Alderon Confirms Iron at Mills Lake with 30% Iron Over 193 Meters
20 Janvier 2011 - 3:00PM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce assay results from the completed 2010 drill
program on the 100% owned Kamistiatusset ("Kami") Iron Ore Project
in western Labrador. These results are from the southern portion of
the project, known as the Mills Lake Zone.
All 15 drill holes at Mills Lake intersected iron mineralization
and collectively demonstrated that the Mills Lake deposit is larger
and thicker than initially expected. Highlights from Mills Lake
drilling include:
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From To Length
Drill Hole (meters) (meters) (meters) Total Iron %
--------------------------------------------------------------------
K-10-73 179.0 298.0 119.0 31.2
--------------------------------------------------------------------
K-10-77 90.3 177.2 86.9 30.9
--------------------------------------------------------------------
K-10-80 39.4 177.9 138.5 30.6
--------------------------------------------------------------------
K-10-82 106.5 206.2 99.7 31.4
--------------------------------------------------------------------
K-10-85 189.6 270.7 81.1 31.5
--------------------------------------------------------------------
K-10-94A 113.3 256.5 143.2 31.5
--------------------------------------------------------------------
K-10-95 40.7 123.5 82.8 30.3
--------------------------------------------------------------------
K-10-97 154 346.9 192.9 30.5
--------------------------------------------------------------------
The Mills Lake Zone has been defined along strike for 1,200
meters (m) and to a depth of 370m. This zone will be part of the
initial National Instrument 43-101 ("NI 43-101") resource estimate
expected in early March 2011. The goal for the initial resource is
to delineate 400 - 500 million tonnes at a grade between 28-32%
iron ore. Watts, Griffis and McOuat Limited ("WGM") has been
commissioned to provide this resource estimate and has already
completed the required site visits and sampling program. The
potential tonnage and grade are conceptual in nature and it is
uncertain if further exploration will delineate a mineral
resource.
"It's exciting to have our expectations exceeded in terms of
thickness at Mills Lake and be able to add this zone to our
upcoming resource estimate," says Matt Simpson, Chief Operating
Officer of Alderon.
Complete assay highlights with drill plan maps and sections are
posted on the Alderon website at:
http://www.alderonmining.com/projects/kami/
True widths of the reported intercepts above vary depending on
the angle of the individual drill holes and are estimated to be
between 60% and 94% of the core interval as reported. All samples
were prepared from sawn NQ-sized half-core sections on site in
Labrador. Split drill core samples are then sent to SGS Mineral
Services in Lakefield, Ontario for analyses. Total iron analysis is
performed using X-ray fluorescence (XRF) and the magnetic component
is determined by Satmagan magnetic analysis. Standards, blanks, and
duplicate assays are included at regular intervals in each sample
batch submitted from the field as part of an ongoing Quality
Assurance/Quality Control program.
About Alderon
Alderon is a leading iron ore exploration and development
company in Canada. The 100% owned Kami Project is located within an
existing iron ore district and is surrounded by producing iron ore
mines. The Alderon team is comprised of skilled professionals with
significant iron ore expertise to advance Kami towards
production.
Alderon's exploration work on the Kami Property is supervised by
Edward Lyons, P.Geo., the Chief Geologist for Alderon and a
Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed
and is responsible for the technical information contained in this
news release.
For more information on Alderon, please visit our website at
www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J Morabito, President & CEO
This news release may contain forward-looking statements. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
Neither 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.
Contacts: Alderon Resource Corp. - Vancouver Office Mark J
Morabito President & CEO 604-681-8030 604-681-8039 (FAX)
mmorabito@explorationgroup.com Alderon Resource Corp. - Toronto
Office 416-309-2135 416-861-5887 (FAX) info@alderonmining.com
www.alderonmining.com
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