Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

February 03, 2011 09:30 ET

Aldrin Announces 2011 Yukon Exploration Plan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Aldrin Resource Corp. ("Aldrin"or the "Company") (TSX VENTURE:ALN) is pleased to announce finalization of plans to resume exploration activity on three of its gold properties in the Yukon Territory, Canada. The Company continues to remain well financed and debt-free.

Aldrin's focus in 2011 will be to advance its IND Project, its Keystone Project and its Brew Project. Additionally, the Company is actively seeking additional properties outside the Yukon Territory in order to give the Company the ability to have full year exploration.

IND Project

The IND project is located 38 kilometres south of Dawson City in the heart of the prolific Klondike mining district. The Klondike placer gold district has produced over twenty million placer ounces since 1896. The IND project consists of 4,700 hectares within 226 quartz claims and the Company holds an option to earn a 100% interest in the IND property. Access to the property is by a secondary dirt road which passes directly through the IND property.

The property was originally identified by Shawn Ryan of Ryanwood Exploration of Dawson City as part of a regional soil reconnaissance program designed to evaluate the bedrock potential of ground which is proximal to numerous placer operations including the Indian River Placers and the historic Bonanza/El Dorado Creek placers. Because the soil sampling program identified a large anomalous gold area, Ryanwood excavated three shallow trenches during the 2009 field season to evaluate a continuous gold-bismuth soil anomaly. That trench program verified the soil anomaly and select grab samples from the trenches returned assays of over 1 gram per ton gold, with one sample showing 3.7 grams per ton. Geologic mapping indicates subtle zones of sheeted fractures in the granite host rock which appear to be continuous. The host rock underlying the IND project is a biotite-garnet bearing granite with pegmatite and aplite dikes. The granite intrudes metasediments which occur as enclaves and possible roof pendants within the granite pluton. Several styles of quartz veins occur within the granite and appear to be contained within sheeted zones of undetermined width.

In the 2010 field season, Aldrin completed excavation of two trenches and channel chip sampling from these 2010 trenches returned several samples with gold values above 1 gram per ton with one grab sample of silicified, fractured and quartz-bearing host rock returning values of 12.46 grams per ton gold over .3 metres.

A weighted average summary of some of the higher grade results from one of the trenches (Trench 4) follows:

Location (metres) From To Length Au grams/tonne
 
  0 5 5 1.186
  56 66 10 1.02
  56 76 20 0.587
  58.7 59 .3 12.46
  205 220 15 0.821
  280 285 5 4.05
  280 290 10 2.094

In addition to these results, Trench 4 contained 15 samples with results greater than 100 ppb gold with anomalous bismuth and arsenic values.

In the upcoming 2011 field season, Aldrin intends to excavate an additional 1700 metres in at least five trenches. The 2011 trench program is designed to intercept sheeted gold mineralization encountered in trenches excavated in 2009 and in Trench 4 and to determine the orientation and strike length of the system. The trench program at IND will be followed with a diamond core drill program designed to test the down-dip potential and width of the gold-bearing sheeted structures. The 2011 trench program will determine the orientation of the core holes and how many holes will be drilled.

Keystone Project

Aldrin will also advance exploration on its Keystone project, located in the very active Mayo mining district. The Keystone property is 100% controlled by the Company under a lease-option agreement with Ryanwood Exploration of Dawson City.

Aldrin drilled approximately 2,000 metres of diamond core in 12 holes during the 2010 field season. That drilling was located to test high gold, arsenic and antimony values discovered in soil sampling collected by Ryanwood. The initial soil survey was expanded during the 2010 field season and the original mineralized trend is now recognized as being over 5 kilometres long by more than 3 kilometres wide and the length remains open to the northwest and southeast.

Aldrin's 2010 drill program confirmed the presence of a structure-controlled corridor containing several parallel mineralized faults. The structures are characterized by highly anomalous arsenic values and anomalous gold and highly fractured, brecciated rock. Overall, the drill results indicate that the structures and surrounding host rock contain several continuous zones of lower grade, (less than 1 gram per tonne) gold mineralization. One interval in diamond drill hole KEY10-12 penetrated 9 metres of silicified material with visible arsenic sulphides grading 1.2 grams gold per tonne and several holes reported intercepts of slightly less than one gram per tonne gold.

Aldrin now views the scope of the Keystone Project as greatly expanded. What is significant and apparent is that the mineralized system is extremely large with strong indication that the gold anomaly will increase in size. Accordingly, the Company will prioritize expanding the current soil grid and collecting additional soil samples. Despite the very steep terrain at the property there are several areas within the anomalous soil grid that will allow trenching to be completed. The additional soil sampling and trenching is expected to better define the fault structures and the extent of the very large and interesting gold anomaly on the Keystone property.

Brew Project

Aldrin has a 50% carried interest in the Brew property located in the active White Gold District, Yukon Territory. The Company entered into a joint venture partnership with Expedition Mining Inc. in 2010 whereby Expedition can earn a 50% interest in the Brew property by completing exploration activity and making certain payments to Aldrin. This property was originally staked by Ryanwood Exploration and leased 100% to Aldrin.

Early work by Ryanwood delineated a strong northwest trending 3 kilometre long gold in soil anomaly and a second 3 kilometre long parallel anomaly, one kilometre to the north. Gold on the Brew property is associated with typical White gold District pathfinder elements arsenic, antimony and mercury. Initial evaluation of the results indicate that the property is underlain by multiple northwest trending fault slices, a critical structural feature needed to host gold mineralization in the district.

Based on the favourable geological and structural setting, magnetic signature, favourable trace element geochemistry, presence of placer gold in nearby creeks and similarities and proximity to the White Gold and Coffee projects, Aldrin remains encouraged with the potential for discovery of economic concentrations of gold mineralization on the Brew property.

Work planned by Expedition Mining for 2011 include expanding the soil sample grid and excavating additional trenches. A diamond drill program will commence based on the results of such work.

Aldrin's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Bert W. Jeffries, Aldrin's VP of Exploration and Development, who serves as a qualified person under the definition of National Instrument 43-101. The IND property represents an early stage exploration property and does not contain any mineral resources as defined by National Instrument 43-101.

Aldrin Resource Corporation is a Canadian-based mineral exploration company trading on the TSX Venture Exchange. The company is focused on the development and exploration of strategic gold properties located in Canada's rapidly developing Yukon Territory.

ON BEHALF OF THE BOARD OF DIRECTORS

Johnathan More, President and CEO

Issued Share Capital: 40,050,000

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

  • Aldrin Resource Corp.
    Johnathan More
    President and CEO
    604-687-7741
    604-681-0796 (FAX)