Exceptional Intercepts by Dalradian 1700 Metres East of Curraghinalt Gold Deposit
TORONTO, ONTARIO -- (Marketwire) -- 11/15/12 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX: DNA)(OTCQX: DRLDF) has received final assays from a portion of hole 12-CT-173 (see attached plans) at the Alwories Discovery (formerly "Anomaly A"). The hole intercepted two closely spaced quartz-carbonate sulphide veins of 1.22 metres grading 25.14 g/t of gold and 1.28 metres grading 30.58 g/t of gold. Accounting for the 2.2 metres of intervening material the broader intercept can be calculated at 4.72 metres of 14.82 g/t of gold. The Alwories Discovery is located approximately 1700 metres to the east and along trend from the Company's wholly owned Curraghinalt gold deposit in Northern Ireland.
"Our new discovery, now named Alwories, has once again provided impressive high-grade intercepts," CEO Patrick F.N. Anderson commented. "The Alwories Discovery is a direct result of our recent gold-in-soil anomalies and is only the first of multiple targets to be tested."
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From To Width Au Grade
Hole ID (m) (m) (m) (g/t)
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12-CT-173 236.5 241.72 4.72 14.82
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including 237.72 239.94 2.22 0.07
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12-CT-173 236.50 237.72 1.22 25.14
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12-CT-173 239.94 241.22 1.28 30.58
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Note:
-- Drill hole azimuth 150 degrees and dip 60 degrees
-- Composites calculated at 1 g/t Au cut-off and may include up to 2.22 m
of internal dilution
-- True width is undetermined
Preliminary interpretation suggests that the two intercepts in hole 12-CT-173 may correlate with the intersection of 2.22 m at 14.04 g/t gold in hole 12-CT-162. The two holes were collared 54 metres apart.
This is the fourth drill hole in a follow-up drill program designed to test the gold mineralization intersected in drill hole 12-CT-162. All holes are targeting a recently identified 800 m by 500 m gold-in-soil anomaly (PR Sept 19, 2012). Two of the holes were aborted for technical reasons before reaching targeted depths. Drill hole 12-CT-165, while not returning results of any consequence, is now understood to not have reached the target depth. The remaining assays taken above 231 metres and below 249 metres from 12-CT-173 are pending.
Drill hole 12-CT-173 also intersected the Omagh Thrust at 665m, confirming the fault dips 30 degrees towards the northwest. The Omagh Thrust marks the base of the Dalradian Supergroup metasediments in the area and is considered to be one of the controlling structures governing the emplacement of mineralization.
Additional drilling continues and is designed to better understand the orientation of the vein system and continuity of mineralization.
Qualified Person
Martin Moloney, BSc (hons), M.AIG, Senior Geologist, Dalradian Gold, is the Qualified Person who supervised the preparation of the technical data in this news release.
Drill core was halved with samples averaging between 0.2 and 0.3 metres in mineralized material and up to 0.5 metre in wall rock were submitted to ALS Laboratories in the Republic of Ireland. Rigorous quality assurance and quality control procedures have been implemented including the use of blanks, standards and duplicates. Core samples were analyzed by a 50 gram gold fire assay with an atomic absorption finish.
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 TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading
12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's recently completed Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate.
Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanovic, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
In Norway, Dalradian holds mineral rights for approximately 1.7 million hectares over three greenstone belts, as well as an area hosting an historic silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with field programs underway over its Kongsberg and Kautokeino concession areas.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources 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 state 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.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company 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 exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; 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.
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Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com
