TORONTO, ONTARIO–(Marketwired – May 31, 2017) – Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) (“Dalradian” or the “Company”) announces additional results from its underground drill program at the Curraghinalt gold deposit in Northern Ireland. The Company concluded its most recent phase of drilling in May, having completed approximately 9,580 metres in 27 holes. Results are still pending for 9 holes. Preparations are underway to drill approximately 30,000 metres from surface this summer, consisting of primarily step-out holes.
Highlights
- 2.04 m of 63.98 g/t gold from the 106-16 vein in hole 17-CT-423
- 1.37 m of 75.69 g/t gold from the V75 vein in hole 17-CT-418
- 1.98 m of 25.60 g/t gold from the 106-16 vein in hole 17-CT-419
- 0.95 m of 50.24 g/t gold from the Crow vein in hole 17-CT-423
- 0.56 m of 74.15 g/t gold from the 106-16 vein in hole 17-CT-413
- 0.74 m of 29.44 g/t gold from the No. 1 vein in hole 17-CT-413
Patrick F.N. Anderson, Dalradian’s President and CEO, commented:
“Our drilling continues to demonstrate the high-grade nature of the Curraghinalt deposit. We expect to release one more round of results from underground drilling and soon will commence a surface drill program to test the strike extensions of the deposit.
I am also pleased to report that since the end of March we have raised an additional $1 million through warrant exercises.”
Details of underground drilling at Curraghinalt
Results are being reported for 9 drill holes for a total of 3,267 metres located in the central part of the Curraghinalt deposit (see plan map and one cross section at http://www.dalradian.com/news-and-events/news-releases/news-releases-details/May-31-2017-News-Release-Figures). These holes were drilled at varying intervals targeting some of the veins included in the last mineral resource estimate (see the Company’s Technical Report, as defined below, dated January 25, 2017) in zones where increased drill-hole density would likely result in conversion of resource ounces from the Inferred to the Indicated category. Some of the drill holes were designed to also yield geotechnical data for a planned update of the geotechnical model during 2017. 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 | Azimuth/Dip (degrees) |
From (m) |
To (m) |
Width (m) |
Au g/t |
Vein System |
| 17-CT-404 | 192/-72 | 76.44 | 76.83 | 0.39 | 39.50 | 106-16 |
| 17-CT-404 | 362.10 | 363.06 | 0.96 | 15.31 | Crow | |
| 17-CT-412 | 192/-86 | 90.53 | 91.44 | 0.91 | 18.02 | No.1 |
| 17-CT-412 | 153.07 | 153.43 | 0.36 | 34.80 | Slap Shot | |
| 17-CT-413 | 192/-57 | 51.00 | 51.74 | 0.74 | 29.44 | No.1 |
| 17-CT-413 | 107.09 | 107.65 | 0.56 | 74.15 | 106-16 | |
| 17-CT-413 | 249.19 | 249.66 | 0.47 | 32.50 | Bend | |
| 17-CT-414 | 192/-67 | 165.85 | 166.19 | 0.34 | 33.60 | Slap Shot |
| 17-CT-414 | 190.26 | 190.68 | 0.42 | 43.50 | V75 | |
| 17-CT-418 | 192/-56 | 177.22 | 178.59 | 1.37 | 75.69 | V75 |
| 17-CT-418 | 291.39 | 292.58 | 1.19 | 14.62 | Crow | |
| 17-CT-419 | 192/-67 | 106.37 | 106.98 | 0.61 | 17.03 | Causeway |
| 17-CT-419 | 113.78 | 114.92 | 1.14 | 14.87 | 106-16-S | |
| 17-CT-419 | 117.72 | 119.7 | 1.98 | 25.60 | 106-16 | |
| 17-CT-419 | 306.61 | 307.21 | 0.60 | 25.38 | Bend | |
| 17-CT-422 | 192/-60 | 19.50 | 20.88 | 1.38 | 9.93 | V55 |
| 17-CT-422 | 53.46 | 53.89 | 0.43 | 35.60 | No.1 | |
| 17-CT-422 | 117.71 | 117.97 | 0.26 | 54.20 | 106-16 | |
| 17-CT-422 | 185.57 | 185.83 | 0.26 | 74.90 | V75 | |
| 17-CT-423 | 192/-77 | 114.66 | 115.74 | 1.08 | 10.97 | Causeway |
| 17-CT-423 | 139.81 | 141.85 | 2.04 | 63.98 | 106-16 | |
| 17-CT-423 | 235.47 | 235.8 | 0.33 | 70.00 | V75 | |
| 17-CT-423 | 347.24 | 348.19 | 0.95 | 50.24 | 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
- 17-CT-403 intercepted the projected veins, but no further significant mineralisation was encountered beyond that already reported in the press release of April 26, 2017
Qualified Person
Eric Tremblay, P. Eng., Chief Operating Officer and Greg Hope, MSc, MAIG, Exploration and Geology Manager, are the Qualified Persons who supervised and reviewed 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. Rigorous quality assurance and quality control procedures, including the use of blanks, standards and duplicates, 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”.
For additional details on the Curraghinalt high-grade lode gold deposit, please refer to the Company’s technical report titled “NI 43-101 Feasibility Study Technical Report on the Curraghinalt Gold Project Northern Ireland” (the “Technical Report”), dated January 25, 2017 and prepared by Garett Macdonald, P.Eng., Michael Makarenko, P.Eng., Indi Gopinathan, P.Eng. and Stacy Freudigmann, P.Eng., all of JDS Energy & Mining Inc., and Jean-François Couture, P.Geo., Bruce Murphy, P.Eng., Cam Scott, P.Eng., all of SRK Consulting (Canada) Inc., and William Harding, C.Geol., of SRK Consulting (UK) Ltd., all of whom are independent Qualified Persons as defined by NI 43-101. The Technical Report is available on the Company’s website and on SEDAR at www.sedar.com.
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
[email protected]
www.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
