- Aldridge Minerals Inc. (TSX-V:
AGM) ("Aldridge" or the "Company") announced today it has received a geological report from its
consultants outlining sampling results from its 100% owned 450 square kilometre
license in the highlands of Papua
New Guinea. The report and field work were carried out in
September and October of 2010 by Dr.
Yves Cheze, a consulting geologist who has over 20 years of
experience in exploration in Papua
New Guinea. The company's license is situated between the giant
copper-gold deposits of Ok Tedi (150 kilometres west), Frieda River (130 kilometres north-west), and
Porgera (50 kilometres east). Building on results from the Aldridge 2009
field campaign where copper-gold mineralization was detected in a number of
outcrops, a total of 357 soil, 65 stream sediment, 76 rock chip and 23 channel
samples were collected and assayed from an area informally named 'MAG1'.
from the report on the outlined MAG1 mineralized zone taken within an area of
about 2.5 x 0.5 kilometer include:
Porphyry copper and overlying skarn type mineralization
- Out of 76 rock samples in the currently outlined mineralized zone
2 samples graded between 23% - 35% Cu (averaging 60 g/t Au and 238 g/t Ag)
13 samples graded from 1.0% - 12.9% Cu (averaging 0.44 g/t Au and 9.3 g/t Ag)
28 samples graded from 0.3% - 1.0% Cu (averaging 0.39 g/t Au and 3.8 g/t Ag)
- Comparatively low levels of Arsenic and Lead (Even the highest
grade rock samples contained a maximum of 0.34% As and/or 0.015% Pb)
- Approximately 80% of the total soil samples taken in the currently
defined mineralized zone graded
> 0.1 g/t Au (with the highest
grading 2.64 g/t), see Figure 2
> 2 g/t Ag (with the highest grading 27.8 g/t)
> 100 ppm Cu (with the highest grading 7,330 ppm or 0.733%), see Figure
> 500 ppm Zn (with the highest grading 14,100 ppm or 1.410%)
- Areas of zinc-only mineralization with one sample grading 9.13% Zn
(with the average of all samples in this zone grading 0.18% Zn)
noted approximately one quarter of the rock samples were collected as float due
to the lack of available outcrop. The remaining rock samples were taken from
rock chip or channel samples. Two steep, oxidized outcrop zones covering an
area of 10 meters x 20 meters each were sampled with channels across the entire
outcrop. The average grade of all of these channel samples was 0.45% Cu and
0.29 g/t Au (Taken from a total of 14
samples with Au grades ranging from 0.03
g/t to 1.47 g/t and Cu grades ranging from 0.02% to 2.17%).
report identified that the main mineralized zone is located on a NW-SE-trending
ridge and its southwestern flank, at an elevation of approximately 1300-1650
meters lying above the Logayiu River that flows at an elevation of about 1200
meters, Figure 1. Most of the sampled area is overgrown by the dense forest of
the highlands and outcrops are sparse. Soils were collected along tracks
parallel to the slopes and perpendicular to the ridge at a sample spacing of 50
meters along the tracks.
the report, geological mapping conducted by Dr. Cheze thus far has revealed two diorite
intrusions into a volcano-sedimentary sequence capped by carbonate, which forms
a NW-SE-ridge. The diorites appear below the carbonate on both flanks. Only the
southwestern diorite was surveyed and sampled in more detail. The carbonate
appears to form the roof of the altered and mineralized diorite intrusive, and
the skarn mineralization is likely situated in the carbonates near the contact
zone to the diorite. The two highest grade Cu-Au samples reported above
represent float most probably from skarn mineralization.
also noted that additional and fully preserved skarn mineralization might be
present within the carbonates where they are capping the intrusive, just under
the NW-SE ridge. Soil samples from the surface of these carbonates indicate the
typical suite of more distal elements in skarn mineralization (Au, Ag, Zn, Mo), possibly originating from the
contact to the subjacent diorite. Hence, in addition to the currently
identified zone with surface mineralization, the report estimates there is a
potential for a 2.0 x 0.5 kilometer sized area of skarn mineralization in the
adjacent ridge carbonates.
Dr. Martin Oczlon, CEO and Exploration Manager of
Aldridge commented "We are thankful to Yves for his solid approach to this
project and the amazing job he did in adverse field conditions. Not only did he
produce an enormous amount of samples in a relatively short time, he also
established very good relations with the local population on behalf of
Aldridge." On the technical results, Dr. Oczlon stated "The size of this
mineralized system and the sampled grades open up potential for yet another
major discovery in Papua New Guinea.
The very large Ok Tedi copper-gold mine 150 kilometres to the west draws about
40% - 45% of its resources from its skarn mineralization, the remainder from
porphyry. The mineralization footprint and geological setting of Ok Tedi are
similar to our MAG1 discovery. Beyond the ongoing work on our flagship
Yenipazar property in Turkey,
the MAG1 discovery represents an outstanding opportunity to increase
now planning a potential MAG1 follow up field campaign in 2011, including
further mapping, soil & rock sampling, and geophysical work to determine
sulphide concentrations, to be followed by a first-round drill program later in
the field season.
Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI
43-101, has reviewed and verified the technical content of this press release.
Minerals Inc. is mainly focused on mineral opportunities in Turkey where the
Company is conducting an ambitious exploration and development program at its
flagship Yenipazar polymetallic VMS project. Aldridge has also identified
several other prospective opportunities in Turkey as well as Papua New Guinea, where the company has
amassed a large property position.
statements made in this Press Release may contain forward-looking statements
that may involve a number of risks and uncertainties. Actual events or results
could differ materially from the Company's expectations and projections.
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.
Aldridge Minerals Inc.,
(416) 558-4717, www.aldridgeminerals.com
The Equicom Group Inc.,
(416) 815 0700 x 267