TORONTO, ONTARIO–(Marketwired – April 26, 2017) – Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) (“Dalradian” or the “Company”) announces the first batch of results from its ongoing drill program at the Curraghinalt gold deposit in Northern Ireland. Of the minimum 40,000 metres of drilling planned for 2017, approximately 10,000 metres will be drilled from underground (infill and geotechnical holes) and approximately 30,000 metres from surface (infill and step-out holes). Currently four drill rigs are turning underground and the surface program is scheduled to begin this summer.
Highlights
- 1.72 m of 28.23 g/t gold, including 0.50 m at 94.10 g/t gold, from the V75 vein in hole 17-CT-406b
- 2.27 m of 15.32 g/t gold, including 0.25 m at 128.00 g/t gold, from the V75 vein in hole 17-CT-403
- 0.62 m of 27.00 g/t gold from the No. 1 vein in hole 17-CT-417
- 1.73 m of 11.89 g/t gold from the Crow vein in hole 17-CT-417
Patrick F.N. Anderson, Dalradian’s President and CEO, commented:
“We are pleased to announce more high-grade intercepts from Curraghinalt, including several longer intercepts that demonstrate the positive effects of smaller veins and branches in the wall-rock surrounding the main vein. As a result, there is a much wider area that can be mined because it is above the average diluted grade in the mine plan. We anticipate steady news flow over the course of 2017, including results from ongoing drilling, ore-sorting tests and other testwork aimed at expanding and enhancing the project. This fully funded work program will continue to advance Curraghinalt toward production.”
The objectives of the underground drilling program are (i) to convert resources currently in the Inferred category to the Indicated category so that they may be included in the updated mine plan and (ii) to provide samples in support of an independent review of the geotechnical model in order to increase long-hole tonnage in the updated mine plan.
The infill component of the 10km UG programme also has the potential to augment grade in the sector drilled, as Curraghinalt has routinely demonstrated a strong correlation between sample support and improved grade. This is apparent in the enhancement of grade between the Inferred, Indicated and Measured resource categories and is further supported by stope reconciliation studies completed by Dalradian in 2016.
The second phase of approximately 30 km of surface drilling is expected to commence this summer, with the goal of adding new shallow ounces that can be incorporated into the updated mine plan.
Details of drilling at Curraghinalt
Final results are being reported for 10 drill holes for a total of 2,980 metres located in the western part of the Curraghinalt deposit (see plan map and two cross sections at http://www.dalradian.com/news-and-events/news-releases/news-releases-details/April-26-2017-News-Release-Figures). These holes were drilled at varying intervals targeting some of the veins included in the last mineral resource estimate in zones where increased drill-hole density would likely result in conversion of resource ounces from the Inferred to the Indicated category. Most drill holes were oriented generally towards the south in order to intercept the steeply north dipping vein array. All of the holes were drilled from underground.
Selected Curraghinalt Drill Intersections
| Hole ID | From (m) | To (m) | DH Width (m) | Au Grade (g/t) | Vein System |
| 17-CT-403 | 164.4 | 166.67 | 2.27 | 15.32 | V75 |
| including | 166.42 | 166.67 | 0.25 | 128.00 | V75 |
| 17-CT-406 | 66.6 | 66.89 | 0.29 | 37.40 | No.1 |
| 17-CT-406b | 209.63 | 211.35 | 1.72 | 28.23 | V75 |
| including | 210.85 | 211.35 | 0.50 | 94.10 | V75 |
| 17-CT-407 | 238.49 | 238.82 | 0.33 | 91.90 | V75-S |
| 17-CT-407 | 276.18 | 276.89 | 0.71 | 16.89 | V75 |
| 17-CT-408 | 115.1 | 115.49 | 0.39 | 29.40 | Slap Shot |
| 17-CT-409 | 129.38 | 129.71 | 0.33 | 50.70 | Slap Shot |
| 17-CT-410 | 316.74 | 318.36 | 1.62 | 7.47 | Crow |
| 17-CT-411 | 210.43 | 211.16 | 0.73 | 53.04 | V75 |
| 17-CT-417 | 56.83 | 57.45 | 0.62 | 27.00 | No.1 |
| 17-CT-417 | 170.36 | 170.65 | 0.29 | 40.90 | V75 |
| 17-CT-417 | 268.82 | 270.55 | 1.73 | 11.89 | Crow |
Notes
- True widths vary depending on the vein zone intersected but generally average 85% of the down hole interval
- Intercepts are calculated using samples greater than or equal to 2.0g/t Au, and contain no more than 1.0 m of internal dilution
- Generally, only those mineralized intercepts exceeding 10 gram-metres have been included in the table
- Partial results are still pending for 17-CT-403
- 17-CT-406a was stopped prior to intercepting the projected veins and realigned
Qualified Person
Eric Tremblay, P. Eng., Chief Operating Officer and Greg Hope, MAIG, Exploration and Geology Manager, are the Qualified Persons who supervised the preparation of the technical data in this news release.
Drill core was halved with samples (averaging between 0.25 m and 0.50 m in mineralized material and up to 1 m in wall rock) submitted to ALS Laboratories in the Republic of Ireland. Quality assurance and quality control procedures identified no material issues. Core samples were analyzed by a 50 gram gold fire assay with either an atomic absorption, or a gravimetric finish for samples initially reporting over 100.0 g/t gold.
ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition “General Requirements for the Competence of Testing and Calibration Laboratories”.
About Dalradian Resources Inc.
Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom.
FORWARD LOOKING STATEMENTS
This press release contains “forward looking information” which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its subsidiary and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources and mineral reserves, the realization of mineral resource and mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, the timing and possible outcome of pending regulatory matters and the realization of the expected production, economics and mine life 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 statements 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 such as the continued political stability in Northern Ireland, that permits required for Dalradian’s operations will be obtained on a timely basis in order to permit Dalradian to proceed on schedule with its planned exploration and mine development, construction and production programs, that skilled personnel and contractors will be available as Dalradian’s operations commence and continue to grow towards production and mining operations, that the price of gold will be at levels that render Dalradian’s mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource and mineral reserve estimates and current mine plans, that the assumptions contained in the Company’s Technical Report dated January 25, 2017 are accurate and complete, that the results of the ESIA will be positive and that a permitting application for mine construction will be approved.
Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dalradian 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 and future exploration activities; the actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; 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 for the year ended December 31, 2016 dated March 23, 2017 (the “AIF”).
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 press 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.
Marla Gale
Vice President Communications
+1 416 583 5600
investor@dalradian.com
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Richard Tonthat
+44 (0)20 7383 5100
Canaccord Genuity Limited (Broker)
Henry Fitzgerald-O’Connor / Martin Davison
+44 (0)20 7523 8000