Not for dissemination in the United States or through U.S. newswires
TORONTO, Jan. 31, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce results from its
recent drill campaign on its 100 % owned Kili Teke project in Papua New
Guinea. The drill program was preceded by an IP-geophysical survey,
revealing large zones of chargeable ground to a depth of 300 m.
Chargeability often coincides with the presence of sulphide minerals in
this type of geological environment. The sulphides may host copper and
gold mineralization as identified on the surface in rocks and soil
samples with a footprint of about 2000 x 500 meters. More
mineralization potential has been found with geophysics under adjacent
limestones. Mineralization identified at surface indicates primarily
porphyry copper and skarn, similar to the large Ok Tedi mine 150
kilometers to the west. Skarn mineralization can form very high grade
zones at the contact of the porphyry intrusive and the limestones, and
evidence of such zones has been found in surface float.
Of the originally scheduled seven holes, three holes were carried out
due to excessively slow drilling and other technical problems
encountered. The first hole KT001 was collared in limestone to target
an underlying IP-chargeable zone. Poor drilling conditions were
encountered at a depth of 90 meters and the hole had to be abandoned
before reaching the targeted depth. The second hole KT002 was collared
on the margin of a large chargeability anomaly, angled towards its
center. KT002 intersected increasingly fractured limestones, filled
with iron oxide and sulphides, intensifying to the point where the rock
turned into sub massive sulphide at 116-118 meters, underlain by
breccia and altered dioritic intrusive until the hole had to abandoned
at 141 meters. The third hole was collared on an altered dioritic
intrusive and encountered porphyry copper mineralization from a depth
of 35 meters to 210 meters drill depth. Results are as follows:
Highlights from today's results:
Hole KT-003 intercepted 134 meters grading 0.28% Cu and 0.37 g/t Au from
a depth of 35 meters to 169 meters drilled at a 65 degree angle
Hole KT-002 intercepted 137 meters grading 0.11 g/t Au and 2.82 g/t Ag
from surface drilled at a 55 degree angle
All assays were conducted by PT Intertek Utama Services of Jakarta,
The overall drill results confirm the geophysical modeling, although
mineralization consists mainly of pyrite, in particular for the skarn
mineralization encountered in KT002. Surface float includes rocks of
pure copper sulphide, presumably from skarn mineralization (see
Aldridge news release January 4, 2011), which have not yet been
intersected by our drill holes reported today.
Aldridge's VP Exploration and Director, Martin Oczlon said, "The two
drillholes in mineralization confirm the overall model of porphyry
copper mineralization accompanied by skarn in the adjacent limestones
at Kili Teke. Unfortunately, technical problems during the drill
program prevented us from testing a larger part of the mineralized
zone. Holes KT002 and KT003 are merely 270 meters apart, in a zone with
a geochemical and geophysical footprint of about 2000 x 1000 m. We
remain very excited with the overall mineralization potential on our
ground. Additional geophysical work and diamond drilling is needed to
adequately test the porphyry copper and skarn mineralization at Kili
Martin S. 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.
About Aldridge Minerals Inc.
Aldridge is focused on mineral opportunities in Turkey where the Company
is advancing to feasibility on an ambitious development program at its
flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338
square kilometre exploration licence in Papua New Guinea where a
systematic exploration program is underway.
Additional information and corporate documents may be found on www.sedar.com and the Company's website, www.aldridgeminerals.ca.
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.
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 the Company.
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 news 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.