TORONTO, Feb. 24, 2014 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Company") [TSX: ASR and ASX: AQG] announces results from the Company's 2013 exploration program in Turkey. Below are highlights from the 2013 drilling exploration program. Results are from two areas in the Çöpler District (Bayramdere and Yakuplu) and first results from a new project in western Turkey (Dursunbey). To view the complete drill assay results and further technical information relating to this news release, please visit the following link: http://www.alacergold.com/wp-content/uploads/2014/02/2014-02-24-Exploration-Update-Appendices-1-and-2-FINAL.pdf or visit the Company's website at www.alacergold.com.
HIGHLIGHTS
- Drill results from Bayramdere in the Çöpler District:
- BDRD-001: 13m at 3.7g/t Au from 33m
- BDRC-006: 8m at 4.5g/t Au from 29m
- BDRC-014: 6m at 4.1g/t Au from 35m
- BDRC-015: 5m at 4.6g/t Au from 27m
- Drill results from Yakuplu in the Çöpler District:
- YRC-025: 20m at 1.3g/t Au and 0.22% Cu from 1m
- YRC-026: 36m at 1.3g/t Au and 0.47% Cu from 5m
- YRC-027: 37m at 0.8g/t Au and 0.20% Cu from 5m
- YRC-028: 35m at 0.9g/t Au and 0.63% Cu from surface
- Drill results from Dursunbey in western Turkey:
- DRD-002: 26.5m at 7.9g/t Au and 77g/t Ag from surface
- DRD-006: 12.0m at 11.7g/t Au and 190g/t Ag from 21m
- DRD-015: 20.6m at 10.8g/t Au and 131g/t Ag from 19m
- DRD-017: 8.4m at 10.8g/t Au and 241g/t Ag from 28m
- DRD-023: 16.3m at 10.3g/t Au and 274g/t Ag from 10m
Rod Antal, CEO of Alacer, stated "The strong results from our 2013 exploration program build on the considerable target definition activities from previous years and demonstrate our ability now to leverage the significant geological understanding of Turkey that we have built over the years. Our 2014 exploration strategy is focused on converting this geological knowledge into assets that will yield additional production ounces for the Çöpler Gold Mine and new producing mines. The highest priority targets will be in the Çöpler District, with drilling aimed at delineating supplementary ore for the Çöpler Gold Mine. At the same time, the early exploration results from Dursunbey are highly encouraging and hold the potential to add future value, in keeping with our strategy to become a significant, multi-mine producer in Turkey."
2014 EXPLORATION PROGRAM
The 2014 exploration program objectives are:
- To discover additional oxide ore in the Çöpler District to supplement ore feed coming from the Çöpler Gold Mine. Our focused exploration projects include: Bahçe, Yakuplu, Bayramdere, Aslantepe, Fındıklıdere and Demirmağara.
- To continue early-stage drilling at Dursunbey and drill test at least two more regional projects including Ivrindi and Sarıçayıryayla, where soil geochemistry and rock chip sampling undertaken during 2013 have delineated high levels of gold anomalism.
- To identify further drill targets based on geochemical and geophysical anomalies identified in the 2013 work program, both in the Çöpler District and at other properties located elsewhere in Turkey.
As we refocus our exploration efforts, the Çöpler District remains of key importance to Alacer. The priority for the Çöpler District exploration is to discover shallow oxide gold ore to supplement the existing heap leach feed to the Çöpler Gold Mine, leveraging off existing infrastructure and support. Potential also exists for standalone projects in the extensive mineralized system that covers an area approximately 15 km by 25 km. The Çöpler District has been historically underexplored and Alacer believes that the Çöpler Gold Mine has the potential to be the first of several gold deposits in the district.
Beyond the Çöpler District, Alacer will continue regional exploration activities in Turkey given the excellent prospectivity of the country. The focus on Turkey allows Alacer to leverage off its knowledge and strategic advantage in the country to not only improve the chances of making a discovery, but also to bring future discoveries to account for the benefit of its shareholders.
Expenditure on Alacer's exploration portfolio in Turkey is planned to total $21 million during 2014, of which $9 million is attributable to Alacer. Alacer's exploration portfolio in Turkey is held in various joint ventures with our Turkish partner, Lidya Madencilik San. Ve Tic, A.Ş. ("Lidya Mining").
| |
Alacer
Contribution
(%) |
Exploration
100%
($ millions) |
Exploration
Attributable
($ millions) |
| Çöpler District (80/20) |
80% |
4.5 |
3.6 |
| Çöpler District (50/50) |
50% |
6.6 |
3.3 |
| Turkey Regional - Polimetal |
20% |
8.6 |
1.7 |
| Turkey Regional - Cevizlidere |
50% |
0.5 |
0.3 |
| Other |
100% |
0.5 |
0.5 |
| TOTAL |
|
20.7 |
9.4 |
ÇÖPLER DISTRICT PROPERTIES
Alacer's exploration licenses surrounding the Çöpler Gold Mine cover most of a 15 km by 25 km 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 Mining.
To view related diagram, please see page 1 of the following link: http://files.newswire.ca/986/AlacerMaps.pdf
Exploration work completed in the Çöpler District during 2013 included:
- Geochemistry and ground geophysical surveys; and
- Initial drilling of targets at Yakuplu, Bayramdere, Demirmağara, Karakartal and Fındıklıdere.
Çöpler District Geochemical Coverage
A total of 4,690 soil samples and 1,611 rock samples were collected during 2013, with 73% of the Çöpler District covered by soil geochemistry by the end of the year.
The geochemical work completed during 2013 has identified multiple targets within the Çöpler District. Prospects identified as being highly prospective for oxide gold discoveries in close proximity to the Çöpler Gold Mine are:
- Bahçe located 2.0 km north of the mine;
- Demirmağara located about 6.0 km to the southwest of the mine; and
- Yakuplu, Bayramdere, Aslantepe and Fındıklıdere prospects located about 6 to 8 km to the east of the mine.
The 13 km long north-south trending mineralized belt on the eastern margin of the Çöpler District hosts various styles of mineralization, mainly epithermal, skarn and porphyry style gold and gold-copper mineralization.
To view related diagram, please see page 2 of the following link: http://files.newswire.ca/986/AlacerMaps.pdf
Bayramdere
During 2013 a total of 4,024 m of drilling was completed in 28 drill holes at Bayramdere Main Zone. The geology and mineralization at Bayramdere are similar to the Yakuplu area but the oxide gold mineralization is generally higher grade.
Encouraging near-surface drill results from Bayramdere during 2013 are summarized in the diagram below:
To view related diagram, please see page 3 of the following link: http://files.newswire.ca/986/AlacerMaps.pdf
Bayramdere's high-grade zone is a horizontal near-surface tabular oxide body along a low-angle thrust fault between serpentines and limestones. Further drilling will be carried out in 2014 with the objective of delineating the extent of Main Zone oxide gold mineralization and other nearby zones in the license area in 2014.
Porphyry gold-copper mineralization was discovered at Aslantepe in late 2013. The mineralization is located about 2 km east of the Bayramdere Main Zone under alluvial cover. This is a new porphyry system with high-grade gold values over 1.3g/t gold and 0.6% copper from rock-chip samples. Detailed surface exploration work is in progress with the objective of delineating drill targets.
Yakuplu
During 2013 a total of 1,047m of drilling was completed in 8 drill holes in the East Pit at Yakuplu. The geology is comprised of serpentines, recrystallized limestone and dioritic intrusives. The Yakuplu area has several small open pits from historical small-scale mining of iron ore.
Encouraging near-surface drill results from Yakuplu during 2013 are summarized in the diagram below:
To view related diagram, please see page 4 of the following link: http://files.newswire.ca/986/AlacerMaps.pdf
Oxide gold mineralization is generally found near the contact zones between geological units. Porphyry copper-gold mineralization is also present in the target area.
The East Pit mineralization is open at depth, to the north and southwest. This mineralization is interpreted to join with the Main Pit to the southwest where the bulk of the 2014 drilling will be undertaken. Yakuplu has thick oxide gold mineralization and the potential is increasing as drilling continues and higher grade gold mineralization is intersected towards the south and southwest.
Demirmağara
During 2013, a total of 1,465m of drilling was completed in 8 Diamond drill holes. Demirmağara geology is comprised of limestones, recrystallized limestones, dioritic intrusives and serpentines. Epithermal, skarn and porphyry mineralization is common in the property.
As a result of geochemical and geological work in 2013, several new drill targets were delineated in the south and southwest parts of Demirmağara area. The new targets will be drilled in 2014.
TURKEY REGIONAL EXPLORATION
The projects in Alacer's exploration portfolio in Turkey are generally at an early stage as exploration has until recently focused on the Çöpler Gold Mine and Çöpler District. All of Alacer's regional exploration projects in Turkey are managed in a 20% / 80% joint venture with our Turkish partner Lidya Mining, with the exception of Dursunbey, which is a 50% / 50% Alacer JV with Lidya Mining. Alacer has the right to "claw back" to a 50% / 50% interest in individual projects within the 20% / 80% JV upon a payment to Lidya in respect of exploration expenditure on that project.
Dursunbey
Dursunbey is located approximately 190 km south of Istanbul in Balıkesir Province of western Turkey. The discovery hole (DRD-002) intersected 26.5m at 8.0g/t gold and 77g/t silver from surface.
The geology of the Dursunbey area is comprised of a variety of metamorphic and intrusive rocks. Gold, silver and base metal mineralization is hosted in a variety of metamorphic rocks, primarily schists. The mineralization mainly includes gossans (oxides), massive sulfides and their disseminated forms as tabular bodies which are shallowly dipping to the west and northwest.
The first phase of the Dursunbey Diamond drilling program was completed during 2013. A total of 7,202m of drilling including 6,295m of Diamond drilling in 56 drill holes, and 908m of Reverse Circulation ("RC") drilling in 14 drill holes were completed by the end of 2013. By the end of 2013, assays had been received for the first 41 Diamond drill holes.
Initial results from this first phase of drilling at Dursunbey include:
Hole
Number |
From
(m) |
To
(m) |
Downhole
(m) |
Gold
(g/t) |
Silver
(g/t) |
Copper
(%) |
Lead
(%) |
Zinc
(%) |
| DRD-002 |
Surface |
26.5 |
26.5 |
7.9 |
77 |
0.46 |
0.29 |
0.19 |
| DRD-006 |
21 |
33.0 |
12.0 |
11.7 |
190 |
0.39 |
0.59 |
0.91 |
| DRD-015 |
19 |
39.6 |
20.6 |
10.8 |
131 |
- |
0.67 |
- |
| DRD-017 |
28 |
36.4 |
8.4 |
10.8 |
241 |
- |
0.84 |
0.21 |
| DRD-023 |
10 |
26.3 |
16.3 |
10.3 |
274 |
0.10 |
1.00 |
0.15 |
To view related diagram, please see page 5 of the following link: http://files.newswire.ca/986/AlacerMaps.pdf
The second phase of the Dursunbey drilling program is currently being undertaken with one RC and four Diamond drill rigs. The 2014 program includes infill and extensional drilling with the aim of determining the continuity and extent of mineralization at Dursunbey.
Other Turkey Regional Exploration Projects
The Ivrindi prospect is located about 130 km to the west of Dursunbey in Balıkesir Province. The geology is comprised of metamorphic schist, marbles, meta volcanics and intrusive rocks. The mineralization has similarities to Dursunbey in nature but is interpreted to be a larger scale system based on surface geological mapping. Detailed exploration work and initial drilling are planned to be carried out in 2014.
The Sarıçayıryayla prospect is located about 130 km to the southeast of Istanbul in the Bursa Province. Geology of the license area is comprised of marbles, schists, a variety of volcanic rocks and intrusives. Skarn and porphyry copper-gold mineralization is common in the prospect area. Detailed exploration work and initial drilling are planned to be carried out at Sarıçayıryayla in 2014.
The Cevizlidere prospect is located about 600 km east-southeast of Ankara in Tunceli Province. Cevizlidere contains a copper-gold-molybdenum porphyry deposit that has not been drilled since 2005 and remains open to the southeast and at depth. Alacer plans to continue preparatory work during 2014 prior to undertaking further drilling.
About Alacer
Alacer Gold Corp. is a leading intermediate gold mining company and its world-class operation is the 80% owned Çöpler Gold Mine in Turkey. Alacer also has 11 active exploration projects in Turkey which are joint ventures with our Turkish partner Lidya Mining.
During 2013, Çöpler produced 216,850 attributable ounces at an estimated All-In Cost1 of approximately $8652 per ounce.
Çöpler is currently an open-pit, heap-leach operation that is producing gold from oxide ore. The treatment of sulfide ore via pressure oxidation is being evaluated and a Definitive Feasibility Study is planned to be completed by June 2014.
_____________________________
1 All-in Costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For futher information, see the "Non-IFRS Measures" section of the MD&A for the three-month period ended September 30, 2013.
2 2013 costs are preliminary. Unaudited and final costs will be released with Alacer's full-year financial results on or about March 12, 2014.
Technical Procedural Information
Exploration drilling and sampling in Turkey utilized surface NQ2 Diamond core and RC drilling methods. Reverse circulation cuttings were sampled on 1.0m intervals and core was sampled at geologically selected intervals ranging from 0.7m to 2.0m, but generally in 1.0m lengths as sawn half core in competent ground or hand split if clay. All drill sample assays were performed by ALS-Chemex laboratories in Izmir, Turkey and Vancouver, BC, Canada, except for the first round of drilling at Dursunbey that was assayed at SGS laboratory in Ankara, Turkey. Samples were analyzed for gold by Fire Assay off a 30 gram charge with an AA finish, and analyzed for silver, copper, lead and zinc using a four acid digest ICP-AES method. 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 ICP-AES or AAS finish. Quality Assurance/Quality Control included the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at regular intervals within each batch. Exploration and drilling results are reported as downhole drilled thicknesses. Drill hole assay intervals were calculated using a lower cut-off grade of approximately 0.3g/t gold for oxide mineralization and 0.6g/t gold for sulfide mineralization. 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 Gold. 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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. 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 news release, production, cost and capital expenditure guidance; development plans for processing sulfide ore at Çöpler; 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; economic conditions; availability of sufficient financing; exploration plans 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.
SOURCE Alacer Gold Corp.
PDF available at: http://stream1.newswire.ca/media/2014/02/24/20140224_C6631_DOC_EN_37045.pdf
For further information:
For further information on Alacer Gold Corp., please contact:
Lisa Maestas - Director of Investor Relations - North America at +1-303-292-1299
Roger Howe - Director of Investor Relations - Australia at +61-2-9953-2470
