Old stockpiles yield copper-gold resource
10th May 2012
TORONTO, May 10 – The stockpiles from 17 years of mining at Alder Resources’ flagship Rosita copper/gold porphyry project in Nicaragua have been found to contain something of a treasure trove.
An independent evaluation has come up with an NI 43-101 compliant inferred resource of 108.5Mlb of copper, 118,500oz of gold and 2.35Moz of silver within 7.95Mt. This resource is based on a cut-off of 0.15% copper equivalent and averages 0.62% Cu, 0.46g/t Au and 9.21g/t Ag, for 1.01% CuEq.
The Coffey evaluation has estimated the inferred resource can be converted to an indicated resource by drilling about 20-25 infill reverse circulation holes over the stockpiles, on a 50m x 50m grid to a minimum depth of 25m.
Alder's CEO Joe Arengi says he believes the company can add to this tonnage with an in-situ resource in the vicinity of the two old open pits.
An on-going IP resistivity survey is continuing to develop intriguing anomalies suggestive of porphyry-type Cu-Au targets at the Bambana prospect, near Rosita, that will be drill tested in the coming months.
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