TORONTO, ONTARIO -- (Marketwire) -- 04/26/12 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX: DNA) commences a 1,004 line kilometre airborne survey at its Tyrone Project in Northern Ireland. The tight spaced VTEM and magnetics survey will focus on the Curraghinalt Trend, which hosts the Curraghinalt mesothermal gold deposit and numerous other gold showings.
CEO Patrick F. N. Anderson states, "The survey is designed to cover a 9.5 kilometre corridor that includes the 1.8 kilometre long Curraghinalt resource. We have identified high-grade gold mineralization over the full length of the Curraghinalt Trend. With the results of this survey we will be able to better target our drilling through the existing overburden."
The Curraghinalt Trend within which the Curraghinalt resource is hosted, has high grade gold in surface sampling along its entire +13km strike extent. The sulphidic nature of the mineralization at Curraghinalt means that the associated alteration may be identified by this survey if it is present in sufficient concentrations and amounts. The survey will assist in better defining the extension of mineralization at the Curraghinalt resource as well as potentially identifying new occurrences along trend.
In addition to the main trend, the VTEM survey will cover an area within the Tyrone volcanics. The Tyrone volcanics are anomalous in both gold and copper. Results from soil sampling and drilling have indicated the possible presence of porphyry directly east of the Curraghinalt Trend within the volcanics. Generic models for porphyry bodies indicate that they often have both a sulphide and sericite halo. Both of these forms of alteration can be identified by VTEM surveys. An area of approximately 4km x 5km will be flown in the volcanics to test for evidence of this large mineral system.
This mineralized trend cross-cuts the Curraghinalt trend in close proximity to the Curraghinalt resource. Results from drilling indicate that gold mineralization is associated with sericite and graphite within this area. Again these forms of alteration are identifiable using the VTEM survey technique. 8km of this 26km trend will be tested with the current survey.
Results of the survey should be returned within 3 months, and target identification and testing will follow.
An update on Dalradian's drilling activities will be released shortly.
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of gold, base metals and other precious metals projects. With a European focus, our most advanced property is in Northern Ireland and focuses on and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's NI 43-101 report, "An updated Mineral Resource Estimate for the Curraghinalt Gold Deposit, Tyrone Project, County Tyrone and County Londonderry, Northern Ireland" is dated January 10, 2012 and effective November 30, 2011, prepared by Messrs. Hennessey and Mukhopadhyay of Micon International Limited, and is available on SEDAR at www.sedar.com.
Dalradian is preparing a preliminary economic assessment for the Curraghinalt deposit, while also carrying out an active exploration program on the surrounding 84,000 hectares of exploration licenses.
In Norway, Dalradian holds mineral rights for approximately 1.7 million hectares over four greenstone belts including an area hosting an historic silver mining district. Dalradian is actively engaged in data acquisition and analysis in advance of an early stage exploration program in Norway.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the estimation of mineral resources. 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 state 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.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company 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 exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of ore grade or recovery rates; 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 "Figure 1: Survey Coverage Map", please visit the following link: http://media3.marketwire.com/docs/Fig1SCM.pdf.
To view "Figure 2: Helicopter", please visit the following link: http://media3.marketwire.com/docs/Fig2Helicopter.pdf.
To view "Figure 3: Helicopter in Flight", please visit the following link: http://media3.marketwire.com/docs/Fig3Flight.pdf.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here