- 2012 Diamond Drilling Program Completed -
TORONTO, Oct. 2, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM)
("Aldridge") today announced that it has completed a diamond drill
("DD") twinning program at its polymetallic Yenipazar deposit located
in central Turkey, and that results have confirmed improved grades
across all metals. The 2012 campaign was completed with 87 DD twins
drilled within 5 metres of earlier reverse circulation ("RC") holes for
a total of 10,096 metres. This campaign was undertaken following a
successful limited twin program of 6 DD holes drilled during 2007-2010.
In addition, one DD hole for metallurgical sampling was drilled within
"We are very pleased with the results of our 2012 twinning program,
which was completed on budget," said
, Aldridge President
and CEO. "The results substantiate the encouraging higher-grade
results that we obtained previously through a limited twinning program.
Based on a diamond drill database that now totals 94 holes, we have
seen an increase in the grades of all five metals compared to database
of the corresponding RC holes. The higher grades range from a 9%
increase in the case of gold to a 31% increase in the case of copper."
The objective of the program was to twin the RC holes that carry the
bulk of the mineralization and add the DD holes to the database for a
more accurate resource estimate in the framework of the current
feasibility study. Aldridge is today reporting all twin results on a
cumulative basis, which now totals 94 holes.
Weighted Average Grades of 94 DD Twins of RC Drill Holes (1)*
The weighted average grade is calculated as the sum of the Grade ×
Length of each mineralized intersection divided by the sum of the
Comparison of Grade and Metal Content of 94 DD Twins Versus RC Drill
Grade (% change)
Metal Content (% change)
(2) The metal content is calculated as Grade × Length of the mineralized
*The 94 DD twins include one metallurgical hole which was identified in
Aldridge's press release of August 15, 2012 but not included in the
aggregate results reported at that time. With the additional drilling
and an improved understanding of the geology, it has been determined
that the metallurgical hole should be included in the aggregate
As shown in the tables on the preceding page, the grade improved across
all five metals in these 94 holes, while the metal content reflects the
shorter DD intersections compared to the RC intersections (15%
Mr. Caron added, "As the holes are not evenly distributed across the
deposit, it is premature to draw any firm conclusions on the impact
that improvements to grade and metal content will have on subsequent
resource estimates. However, based on the results we have achieved, it
appears that the twinning program has the potential to improve the
average grade of the deposit and thereby enhance the quality of the
Aldridge is currently in the process of incorporating the results of the
twinning program in the database and updating the geological model of
Yenipazar. This is a critical step in the progression towards
finalizing the resource and reserve update for the feasibility study.
The enhanced quality of the DD information has improved Aldridge's
understanding of the contacts between the sulfide, oxide, and
transition zones at Yenipazar, which again will prove invaluable in the
context of ongoing work to complete the feasibility study.
The location of the 94 twin holes are shown on the plan map in Figure 1.
The technical information in this news release was prepared, reviewed
and approved by Martin S. Oczlon, PhD Geo, VP Exploration of Aldridge.
Dr. Oczlon is a Qualified Person under NI 43-101 standards.
Analyses for gold, silver, copper, zinc, lead, and a number of other
elements were completed by ALS Chemex of Vancouver, BC, and by SGS
Turkey in Ankara. Analysis for gold was conducted by the fire assay
method and analyses for silver, copper, zinc and lead were conducted by
4-acid-digestion and ICP. Blanks, certified reference material and
field duplicates were inserted on a regular basis in the sample stream
in order to provide external QA/QC on the lab analysis.
About Aldridge Minerals Inc.
Aldridge is a near development stage mining company focused on advancing
its Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey -
a country that is committed to developing its natural resources and is
rapidly emerging as an economic powerhouse. Aldridge is currently
building on its December 2010 Preliminary Economic Assessment with a
feasibility study, which we expect to complete by the end of 2012. The
Yenipazar deposit is subject to an earn-in agreement with Alacer Gold
Corp., wherein Aldridge can earn a 100% working interest subject to
certain conditions, subject to a 6% net profit interest ("NPI",
revenues less operational costs) until revenues of US$165 million are
generated, and a 10% NPI from there on.
Additional information and corporate documents may be found on www.sedar.com and the Aldridge website, www.aldridgeminerals.ca.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to,
economic performance and future plans and objectives of Aldridge. Any
number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results. Although Aldridge believes that the assumptions and factors
used in making the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply as
of the date of this new release, and no assurance can be given that
such events will occur in the disclosed timeframes or at all. Aldridge
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Neither the TSX 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.