mullan vein (13-CT-187). A number of strongly mineralized C-vein swarms were also encountered, with the best results including 2.61 m grading 8.81 g/t gold in 13-CT-187 and 1.15 m grading 7.19 g/t gold in 12-CT-172.
Selected Curraghinalt Drill Intersections
|Hole ID||Dip||(m)||(m)||(m)||(g/t)||Vein System|
|13-CT-187||327.53||328.32||0.79||12.32||Unnamed footwall vein#|
|13-CT-181||729.46||731.25||1.79||20.66||Unnamed footwall vein#|
|13-CT-181||844.08||845.02||0.94||13.64||Unnamed footwall vein#|
- True width varies depending on vein zone intersected but are generally not less than 90% of width
- #Intercepts outside existing resource envelope
- *Partial results have previously been reported for holes 12-CT-163, 12-CT-176a and 13-CT-182
- Maps and diagrams associated with this release may also be viewed at www.dalradian.com
- Holes are reported in order from west to east
Hole 12-CT-185 (Az. 202, Dip -45) was drilled at the eastern end of the Curraghinalt system, and although it encountered the mineralized vein systems, the grades returned were generally low.
12-CT-179 (Az. 205, Dip -70) and 12-CT-180 (Az. 035, Dip -45) were holes drilled to test gold-in-soil anomalies along the northern margins of the Curraghinalt veins system. No significant gold values were encountered in these holes, and additional drilling will be required to test the full extent of these soil anomalies.
Details of Drilling at Alwories
At Alwories, results are now available for the final four holes from the last drill campaign. Two holes, CT-12-173 and -174, encountered a zone of narrow, steeply dipping high-grade quartz-carbonate veins approximately 200 m below surface, with 12-CT-174 intersecting 0.73 m grading 32.81 g/t gold before being abandoned due to ground conditions within the mineralized zone.
Hole CT-12-173 also intersected two additional gold bearing veins approximately 350 m and 475 m below surface and approximately 100 m and 200 m above the Omagh Thrust. These assayed 0.10 m of 62.90 g/t gold and 0.29 m of 78.50 g/t gold respectively.
While drilling has intercepted a number of steeply-dipping high-grade veins at Alworries, the extent of mineralization here is still uncertain and further drilling will be required.
|Hole ID||Dip||(m)||(m)||(m)||Au Grade (g/t)|
|12-CT-158||180/-55||Previously Reported 27/09/2012|
|12-CT-162||180/-55||No significant results|
|12-CT-165||220/-55||No significant results|
|12-CT-168 (abandoned)||152/-60||No significant results|
|12-CT-171 (abandoned)||152/-60||Previously Reported 27/09/2012|
|12-CT-177||354/-45||No significant results|
|12-CT-178||179/-50||No significant results|
- True width varies depending on vein intersected
- *Partial results have previously been reported for holes 12-CT-173
- Maps and diagrams associated with this release may also be viewed at www.dalradian.com
C-Veins, Historical Core Sampling and Resource Update
The Curraghinalt gold deposit consists of a series of parallel quartz-carbonate veins (D-veins) and a cross-cutting array of thinner quartz-carbonate veins (C-veins), both of which carry high-grade gold mineralization associated with pyrite. Only a portion of the D-veins were considered in the last resource estimate. Taken together, the D and C veins form broad vein zones, the nature of which the Company is currently working to more fully understand through a re-logging and sampling program on historical core. To date the vein systems at Curraghinalt have been traced for approximately 2.7 km along strike, although the current resource only considers 1.8 km of this strike length, and the deposit remains open along strike and at depth. A summary of the current mineral resource estimate for Curraghinalt is given in the "About Dalradian" section of this press release.
Data collection on both the historical core and recent drilling program is expected to be completed by the end of August. After receipt of assays, interpretation and modeling the two datasets as one, a new resource estimate will be released.
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 exploration company engaged in the acquisition, exploration and development of precious and base metals projects. 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 NPV of $467 million based on an 8% discount rate using a 3 year trailing average gold price of $1378 per ounce.
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.
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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