Alacer announces Ç?pler District exploration results
TORONTO, Dec. 9, 2015 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Company") [TSX: ASR and ASX: AQG] is pleased to announce drilling results from the Company's exploration program in Turkey. Drilling results are from several areas in the Çöpler District, including Yakuplu Southeast, Yakuplu East, Yakuplu North and Bayramdere.
Rod Antal, Alacer's President & Chief Executive Officer, stated, "One of our key objectives is to increase the oxide gold production at Çöpler through exploration in the Çöpler District. We have been focused on exploration targets near the Çöpler Mine that will provide us with the best opportunity to utilize the existing processing infrastructure at Çöpler, including the excess capacity on the heap leach pad. This exploration update demonstrates that positive progress has been made during 2015 and the prospects that have captured our attention are shallow, oxide targets with favorable metallurgy and have the potential for rapid development. As such, the formal reporting of these exploration prospects as resources is a key deliverable for 2016.
The drilling results also indicate that there is potential for these prospects to be connected through a greater mineralized system, potentially leading to additional discoveries. Through the Company's disciplined and systematic approach to its exploration program, I am becoming more confident that we can realize this potential and secure further organic growth."
EXPLORATION HIGHLIGHTS
Exploration drilling to date has successfully identified oxide mineralization with the potential to contribute to the Çöpler production profile. This mineralization has been identified in several prospects that can potentially be mined as a series of satellite open pits within 5km to 7km of the existing Çöpler Mine facilities. Preliminary metallurgical test work indicates that the mineralization style is similar to the Çöpler deposit and that any material mined can potentially be processed through the existing crushing and agglomeration circuit and stacked on the existing heap leach pad facility at the Çöpler Mine.
The Yakuplu Southeast prospect is on the 80% Alacer-owned (Anagold) area and is characterized by gold-copper-silver mineralization, mainly hosted within iron rich gossans and altered wallrocks developed along shallow dipping contacts between diorite, ophiolite and limestone lithologies. Most of the mineralization is oxidized and occurs from 0m to 50m of surface. As a result of current drilling, mineralization was found to extend over an area of 350m by 300m within a single near surface flat lying gossan, which was found to have grade continuity and varied in thickness from 2m to 16m. Metallurgical test work on diamond drill cores has defined the mineralization as having similar cyanide leach recovery characteristics to Çöpler oxide ore and that this material is suitable for processing at Çöpler Mine.
The Yakuplu East prospect is on the 50% Alacer-owned (Kartaltepe) area and is a gold-copper prospect with mineralization occuring near surface in stacked iron rich gossans and associated oxidized host rocks. As with the Yakuplu Southeast prospect, the majority of mineralization occurs along the contacts of diorite, ophiolite and limestone lithologies with the highest grades in proximity to the diorite contacts. The majority of mineralization is within 50m of surface and the prospect currently has a 350m strike extent and is 150m wide across-strike. The mineralized gossans have very good spatial and grade continuity; however, metallurgical test work indicates slightly lower leach recoveries than Çöpler oxide ores.
The Yakuplu North prospect is a relatively new discovery and is located on the 50% Alacer-owned (Kartaltepe) area. The current understanding is there are multiple controls on mineralization with strong epithermal textures and associated structural overprints. Similar to the other Yakuplu prospects, there is gossan hosted mineralization occurring along ophiolite and limestone contacts, but significantly, the main body of mineralization appears to be associated with a subvertical shear zone. This domain is over 40m wide and potentially mineralized over 1,000m; however, work to date has identified high grade gold over a strike length of 250m. Metallurgical and geotechnical test work will be initiated as part of the progression of the prospect from exploration to resource development stage.
The Bayramdere prospect is on the 50% Alacer-owned (Kartaltepe) area and is an oxide gold and copper prospect. Mineralization at Bayramdere occurs within three overlapping, iron rich gossan horizons formed along the contacts of limestone and ophiolite units. Unlike Yakuplu East and Yakuplu Southeast, there is no obvious influence of diorites on mineralization in the stratigraphy. Gold grades are high, but are restricted to localized areas of gossan. The prospect mineralization is stratigraphically constrained with mineralization daylighting on the northern and western slopes of the prospect. Metallurgical test work completed on core reported better than Çöpler oxide ore cyanide leach recovery characteristics. Although a small prospect, Bayramdere is higher grade and can support a high strip ratio to access mineralization.
Bayramdere and the Yakuplu prospects are geologically connected, being adjacent to and on the southwestern side of a major northwest striking regional structure that appears to control the distribution of most mineralization on the eastern side of the Çöpler District tenements. A major component of the 2016 drilling program will focus on further testing this geologic model to potentially extend the model and discover new mineralization.
The main focus of the 2016 exploration program is to complete the work necessary to report National Instrument 43-101 – Standards of Disclsoure for Mineral Projects ("NI-43-101") and JORC compliant resources on the Yakuplu and Bayramdere prospects. The potential at Yakuplu East, Yakuplu Southeast, Yakuplu North and Bayramdere could provide new oxide material to extend Çöpler's oxide production.
DRILLING HIGHLIGHTS
Drilling from four areas in the Çöpler District (Yakuplu Southeast, Yakuplu East, Yakuplu North, and Bayramdere) in eastern Turkey has continued to define near-surface oxide mineralization. Key Çöpler District drill results from September 1, 2014 to November 18, 2015, reporting intervals of >5m @ >1.00g/t Au include:
- Drill results from the Yakuplu Southeast prospect:
- FYRC051: 6.0m @ 1.14g/t Au from 74.0m (sulfide)
- FYRC055: 6.0m @ 8.53g/t Au from 8.0m (oxide)
- FYRC057: 7.0m @ 4.43g/t Au from 5.0m (oxide)
- FYRC061: 16.0m @ 2.09g/t Au from 8.0m (oxide)
- FYRC073: 5.0m @ 1.10g/t Au from 46.0m (oxide)
- FYRC079: 8.0m @ 2.84g/t Au from 22.0m (sulfide)
- FYRC082: 8.0m @ 1.41g/t Au from 14.0m (oxide)
- FYMT007: 6.0m @ 3.70g/t Au from 6.0m (oxide)
- FYRC083: 8.0m @ 3.25g/t Au from 15.0m (oxide)
- FYRC087: 5.0m @ 1.41g/t Au from 53.0m (oxide)
- FYRC090: 7.0m @ 1.35g/t Au from 19.0m (oxide)
- FYRC094: 7.0m @ 1.01g/t Au from 1.0m (oxide)
- FYRC096: 5.0m @ 1.87g/t Au from 10.0m (oxide)
- FYRC110: 10.0m @ 1.53g/t Au from 67.0m (oxide)
- FYRC121: 5.0m @ 1.10g/t Au from 19.0m (sulfide)
- FYRC123: 7.0m @ 1.07g/t Au from 63.0m (oxide)
- FYRC137: 11.0m @ 1.04g/t Au from 53.0m (oxide)
- FYRC157: 8.0m @ 3.26g/t Au from 2.0m (oxide)
- Drill results from the Yakuplu East prospect:
- YEMT001: 21.3m @ 1.84g/t Au from 19.0m (oxide)
- YEDD003: 12.9m @ 2.09g/t Au from 22.9m (oxide)
- YEDD003: 5.1m @ 1.57g/t Au from 132.9m (oxide)
- YEDD006: 5.3m @ 1.47g/t Au from 10.8m (oxide)
- YEDD006 6.7m @ 1.38g/t Au from 28.5m (oxide)
- YEDD008: 9.1m @ 1.12g/t Au from 8.4m (oxide)
- YEDD008: 14.2m @ 1.48g/t Au from 23.8m (oxide)
- YEDD011: 7.0m @ 1.06g/t Au from 36.0m (oxide)
- YEDD014: 42.1m @ 1.14g/t Au from 7.0m (oxide)
- YEDD015: 5.8m @ 1.04g/t Au from 4.4m (oxide)
- YEDD016: 7.9m @ 1.66g/t Au from 1.3m (oxide)
- YEDD017: 5.7m @ 1.43g/t Au from 94.3m (oxide)
- YEDD019: 7.6m @ 1.33g/t Au from 31.2m (oxide)
- YEDD020: 10.0m @ 1.19g/t Au from 13.5m (oxide)
- YEDD021: 5.3m @ 1.32g/t Au from 10.2m (oxide)
- YEDD022: 10.8m @ 1.84g/t Au from 2.5m (oxide)
- YEDD024: 6.0m @ 1.06g/t Au from 8.5m (oxide)
- YEDD025: 6.3m @ 1.08g/t Au from 23.5m (oxide)
- YEDD026: 19.8m @ 1.30g/t Au from 13.2m (oxide)
- YEDD028: 16.0m @ 1.01g/t Au from 5.0m (oxide)
- YEDD029: 8.1m @ 1.67g/t Au from 12.4m (oxide)
- YEDD033: 22.0m @ 1.61g/t Au from 5.0m (oxide)
- YEDD034: 11.0m @ 3.35g/t Au from 15.0m (oxide)
- YEDD035: 9.0m @ 1.63g/t Au from 9.0m (oxide)
- YEDD036: 15.0m @ 1.69g/t Au from 12.0m (oxide)
- YEDD039: 6.0m @ 1.14g/t Au from 19.0m (oxide)
- YEDD041: 20.0m @ 2.35g/t Au from 5.0m (oxide)
- YEDD045: 18.0m @ 3.28g/t Au from 13.0m (oxide)
- YEDD048A: 7.0m @ 1.18g/t Au from 49.0m (oxide)
- YEDD051: 11.0m @ 1.65g/t Au from 0.0m (oxide)
- YEDD053: 9.0m @ 1.02g/t Au from 0.0m (oxide)
- YEDD054: 22.0m @ 1.77g/t Au from 0.0m (oxide)
- YEDD055: 11.0m @ 1.42g/t Au from 6.0m (oxide)
- YEDD061: 31.0m @ 1.14g/t Au from 7.0m (oxide)
- YEDD071: 6.0m @ 1.12g/t Au from 0.0m (oxide)
- YEDD074: 18.0m @ 2.12g/t Au from 8.0m (oxide)
- YEDD080: 16.0m @ 1.11g/t Au from 5.0m (oxide)
- YEDD091: 6.0m @ 1.12g/t Au from 8.0m (oxide)
- YEDD094: 13.0m @ 1.36g/t Au from 0.0m (oxide)
- YEDD113: 8.0m @ 4.38g/t Au from 0.0m (oxide)
- YEDD136: 5.0m @ 1.07g/t Au from 67.0m (oxide)
- YEDD144: 6.0m @ 1.58g/t Au from 0.0m (oxide)
- Drill results from the Yakuplu North prospect:
- YNRC010: 7.0m @ 2.59g/t Au from 118.0m (oxide)
- YNRC016: 5.0m @ 1.35g/t Au from 104.0m (oxide)
- YNRC018: 5.0m @ 3.64g/t Au from 109.0m (oxide + sulfide)
- YNRC020: 14.0m @ 1.28g/t Au from 125.0m (oxide)
- YNRC020: 19.0m @ 2.16g/t Au from 152.0m (oxide)
- YNRC021: 35.0m @ 3.54g/t Au from 125.0m (oxide)
- YNRC022: 5.0m @ 1.02g/t Au from 0.0m (oxide)
- YNRC022: 25.0m @ 6.00g/t Au from 139.0m (oxide)
- YNRC023: 38.0m @ 1.35g/t Au from 100.0m (oxide)
- YNRC030: 5.0m @ 1.11g/t Au from 59.0m (oxide)
- YNRC031: 6.0m @ 2.03g/t Au from 41.0m (oxide)
- YNRC032: 7.0m @ 8.24g/t Au from 8.0m (oxide)
- YNRC033: 5.0m @ 1.05g/t Au from 58.0m (oxide)
- YNRC034: 6.0m @ 1.00g/t Au from 79.0m (oxide)
- YNRC043: 13.0m @ 6.20g/t Au from 2.0m (oxide)
- YNDD001: 26.0m @ 2.24g/t Au from 117.1m (oxide)
- YNDD001: 26.0m @ 1.03g/t Au from 154.0m (oxide + sulfide)
- YNDD001: 8.0m @ 1.01g/t Au from 208.0m (oxide + sulfide)
- YNDD001: 7.0m @ 1.05g/t Au from 228.0m (oxide)
- Drill results from the Bayramdere prospect:
- BDMT002: 7.5m @ 1.05g/t Au from 26.5m (oxide)
- BDD029: 11.0m @ 5.49g/t Au from 39.0m (oxide)
- BDMT004: 7.8m @ 1.60g/t Au from 36.4m (oxide)
- BDD043: 7.5m @ 7.25g/t Au from 30.2m (oxide)
- BDD046: 5.0m @ 1.79g/t Au from 34.5m (oxide)
- BDD051: 14.0m @ 3.40g/t Au from 12.0m (oxide)
To view the complete drill assay results and further technical information relating to this news release, please click on the following link: http://www.alacergold.com/docs/default-source/press-releases/exploration-update---appendix.pdf?sfvrsn=3 or visit the Company's website at www.alacergold.com.
ÇÖPLER DISTRICT EXPLORATION
Alacer's exploration licenses surrounding the Çöpler Gold Mine cover most of a 17km by 25km area. The exploration licenses are managed under two separate joint ventures ("JV"). Alacer owns 80% of the licenses adjacent to Çöpler under the Anagold JV and 50% of the remaining licenses in the Çöpler District under the Kartaltepe JV, both in partnership with Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya Mining").
Çöpler District Prospects & Tenements
Yakuplu Southeast
The Yakuplu Southeast prospect is on the 80% Alacer-owned (Anagold) area and is characterized by gold-copper-silver mineralization. The mineralization is mainly hosted within iron rich gossans and altered wallrocks developed along shallow dipping contacts between diorite, ophiolite and limestone lithologies. Most of the mineralization is oxidized and occurs from 0m to 50m of surface.
The prospect was initially defined by encouraging rock chip samples and was followed up in early 2014 by a successful 5,160m RC drilling program1. A further 8,045m of drilling from 115 holes in 2014 and 2015 produced results as shown in the plan and cross-section below. The latest drilling has defined mineralization down to a 25m x 25m spacing with 7,358m of RC drilling from 106 holes and 687m of diamond core from 9 holes completed for metallurgical and geotechnical characterization.
As a result of current drilling, mineralization was found to extend over an area of 350m by 300m within a single near surface flat lying gossan and a series of smaller stacked gossans at depth. The gossans were found to have grade continuity and varied in thickness from 2m to 16m. Metallurgical test work on diamond drill cores has defined the mineralization as having similar cyanide leach recovery characteristics to Çöpler oxide ore and that this material is suitable for processing at Çöpler Mine.
Yakuplu Southeast Prospect Plan - showing location of key drilling results from September 1, 2014 to November 18, 2015. Yellow outline defines >0.3g/t Au distribution projected to surface. Purple outline defines >1.0g/t Au distribution projected to surface.
Yakuplu Southeast Prospect Section - showing examples of key drilling results from September 1, 2014 to November 18, 2015. Peach colored gossans host the majority of gold mineralization and are flat lying. Note mineralization occurrence at lithology contacts.
No further RC drilling is planned, as the majority of Yakuplu Southeast mineralization is considered to have been defined within 100m of surface at a drill spacing sufficient to complete an Indicated level of resource estimation. The focus moving forward is to complete the work necessary to report a 'Maiden' Yakuplu Southeast resource and with proximal mineralization at Yakuplu East, Yakuplu North and Bayramdere, define an economic combined new oxide ore source that would extend Çöpler oxide ore processing and supplement planned future Çöpler sulfide ore production.
Yakuplu East
The Yakuplu East prospect is on the 50% Alacer-owned (Kartaltepe) area and is a gold-copper prospect with mineralization occuring near surface in iron rich gossans and associated oxidised host rocks. As with the Yakuplu Southeast prospect, the majority of mineralization occurs along the contacts of diorite, ophiolite and limestone lithologies. Highest grades are in proximity to diorite contacts. The majority of mineralization is within 50m of surface, with deeper mineralization defined to 150m from surface. The mineralization can be characterized as being hosted within a series of stacked gossans.
Positive results from 3,351m of RC drilling in early 2014 continued with a further 9,068m of diamond core drilling from 151 holes completed by the end of October 20152. This included holes for metallurgical and geotechnical sampling and test work. Current drilling has infilled earlier drilling to a 25m x 25m spaced pattern and extended mineralization to the northwest and north. Two new mineralized gossans were discovered during this drilling.
Unlike Yakuplu Southeast, the main body of mineralization at Yakuplu East is concentrated in a thick body of oxide where a number of gossans coalesce against the contact of a mineralized diorite. The top of this body was previously mined-out for iron ore leaving behind up to 50m of gold mineralized oxide below the pit floor. Exploration has successfully drilled-out beneath the historic pit and followed mineralization outwards from the historic pit. The prospect currently has a 350m strike extent and is 150m wide across-strike. The distribution of shallow mineralization is strongly controlled by topography, being situated on the spur off a ridgeline. Shallow southwest dipping mineralization outcrops on both sides of the spur and continues into the hillside.
The mineralized gossans have very good spatial and grade continuity. A drop-off in grade occurs from southeast to northwest as the gossan extends away from the mineralized diorite in the southeast. The distribution of mineralization and significant assays are presented in the following Yakuplu East plan and section.
Metallurgical test work on diamond core reports Yakuplu East oxide mineralization as having slightly lower cyanide leach recoveries than Çöpler oxide ores. Further test work is required as the outcomes may not be truly reflective of the near surface gold-copper mineralization, as this material was composited together with deeper Au-Ag dominated mineralization.
Further RC and diamond drilling in 2016 is planned to test for potential extension of Yakuplu East mineralization along strike and under the Yakuplu East ridgeline. The drilling is supported by the existing gossan not as yet being closed-off, geochemical anomalism and a strong geophysical signature. With grades dropping-off moving north and northwestward, the proposed 2016 drilling will define whether this grade-trend continues and whether further diorite intrusions have remineralized the gossan. In parallel with 2016 drilling objectives, the focus moving forward is to complete work necessary to report a 'Maiden' Yakuplu East resource.
Yakuplu East Prospect Plan - showing location of key drilling results from September 1, 2014 to November 18, 2015. Yellow outline defines >0.3g/t Au distribution projected to surface. Purple outline defines >1.0g/t Au distribution projected to surface.
Yakuplu East Prospect Section - showing drilling results from September 1, 2014 to November 18, 2015. Note historic iron ore pit at center.
Yakuplu North
The Yakuplu North prospect is on the 50% Alacer-owned (Kartaltepe) area and is a new 2015 drilling confirmed discovery that was identified from rock chip and soil sampling in early 2014. Drill testing was delayed until June 2015 due to permits, at which time an aggressive drilling program commenced to drill-out on a 50m x 40m spacing a potential 700m strike length of mineralized gossan. To date, a total of 6,778m of RC and 542m of diamond core drilling has been completed for a total of 7,320m from 49 holes. Exploration drilling is in its earliest stages.
Currently, it is known that there are multiple controls on mineralization with strong epithermal textures and associated structural overprints. As with other Yakuplu prospects and Bayramdere, there is gossan hosted mineralization occurring along ophiolite and limestone contacts, but significantly the main body of mineralization appears to be associated with a subvertical shear zone of over 40m width and potential mineralized extent of over a kilometer. The Yakuplu Main prospect, which was thought to be a separate stand-alone target, is now considered to be the southeastern extension of the newly defined Yakuplu North shear zone.
To date, high grade gold and negligible copper has been defined over a strike length of 250m. The mineralization is contained within shear hosted jasperoid and iron rich gossan. Drilling is in progress to test and extend the mineralized zone up and down dip, as well as along strike. Being a new prospect, the work is being completed systematically to provide a complete geological framework to the new discovery and to ensure no other mineralization is overlooked.
Drilling will continue for the remainder of 2015 to complete planned 50m x 40m broad spaced definition of the prospect to a depth of 200m below surface, extend RC holes with diamond tails that have stopped short of mineralization and gather sufficient data to produce cohesive initial geology and mineralization models. Drilling in 2016 will infill identified mineralized zones to a spacing of about 25m x 20m and step-out along strike to drill the Yakuplu Main extension of the Yakuplu North shear zone. Metallurgical and geotechnical test work will be commenced as part of the progression of the prospect from exploration to resource development stage and for a NI 43-101-compliant resource estimation.
The initial Yakuplu North prospect plan and an example section with significant assays follows.
Yakuplu North Prospect Plan - showing location of key drilling results from September 1, 2014 to November 18, 2015. Yellow outline defines >0.3g/t Au distribution projected to surface. Purple outline defines >1.0g/t Au distribution projected to surface.
Yakuplu North Prospect Section - showing drilling results from September 1, 2014 to November 18, 2015 on Section NW700. Early interpretation based on nominal widespaced 50m x 40m drilling. RC holes have been used to precollar holes with diamond core tails to reach targets to +200m below surface.
Bayramdere
The Bayramdere prospect is on 50% Alacer-owned (Kartaltepe) area and is an oxide gold and copper prospect drilled in 2013 and early 2014 over a strike length of 400m. Further drilling was completed post September 1, 2014 to infill and extend mineralization on a nominal 20m x 20m spacing, as well as complete metallurgical and geotechnical drilling. A total of 4,345m of diamond drilling from 68 holes has been completed between the September 1, 2014 and October 30, 2015.
Bayramdere is lower in altitude than the Yakuplu prospects and separated from Yakuplu Southeast by a 1km wide, deeply incised valley. Bayramdere and the Yakuplu prospects are geologically connected being adjacent to and on the southwestern side of a major northwest striking regional structure that appears to control the distribution of most mineralization on the eastern side of the Çöpler District tenements.
Mineralization at Bayramdere occurs within three overlapping, iron rich gossan horizons formed along the contacts of limestone and ophiolite units. Unlike Yakuplu East and Yakuplu Southeast, there is no obvious influence of diorites on mineralization in the stratigraphy. Gold grades are high but restricted to localized areas of gossan and not all gossan carries gold. The prospect mineralization is also stratigraphically constrained with mineralization daylighting on the northern and western slopes of the prospect. The gossans on their southern sides and at the eastern end of the prospect were found to drop-off in grade. A plan and section showing Bayramdere mineralization distribution and significant assays follows.
Bayramdere Prospect Plan - showing location of key drilling results from September 1, 2014 to November 18, 2015. Yellow outline defines >0.3g/t Au distribution projected to surface. Purple outline defines >1.0g/t Au distribution projected to surface.
Bayramdere Prospect Section - showing drilling results from September 1, 2014 to November 18, 2015. High grades are localized at the center of the iron rich gossan.
Metallurgical test work completed on core reported better than Çöpler oxide ore cyanide leach recovery characteristics. Although a small prospect, Bayramdere is higher grade and can support a high strip ratio to access mineralization.
No further drilling is planned as the majority of Bayramdere mineralization is considered to have been defined within 100m of surface at a drill spacing sufficient to complete an Indicated level of resource estimation. The focus moving forward is to complete the work necessary to report a 'Maiden' Bayramdere resource.
About Alacer
Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. ("Anagold") and owned 20% by Lidya Mining. The Company's primary focus is to leverage its cornerstone Çöpler Mine and strong balance sheet to maximize portfolio value, maximize free cash flow, minimize project risk and, therefore, create maximum value for shareholders.
Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:
- Çöpler Oxide Production Optimization – expansion of the existing heap leach pad to 58 million tonnes remains on track. Approximately 70% of the Heap Leach Pad Phase 4 expansion area is within the existing mine permit area and that portion is currently under construction. The remaining 30% of the area necessary for final construction in 2016 requires an additional land use permit that is currently awaiting final approval. Initial engineering for a new heap leach pad site to the west of the Çöpler Mine is progressing. The Company continues to evaluate opportunities to optimize and extend oxide production beyond the current reserves.
- Çöpler Sulfide Project – the Company continues detailed engineering and procurement of long-lead time items. The Sulfide Project will deliver medium-term growth with robust financial returns and adds an additional 22 years of production. An Environmental Impact Assessment was approved in December 2014 and land use permits have progressed through the regulatory process and are awaiting final approval. Receipt of land use permits is required to begin Sulfide Project construction. The Sulfide Project is currently on track for commissioning at the end of 2017. The Sulfide Project will bring Çöpler Life-of-Mine gold production to 3.9 million ounces at industry low All-in Sustaining Costs averaging $637 per ounce3.
- The Company continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey. The structured and focused exploration efforts in the Çöpler District to locate additional oxide deposits, as well as in other regions of Turkey are progressing. Drilling and metallurgy work to advance the Dursunbey project in western Turkey will continue in 2015.
Detailed information regarding the Çöpler Sulfide Project can be found in the Technical Report dated March 27, 2015 available on SEDAR at www.sedar.com and on the Company's website.
Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Company also has a secondary listing on the Australian Securities Exchange where CDIs trade.
Technical Procedural Information
Exploration drilling and sampling in Turkey utilized dominantly surface HQ3 triple-tube diamond core and 5 ¼ inch diameter RC drilling methods. Reverse circulation cuttings were sampled on 1.0m intervals and core was sampled systematically in 1.0m lengths as sawn half core in competent ground or hand split if in clay or broken fault zones. All drill sample assaying was performed by the SGS Ankara commercial assay laboratory in Turkey. Samples were analyzed for gold by Fire Assay off a 30 gram charge with an AAS finish, and analyzed for silver, copper, lead and zinc using a four acid digest ICP-AES method. Gold assays over 3g/t Au were automatically re-assayed by Fire Assay with a gravimetric finish. For silver, copper, lead and zinc assay results above the ICP-AES upper detection limits, samples were re-analyzed using a four acid digest with HCI leach and AAS finish. Quality Assurance/Quality Control measures included the insertion and continual monitoring of standards, blanks and duplicates inserted into the sample stream. QA/QC samples represent approximately 10% of all assay results received. Exploration and drilling results are reported as downhole drilled thicknesses. Drill hole significant assay intervals were calculated using a minimum downhole length of 5m @ >1.00g/t Au (body of text) or 2m @ >1.00g/t Au (Appendices). Grades were calculated using length weighted average sample grades for the interval. No top cut was applied.
Qualified Persons
The information in this release which relates to exploration results is based on information compiled by James Francis, BSc (Hons) Geology and MSc Mining Geology, MAusIMM, MAIG, who is a full-time employee of Alacer. Mr. Francis has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and a qualified person pursuant to NI 43-101. Mr. Francis consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
Cautionary Statements
Except for statements of historical fact relating to Alacer, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and other public filings of Alacer. Forward-looking information often relates to statements concerning Alacer's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.
Forward-looking information includes statements concerning, among other things, preliminary cost reporting in this press release, production, cost and capital expenditure guidance; ability to expand the current heap leach pad, development plans for processing sulfide ore at Çöpler; results of any gold reconciliations; ability to discover additional oxide gold ore, the generation of free cash flow and payment of dividends; matters relating to proposed exploration, communications with local stakeholders and community relations; negotiations of joint ventures, negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates; the development approach, the timing and amount of future production, timing of studies, announcements and analysis, the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; ability to draw under the finance facility and satisfy conditions precedent including execution of security and construction documents; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory and political matters that may influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of Alacer's filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders and community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer's operations, commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and final receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production and ability to meet production, cost and capital expenditure targets; timing and ability to produce studies and analysis; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process and sell mineral products on economically favorable terms and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in Alacer's filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
Appendix 2 - JORC Code Table 1
The following tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of exploration results.
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
| Sampling Techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. |
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| Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. |
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| Aspects of the determination of mineralization that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (eg submarine nodules) may warrant disclosure of detailed information. |
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| Drilling Techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). |
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| Drill Sample Recovery | Method of recording and assessing core and chip sample recoveries and results assessed. |
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| Measures taken to maximize sample recovery and ensure representative nature of the samples. |
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| Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
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| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
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| Whether logging is qualitative or quantitative in nature. Core (or costean, channel etc) photography. |
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| The total length and percentage of the relevant intersections logged. |
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| Sub-Sampling Techniques and Sample Preparation | If core, whether cut or sawn and whether quarter, half or all core taken. |
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| If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. | RC samples are drilled using a face sampling hammer with samples collected via a rig side-mounted cyclone and rotary cone splitter. Samples are collected dry. Occasional moist samples are collected at top of sample intervals following 3m rod changes. Samples remain dry during metre by metre blow-out of contaminants in cyclone and cone splitter. Duplicate samples are collected using a 50/50 Jones riffle splitter at the drill rig. | |
| For all sample types, the nature, quality and appropriateness of the sample preparation technique. |
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| Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. |
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| Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. |
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| Whether sample sizes are appropriate to the grain size of the material being sampled. |
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| Quality of Assay Data and Laboratory Tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
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| For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
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| Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
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| Verification of Sampling and Assaying | The verification of significant intersections by either independent or alternative company personnel. |
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| The use of twinned holes. |
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| Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
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| Discuss any adjustment to assay data. |
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| Location of Data Points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. |
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| Specification of the grid system used. |
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| Quality and adequacy of topographic control. |
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| Data Spacing and Distribution | Data spacing for reporting of Exploration Results. |
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| Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
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| Whether sample compositing has been applied. |
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| Orientation of Data in Relation to Geological Structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. |
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| If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
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| Sample Security | The measures taken to ensure sample security. |
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| Audits or Reviews | The results of any audits or reviews of sampling techniques and data. |
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Section 2 Reporting of Exploration Results
| Criteria | JORC Code explanation | Commentary |
| Mineral Tenement and Land Tenure Status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. |
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| The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
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| Exploration Done by Other Parties | Acknowledgment and appraisal of exploration by other parties. |
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| Geology | Deposit type, geological setting and style of mineralization. |
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| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
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| Data Aggregation Methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. |
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| Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
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| The assumptions used for any reporting of metal equivalent values should be clearly stated. |
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| Relationship between Mineralization Widths and Intercept Lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). |
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| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
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| Balanced Reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
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| Other Substantive Exploration Data | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
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| Further Work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
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1 See Alacer announcement "Alacer Announces Exploration Results in Turkey", dated September 15, 2014 on the Company's website at www.alacergold.com, on the ASX at www.asx.com.au, or on SEDAR at www.sedar.com.
2 See Alacer announcement "Alacer Announces Exploration Results in Turkey", dated September 15, 2014 on the Company's website at www.alacergold.com, on the ASX at www.asx.com.au, or on SEDAR at www.sedar.com.
3 All-in Sustaining Costs are a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the "Non-IFRS Measures" section of the MD&A for September 30, 2015.
SOURCE Alacer Gold Corp.
Contact
on Alacer Gold Corp., please contact: Lisa Maestas - Director, Investor Relations at +1-303-292-1299
