Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

April 12, 2011 09:17 ET

Aldrin Announces Expansion Into Nevada Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2011) - Aldrin Resource Corp. (TSX VENTURE:ALN) ("Aldrin" or the "Company") is pleased to announce that it has entered into an option agreement with well known Nevada prospector, Larry McIntosh, to acquire a 100-per-cent interest in three gold exploration properties located within the Walker Lane alignment in west-central Nevada.

The properties are the Slate Mountain property, Churchill County; the Jenny Hill and the Black Hills properties, Mineral County, Nevada. The properties are located within the Walker Lane mineral belt. This area of Nevada is accessible year-around and affords the ability to conduct exploration activities during the winter months. The three properties are being purchased for a total of $690,000 US payable over five years with a right of extension in favour of Aldrin and a 2% net smelter royalty ("NSR") for the vendor. 1% or half of the 2% NSR may be purchased by Aldrin for $1,000,000 US at any time following exercise of the option to purchase the properties.

President and CEO, Johnathan More, states: "With our very active and prospective multi-project exploration program underway in the Yukon Territory, we are very excited to expand the Company's mandate which is consistent with the long term strategy of our Board of Directors to have active exploration pursued on a year round basis."

Slate Mountain Property:

This property consists of 23 unpatented lode claims covering approximately 473 acres, (190 hectares) and is 90-miles, (145 kilometres) east and south of Reno. The claim block is approximately 15 miles, (24 kilometres) north of the Rawhide mine, a former open pit gold producer.

Rocks underlying the Slate Mountain claim block are part of an extensive north-south trending, east dipping metamorphic deformation zone exposed along the east base of the Slate Mountain range for a distance of two-miles, (3.2 kilometres). Numerous anomalous gold values to 8.3 grams per ton accompanied by copper values to 17% Cu have been collected from rock chips from the property. Several other elements are also highly anomalous with one outcrop sample reporting values of 5.4 grams per ton gold, 246 ounces per ton silver, 54% lead, 830 ppm zinc, 1% bismuth, and 0.7% copper.

A small circular granodiorite stock that crops out north of the claims is host to a set of narrow east-west striking quartz – carbonate veins and veinlets containing chalcopyrite and molybdenite. Additionally, there is a past tungsten producer located approximately 1,000 feet, (300 metres) north of the claim block.

Younger volcanic rocks along the rangefront are, in places, strongly altered and anomalous in arsenic, antimony and mercury suggesting a younger hydrothermal event localized by rangefront plumbing associated with a rangefront fault.

The Slate Mountain claim block has never been leased prior to Aldrin's acquisition and the Company plans on conducting exploration on the property in the winter months.

Black Hills Property

This property consists of 43 unpatented lode claims covering approximately 886 acres, (358 hectares) and is approximately 100-miles, (161 kilometres) south-east of Reno, Nevada. The property is situated on a major strand of the Walker Lane and is midway between the past producing Rawhide and Paradise Peak open pit gold mines in northeastern Mineral County.

The Black Hills property is an iron oxide copper gold, (IOCG) exploration target and widespread metallization and hydrothermal alteration of host rocks indicate IOCG type mineralization. Copper values to 6.8% and gold values to 4 ounce per ton occur in a variety of settings including skarn, stockwork veining and a set of multiple flat veins offset by a later generation of high angle veins. Host rocks on the property include Triassic-age siliceous siltstone, calcareous siltstone and massive limestone overlain by a flat-lying diorite sill intruded by an array of different types of dikes, sills and stocks.

The Black Hills property contains several large zones identified by soil and rock chip sampling that report highly anomalous copper and gold mineralization. The property has been leased to other companies in the past, but to date no real focused exploration effort has been completed on the claim block. This property is also located in a part of Nevada where exploration work may be completed on a year-around basis.

Jenny Hill Property

This property consists of 25 unpatented lode claims covering approximately 515 acres, (208 hectares) and is located 100 miles, (161 kilometres) south east of Reno, Nevada. The property is located about 2 miles north of the Black Hills property.

The Jenny Hill property is a sediment-hosted, (Carlin Gold) target and contains numerous gold values ranging up to 2.7 grams per ton accompanied by a strong trace element geochemical signature indicating Carlin-style mineralization. Highly anomalous arsenic, antimony and mercury values are present in soil and rock chip samples with mercury as high as 35 ppm, arsenic up to 5,000 ppm and antimony values up to 355 ppm. Alteration types include strong silicification and well-developed hematite staining, decalcification and argillization along the west and northwest base of the hill where higher gold values are concentrated and where the sediments were originally more calcareous.

Host rocks include Triassic age thin-bedded calcareous to siliceous siltstone, conglomerate and narrow impure limestone beds intruded by a swarm of feldspar porphyry dikes and sills. Jenny Hill is bordered on the east by an extensive area of Tertiary age ash-flow tuff and rhyolite dome complex.

The mineralogy, alteration and geochemical signature at Jenny Hill are indicative of a true Carlin style of disseminated gold deposit. The anomalous mineralization is possibly a distal expression of the intrusion related IOCG mineralization present in the nearby Black Hills prospect. There exists a strong magnetic high underlying the covered pediment west and northwest of the hill. Of 182 samples collected from Jenny Hill, the maximum value was 2,710 ppb with 5 ppb the minimum and the mean is 200 ppb. These highly elevated gold numbers suggest that Jenny Hill is highly prospective for a sediment-hosted gold occurrence. Limited exposures of the gold-bearing material indicate mineralization continues beneath covered areas which have not been tested to date.

A brief comparison of data from other Nevada mines and Jenny Hill reinforces the conclusion that this property is a true Carlin style prospect.

The following table is a summary of geochemical similarities between the Jenny Hill Prospect and Barrick Gold's Pipeline gold deposit and the oxide zone of Barrick Gold's Post gold deposit (ND = No Data Available):

JENNY HILL PROJECT - GEOCHEMICAL SUMMARY AND COMPARISON
JENNY HILLPIPELINEPOST OXIDE
ELEMENTNO. SAMPLESMAXMINMEANMEANMEAN
Gold2052,7102.5179 ppbNDND
Silver2052.60.08.36 ppm0.35 ppm0.62 ppm
Arsenic2045,0806533 ppm265.3 ppm551 ppm
Antimony203355132.7 ppm19.2 ppm53 ppm
Mercury19435,100103,347 ppb2,282 ppb4,000 ppb
Molybdenum20464114.5 ppm10.9 ppmND
Copper2044975102 ppm24.3 ppm43 ppm
Lead204250122 ppm29.3 ppm12 ppm
Zinc204318266 ppm174.9 ppm93 ppm

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.

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 and in the state of Nevada, USA.

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