Alderon Intersects 29% Iron Over 320 Meters
01 Febrero 2011 - 7:30AM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce additional assay results from the completed
2010 drill program on the 100% owned Kamistiatusset ("Kami") Iron
Ore Project in western Labrador. Results have been received for the
Central Rose Zone, which will be included in the upcoming resource
estimate, as well as the North Rose Zone, which will be the focus
of the 2011 winter program that is scheduled to commence shortly.
Highlights from Central Rose drilling:
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From To Length
Drill Hole (meters) (meters) (meters) Total Iron %
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K-10-64 220.6 462.1 241.5 29.5
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K-10-66 10.3 165.0 154.7 31.3
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K-10-83 280.9 600.4 319.5 29.4
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(i) Please note that the holes were not drilled in sequence.
Highlights from North Rose drilling:
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From To Length
Drill Hole (meters) (meters) (meters) Total Iron %
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K-10-66 609.6 708.0 98.4 29.0
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K-10-67 62.8 165.0 102.2 33.4
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"We continue to see strong and consistent results at both
Central and North Rose and look forward to releasing our initial
resource estimate on Rose Central and Mills Lake in March," says
Matt Simpson, Chief Operating Officer of Alderon.
Holes K-10-64, K-10-66 and K-10-83 were drilled within the known
mineralized envelope and continue to demonstrate the continuity in
both grade and thickness of the Central Rose Zone. Holes K-10-66
and K-10-67 intersected mineralization at the new zone located
north of Central Rose. This new zone, labelled North Rose, is the
folded extension of Central Rose and will be the focus of the 2011
winter drill program.
Drill hole K-10-66 commenced on Central Rose and intersected
mineralization in both the Central Rose and North Rose Zones. The
hole was drilled to a depth of approximately 380 metres below
surface and intersected the full stratigraphy of the North Rose
Zone.
An initial National Instrument 43-101 ("NI 43-101") resource
estimate is expected in early March 2011. The goal for the initial
resource is to delineate 400 to 500 million tonnes at a grade
between 28-32% iron ore. Watts, Griffis and McOuat Limited ("WGM")
has been commissioned to provide this resource estimate and has
already completed the required site visits and sampling program.
The potential tonnage and grade are conceptual in nature and it is
uncertain if further exploration will delineate a mineral
resource.
Complete assay highlights with drill plan maps and sections are
posted on the Alderon website at:
http://www.alderonmining.com/projects/kami/
True widths of the reported intercepts above vary depending on
the angle of the individual drill holes and are estimated to be
between 61% and 100% of the core interval as reported. All samples
were prepared from sawn NQ-sized half-core sections on site in
Labrador. Split drill core samples are then sent to SGS Mineral
Services in Lakefield, Ontario for analyses. Total iron analysis is
performed using X-ray fluorescence (XRF) and the magnetic component
is determined by Satmagan magnetic analysis. Standards, blanks, and
duplicate assays are included at regular intervals in each sample
batch submitted from the field as part of an ongoing Quality
Assurance/Quality Control program.
About Alderon
Alderon is a leading iron ore exploration and development
company in Canada. The 100% owned Kami Project is located within an
existing iron ore district and is surrounded by producing iron ore
mines. The Alderon team is comprised of skilled professionals with
significant iron ore expertise to advance Kami towards
production.
Alderon's exploration work on the Kami Property is supervised by
Edward Lyons, P.Geo., the Chief Geologist for Alderon and a
Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed
and is responsible for the technical information contained in this
news release.
For more information on Alderon, please visit our website at
www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J Morabito, President & CEO
This news release may contain forward-looking statements. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
Neither 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 release.
Contacts: Alderon Resource Corp. - Vancouver Office Mark J
Morabito President & CEO 604-681-8030 604-681-8039 (FAX)
mmorabito@explorationgroup.com Alderon Resource Corp. - Toronto
Office 416-309-2135 416-861-5887 (FAX) info@alderonmining.com
www.alderonmining.com
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