Dalradian Resources Inc.
TSX : DNA
AIM : DALR

Dalradian Resources Inc.

April 12, 2016 02:00 ET

Dalradian intersects 1.44 m of 100.66 g/t gold at Curraghinalt

TORONTO, ONTARIO--(Marketwired - April 12, 2016) - Dalradian Resources Inc. (TSX:DNA) (AIM:DALR) ("Dalradian" or the "Company") announces results from 39 drill holes from the infill drill program at the Curraghinalt gold deposit in Northern Ireland. Infill drilling was completed in February and this is the final release of results from the 51,479-metre program.

Highlights

  • 1.44 m of 100.66 g/t gold from the Sheep Dip vein in hole 16-CT-355
  • 1.02 m of 73.61 g/t gold from the No. 1 vein in hole 16-CT-341
  • 1.06 m of 66.43 g/t gold from the Grizzly vein in hole 16-CT-343
  • 0.67 m of 112.45 g/t gold from the T17 vein in hole 16-CT-366
  • 0.65 m of 80.58 g/t gold from the Sperrin vein in hole 16-CT-342
  • 1.20 m of 39.08 g/t from the V55 vein in hole 16-CT-361
  • 0.80 m of 44.75 g/t from the Road vein in hole 16-CT-365

Patrick F.N. Anderson, Dalradian's Chairman and CEO, commented:

"We are ending our infill drill program at Curraghinalt with a final batch of high grade results. Work has been ongoing and is nearing completion on a resource update to reflect the 50,000 additional metres we have drilled since our last resource, which was based on 80,000 metres of drilling. The resource update is just one of many inputs into our feasibility study, which will outline the economics of an underground mine at Curraghinalt. Other work that is ongoing and will feed into the feasibility study includes vein sampling, test stoping, mine planning and some additional metallurgical testing. These other inputs will help to determine both the anticipated diluted grade of ore that will enter the mill and the expected gold recovery of that material."

Details of drilling at Curraghinalt

Final results are being reported for 39 drill holes mainly located in the central and western parts of the Curraghinalt deposit (see plan map and two cross sections at http://www.dalradian.com/news-and-events/news-releases/news-releases-details/April-12-2016-News-Release-Figures/). These holes were drilled at varying intervals targeting most of the veins included in the last mineral resource estimate, as well as four of the newly interpreted veins, Grizzly, Slap Shot, Sperrin and Causeway. Most drill holes were oriented generally towards the south within a southwest to southeast quadrant in order to intercept the steeply north dipping vein array. Holes 15-CT-346-349 and 16-CT-350-351 were drilled from underground, while holes 15-CT-331-339, 16-CT-340-345, and 16-CT-352-369 were drilled from surface.

These 39 drill holes represent approximately 11,900 metres of the 51,479 metre infill drilling program. With today's press release, all 181 of the holes from the program have now been reported. The purpose of the infill program is to convert resource ounces from the Inferred to the Indicated category, in support of a feasibility study currently underway.

These intercepts correlate well with and improve the current geological model with respect to the continuity and smoothness of the individual vein wireframes.

Selected Curraghinalt Drill Intersections

Hole ID From (m) To (m) Width (m) Au Grade (g/t) Vein System
15-CT-331 33.75 34.07 0.32 48.40 Grizzly
15-CT-331 194.21 194.63 0.42 53.40 No.1
15-CT-332 290.18 292.63 2.45 15.60 No.1
15-CT-333 136.00 137.04 1.04 21.35 T17
15-CT-333 214.48 214.80 0.32 36.10 No.1
15-CT-333 271.30 272.20 0.90 31.88 106-16
15-CT-334 321.62 322.39 0.77 16.42 106-16
15-CT-335 158.37 160.21 1.84 30.78 Grizzly
15-CT-335 180.35 181.66 1.31 20.88 T17
15-CT-335 255.69 257.00 1.31 15.28 Causeway
15-CT-335 323.75 324.44 0.69 22.29 Slap Shot
15-CT-338 224.00 224.78 0.78 23.11 Mullan
15-CT-339 205.25 206.26 1.01 12.49 106-16
15-CT-346 6.69 6.95 0.26 93.10 Slap Shot-S
15-CT-346 45.14 45.94 0.80 27.40 Slap Shot
15-CT-347 61.69 62.61 0.92 21.33 V75
15-CT-349 81.91 82.72 0.81 20.31 No.1
16-CT-341 174.34 175.07 0.73 19.71 Grizzly
16-CT-341 268.09 269.11 1.02 73.61 No.1
16-CT-342 113.00 113.65 0.65 80.58 Sperrin
16-CT-342 175.25 175.50 0.25 100.00 Mullan
16-CT-343 195.65 196.71 1.06 66.43 Grizzly
16-CT-343 286.72 287.47 0.75 21.49 T17 - S
16-CT-343 289.12 290.92 1.80 9.16 T17
16-CT-344 111.88 112.40 0.52 19.54 Sheep Dip
16-CT-344 185.16 185.53 0.37 40.80 Grizzly
16-CT-344 266.25 267.08 0.83 25.96 No.1
16-CT-345 97.60 97.87 0.27 51.50 Mullan
16-CT-345 297.86 298.31 0.45 29.70 Causeway
16-CT-352 33.30 33.62 0.32 46.80 Sheep Dip
16-CT-352 110.60 110.84 0.24 63.20 Mullan
16-CT-353 119.00 119.35 0.35 78.00 T17
16-CT-354 49.47 49.80 0.33 36.90 Mullan
16-CT-354 119.22 119.52 0.30 40.10 Grizzly-S
16-CT-354 128.43 129.67 1.24 17.65 Grizzly
16-CT-354 262.65 263.44 0.79 44.98 106-16
16-CT-355 34.50 35.94 1.44 100.66 Sheep Dip
16-CT-355 214.95 215.60 0.65 26.43 No.1
16-CT-355 233.31 233.69 0.38 50.20 106-16
16-CT-355 325.75 326.20 0.45 42.40 Slap Shot
16-CT-356 245.65 246.36 0.71 21.25 Mullan
16-CT-356 402.47 402.81 0.34 33.00 106-16
16-CT-358 38.80 39.36 0.56 22.10 Sheep Dip
16-CT-358 239.53 240.67 1.14 15.35 T17
16-CT-359 151.04 151.87 0.83 24.49 T17
16-CT-361 247.44 247.92 0.48 32.30 Grizzly
16-CT-361 309.00 310.20 1.20 39.08 V55
16-CT-361 337.95 338.63 0.68 36.10 Causeway
16-CT-362 67.67 68.17 0.50 23.20 Sheep Dip
16-CT-362 403.03 403.53 0.50 34.60 No.1
16-CT-363 297.32 297.77 0.45 37.30 Mullan
16-CT-363 351.90 352.75 0.85 14.27 T17
16-CT-363 414.67 415.32 0.65 38.70 106-16
16-CT-365 81.68 82.48 0.80 44.75 Road
16-CT-365 144.03 144.43 0.40 62.00 Sheep Dip
16-CT-365 220.08 220.38 0.30 64.30 Sperrin
16-CT-365 262.40 264.78 2.38 6.43 Mullan
16-CT-365 349.43 350.70 1.27 14.50 No.1
16-CT-365 445.10 445.59 0.49 42.60 Slap Shot
16-CT-366 140.60 140.97 0.37 38.10 Sheep Dip
16-CT-366 346.69 347.36 0.67 112.45 T17
16-CT-367 166.15 166.62 0.47 136.00 Grizzly
16-CT-368 49.90 50.25 0.35 44.00 Sheep Dip
16-CT-368 145.00 146.29 1.29 7.81 Mullan
16-CT-368 248.87 250.21 1.34 14.31 No.1

Notes

  • True widths vary depending on the vein zone intersected but generally average 85% of the down hole interval
  • Intercepts are calculated using samples greater than or equal to 2.0g/t Au, and contain no more than 1.0 m of internal dilution
  • Generally, only those mineralized intercepts exceeding 10 gram-metres have been included in the table. Accordingly, there are ten drill holes that are not listed in the above table even though they typically intercepted the projected veins.

Qualified Person

Greg Hope, MSc, MAIG, Chief Consulting Geologist, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.

Drill core was halved with samples (averaging between 0.25 m and 0.50 m in mineralized material and up to 1 m in wall rock) submitted to ALS Laboratories in the Republic of Ireland. Quality assurance and quality control procedures identified no material issues. Core samples were analyzed by a 50 gram gold fire assay with either an atomic absorption, or a gravimetric finish for samples initially reporting over 100.0 g/t gold.

ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition "General Requirements for the Competence of Testing and Calibration Laboratories".

About Dalradian Resources Inc.

Dalradian Resources Inc. is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt Gold Project located in Northern Ireland, United Kingdom. The Company is in the midst of a work program in support of a planning (permitting) application for construction of an operating mine at Curraghinalt. Components of the program include a feasibility study, an environmental and social impact assessment, infill drilling and underground exploration (at least 950 metres of development with associated test stoping).

FORWARD-LOOKING STATEMENTS

This news release contains "forward looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its subsidiaries and its mineral project, the future price of metals, test work and confirming results from work performed to date, the estimation of mineral resources, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage, the timing and possible outcome of pending regulatory matters and the realization of the expected economics of the Curraghinalt gold deposit. Often, but not always, forward looking statements can be identified by the use of words and phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions such as the continued political stability in Northern Ireland, that permits required for Dalradian's operations will be obtained on a timely basis in order to permit Dalradian to proceed on schedule with its planned exploration and development programs, that skilled personnel and contractors will be available as Dalradian's operations continue to grow, that the price of gold will be at levels that render Dalradian's mineral project economic, that the Company will be able to continue raising the necessary capital to finance its operations and realize on mineral resource estimates and current mine plans, that the assumptions contained in the Company's Preliminary Economic Assessment are accurate and complete, that results from the infill drilling program continue to be positive, that the mineral resource update is positive, that the results of the Environmental and Social Impact Assessment and the Feasibility Study will be positive and that a permitting application for mine construction will be approved.

Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Dalradian to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current and future exploration activities; the actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward looking statements 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 statements.

Contact Information

  • Marla Gale
    Vice President Communications
    +1 416 583 5622
    investor@dalradian.com

    Grant Thornton UK LLP (Nominated Adviser)
    Philip Secrett / Richard Tonthat / Harrison Clarke
    +44 (0)20 7383 5100

    Canaccord Genuity Limited (Broker)
    Henry Fitzgerald-O'Connor / Martin Davison
    +44 20 7523 8000