Aldridge Minerals Inc. (TSX-V:AGM) ( €œAldridge € or the €œCompany €) is pleased to announce diamond drill results from the exploration drilling program at its wholly-owned Yenipazar Project in central Turkey.
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The program consisted of in-fill holes within the current open pit reserve boundary, as well as step-outs to the north. The Company completed eight vertical drill holes totaling 2,525 metres in March and April of 2015 (see Figure 1 below). A summary of the drill results, including a table of drill intercepts, is given below.
HIGHLIGHTS:
- Drill holes NE-01 through NE-04 are located on the boundary of the reserve area (projected to the surface), and all four holes confirmed mineralization extending to the north.
- NE-03 intersected 4.03% lead, 5.13% zinc, 0.84% copper, 1.51 g/t (grams per tonne) gold and 79 g/t silver over 26 metres, with a 17 metre sub-interval grading 6.13% lead, 7.78% zinc, 1.06% copper, 1.79 g/t gold and 118 g/t silver.
- NE-04 is located 65 metres east of NE-03 and intersected 5.48% lead, 4.84% zinc, 0.56% copper, 3.11 g/t gold and 116 g/t silver over 14 metres.
- The above intervals are particularly notable in that both the base and precious metals grades are higher than the average grades reported for the Project's reserves, as well as those typically encountered in earlier exploration drilling.
- The Company €™s most recent Technical Report has an effective date of April 15, 2014 and is titled €œTechnical Report on the Yenipazar Optimization Study, Yozgat Province, Turkey € (the €œTechnical Report €). For comparison, the Technical Report has a statement of open pit probable mineral reserves of 29.17 million tonnes averaging 0.88 g/t gold, 29.4 g/t silver, 0.30% copper, 0.95% lead, and 1.40% zinc (see Company news release dated April 15, 2014 and the Technical Report).
- Holes NE-05 and NE-06 are step-outs from the reserve area, and confirm the northward extension of mineralization. NE-05 is located 76 metres north of NE-03 and intersected 2.06% lead, 2.32% zinc, 0.13% copper, 0.50 g/t gold and 42 g/t silver over 16 metres.
- NE-07 and NE-08 are long exploration step-outs to the north of the reserve area. NE-07 is located 164 metres north of NE-05 and intersected anomalous copper mineralization over 5 metres grading 0.22% between 327 and 332 metres. Additionally, NE-08 which is located 321 metres north of NE-05, intersected 4 metres grading 1.02% copper at shallower depths between 83 and 87 metres. The Company believes that these two holes provide a basis for further exploration potential beyond the current area of the defined reserves for the Project.
€œWe are encouraged by the results generated from this limited 2,500 metre drill program, € commented Han Ilhan, President & CEO of Aldridge. €œGiven that these latest results demonstrate the continuity of mineralization to the north of the known orebody, we look forward to expanding our exploration program to better define the potential in the future. We are also in the process of finalizing plans to investigate the additional potential of our 100 square kilometre Yenipazar license area, 90% of which has not been explored in detail. €
Table 1: Summary of Diamond Drilling Results*
| Hole No | | | | From (m) | | To (m) | | Intercept (m) | | Pb % | | Zn % | | Cu % | | Au g/t | | Ag g/t | | Hole Depth (m) | |
| | | | | | | | | | |
| NE-01 | | | | 94 | | 102 | | 8 | | 0.55 | | 0.31 | | 0.29 | | 0.96 | | 21.75 | | 225 | |
| | | 160 | | 185 | | 25 | | 1.26 | | 1.75 | | 0.38 | | 1.00 | | 31.00 | | |
| Including | | 171 | | 176 | | 5 | | 4.12 | | 5.83 | | 0.39 | | 2.00 | | 89.00 | | |
| Including | | 182 | | 185 | | 3 | | 2.49 | | 2.98 | | 0.11 | | 0.47 | | 49.06 | | |
| | | 194 | | 213 | | 19 | | 1.05 | | 1.51 | | 0.34 | | 0.87 | | 28.06 | | |
| NE-02 | | | | 124 | | 160 | | 36 | | 0.16 | | 1.11 | | 0.11 | | 0.35 | | 13.00 | | 205.7 | |
| Including | | 128 | | 132 | | 4 | | 1.12 | | 2.69 | | 0.31 | | 1.23 | | 49.00 | | |
| NE-03 | | | | 123 | | 135 | | 12 | | 0.91 | | 1.06 | | 0.46 | | 1.17 | | 38.00 | | 255 | |
| Including | | 123 | | 127 | | 4 | | 1.67 | | 2.24 | | 1.09 | | 3.11 | | 76.00 | | |
| | | 183 | | 209 | | 26 | | 4.03 | | 5.13 | | 0.84 | | 1.51 | | 79.00 | | |
| Including | | 192 | | 209 | | 17 | | 6.13 | | 7.78 | | 1.06 | | 1.79 | | 118.00 | | |
| | | 224 | | 242 | | 18 | | 0.79 | | 0.88 | | 0.39 | | 1.05 | | 19.00 | | |
| NE-04 | | | | 131 | | 145 | | 14 | | 5.48 | | 4.84 | | 0.56 | | 3.11 | | 116.00 | | 230 | |
| | | 174 | | 178 | | 4 | | 1.21 | | 1.06 | | 0.45 | | 3.06 | | 35.00 | | |
| | | 192 | | 195 | | 3 | | 2.35 | | 2.50 | | 0.21 | | 0.88 | | 71.00 | | |
| NE-05 | | | | 220 | | 224 | | 4 | | 1.13 | | 2.35 | | 1.31 | | 2.92 | | 46.00 | | 325 | |
| | | 266 | | 269 | | 3 | | 3.06 | | 3.36 | | 0.40 | | 0.99 | | 55.00 | | |
| | | 282 | | 298 | | 16 | | 2.06 | | 2.32 | | 0.13 | | 0.50 | | 42.00 | | |
| NE-06 | | | | 237 | | 247 | | 10 | | 0.58 | | 0.61 | | 0.24 | | 0.39 | | 12.00 | | 302 | |
| Including | | 237 | | 240 | | 3 | | 1.79 | | 1.86 | | 0.39 | | 1.00 | | 33.00 | | |
| NE-07 | | | | 327 | | 332 | | 5 | | 0.001 | | 0.003 | | 0.22 | | 0.01 | | 0.76 | | 450 | |
| NE-08 | | | | 83 | | 87 | | 4 | | 0.003 | | 0.005 | | 1.02 | | 0.12 | | 0.95 | | 532.7 | |
*All holes are vertical (Azimuth/Dip as 00/900).
*True widths are interpreted as 60% to 90% of reported intercept lengths.
Quality Assurance / Quality Control
Drill samples were collected in accordance with accepted industry standards and procedures. Samples were submitted to ALS Geochemistry (ISO9001:2000) in Ä°zmir, Turkey for sample preparation and analysis. Gold was analyzed by fire assay with an AAS finish and silver and base metals, including overlimits, were analyzed by ICP/AES-AAS techniques. QA/QC procedures included the systematic insertion of blanks, duplicates, and sample standards into the sample stream.
Dr. Mesut Soylu, CPG, EurGeol, a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed, verified, and approved disclosure of the technical information contained in this news release. This includes the sampling, analytical and test data underlying the information.
About Aldridge
Aldridge is a development stage mining company focused on its wholly owned Yenipazar polymetallic Massive Sulfide Project (Au, Ag, Cu, Pb, Zn) in Turkey (the €œProject €), a country that is committed to developing its natural resources. Aldridge completed the Yenipazar Optimization Study and filed the related technical report in May 2014, which updated the original May 2013 Feasibility Study. The Company is currently advancing the Project on key aspects including engineering, land acquisition and project financing.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws, including, but are not limited to the ability to accomplish remaining milestones, land acquisitions, securing project financing and commencing construction in 2016, advancing the Yenipazar Project to production in 2018, economic performance, future plans and objectives of the Company.
Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Such risks, uncertainties and factors including meeting conditions for advances under the Loan and the other factors discussed under the heading €œRisk Factors € in the Company €™s Management €™s Discussion and Analysis and Annual Information Form for the year ended December 31, 2014 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates. Although Aldridge believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aldridge disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
www.aldridgeminerals.ca
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Contact
Han Ilhan, (416) 477-6988
President & CEO
or
David Carew, (416) 477-6984
Director of IR & Corporate Secretary
