Alder Resources Ltd.

December 07, 2009 15:26 ET

Alder Resources Ltd.: Canadian Creek, Yukon; Gold Mineralization Discovered in New Targets

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2009) - Alder Resources Ltd. (TSX VENTURE:ALR) and Cariboo Rose Resources Ltd. (TSX VENTURE:CRB) are pleased to report the results of the drilling program on the Canadian Creek Property, located in the Whitehorse Mining District of the Yukon Territory 160 km south of Dawson City. The property is also 50 km southeast of Underworld Resources Inc.'s White Gold project and adjacent to Western Copper Corp.'s Casino Deposit.

Ten core drill holes totaling 1,425 m were completed along a series of gold-arsenic+/-antimony-bismuth soil geochemical and IP geophysical anomalies that cover an area of over four km in length. The program was the first drill test of these anomalies and confirmed the presence of auriferous quartz-carbonate veins and clay altered structures hosted in gneisses and granodiorite and monzonite intrusive rocks. All the drill holes returned anomalous gold intercepts with the most significant intercepts listed in the following table, all of which are from the eastern portion of the 2009 geochemical grid.

Hole IDFrom (m)To (m)*Interval (m)Gold (g/t)Silver (g/t)

(* these are core lengths and may not reflect true thickness)

Drill holes CC09-5 and 6 tested a small portion of a two km long, open-ended gold soil geochemical anomaly. The gold geochemical anomaly is open for 800 m northeast from drill hole CC09-6. Near the eastern end of the grid a soil sample returned 2.2 g/t gold. Drill holes CC09-08 and 10 tested a separate anomaly to the north that is 600m long and open to the east.

Drill holes CC09-1 to 4, 7 and 9 returned anomalous gold-arsenic values across numerous intervals ranging from 2.0 m to 20 m with values up to 0.2 g/t gold and 0.46% arsenic. The 2009 drill holes were spaced from 300 m to 1.3 km apart. The broad dispersion of anomalous gold across the drilling area and the wide spacing between drill holes indicates that a large area of mineralization has been identified that hosts potential for a significant gold deposit.

Alder can earn a 60% interest in the Property by making a schedule of cash payments totaling $250,000 and issuing 250,000 shares to Cariboo Rose and completing exploration expenditures on the property totaling $2,500,000 by June 18, 2013.

G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.

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.

Contact Information

  • Alder Resources Ltd.
    Donald Mosher
    (604) 685-6465