Alderon Targets 800 Million to 1 Billion Tonne Resource at 28 to 32% Iron With 2011 Drill Program Launch
09 Junio 2011 - 7:30AM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce that its summer/fall 2011 drill program has
commenced at the 100% owned Kamistiatusset ("Kami") Iron Ore
Project in western Labrador. The CDN $11 million program will
consist of 26,000 metres (m) of drilling and is designed to upgrade
the current resource as well as expand the known zones of
mineralization and target new areas.
The Kami Project has a currently defined National Instrument
(NI) 43-101 indicated resource of 490 million tonnes at 30.0% iron
and an additional inferred resource of 118 million tonnes at 30.3%
iron (refer to News Release dated April 5, 2011 for further
details). The current program aims at increasing the size of the
resource to between 800 million and 1 billion tonnes at a grade
between 28 to 32% iron. The potential tonnage and grade are
conceptual in nature; there has been insufficient exploration to
define an increased mineral resource and it is uncertain if further
exploration will increase the mineral resource. These updated
resource figures are reported as exploration targets based on the
presence of step-out mineralized drill holes, known mineralized
zones open along strike and geophysical anomalous areas from data
received by Alderon.
Program Details
The summer/fall 2011 program will consist of 26,000 m of
drilling, ground geophysical surveys, metallurgical test work and
environment studies. The drill program has started with 2 drills
and will ramp up to 6 drills by the end of July and is expected to
take 6 months to complete. Drilling will be directed at upgrading
the resource from indicated and inferred to measured and indicated
as well as expanding the known mineralization at the Rose Central,
North Rose and Mills Zones and targeting new areas outlined by the
2010 exploration program.
Drilling will be carried out by Major Drilling Group
International Inc. ("Major") and Forages Cabo Inc. ("Cabo"), the
Quebec branch of Cabo Drilling Corp. Major is one of the largest
drilling service companies working in 22 countries and has a fleet
of over 540 drills. Cabo is well recognized in the drilling
industry with operations in seven countries and over 250 employees.
Alderon is confident that both Major and Cabo will provide the
level of professionalism, safety and environmental awareness that
is required and that they will complete the 2011 program on time
and on budget.
In conjunction with the program, further geotechnical studies
and metallurgical test work will be carried out. Environmental
studies will also be conducted, as will an updated resource
estimate and scoping study. A prefeasibility study will commence
later this year upon completion of the scoping study.
The proposed drill hole location map is posted on the Alderon
website at: http://www.alderonmining.com/projects/kami/
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.
Edward Lyons, P.Geo., the Chief Geologist for Alderon and a
Qualified Person as defined by NI 43-101, has reviewed and is
responsible for the technical information contained in this news
release.
Additional information about the Kami Project and the initial
resource estimate can be found in the technical report filed on
SEDAR at www.sedar.com entitled "Technical report and Mineral
resource estimate on the Kamistiatusset property, Newfoundland and
Labrador for Alderon Resource Corp." dated May 20, 2011. 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
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about the increased and upgraded resource
estimate, the details and timing of the drill program, the
completion of environmental studies, the completion of a scoping
study and prefeasibility study and the development of the Kami
Project are forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified in the "Risk Factors" section of
the Company's Annual Information Form for the year ended December
31, 2010 or other reports and filings with the TSX Venture Exchange
and applicable Canadian securities regulations. Forward-looking
statements are made based on management's beliefs, estimates and
opinions on the date that statements are made and Alderon
undertakes no obligation to update forward-looking statements if
these beliefs, estimates and opinions or other circumstances should
change, except as required by applicable securities laws. Investors
are cautioned against attributing undue certainty to
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. Mark J. Morabito President
& CEO 604-681-8030 604-681-8039 (FAX) info@alderonmining.com
Alderon Resource Corp. Toronto Office 416-309-2135 416-861-5887
(FAX) www.alderonmining.com Renmark Financial Communications Inc.
Florence Liberski (416) 644-2020 or (514) 939-3989
fliberski@renmarkfinancial.com Renmark Financial Communications
Inc. Barry Mire (416) 644-2020 or (514) 939-3989
bmire@renmarkfinancial.com www.renmarkfinancial.com
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