Alder Resources Ltd.
TSX VENTURE : ALR

Alder Resources Ltd.

March 01, 2012 07:00 ET

Alder Drilling at Rosita Stockpiles Exceeds Expectations and Returns Up to 0.83% Copper, 0.23 g/t Gold and 12.9 g/t Silver Over 15.0 Metres

Bambana Trench Cuts 3.32% Copper, 0.22 g/t Gold and 37.55 g/t Silver Over 12.0 Metres, Rosita Project, Northeast Nicaragua

TORONTO, ONTARIO--(Marketwire - March 1, 2012) - Alder Resources Ltd. (TSX VENTURE:ALR) ("Alder" or the "Company") is pleased to announce assay results for the final 31 vertical reverse circulation ("RC") drill holes from stockpile material at the Santa Rita and R-13 areas, as well as trenching results from the Bambana prospect, located within the Company's 33.56 square kilometre Rosita project in northeast Nicaragua.

The weighted average grade of all RC drill results from the stockpiles returned 0.49% copper ("Cu"), 0.42 g/t gold ("Au") and 7.24 g/t silver ("Ag") over an average of 13.4 metres within a cumulative area of approximately 320,000 square metres. Results for the final 31 RC holes are from six different stockpiles and include up to 15.0 metres grading 0.83% Cu, 0.23 g/t Au and 12.9 g/t Ag and 22.9 metres grading 0.39% Cu, 0.26 g/t Au and 5.0 g/t Ag. The North stockpile offers the highest grade material with 0.87% Cu, 0.75 g/t Au, and 10.6 g/t Ag over an average thickness of 16.4 metres within a 400 metre by 200 metre area. Ongoing specific gravity measurements from four of the stockpiles indicate a range from 1.80 to 2.25 g/cc3 and average 1.97 g/cc3. Given these encouraging results, Alder intends to commission a mineral resource estimate for the stockpiles.

A trench located in the Bambana area, which is four kilometres northwest of the Santa Rita pit and one kilometre southwest of two historic diamond drill holes, returned 12.0 metres grading 3.32% Cu, 0.22 g/t Au and 37.55 g/t Ag (13.93 g/t Ag with high grade values cut to 50.0 g/t). This trench is located one kilometre southwest of historic holes from 2010 that returned 0.43% Cu and 6.54 g/t Ag over 42.0 metres, and 0.51% Cu, 0.25 g/t Au and 10.41 g/t Ag over 11.5 metres that had intersected a similarly mineralized and altered intrusive rock. Alder is targeting the source of these mineralized intrusions.

Joseph Arengi, President and Chief Executive Officer of Alder, stated: "These RC drill results go a long way toward demonstrating that the Rosita mine stockpiles contain a significant amount of copper-gold-silver mineralization. Of particular interest is that this material may now be economically significant and, on the basis of current and previous work, the potential to identify additional mineralization is deemed excellent. We are also pleased with the results for our new copper-silver discovery at Bambana, and I applaud the work of our exploration team for so quickly identifying impressive high-grade oxide copper and silver. This mineralization further demonstrates the considerable potential of the Rosita area for additional copper-gold-silver mineralization."

Highlights for the 31 RC holes are summarized in Table 1 below. Results from all 31 holes are presented in Table 2 and illustrated in the drill plan at the end of this news release. Results for the Bambana trench are illustrated in the map at the end of this news release.

Table 1. Santa Rita and R-13 Pits 2012 RC Drill Highlights

Hole ID Location From
(m)
To
(m)
Thickness (m) Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq1
(%)
2012-704 SW Stockpile 0 12.0 12.0 0.31 0.24 7.1 0.56
2012-705 SW Stockpile 0 3.0 3.0 0.27 0.08 0.7 0.33
2012-706 SW Stockpile 0 16.5 16.5 0.28 0.44 1.6 0.59
2012-707 SW Stockpile 21.0 27.0 6. 0 0.21 0.40 1.0 0.49
2012-709 SW Stockpile 0 21.0 21.0 0.21 0.27 3.9 0.44
2012-710 SW Stockpile 0 22.5 22.5 0.39 0.26 5.0 0.63
2012-711 SW Stockpile 0 27.0 27.0 0.39 0.23 6.3 0.62
2012-712 SW Stockpile 0 10.5 10.5 0.39 0.16 3.7 0.54
2012-715 SW Stockpile 10.5 19.5 9.0 0.30 0.21 13.6 0.61
2012-716 SW Stockpile 10.5 21.0 7.5 0.26 0.57 8.0 0.74
2012-719 S Stockpile 3.0 25.5 22.5 0.31 0.44 3.6 0.65
2012-720 N Stockpile 4.5 7.5 3.0 0.61 0.02 2.6 0.66
2012-721 E Stockpile 0 10.5 10.5 0.48 0.34 7.0 0.80
2012-722 E Stockpile 0 10.5 10.5 0.37 0.28 3.3 0.60
2012-722 E Stockpile 13.5 22.5 9.0 0.21 0.14 4.1 0.36
2012-723 E Stockpile 3.0 19.5 16.5 0.33 0.22 6.5 0.56
2012-724 E Stockpile 0 13.5 13.5 0.26 0.18 10.7 0.51
2012-725 E Stockpile 1.5 21.0 19.5 0.42 0.12 16.6 0.71
2012-727 R-13 Stockpile 1.5 3.0 1.5 0.51 0.39 3.8 0.82
2012-727 R-13 Stockpile 10.5 12.0 1.5 0.44 0.21 4.2 0.63
2012-728 R-13 Stockpile 0 15.0 1.5 0.26 0.11 3.9 0.38
2012-730 NE Stockpile 0 15.0 15.0 0.83 0.23 12.9 1.15
2012-731 NE Stockpile 0 15.0 15.0 0.54 0.21 10.3 0.81

1 %CuEq = %Cu + ((Au grade X Au $/oz) + (Ag grade X Ag $/oz))/(Cu $/lb X 22.0462 X 31.0135); Cu = $3.50/lb, Au = $1600/oz, Ag = $30/oz

The trench at Bambana strikes northeast, is 175 metres long, and was excavated in an area of deep tropical weathering where small-scale artisanal miners are working many of the area's drainages for placer gold and developing shallow prospect pits and shafts in weathered bedrock. Geologic mapping by Alder geologists indicates that copper-silver-gold mineralization at the Bambana trench is localized in and near a variably saprolitized, phyllically-altered diorite dike, which cuts andesitic volcanics. The discovery is at an early stage and currently the geometry of the mineralization remains uncertain. Current plans are to complete additional trenching, mapping, geochemical surveys and prospecting to further define the extent of this mineralization. An IP/resistivity survey will begin in early March at the Santa Rita and R-13 pits and later be extended to include newly identified mineralization at Bambana.

The Rosita Project

The Rosita project is located seven kilometres north of Primavera, where Calibre Mining Corp. ("Calibre") and B2Gold Corp. recently announced the discovery of significant porphyry style Au-Cu mineralization including 261.7 metres grading 0.78 g/t Au and 0.30% Cu in a diamond drill hole (Calibre news release dated January 20, 2012).

A total of 55 RC drill holes were completed on the Santa Rita mine stockpiles from December 2011 through early February 2012. The RC rig has been refitted for core drilling and is currently testing historic mineralized intercepts in the R-13 open pit area. Another core rig is currently testing for down dip and strike extensions of the northeast-striking/southeast-dipping Santa Rita zone, as well as concealed porphyry mineralization at depth.

To view "Figure 1. Drill Plan of RC holes at Santa Rita and R-13 areas" and "Figure 2. Bambana area with Trench 3" click on: http://media3.marketwire.com/docs/alr.pdf

Quality Assurance/Quality Control

Samples are collected into heavy gauge plastic bags, sealed on-site, then stored at Alder's Rosita field office until they can be transported by company personnel to Inspectorate Exploration and Mining Services' sample preparation facility in Managua. At this Managua facility, sample pulps are prepared, then air freighted to Inspectorate's Vancouver laboratory for analysis. Each sample is analyzed for total copper using aqua regia digestion followed by an ICP analysis, which includes a 30-element geochemistry package, including silver. Soluble copper is determined using dilute sulfuric acid digestion with an AA (atomic absorption) finish. Gold is determined via fire assay with an AA finish. Alder has implemented an industry standard Quality Assurance/Quality Control program that includes the insertion of certified standards, duplicates and blanks into the sample stream.

Qualified Person

John C. Spurney, Certified Professional Geologist (CPG-11007), Vice President Exploration for Alder and a qualified person as defined by NI 43-101, has reviewed and approved the contents of this news release.

About Alder Resources Ltd.

Alder is a natural resource company focused on the development of gold and base metal projects throughout Latin America. The company's current focus is on the Rosita skarn-porphyry project in Nicaragua located 275 km northeast of Managua, but Alder plans to continue to build its property position in the region through strategic acquisitions.

Alder Resources Ltd.

Joseph Arengi, President & CEO

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding potential mineralization, reserve and resource determination, exploration results and future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Alder, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Alder has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Alder does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Table 2. Santa Rita and R-13 Pits 2012 RC Drill Results

Hole ID Location From
(m)
To
(m)
Thickness (m) Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq1
(%)
2012-701 S Stockpile Low Grade
2012-702 S Stockpile Low Grade
2012-703 S Stockpile Low Grade
2012-704 SW Stockpile 0 12.0 12.0 0.31 0.24 7.1 0.56
2012-705 SW Stockpile 0 3.0 3.0 0.27 0.08 0.7 0.33
2012-706 SW Stockpile 0 16.5 16.5 0.28 0.44 1.6 0.59
2012-707 SW Stockpile 0 15.0 15.0 0.14 0.27 4.7 0.38
2012-707 SW Stockpile 21.0 27.0 6. 0 0.21 0.40 1.0 0.49
2012-708 SW Stockpile 0 15.0 15.0 0.15 0.18 3.5 0.31
2012-708 SW Stockpile 24.0 27.0 3.0 0.18 0.25 1.9 0.37
2012-709 SW Stockpile 0 21.0 21.0 0.21 0.27 3.9 0.44
2012-710 SW Stockpile 0 22.5 22.5 0.39 0.26 5.0 0.63
2012-710 SW Stockpile 30.0 36.0 6.0 0.19 0.48 1.2 0.53
2012-711 SW Stockpile 0 27.0 27.0 0.39 0.23 6.3 0.62
2012-712 SW Stockpile 0 10.5 10.5 0.39 0.16 3.7 0.54
2012-713 SW Stockpile 1.5 12.0 10.5 0.18 0.19 4.9 0.37
2012-714 SW Stockpile 0 9.0 9.0 0.16 0.22 3.2 0.35
2012-715 SW Stockpile 10.5 19.5 9.0 0.30 0.21 13.6 0.61
2012-716 SW Stockpile 0 4.5 4.5 0.14 0.38 2.8 0.43
2012-716 SW Stockpile 10.5 21.0 7.5 0.26 0.57 8.0 0.74
2012-717 SW Stockpile 10.5 12.0 1.5 0.05 0.35 0.3 0.29
2012-718 SW Stockpile 0 1.5 1.5 0.06 0.25 1.6 0.25
2012-719 S Stockpile 3.0 25.5 22.5 0.31 0.44 3.6 0.65
2012-720 N Stockpile 4.5 7.5 3.0 0.61 0.02 2.6 0.66
2012-721 E Stockpile 0 10.5 10.5 0.48 0.34 7.0 0.80
2012-722 E Stockpile 0 10.5 10.5 0.37 0.28 3.3 0.60
2012-722 E Stockpile 13.5 22.5 9.0 0.21 0.14 4.1 0.36
2012-723 E Stockpile 3.0 19.5 16.5 0.33 0.22 6.5 0.56
2012-724 E Stockpile 0 13.5 13.5 0.26 0.18 10.7 0.51
2012-725 E Stockpile 1.5 21.0 19.5 0.42 0.12 16.6 0.71
2012-726 R-13 Stockpile 3.0 12.0 12.0 0.15 0.16 2.5 0.29
2012-727 R-13 Stockpile 1.5 3.0 1.5 0.51 0.39 3.8 0.82
2012-727 R-13 Stockpile 10.5 12.0 1.5 0.44 0.21 4.2 0.63
2012-728 R-13 Stockpile 0 15.0 1.5 0.26 0.11 3.9 0.38
2012-729 R-13 Stockpile Low grade
2012-730 NE Stockpile 0 15.0 15.0 0.83 0.23 12.9 1.15
2012-731 NE Stockpile 0 15.0 15.0 0.54 0.21 10.3 0.81

1 %CuEq = %Cu + ((Au grade X Au $/oz) + (Ag grade X Ag $/oz))/(Cu $/lb X 22.0462 X 31.0135); Cu = $3.50/lb, Au = $1600/oz, Ag = $30/oz

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