TORONTO, ONTARIO–(Marketwired – July 6, 2016) –
Editors Note: There are two figures associated with this press release.
Dalradian Resources Inc. (TSX:DNA)(AIM:DALR) (“Dalradian” or the “Company”) announces it has been granted option agreements for precious metals and prospecting licenses for base metals for two new licence areas (DG5 and DG6) contiguous with Dalradian’s existing licences (DG1, DG2, DG3 and DG4) in Northern Ireland. The two new licence areas have the same structure as the pre-existing licences. The Company’s licence areas now stretch over approximately 122,000 hectares of proven prospective ground, up from approximately 84,000 hectares previously. Dalradian’s field crews began regional prospecting and sampling in June as part of its 2016 regional exploration program, which will include the new licence areas.
Over six years of working in Northern Ireland, Dalradian has determined the best exploration techniques to use for finding gold. The 2016 regional exploration program includes soil and deep overburden sampling, panning and stream sediment sampling on all six licence areas. The end goals of this program is both to follow up on historic results and to prepare new targets for drilling.
Both licence areas contain multiple discrete panned concentrate anomalies (based on historic data) showing high gold values, ranging up to 188 g/t gold. The DG5 and DG6 anomalies are the largest on Dalradian’s licence areas outside of Curraghinalt. While these anomalies were identified using historic data, they will be ground-truthed by Dalradian during the current regional program using similar techniques that the Company successfully employed at the Curraghinalt gold deposit, where a 40ppb gold in soil anomaly outlines a multi-million ounce gold resource that remains open in all directions.
Patrick F.N. Anderson, Dalradian’s CEO, commented:
“We first visited Northern Ireland in 2009, when the government was looking for a group with the experience and resources to grow and develop Curraghinalt. In addition to the merits of the small but high-grade gold deposit, we appreciated the foresight of the government in having produced the Tellus survey, a comprehensive package of geological data across Northern Ireland that was designed to attract investment in mining.
Since that beginning, we have been able to grow Curraghinalt more than six-fold and have de-risked the project by bringing it to the feasibility stage. In addition, we have identified numerous regional gold targets, compiled historic exploration data from elsewhere on our properties into one master exploration database and currently have crews out in the field sampling and prospecting, with the goal of making more discoveries. With the addition of DG5 and DG6, we are now the largest mineral licence holder in Northern Ireland.”
The Curraghinalt gold deposit sits at the heart of the 12-kilometre northwest/southeast oriented Curraghinalt Trend, where numerous gold showings have been identified through drilling, geochemistry, sampling and trenching. These include the Alworries discovery, where drilling returned 14.82 g/t gold over 4.72 m (November 15, 2012 press release). In addition to the Curraghinalt Trend, the Company has identified a series of gold targets along the North East Corridor that are parallel to the Omagh Thrust/perpendicular to the Curraghinalt Trend and have strong coincident district-scale gold and arsenic anomalies first identified in the Tellus Survey. At one of these targets at the southwestern end of the corridor, Dalradian sampled up to 168 g/t gold within a 60-cm-wide in-situ quartz vein (December 2, 2015 press release).
The table below summarizes the high priority targets (approximate locations of which are shown on the licence map available at http://www.dalradian.com/news-and-events/news-releases/news-releases-details/July-6-2016-News-Release-Figures/.)
| Target | Target defined by |
Significant Samples | Sample Type | Historical Drilling |
|||
| DG1-001 | EM, IP, and mineralized outcrop and float | Historical prospecting: 141.2 g/t Au from float Recent prospecting: 33.94 g/t Au from float Recent prospecting: 1.62 g/t Au from float |
Trench and Prospecting | 12 shallow drill holes | |||
| DG1-002 | Historical drilling, mineralized outcrop and float | Historical shallow drill hole: 0.6 m at 61.43 g/t Au from 51.50 m to 52.10 m Recent relogging & resampling are ongoing |
Drill hole | 44 shallow drill holes | |||
| DG1-003 | Au soil geochemistry and mineralized float | 11.68 g/t Au from float 91.5 g/t Au from float Trench: Float during excavation 14.65 g/t Au; no bedrock mineralisation encountered |
Prospecting | None | |||
| DG1-004 | Mineralised outcrop & float, Tellus EM, Drilling | Prospecting: 8.6 g/t Au, 7.7 g/t Au, 6.48 g/t Au, all from float 2013 Drilling: 0.11 m at 3.04 g/t Au, 0.50 m at 0.54 g/t Au |
Prospecting, Drill hole | None | |||
| DG2-008 | Historical drilling, mineralized outcrop and float | Historical results: Prospecting: 13.76 g/t Au in outcrop Drilling: 3.63 m at 30.12 g/t Au and 44.31 g/t Ag Recent results: Drilling: 0.39m at 9.44 g/t Au and 6 g/t Ag |
Prospecting, Drill hole | 21 historic holes, 2 recent | |||
| DG3-005 | Au soil geochemistry, mineralized outcrop and float | Historical results: 1.63 g/t Au from graphitic pelite outcrop 1.88 g/t Au from outcropping quartz vein Recent results: 139.5 g/t Au in outcrop 168 g/t Au in outcrop 42.4 g/t Au in outcrop |
Prospecting | 3 shallow drill holes | |||
| DG3-009 | Prospecting | Historical prospecting: 89.6 g/t Au in float Recent prospecting: 11.07 g/t Au in outcrop |
Prospecting | None | |||
| DG4-010 | Prospecting, Au soil geochemistry | Historical prospecting: 187 g/t Au in float |
Prospecting | None | |||
| DG5-007 | Panned concentrate | Historical results: 80 ppm Au in panned concentrates |
Prospecting | Yes, for a base metal anomaly | |||
| DG5-011 | Prospecting, Panned concentrate | Historical results: 26 g/t Au in outcrop >10 ppm Au in panned concentrates |
Prospecting | None | |||
| DG6-006 | Prospecting, Panned concentrate | Historical results: 5.7 g/t Au in float 187.8 ppm Au, 59.07 ppm Au, 29.56 ppm Au in panned concentrates |
Prospecting | None |
Greg Hope, MSc, MAIG, Exploration and Geology Manager, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.
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. The Company is in the midst of a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental and social impact assessment and underground exploration (at least 950 metres of development with associated test stoping).
In May 2016, Dalradian announced an updated mineral resource estimate for Curraghinalt, including a 109% increase in gold ounces contained in the Measured and Indicated categories compared with the 2014 resource. The current resource consists of 2.1 million ounces of contained gold in the Measured and Indicated categories (5.61 million tonnes at 11.61 g/t) and 2.3 million ounces of contained gold in the Inferred category (7.13 million tonnes at 10.06 g/t gold). For further information, see the NI 43-101 technical report entitled, “Technical Report for the Northern Ireland Gold Project, Northern Ireland”, dated June 17, 2016 and prepared by Dr. Jean-Francois Couture, PGeo (APGO#0197) and Dr. Oy Leuangthong, PEng (PEO#90563867), both of SRK Consulting (Canada) Inc. and Stacy Freudigmann, PEng (APEGBC #33972) of JDS Energy & Mining Inc.
FORWARD-LOOKING STATEMENTS
This news 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 subsidiaries and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources, the realization of mineral resource 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 economics 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 development programs, that skilled personnel and contractors will be available as Dalradian’s operations continue to grow, 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 estimates and current mine plans, that the assumptions contained in the Company’s Preliminary Economic Assessment are accurate and complete, that results from the infill drilling program continue to be positive, that the mineral resource update is positive, that the results of the Environmental and Social Impact Assessment and the Feasibility Study 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. 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 news 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.
To view the figures associated with this press release, please visit the following links:
http://media3.marketwire.com/docs/1061679_dalradian_july06_fig01.pdf
http://media3.marketwire.com/docs/1061679_dalradian_july06_fig02.pdf
Marla Gale
Vice President Communications
+1 416 583 5622
investor@dalradian.com
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Richard Tonthat / Harrison Clarke
+44 (0)20 7383 5100
Canaccord Genuity Limited (Broker)
Henry Fitzgerald-O’Connor / Martin Davison
+44 20 7523 8000