Dalradian Resources Completes Surface Surveys: Soil Geochemistry Grid Identifies New Targets, Grab Sample Returns 68 g/t Au, Drill Mobilized
TORONTO, ONTARIO--(Marketwire - Sept. 19, 2012) - Dalradian Resources Inc. ("Dalradian" or the "Company") (DNA.TO) announces that it has identified several gold-in-soil anomalies after a recently completed soil survey along trend from its Curraghinalt Gold Deposit in Northern Ireland. A drill rig has been mobilized to test the primary target.
Highlights of Anomaly A (Figure 1):
-- An 800m by 500m gold-in-soil anomaly
-- Southeast of the currently-known Curraghinalt Gold Deposit;
-- Analogous to an historical gold-in-soil anomaly identified directly
above a known gold deposit;
-- Recent rock-chip sampling within the anomaly has returned results of up
to 68 g/t Au in float, 1.3km on strike from Curraghinalt gold deposit;
CEO, Patrick F.N. Anderson commented, "Geochemistry is a proven tool for identifying gold deposits in this region. The results are strong enough to warrant immediately moving a drill rig to test the main target."
The 2012 Extension Soil Survey grid consisted of 3,457 samples, collected on a 50m by 20m grid pattern on an untested area southeast of the Curraghinalt Deposit. The grid was designed to extend historical soil sampling coverage, which had previously outlined a broad gold-in-soil anomaly trending southeast from Curraghinalt. The float sample was collected as part of a project-wide prospecting effort in conjunction with the soil survey, in which a total of 55 samples were collected from predominantly float on the DG-01 licence. Of these, 25 samples returned assays of greater than 1.0 g/t gold.
This historic work has shown that gold-in-soils is effective in identifying near surface gold mineralization as demonstrated by the excellent correlation between the known Curraghinalt veins and Anomaly C (Figure 1). Both Dalradian and previous operators have recognized that soil in this part of Northern Ireland has undergone only minor glacial-era transport and that strong bedrock signatures exist in the soil. Gold-in-soil anomalies may therefore be directly followed-up by drill testing where present drainage patterns indicate a low likelihood that the anomaly has been transported.
Accordingly, two holes have been designed for drill testing Anomaly A (Refer to Figure 1 for collar locations). These holes have commenced and assay results are pending. Anomaly B, which is located between Anomaly A and the Curraghinalt gold deposit remains untested and a plan for follow-up drilling of this anomaly is currently being formulated.
In the new extension survey, augers were used to collect approx. 500g of material from below the locally well-developed cover of peat bog deposits. Samples were sent to ALS Laboratories in Ireland, with the -2mm fraction analyzed for gold as well as a multi-element suite. QA/QC procedures consisted of collecting 175 field duplicate samples, and comparing the duplicate results with the original sample. No significant issues were noted in the results. The gridded gold-in-soils image in Figure 1 was created by combining and levelling the results of historic soil and deep overburden sampling with the new soil data.
Qualified Person
Martin Moloney, BSc.(hons), M.AIG, Senior Geologist, Dalradian Gold, is the Qualified Person who supervised the preparation of the technical data in this news release.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of gold, base metals and other precious metals projects. With a European focus, our most advanced property is in Northern Ireland and focuses on and around the high-grade mesothermal 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 Tyrone Project.
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. 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 Damjanovic, 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 1.7 million hectares over three greenstone belts, as well as an area hosting an historic silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with field programs underway over its Kongsberg and Kautokeino concession areas.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
FORWARD-LOOKING INFORMATION
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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/dna0919fig1.pdf.
