|May 09, 2012|
Calibre Reports Joint Venture Partner News
|On October 20, 2011 Calibre Mining Corp. ("Calibre") (TSXV: CXB) and Alder Resources (TSX-V: ALR) ("Alder") entered into an option agreement whereby Alder can earn a 65% interest in the 3,356 hectare Rosita D concession (the "Property") located within Calibre's 100%-owned Borosi concessions in northeast Nicaragua. Located within the Property is the historic Santa Rita open pit copper-gold mine and the Bambana copper-gold prospect.|
Under the terms of the option agreement, Alder can earn a 65% interest in the Rosita D concession by expending a total of CDN$4.0 million on exploration and other work on the Property and by issuing to Calibre a total of 1,000,000 common shares of Alder over a 4 year period. Alder will be acting as the project operator for all work conducted on the Property during the option period with the first year exploration commitment being CDN$500,000. Upon Alder earning a 65% interest in the Property a joint venture will be formed with Calibre and Alder being responsible for their pro-rata share of all subsequent project expenditures.
Today, May 09, 2012 Alder Resource announced the results of an inferred resource estimate on the stock piles at Rosita in northeast Nicaragua. Please see the Alder Resources Ltd News Release below.
ALDER REPORTS 108 MILLION POUNDS COPPER, 118,000 OUNCES GOLD
Toronto, Ontario - Alder Resources Ltd. (“Alder” or the “Company”) (TSXV:ALR) is pleased to announce the results of an independent National Instrument (“NI”) 43-101-compliant inferred resource estimate for the stockpiles at Rosita, the Company’s flagship property in northeast Nicaragua. The resource estimate totals 108.5 million pounds (“lbs.”) copper (“Cu”), 118,500 ounces (“ozs”) gold (“Au”) and 2.35 million ozs silver (“Ag”) contained within 7.95 million tonnes. This resource is based on a cutoff of 0.15% copper equivalent (“CuEq”), and averages 0.62% Cu, 0.46 g/t Au and 9.21 g/t Ag, for a 1.01% CuEq. Results are summarized in Table 1 and illustrated in Figure 1. This resource estimate was prepared by Yungang Wu, Resource Geologist of Toronto-based consulting firm Coffey Mining Pty. Ltd. (“Coffey”) and an independent Qualified Person under NI43-101, and is based on 17 vertical channel samples and 55 reverse circulation drill holes completed by Alder over the stockpiles during late-2011 and the first quarter of 2012.
Table 1. Inferred Mineral Resources Estimate as at May 8, 2012
CuEq = Cu% + Au g/t x (0.6033) + Ag g/t x (0.012) and US$2.90/lb Cu, US$1200/oz Au and US$24/oz Ag.
Notes on Mineral Resource Estimation
The stockpiles were generated from open pit mining operations carried out over a 17 year period from 1959 to 1975 from two open pits: Santa Rita and R-13. A total of 5.4 million tonnes averaging 2.06% Cu, 0.93 g/t Au and 15.08 g/t Ag were mined. Mill recovery during the early years reportedly varied from 60% to 80%, depending on the type of material processed.
Coffey has estimated the Inferred resource presented here can be converted to an Indicated Resource by drilling approximately 20 to 25 infill reverse circulation drill holes over the stockpiles, on a 50 metre by 50 metre grid to a minimum depth of 25 metres on each.
Joe Arengi, Alder‘s President and CEO, stated “These results represent a milestone achievement for Alder at its Rosita project. This resource is right at surface, and contains a reasonably good grade that adds considerable value to the Company for its shareholders, serving as a solid foundation on which to build. Going forward we believe that we can add to this tonnage with an in situ resource in the vicinity of the two open pits. It also appears that there is an excellent chance that Alder can develop a mineral resource in the Rosita tailings, where detailed grid sampling was recently completed. An on-going IP-resistivity survey continues to develop intriguing anomalies suggestive of porphyry-type Cu-Au targets at the Bambana prospect, which is located four kilometers northwest of the Santa Rita open pit and near Rosita, that will be drill tested in the coming months”.
The Rosita Project
The Rosita project is located seven kilometres north of the Primavera prospect, where Calibre Mining Corp. (“Calibre”) and B2Gold Corp. announced the discovery of significant porphyry style Au-Cu mineralization, including 261.7 metres grading 0.78 g/t Au and 0.30% Cu in a diamond drill hole (Calibre news release dated January 20, 2012). In a news release dated March 1, 2012 Alder reported results of porphyry-style mineralization that included 3.32% Cu, 0.22 g/t Au and 37.55 g/t Ag over 12.0 metres in a trench located in the Bambana area, 4 kilometres northwest of the Santa Rita pit and one kilometre southwest of two historic holes from 2010 that returned 0.43% Cu and 7.56 g/t Ag over 48.0 metres, and 0.51% Cu, 0.25 g/t Au and 10.41 g/t Ag over 11.5 metres that had intersected a similarly mineralized and altered intrusive rock.
A detailed 100 metre by 100 metre grid sampling program on the mine tailings has been completed and results are expected within the next few weeks. Bedrock mineralization continues to be tested with core drilling in the vicinity of the Santa Rita and R-13 pits with 13 holes totaling 4,152 metres completed to date. In addition, an IP-resistivity geophysical survey is ongoing that has already delineated several distinct chargeability anomalies, with 42.8 line-kilometres completed, representing approximately 60% of the proposed program. Chargeability anomalies are inferred to represent areas of disseminated sulphide mineralization that could represent porphyry-type exploration targets. Ground truthing, geologic-alteration mapping and trenching are planned for several of the anomalies that are interpreted to be robust and near-surface. Deeper targets will be selectively drill tested.
Quality Assurance/Quality Control
Samples were collected into heavy gauge plastic bags, sealed on-site, then stored at Alder’s secure Rosita field office until transported by company personnel to Inspectorate Exploration and Mining Services’ sample preparation facility in Managua. At this Managua facility, sample pulps are prepared, then air freighted to Inspectorate’s Vancouver laboratory for analysis. Each sample is analyzed for total copper using aqua regia digestion followed by an ICP analysis, which includes a 30-element geochemistry package, including silver. Soluble copper is determined for samples grading over 0.1% Cu, using dilute sulfuric acid digestion with an AA (atomic absorption) finish. Gold is determined via fire assay with an AA finish. Alder has implemented an industry standard Quality Assurance/Quality Control program that includes the insertion of certified standards, duplicates and blanks into the sample stream.
About Alder Resources Ltd.
Cautionary Note Regarding Forward-looking Information
View Alder Resources News Release in PDF Format: