Aldrin Resource Corp.
TSX VENTURE : ALN

Aldrin Resource Corp.

September 23, 2010 13:28 ET

Aldrin Resource Update on Yukon Exploration Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2010) - Aldrin Resources Corp. (TSX VENTURE:ALN) (the "Company") is pleased to provide an update report on exploration progress on its projects in the Yukon Territory. The Company has four gold exploration projects located in the Yukon. Three properties are within the White Gold district and one in the Mayo Mining District.

LONGLINE PROJECT

The Longline property is located on the Yukon-Alaska border approximately 60-kms west of Kinross's White Gold project. The Longline property was staked by Shawn Ryan, Ryanwood Exploration Inc. ("Ryanwood"), based on discovery of a large gold in soils anomaly located in an area of high-grade gold placers, some of which have been in continuous operation for over 25-years. The Company holds an option to acquire a 100% interest in the Longline property from Ryanwood.

The property consists of 196 quartz mining claims covering an area of approximately 3,600 hectares. Three gold in soil anomalies (North, Central and South) have been identified on the property. The anomalies are up to 1.8 kilometres long by up to 500 metres wide. The zone containing the three anomalies is nearly 12 kilometres in length in a north-south alignment. The property is situated 30 miles from the Alaskan Hwy and has winter road accessibility. There is an airstrip within 3 kilometres of the property.

The placers in the Longline area are very high grade and the Company's exploration program was designed to evaluate the source of the placers and to explore the three gold in soils anomalies.

This season, approximately 300 shallow pits were excavated with a portable backhoe excavator and sample results confirmed the original soil anomaly and added to the understanding of orientation of the structures which control the gold anomalies. In addition, the Company completed a 7-hole diamond core drill program which began on the North anomaly. Although not all of the assay results from the core have been received, the first three holes encountered sporadic gold mineralization with less than economic values. Six holes were completed in the North anomaly and one hole was drilled in the South anomaly area. Results from the final four holes are still pending.

A large reconnaissance soil sample program was also completed on the Longline project and was focused on ridges proximal to the numerous placer creeks in the area. The program was confined to the contiguous Antler claim block of 77 quartz claims which are adjacent to the Longline claim block. The Company has an option to acquire a 100 percent interest in the Antler claims which are held by a local placer gold miner. The Company is awaiting results of this soil program.

The Company is continuing its evaluation of the very prospective potential of the Longline project. The area is very large with anomalies up to 12-km in length and is proximal to numerous placer operations both in the Yukon and on the Alaska side of the border. Additionally, quartz veins have been mined when encountered in placer workings by local placer miners and results from one small operation yielded gold values of one-ounce per ton from veins. The local placers are reported to be some of the highest grade producers in the Yukon and the area warrants additional exploration work.

BREW PROJECT

The Brew project is located in the White Gold district of the Yukon Territory and is approximately 20 kilometers east of the Kinross/Underworld White Gold project. A joint venture agreement was made between the Company and Expedition Mining, Inc. ("Expedition") where Expedition can earn a 50% interest in the property. The Brew property was originally staked by Shawn Ryan of Ryanwood . The Company optioned the property from Ryanwood in June, 2009 and has the right to acquire a 100% interest over a four year period by making payments to Ryanwood and completing a work commitment.

In June, 2010, the Brew claim block was expanded by staking an additional 176 quartz claims to add to the original 168 claims staked in 2009 by Shawn Ryan. The additional claims double the Brew property size to approximately 70 square kilometers or 17,250 acres. Preliminary soil sampling and reconnaissance prospecting indicate the Brew property contains geological and geochemical features similar to the White Gold and Coffee properties.

Expedition recently contracted with Groundtruth Exploration of Dawson to complete a soil sample survey on the Brew property. The recent sampling grid expands the original survey done by Ryanwood. This field season's soil program collected approximately 1,780 samples and preliminary assay results have increased the size of the gold in soils anomaly defined by the earlier Ryanwood survey. The completed survey indicates that there is a large gold in soil anomaly that coincides with arsenic, antimony and base metal elements located in three zones that appear to be related to a strong north west-trending fault system that is likely associated with regional structures thought to control mineralization on other active prospects in the White District. The Brew property gold in soil anomaly is now over two-kilometers in length and surface metal values indicate a width of up to one-kilometer.

The project is currently being trenched using a portable backhoe excavator and although assay results have not been received at this date, visual inspection of the trenches indicates that the host rocks are similar to the geologic setting of the nearby White Gold and Coffee properties.

IND PROJECT

The IND project was originally staked by Ryanwood, and is located 38-kilometers south of Dawson in the heart of the prolific Klondike mining district. The Company holds an option to earn a 100% interest in the IND property. The property is the only active hard rock exploration program currently being explored in the Klondike district. The property was originally identified by Ryanwood as part of a regional soil reconnaissance program designed to evaluate the bedrock potential of ground which is proximal to numerous placer operations. Following the soil sampling program which identified a large anomalous gold area, Ryanwood excavated three shallow trenches to evaluate a continuous gold in soil anomaly. The 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 at 3.7 grams per ton. Geologic mapping indicate subtle zones of sheeted fractures in the host rock which appear to be continuous. The Company is currently preparing to excavate additional trenches this season as a precursor to core drilling.

KEYSTONE PROJECT

The Keystone property is located in the Mayo mining district of the Yukon and is approximately 10-kilometers south of the historic Keno Hill mining camp. The Keystone property was originally staked by Ryanwood, based on reconnaissance prospecting that identified a large continuous gold in soil anomaly roughly 3 kms long by 1 km wide. The gold anomaly is also coincident with a large arsenic and antimony anomaly. The Company holds an option to earn a 100% interest in the Keystone property.

The Company completed a 2000-meter diamond core drilling program in 12 holes designed to test the main section of the anomaly. The drill program did encounter narrow zones containing low-grade gold mineralization which was reported in an earlier news release. However, the existing soil grid has since been expanded significantly during the season and assay results from over 2500 samples have been received and evaluated. The expanded soil grid program has enlarged the gold in soil anomaly to nearly 6 kms by over 1 km wide and has identified an area containing 34 samples which returned gold values over 100 ppb. The gold values are coincident with high arsenic and antimony values and support the conclusion that the overall anomaly is strong. The Company intends to evaluate the potential of this area this winter and will finalize plans for additional exploration on the Keystone project.

Aldrin's disclosure of a technical or scientific nature in this press release has been reviewed and approved by Bert W. Jeffries, Aldrin's vice-president of exploration and development, who serves as a qualified person under the definition of National Instrument 43-101. The Longline, IND, Brew and Keystone properties represent early stage exploration properties and do not contain any mineral resources as defined by National Instrument 43-101. The company remains well financed.

ON BEHALF OF THE BOARD OF DIRECTORS
Johnathan More, President and CEO

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)