TIDMDALR
Initial revised mineral resource modeling approach for two veins
at Curraghinalt show increase in ounces
TORONTO, September 11, 2017/Marketwired/ - Dalradian Resources Inc.
(TSX:DNA; AIM:DALR) ("Dalradian" or the "Company") announces that a
sensitivity study estimation performed on two of the major veins in the
Curraghinalt gold deposit (T17 and V75 veins) resulted in a 37% increase
in grade and a 10% increase in ounces. In the new study, the geology
wireframes were re-modelled using assays with a heavier emphasis on
logged geology. This approach yields 24% narrower veins accompanied by a
20% decrease in tonnage. (See Tables 1 and 2 below.) Composite length
was adjusted from 0.5 to 0.3 metres to reflect the narrower domains, but
all other parameters remain unchanged with the aim to isolate the impact
of re-wireframing.
Dalradian assessed the impact of the revised modelling methodology on
potentially mineable material for the two veins by applying the same
parameters as those used in the December 2016 feasibility study (FS). It
was found that the revised vein block models resulted in a higher
potentially mineable tonnage of 34% and a corresponding increase in
mineable ounces of 32% at the expense of a marginal decrease in grade
(1.5%). (See Tables 3 and 4 below.)
This change in modelling sequence, where wireframing is carried out on
geology and assays, followed by compositing within these wireframes, can
in part explain the positive reconciliation between mill and resource
(42% more ounces) resulting from the test stopes completed in 2016. (See
news releases of September 14 and December 8.)
Patrick F.N. Anderson, President and CEO said, "We are pleased with the
results of this exercise, which uses the same drill data to compare the
impact of wireframing prior to compositing, in estimating the mineral
resources and resulting mineral reserves at Curraghinalt. The new method
is the culmination of a great amount of hard work and reflects our
better understanding of the deposit. The resulting shapes for the T17
and V75 veins are more heavily influenced by geology as opposed to
previous models which were largely grade driven. This has resulted in
smoother, higher grade veins that are only slightly narrower than in the
previous model. The implications are that we can use longhole mining
methods more extensively and bring new ounces into the mine plan which
had previously been below the cut-off grade (see Figure 1). The bottom
line is that we have 32% more mineable ounces for the two veins tested."
Figure 1 is also available at
http://www.dalradian.com/news-and-events/news-releases/news-releases-details/September-11-2017-News-Release-Figures/.
The sensitivity study estimation announced today does not represent a
new resource update. However, the Company expects that this revised
wireframing approach will be used in the updated resource estimate
planned once the current drill program is completed and expects similar
positive results from the other modelled veins.
Table 1: Comparative V75 Vein Estimates
Comparison of V75 Mineral Resource 2016 with revised
mineral modeling estimates 2017
2016 Mineral Resource 2017 Estimates % Change
Mineral
Resource Tonnes Au Au Oz Tonnes Au Au Oz Au
Category (' 000 t) GPT (' 000 oz) (' 000 t) GPT (' 000 oz) Tonnes GPT Au Oz
Measured &
Indicated 497 13.15 210 377 17.88 217 -24% 36% 3%
Inferred 1,085 9.57 334 881 12.95 367 -19% 35% 10%
* 2016 Mineral Resources are reported at a cut-off grade of 5.0 gpt
gold. 2017 estimated quantities are reported at 5.0 gpt gold. All
figures have been rounded to reflect the relative accuracy of the
estimates. Discrepancies in sums may be due to rounding. 2017 Estimates
do not represent a new resource update.
Table 2: Comparative T17 Vein Estimates
Comparison of T17 Mineral Resource 2016 with revised
mineral modeling estimates 2017
2016 Mineral Resource 2017 Estimates % Change
Mineral
Resource Tonnes Au Au Oz Tonnes Au Au Oz Au
Category (' 000 t) GPT (' 000 oz) (' 000 t) GPT (' 000 oz) Tonnes GPT Au Oz
Measured &
Indicated 709 14.30 326 593 19.70 375 -16% 38% 15%
Inferred 481 8.78 136 380 12.13 148 -21% 38% 9%
* 2016 Mineral Resources are reported at a cut-off grade of 5.0 gpt
gold. 2017 estimated quantities are reported at 5.0 gpt gold. All
figures have been rounded to reflect the relative accuracy of the
estimates. Discrepancies in sums may be due to rounding. 2017 Estimates
do not represent a new resource update.
Table 3: Comparative T17 and V75 Mineral Reserve 2016 vs. Veins
Estimates Mineable Material 2017
2016 Mineral Reserve 2017 Estimates Mineable Material
(0.328 oz/t mined) (0.323 oz/t mined)
GPT GPT
Tonnes Au Oz Au % of Total Tonnes Au Oz Au % of Total
Longhole 421,291 10.58 143,300 35% 687,408 10.00 220,905 43%
Uppers 248,058 8.36 66,683 21% 279,514 7.84 70,424 17%
Pillars 131,887 7.38 31,313 11% 147,379 7.89 37,385 9%
Cut and Fill 182,353 11.41 66,914 15% 227,525 11.26 82,351 14%
Development 217,865 12.18 85,281 18% 262,803 12.63 106,737 16%
Total/Average 1,201,454 10.19 393,492 100% 1,604,628 10.04 517,802 100%
Note: The above table is not intended to be a mineral reserve statement.
Table 4: Variation from Mineral Reserve 2016 and Vein Estimates Mineable
Material 2017
Change in Vein Estimates from 2016 to 2017
Tonnes % GPT Au % Ounces %
Longhole 266,117 63% -0.58 -6% 77,606 54%
Uppers 31,456 13% -0.52 -6% 3,741 6%
Pillars 15,492 12% 0.51 7% 6,072 19%
Cut and Fill 45,172 25% -0.16 -1% 15,436 23%
Development 44,938 21% 0.46 4% 21,456 25%
Total/Average 403,174 34% -0.15 -1.5% 124,310 32%
Note: The above table is not intended to be a mineral reserve statement.
Figure 1: Comparison of Mine Plan, showing increase in mineable M&I and
longhole tonnage
(both at a cut-off grade of 5.0 g/t Au)
Qualified Persons
Eric Tremblay, P. Eng., Chief Operating Officer and Greg Hope, MSc, MAIG,
Exploration and Geology Manager, are the Qualified Persons who
supervised and reviewed the preparation of the technical data in this
news release.
For additional details on the Curraghinalt high-grade lode gold deposit,
please refer to the Company's technical report titled "NI 43-101
Feasibility Study Technical Report on the Curraghinalt Gold Project
Northern Ireland" (the "Technical Report"), dated January 25, 2017 and
prepared by Garett Macdonald, P.Eng., Michael Makarenko, P.Eng., Indi
Gopinathan, P.Eng. and Stacy Freudigmann, P.Eng., all of JDS Energy &
Mining Inc., and Jean-François Couture, P.Geo., Bruce Murphy,
P.Eng., Cam Scott, P.Eng., all of SRK Consulting (Canada) Inc., and
William Harding, C.Geol., of SRK Consulting (UK) Ltd., all of whom are
independent Qualified Persons as defined by NI 43-101. The Technical
Report is available on the Company's website and on SEDAR at
www.sedar.com.
About Dalradian Resources Inc.
Dalradian Resources Inc. is a mineral exploration and development
company that is focused on advancing its high-grade Curraghinalt Gold
Project located in Northern Ireland, United Kingdom.
For more information:
Marla Gale
Vice President Communications
+1 416 583 5600
investor@dalradian.com
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Richard Tonthat
+44 (0)20 7383 5100
Canaccord Genuity Limited (Broker)
Henry Fitzgerald-O'Connor / Martin Davison
+44 (0)20 7523 8000
FORWARD LOOKING STATEMENTS
This press release contains "forward looking information" which may
include, but is not limited to, statements with respect to future
financial or operating performance of the Company and its subsidiary and
its mineral project, the future price of metals, test work and
confirming results from work performed to date, the estimation of
mineral resources and mineral reserves, the realization of mineral
resource and mineral reserve estimates, the timing and amount of
estimated future production, costs of production, capital, operating and
exploration expenditures, costs and timing of the development of new
deposits, costs and timing of future exploration, requirements for
additional capital, government regulation of mining operations,
environmental risks, reclamation expenses, title disputes or claims,
limitations of insurance coverage, the timing and possible outcome of
pending regulatory matters and the realization of the expected
production, economics and mine life 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 statements 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 such as the continued political stability in
Northern Ireland, that permits required for Dalradian's operations will
be obtained on a timely basis in order to permit Dalradian to proceed on
schedule with its planned exploration and mine development, construction
and production programs, that skilled personnel and contractors will be
available as Dalradian's operations commence and continue to grow
towards production and mining operations, that the price of gold will be
at levels that render Dalradian's mineral project economic, that the
Company will be able to continue raising the necessary capital to
finance its operations and realize on mineral resource and mineral
reserve estimates and current mine plans, that the assumptions contained
in the Company's Technical Report dated January 25, 2017 are accurate
and complete, that the results of the ESIA will be positive and that a
permitting application for mine construction will be approved.
Forward looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Dalradian 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 and future exploration
activities; the actual results of reclamation activities; conclusions of
economic evaluations; meeting various expected cost estimates; changes
in project parameters and/or economic assessments as plans continue to
be refined; future prices of metals; possible variations of mineral
grade or recovery rates; the risk that actual costs may exceed estimated
costs; 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
for the year ended December 31, 2016 dated March 23, 2017 (the "AIF").
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 press 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Dalradian Resources Inc. via Globenewswire
http://www.dalradian.com/
(END) Dow Jones Newswires
September 11, 2017 02:41 ET (06:41 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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