The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Dalradian Resources Drills Deep and Hits High Grade Gold at the Curraghinalt Gold Deposit in Northern Ireland

Wednesday, February 13, 2013

Dalradian Resources Drills Deep and Hits High Grade Gold at the Curraghinalt Gold Deposit in Northern Ireland06:30 EST Wednesday, February 13, 2013TORONTO, ONTARIO--(Marketwire - Feb. 13, 2013) - Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX:DNA)(OTCQX:DRLDF) has intersected 1.54 m of 30.13 g/t gold more than 200 meters below the current resource at the Curraghinalt high grade gold deposit in Northern Ireland. Other recently received results from our ongoing drill program include 1.32 m grading 17.61 g/t of gold, and 5.35 m grading 6.60 g/t of gold."Our drilling continues to prove that the deposit remains open not only at depth, but at shallow levels along strike, and with excellent grades in both cases," CEO, Patrick F. N. Anderson commented.The deep hole, 12-CT-175, designed to test the depth extent of the high grade gold system, intersected a number of veins. Only partial results have been received to date from 12-CT-170, -175 and -176a; additional results from these holes will be reported as they are received.Selected Intersections (>5 g/t Au)Hole IDFrom (m)To (m)Width (m)Au Grade (g/t)Interpreted Vein Zone12-CT-16620.6221.230.6110.70C Veins12-CT-166142.6142.860.265.37Mullan12-CT-166199.8201.121.3217.61T17including200.16200.600.4446.8912-CT-166297.52297.760.2414.05106-1612-CT-166316.51316.810.3028.30V7512-CT-166379.09379.40.3112.55Bend12-CT-166415.24415.50.267.38C vein12-CT-166444.5444.670.1712.00Crow12-CT-166447.874480.135.07C vein12-CT-166450.22450.480.2643.10Crow12-CT-170298.38298.680.3018.65Not classified12-CT-170395.08396.71.627.82Not classified12-CT-170405.12405.430.3114.15Not classified12-CT-170484.78485.240.4611.25Not classified12-CT-170495.6496.360.7633.60Not classified12-CT-170507.53507.640.119.45Not classified12-CT-170530.13530.80.6713.34Not classified12-CT-170593.59593.880.2913.40Not classified12-CT-170597.65597.810.167.08Not classified12-CT-170692.36693.361.0013.71Not classified12-CT-175873.47874.450.986.84Not classified12-CT-1751107.081108.621.5430.13Not classified12-CT-176a256.75262.15.356.60CrowNote:True width varies depending on vein zone intersected but are generally not less than 90% of width. True width of 12-CT-176a approximately 80% of width (drilled south to north) Final results are being reported for hole 12-CT-166 and partial results for holes 12-CT-170, 12- CT-175 and 12-CT-176a. Other holes being reported on in this release are 12-CT-166, 12-CT-170 and 12-CT-176a, from the eastern and central portions of the deposit. 12-CT-166 intersected six of the Main Vein Zones as well as numerous C-veins in the eastern part of the deposit. The hole was designed to test a segment of the T17 Vein Zone which currently does not lie within the existing resource and successfully intersected the target vein (1.32 m of 17.61 g/t gold).Hole 12-CT-170 intersected a number of veins between 380 m and 750 m below surface including 1.62 m of 7.82 g/t gold and 1.00 m of 13.71 g/t gold, however additional drilling will be required before these intersections can be correlated with adjacent holes on section.Hole 12-CT-176a was drilled to the north and intersected the Crow Vein Zone with 5.35 m of 6.60 g/t gold 90 m below surface. This intersection is outside of the existing resource envelope and demonstrates that additional near surface mineralization remains to be added to the existing mineral inventory.Qualified PersonMichele L. Cote, MSc., P. Geo., VP Exploration, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.Drill core was halved with samples averaging between 0.10 and 0.30 metres in mineralized material and up to 1 metre in wall rock were submitted to ALS Laboratories in the Republic of Ireland. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 50 gram gold fire assay with an atomic absorption finish.ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition "General Requirements for the Competence of Testing and Calibration Laboratories".About Dalradian Resources Inc.:Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland 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 Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate using a 3 year trailing average gold price of $1378 per ounce.Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanović, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.In Norway, Dalradian holds mineral rights for approximately 1.3 million hectares over three greenstone belts, as well as an area hosting an historic silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with the 2013 field program commencing shortly.Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.FORWARD-LOOKING INFORMATIONThis news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources 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 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; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral 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, please visit the following link: http://media3.marketwire.com/docs/DNA1302_Figure1.png.To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/DNA1302_Figure2.png.To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/DNA1302_Figure3.png.FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Dalradian Resources Inc.Shae-Lynn MathersDirector, Investor Relations+1.416.583.5622investor@dalradian.comwww.dalradian.com