Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce the results of the initial independent
National Instrument (NI) 43-101 Mineral Resource estimate on the
100% owned Kamistiatusset ("Kami") Iron Ore Project in western
Labrador. The Watts, Griffis and McOuat Limited ("WGM") estimate
includes an indicated iron ore resource of 490 million tonnes at
30.0% iron and an additional inferred resource of 118 million
tonnes at 30.3% iron (refer to tables below for tonnage and grade
details) based on a cut-off grade of 20% iron.
"We are extremely excited about this initial resource since we
have exceeded our own publically stated objectives for the first
resource and clearly demonstrated the viability of the project,"
says Mark Morabito, President and CEO of Alderon. "As I stated on
February 3, our goal for this resource was 400 to 500 million
tonnes. We were targeting 600 to 800 million tonnes following the
completion of the current winter program, which will now have to be
revised and increased, once our current drilling is complete."
The mineral resource is contained within two zones, Rose Central
and Mills Lake. The Rose Central zone has a currently defined
strike length of 1,700 metres (m) and a true thickness of up to 320
m. Mills Lake is located 3.1 kilometres southeast of Rose Central
and has a currently defined strike length of 1,500 m and a true
thickness of up to 180 m. Both of these zones are open for
expansion and will be followed up with further drilling this
summer. As shown in the table below, the defined resource is both
sizable and fairly consistent in iron grade across multiple cut-off
levels.
ROSE CENTRAL INDICATED RESOURCE
------------------------------------------------------------
Tonnes Oxide Iron %
Cut-off % (million) Total Iron % (i)
------------------------------------------------------------
25.0 355.4 30.2 27.2
------------------------------------------------------------
22.5 372.2 29.9 26.9
------------------------------------------------------------
20.0 376.1 29.8 26.9
------------------------------------------------------------
ROSE CENTRAL INFERRED RESOURCE
------------------------------------------------------------
Tonnes Oxide Iron %
Cut-off % (million) Total Iron % (i)
------------------------------------------------------------
25.0 44.9 30.0 27.3
------------------------------------------------------------
22.5 45.8 29.9 27.2
------------------------------------------------------------
20.0 46.0 29.8 27.2
------------------------------------------------------------
MILLS LAKE INDICATED RESOURCE
------------------------------------------------------------
Tonnes Oxide Iron %
Cut-off % (million) Total Iron % (i)
------------------------------------------------------------
25.0 111.6 30.7 28.0
------------------------------------------------------------
22.5 113.7 30.6 27.8
------------------------------------------------------------
20.0 114.1 30.5 27.8
------------------------------------------------------------
MILLS LAKE INFERRED RESOURCE
------------------------------------------------------------
Tonnes Oxide Iron %
Cut-off % (million) Total Iron % (i)
------------------------------------------------------------
25.0 70.8 30.8 28.3
------------------------------------------------------------
22.5 71.5 30.8 28.2
------------------------------------------------------------
20.0 71.9 30.7 28.2
------------------------------------------------------------
(i) Note: Oxide Iron is the combined iron in Magnetite and Hematite
Resource Estimate Details
The mineral resource estimate for the Kami Project is based on
results from 68 diamond drill holes at Rose Central (48 holes) and
Mills Lake (20 holes) zones totaling 24,079 m and is effective as
of April 5, 2011. Mr. Michael Kociumbas, P.Geo. and Mr. Richard
Risto, P.Geo. with independent firm, WGM, Consulting Geologists and
Engineers of Toronto, Ontario, are Qualified Persons as defined by
NI 43-101 and are responsible for this mineral resource estimate.
They have verified, reviewed and approved the technical data
contained in this news release and underlying sampling, analytical
and test data. The estimate is classified as an indicated or
inferred mineral resource, consistent with the CIM definitions
referred to in NI 43-101. This NI 43-101 compliant estimate will be
filed in a Technical Report on SEDAR within 45 days of this news
release. Mineral resources, which are not mineral reserves, have
not demonstrated economic viability. Alderon is not aware of any
environmental, permitting, legal, title, taxation, socio-political,
marketing or other issues which may materially affect its estimate
of mineral resources.
The geological and mineral resource modelling parameters
consisted of:
- creation of 3-D wireframes from the drillhole information -
where possible, the hematite-rich zones were modelled separately
from the main magnetite-rich bodies;
- a block model procedure (block sizes of 20 m x 5 m x 5 m) was
used with grades interpolated utilizing an Inverse Distance
estimation technique; Total Iron (TFe%), Fe in magnetite, Fe in
hematite, Manganese% and SiO2% were modelled.
- a variable density model based on TFe% was created to estimate
tonnage; at an average grade of 30% TFe, the density is
approximately 3.56 tonnes per cubic m.
- indicated mineral resources are defined as blocks being within
100 m of a drillhole intercept for Mills and 150 m for Rose.
- inferred mineral resources are blocks more than 100 m or 150
m, respectively for Mills and Rose, from a drillhole intercept
interpolated out to a maximum of about 300 m on the ends/edges and
at depth when supporting information from adjacent cross sections
was available.
Three dimensional images showing the outline of the mineral
resources are posted on the Alderon website at:
http://alderonmining.com/projects/kami/.
Sawn drill core samples were sent to SGS Mineral Services in
Lakefield, Ontario for analyses. Total iron analysis was performed
using X-ray fluorescence (XRF) and the magnetic component was
determined by Satmagan magnetic analysis. Standards, blanks, and
duplicate assays were included at regular intervals in each sample
batch submitted from the field as part of an ongoing Quality
Assurance/Quality Control program.
Alderon's exploration work on the Kami Project 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 verified
that the results used for the resource estimate were accurate from
the official assay certificates provided to Alderon.
About Alderon
Alderon is a leading iron ore exploration and development
company in Canada. The 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.
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
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about future exploration on and the
development of the Kami Project are forward-looking statements. By
their nature, forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the following
risks: the need for additional financing; operational risks
associated with mineral exploration; fluctuations in commodity
prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified 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.
Forward-looking statements are made based on management's beliefs,
estimates and opinions on the date that statements are made and
Alderon undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms "reserves", "resources",
"proven reserves", "probable reserves", "measured resources",
"indicated resources" and "inferred resources". United States
investors are advised that, while such terms are recognized and
required by Canadian securities laws, the United States Securities
and Exchange Commission (the "SEC") does not recognize them. Under
United States standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. United States investors are cautioned not to
assume that all or any part of measured or indicated resources will
ever be converted into reserves. Inferred Resources are in addition
to Measured and Indicated Resources. Further, inferred resources
have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United States investors
are also cautioned not to assume that all or any part of the
inferred resources exist, or that they can be mined legally or
economically. Disclosure of "contained ounces" is permitted
disclosure under Canadian regulations, however, the SEC normally
only permits issuers to report "resources" as in place tonnage and
grade without reference to unit measures. Accordingly, information
concerning descriptions of mineralization and resources contained
in this release may not be comparable to information made public by
United States companies subject to the reporting and disclosure
requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators, which established standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all reserve and resource estimates referred to in this
press release or released by the Company in the future have been or
will be prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. The requirements of NI 43-101 are not the same as those of
the SEC and any reserves reported by the Company in compliance with
NI 43-101 may not qualify as reserves under the SEC's
standards.
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 604-681-6030
604-681-8039 (FAX) Alderon Resource Corp. Toronto Office
416-309-2135 416-861-5887 (FAX) info@alderonmining.com
www.alderonmining.com Renmark Financial Communications Inc.
Florence Liberski (416) 644-2020 or (514) 939-3989
fliberski@renmarkfinancial.com Renmark Financial Communications
Inc. Barry Mire (416) 644-2020 or (514) 939-3989
bmire@renmarkfinancial.com www.renmarkfinancial.com
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