Aldridge Minerals Inc. Announces Infill Drill Results and Exploration Update
/Not for dissemination in the United States or through U.S. newswires/
www.aldridgeminerals.ca TSX-V: AGM
Frankfurt:
AIW
TORONTO, Oct. 11, 2011 /CNW/ - Aldridge Minerals Inc.
('Aldridge' or the 'Company') is pleased to announce partial results from its summer infill diamond drill program, which was conducted to obtain material for metallurgical testing. A total of 30 metallurgical holes have been completed and are being shipped to SGS Laboratories in the UK for a variability analysis as well as further crushing, grinding and floatation test work as part of the Company's feasibility study. Aldridge is very pleased with the results as they continue to confirm that higher than resource grade zones can be found within the Yenipazar deposit. Additionally, several of the drill holes show levels of gold and silver much greater than were encountered in the RC drilling done for the resource calculation as reported in the Company's Preliminary Economic Assessment (the 'PEA') (see press release dated December 20, 2010. The PEA is available at www.sedar.com). Hole YPD-16 cut over 50 metres grading almost 7.0 g/t gold, which is the best gold intercept we have found in our entire drill database.Highlights include:
-- 54.0 metres grading 6.95 g/t Au, 16.43 g/t Ag, 0.91% Cu, 0.31%
Pb and 0.38% Zn
-- 15.0 metres grading 5.55 g/t Au, 158.65 g/t Ag, 1.13% Cu, 4.40%
Pb and 5.47% Zn
-- 20.0 metres grading 1.60 g/t Au, 58.24 g/t Ag, 0.50% Cu, 2.15%
Pb and 3.84% Zn
See the table below for a full list of complete drill results to date. Assay results for 14 holes are pending.
Additionally, the Company is pleased to report that its systematic exploration program on its 100 square kilometre property surrounding the Yenipazar deposit has discovered two new mineralized outcrops. One of the outcrops is located almost 1.8 kilometres due north of the known extent of the resource and was shown to have grades at or above our average resource grades. A hand-held Niton XRF tool was used to measure the grades. The second outcrop is approximately 1.3 kilometres north and north east of the known resource and is similarly mineralized. Therefore, the Company has commenced exploration drilling in these areas to test this mineralization. The program is expected to consist of 5 to 7 drill holes of approximately 200 metres per hole, but ultimately will depend on the results as we progress. The Company's exploration manager and qualified person under NI 43-101, Dr. Martin Oczlon said, 'These new outcrops are very exciting to us because they could lead to a sizeable increase in our resource base, in particular for gold in the oxide zone. Tests are scheduled to understand how much of this gold can be recovered gravitationally, and a 43-101-compliant resource update is to follow receipt of the complete assay results'.
__________________________________________________________
| |From| |Length| | | | | |
|Hole |(m) |To (m)| (m) |Au (g/t)|Ag (g/t)|Cu %|Pb %|Zn %|
|______|____|______|______|________|________|____|____|____|
|YPD-8 | 34 | 39 | 5 | 0.24 | 36.1 |0.08|0.55|0.32|
|______|____|______|______|________|________|____|____|____|
|YPD-8 | 62 | 69 | 7 | 1.36 | 29.4 |0.49|0.74|1.20|
|______|____|______|______|________|________|____|____|____|
|YPD-8 | 78 | 82 | 4 | 0.32 | 23.2 |0.26|3.09|1.03|
|______|____|______|______|________|________|____|____|____|
|YPD-8 | 95 | 118 | 23 | 0.89 | 40.4 |0.26|1.74|2.11|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-9 | 0 | 45 | 45 | 2.24 | 50.0 |0.60|1.97|0.50|
|______|____|______|______|________|________|____|____|____|
|YPD-9 | 63 | 88 | 25 | 0.92 | 23.3 |0.43|0.63|2.42|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-10| 34 | 42 | 8 | 0.12 | 11.1 |0.03|0.34|0.80|
|______|____|______|______|________|________|____|____|____|
|YPD-10| 61 | 66 | 5 | 0.29 | 32.9 |0.09|0.91|0.89|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-11| 70 | 77 | 7 | 1.63 | 66.8 |0.32|3.69|6.05|
|______|____|______|______|________|________|____|____|____|
|YPD-11|141 | 185 | 44 | 1.05 | 42.3 |0.30|1.07|1.62|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-16| 43 | 50 | 7 | 3.24 | 12.7 |1.19|1.87|1.32|
|______|____|______|______|________|________|____|____|____|
|YPD-16| 50 | 104 | 54 | 6.95 | 16.4 |0.91|0.31|0.38|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-17| 16 | 40 | 24 | 1.68 | 69.4 |0.26|3.11|0.44|
|______|____|______|______|________|________|____|____|____|
|YPD-17| 49 | 54 | 5 | 0.47 | 33.7 |0.13|1.17|1.14|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-18| 40 | 44 | 4 | 1.45 | 55.6 |0.47|2.06|3.38|
|______|____|______|______|________|________|____|____|____|
|YPD-18| 87 | 111 | 24 | 1.24 | 15.7 |0.33|0.39|0.65|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-19| 22 | 26 | 4 | 0.62 | 6.4 |0.17|0.63|0.40|
|______|____|______|______|________|________|____|____|____|
|YPD-19| 46 | 92 | 46 | 2.22 | 26.0 |0.52|0.74|1.43|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-20| 19 | 33 | 14 | 0.49 | 31.5 |0.24|0.93|0.48|
|______|____|______|______|________|________|____|____|____|
|YPD-20| 84 | 102 | 18 | 1.17 | 79.6 |0.17|0.41|4.81|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-21| 24 | 26 | 2 | 1.18 | 20.8 |0.98|3.25|0.37|
|______|____|______|______|________|________|____|____|____|
|YPD-21| 33 | 49 | 16 | 0.20 | 23.4 |0.05|0.65|1.33|
|______|____|______|______|________|________|____|____|____|
|YPD-21| 61 | 83 | 22 | 1.17 | 30.8 |0.40|0.96|1.30|
|______|____|______|______|________|________|____|____|____|
|YPD-21| 95 | 97 | 2 | 0.64 | 22.9 |0.22|1.36|1.83|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-22| 83 | 90 | 7 | 3.56 | 106.8 |1.00|3.72|4.79|
|______|____|______|______|________|________|____|____|____|
|YPD-22| 96 | 99 | 3 | 0.52 | 23.9 |0.44|0.69|0.81|
|______|____|______|______|________|________|____|____|____|
|YPD-22|111 | 120 | 8 | 0.57 | 29.9 |0.21|1.15|1.36|
|______|____|______|______|________|________|____|____|____|
|YPD-22|146 | 152 | 6 | 0.34 | 2.5 |0.82|0.00|0.01|
|______|____|______|______|________|________|____|____|____|
|YPD-22|176 | 182 | 6 | 0.57 | 32.0 |0.16|0.82|0.94|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-23| 72 | 86 | 14 | 0.90 | 19.0 |0.20|0.63|0.65|
|______|____|______|______|________|________|____|____|____|
|YPD-23| 99 | 107 | 8 | 1.69 | 58.2 |0.50|2.15|3.84|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-25| 74 | 89 | 15 | 5.55 | 158.7 |1.13|4.40|5.47|
|______|____|______|______|________|________|____|____|____|
|YPD-25| 98 | 102 | 4 | 1.05 | 12.2 |0.42|0.09|0.05|
|______|____|______|______|________|________|____|____|____|
|YPD-25|109 | 129 | 20 | 0.99 | 35.4 |0.28|0.87|1.44|
|______|____|______|______|________|________|____|____|____|
|YPD-25|134 | 143 | 9 | 0.40 | 25.1 |0.19|0.71|0.97|
|______|____|______|______|________|________|____|____|____|
|YPD-25|174 | 202 | 28 | 1.40 | 36.3 |0.41|1.35|1.84|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-34|122 | 128 | 6 | 1.22 | 50.7 |0.4 |2.33|3.32|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-36| 39 | 42 | 3 | 1.27 | 51.3 |0.43|2.24|2.47|
|______|____|______|______|________|________|____|____|____|
|YPD-36| 46 | 66 | 20 | 1.60 | 58.8 |0.47|1.79|3.48|
|______|____|______|______|________|________|____|____|____|
| | | | | | | | | |
|______|____|______|______|________|________|____|____|____|
|YPD-37| 12 | 30 | 18 | 0.40 | 33.6 |0.21|0.62|0.27|
|______|____|______|______|________|________|____|____|____|
|YPD-37| 65 | 109 | 44 | 1.79 | 18.5 |0.42|0.40|0.75|
|______|____|______|______|________|________|____|____|____|
|YPD-37|130 | 132 | 2 | 0.33 | 46.5 |0.04|0.48|0.85|
|______|____|______|______|________|________|____|____|____|
In other news, the Company is expecting a report summarizing results of a metallurgical study performed by G&T Metallurgical Services.
Lastly, the Company has now been drilling on its Kili Teke project in Papua New Guinea for over two weeks and the first results are expected in due course.
Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release.
About Aldridge Minerals Inc.
Aldridge is focused on mineral opportunities in Turkey where the Company is advancing to feasibility on an ambitious development program at its flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338 square kilometre exploration licence in Papua New Guinea where a systematic exploration program is underway.
The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6 % net profit interest ('NPI', revenues less operational costs) until revenues of US$ 165 million are generated, and a 10 % NPI from there on.
Additional information and corporate documents may be found on www.sedar.com and the Company's website, www.aldridgeminerals.ca.
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 release.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws. 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. Forward-looking statements in this news release, include, but are not limited to, economic performance and future plans and objectives of the Company. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. 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 timeframes 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.
Aldridge Minerals Inc.
CONTACT:
Jacob Willoughby Christine Espejo-Hyde
President and Director Manager Investor Relations
Aldridge Minerals Inc. Aldridge Minerals Inc.
416 - 558 - 4717 647 - 407 - 2490
Renmark Financial Communications Inc.
Matthew Planche: mplanche@renmarkfinancial.com
Erica Lomonaco: elomonaco@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
