Dalradian Starts 2013 Exploration Program and Drill Campaign at the Curraghinalt Gold Project in Northern Ireland
January 7, 2013 (Source: Marketwire) — Dalradian Resources Inc. (“Dalradian” or the “Company”) (TSX:DNA)(OTCQX:DRLDF) is pleased to announce the start of its 2013 exploration program in Northern Ireland. Activities currently and shortly to be underway include: drilling, expansion of soil geochemistry grids, sampling of historic core and a ground geophysics program.
“The teams are prepped and in the field” says Patrick F. N. Anderson, Chief Executive Officer, “2012 was a key year for us in understanding the geology of the Curraghinalt gold system. In 2013 we are going to use the toolbox of effective exploration techniques we have identified and expose the real potential of the Curraghinalt gold trend.”
Currently, there are three drills turning on the project. Two are working to increase our knowledge and confidence of the resource while the third one is drilling at the 2012 discovery, Alwories.
The Alwories discovery, announced last September, proved that geochemistry is a tool that works in defining high priority drill targets. As such, we are deploying teams to continue a program that will provide blanket coverage of the licences.
In 2012 we assembled all historic and recent drill core in a central, modern facility. At that time we identified that the historic core had been under-sampled and that a second set of narrow mineralized veins (C veins) oblique to and intersecting the main veins had not been recognized. We have undertaken a Historic Core Evaluation program consisting of sampling and logging a large portion of the drill core.
In the next week we will field test a new IP system. Initially, the program will run lines over the Curraghinalt Deposit to characterize if there is a recognizable geophysical response of the sulphide-associated gold mineralization. If this test is successful, the system will be deployed to target additional gold mineralization.
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The company will release further updates and results from these programs in the coming weeks.
Michele 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.
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 recently completed 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.
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 1.7 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 field programs paused for the winter.
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 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.
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