VANCOUVER, Oct. 1, 2012 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV: HTR) announces that the Company has recently signed a Memorandum of Understanding ("MOU") with the Ketchikan Gateway Borough to assess the Gravina Island Industrial Complex as an infrastructure site for its 100% owned Niblack Copper-Gold-Zinc-Silver Project in southeast Alaska. Gravina Island is the preferred option of the potential sites for a mill and tailings facility for the Niblack Project.
This MOU between the Ketchikan Gateway Borough and Heatherdale's Alaskan subsidiary, Niblack Project LLC ("Niblack LLC"), provides the basis for the parties to work cooperatively to further assess the suitability of the Gravina Island location. The MOU allows Niblack LLC to undertake a broad range of investigations to evaluate whether the site is both an acceptable and preferred location for siting such facilities. The investigations will include environmental, socio-economic, technical, financial, and engineering studies. Consultation with local residents, land and business owners, and government will also occur. At the same time the MOU provides for the Ketchikan Gateway Borough to fully investigate issues relating to public safety, environmental protection and responsible resource use before entering into any development agreement with Niblack LLC, and to broadly consult with local communities and other stakeholders before decisions are made. It also gives the Borough an opportunity to better evaluate the positive economic and job related benefits that the Niblack Project would bring to the community. This work would be in addition to established assessments by state and federal agencies that would occur prior to any project development.
President and CEO Patrick Smith said: "Building working relationships with local communities, governments and businesses is an important measure of our progress on this project. Thus, we are very pleased to have established this MOU to begin on-the-ground assessments of infrastructure sites. We will continue to work with the Ketchikan Gateway Borough and other local communities in southeast Alaska, especially those on Prince of Wales Island, to find the best ways to advance the Niblack Project."
Update on 2012 Site Program
Heatherdale has also advanced with resource delineation at the Niblack Project in 2012. A 15,000 foot surface drilling program began in July and as a result of mineralized zones encountered at Trio, work has been focused on that deposit. Drilling is currently wrapping up at site, with initial assay results to be released over the coming weeks.
About the Niblack Project
Heatherdale's 100%-owned Niblack Project hosts volcanogenic massive sulphide ("VMS") mineralization within a folded sequence of felsic volcanic rocks that extends for some six miles across the property. Exploration activity, including excavation of an exploration adit and extensive surface and underground drilling has identified six mineralized zones and established significant mineral resources in the Lookout and Trio deposits that laid the foundation for engineering studies that began last year.
Located at tidewater on Prince of Wales Island, Niblack is approximately 27 miles (44 km) from Ketchikan, a community of 8000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' 'Large Mine Permitting Team'.
Currently the Lookout and Trio deposits comprise 5.6 million tonnes of indicated resources grading 0.95% copper, 1.75 g/t gold, 1.73% zinc, 29.52 g/t silver plus 3.4 million tonnes of inferred resources grading 0.81% copper, 1.32 g/t gold, 1.29% zinc, 20.10 g/t silver, at a US$50 net smelter return (NSR) cut off. Within the indicated resource, there is a continuous high grade zone which, at a US$150 NSR cut off, comprises 1.2 million tonnes grading 1.71% copper, 3.21 g/t gold, 3.83% zinc, 62.68 g/t silver. In addition to the open extensions of the Trio and Lookout deposits, only one quarter of the extent of the prospective horizon has been drilled so there is excellent potential to discover additional VMS deposits and substantially increase the mineral resources at Niblack.
About Heatherdale
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing its high-grade mine development opportunity at the Niblack Project. It also holds a 60% interest, with the option to acquire 100% in the mid-stage Delta copper-lead-zinc-gold-silver project, located in east-central Alaska. Heatherdale is associated with the Hunter Dickinson group, which has a track record of successful mineral exploration and development projects around the world.
Mark Rebagliati, P. Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Heatherdale and has reviewed the content of this release.
On behalf of the Board of Directors
Patrick Smith
President and CEO
Neither the 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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
Information Concerning Estimates of Indicated and Inferred Resources
This news release uses the terms "indicated resources" and "inferred resources". Heatherdale advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
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1 Net Smelter Return (NSR) cutoff uses long-term metal forecasts: gold US$1150/oz, silver US$20.00/oz, copper US$2.50/lb, and zinc US$1.00/lb; Recoveries (used for all NSR calculations) to Cu concentrate of 95% Cu, 56% Au and 53% Ag with payable metal factors of 96.5% for Cu, 90.7% for Au, and 89.5% for Ag; to Zn concentrate of 93% Zn, 16% Au, and 24% Ag with payable metal factors of 85% for Zn, 80% for Au and 20% for Ag. For further details see Heatherdale News Release dated November 29 2011.
SOURCE: Heatherdale Resources Ltd.
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For further details on Heatherdale Resources Ltd., please visit the website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
