TORONTO, Feb. 26, 2018 (GLOBE NEWSWIRE) — Alacer Gold Corp. (“Alacer” or the “Corporation”) (TSX:ASR) and (ASX:AQG) is pleased to announce additional positive drill results for the Ardich gold prospect (formerly known as Çakmaktepe Far North). All holes have intersected predominantly oxide mineralization with some impressive grades, including hole AR09 with 67.7m averaging 4.08 g/t gold. Mineralization remains open in all directions, with the new holes extending the known mineralized gold zone laterally to approximately 400m x 500m. All of the drilling is within the 80% Alacer owned and managed licenses.
Rod Antal, Alacer’s President and Chief Executive Officer, stated, “Last year we announced an increase to our Çakmaktepe resource, a maiden reserve, and the plans to start mining at Çakmaktepe Central in the fourth quarter of 2018. This was a great start in achieving our strategy of adding oxide gold production from outside of the Çöpler Mine.
The latest Ardich drill results provide us with a great deal of enthusiasm for the potential to add another oxide ore source in the future. These drill results are high quality and over a large mineralized area that remains open. The outlook for Ardich is very exciting.”
Ardich is located approximately 6km northeast of the Çöpler Gold Mine which currently has an operating oxide ore heap leach operation and a soon to be completed pressure oxidation plant to treat the sulfidic gold ores (Figure 1). Metallurgical test work has commenced on composite Ardich ore types. Ardich is only 1.5km north of the Çakmaktepe deposit for which a haul road to Çöpler is under construction. Alacer will progress the exploration this year to better understand the mineralization with the goal of defining a Mineral Resource for Ardich and concurrently progressing the permitting process.
An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2f8a8f17-b669-4863-8ed7-53ac03fb8480
Geological and structural mapping at surface delineated an 800m x 400m target area of gold mineralization within a northwest-southeast structural zone. Drilling has confirmed that the mineralization extends beyond the surface expression. The gold mineralization occurs within carbonate-silica altered ophiolite and dolomitic carbonate contacts controlled by a low angle thrust fault (Figure 2). Distribution of gold mineralization broadly corresponds with stockwork and sheeted crystalline and chalcedonic quartz veins, as well as a northwest/southeast trending brecciated listwanite body. The drilling results suggest that gently dipping listwanite-dolomite contacts trapped higher-grade gold bearing oxidized mineralization. Copper and silver grades are very low, averaging <40 ppm and <2.5 g/t, respectively.
The mineralization appears to be tabular and almost flat lying. The gold mineralization is predominantly oxide mineralization with sulfide intervals mainly constrained to jasperoid zones.
An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a81cc174-f11e-442f-88f3-f6e53b1a0e87
The current drilling program was designed to step out and test the lateral extent of mineralization. This has been successful defining an area of approximately 500m x 400m of mineralization (Table 1). It appears the mineralization is extending beyond the current drill program so far and the prospect remains open in all directions (Figure 3). The drilling was all diamond core drilling with a total of 18 holes completed (including holes 1-5 previously announced) for a total of 3,333m (AR01 to AR18). Holes were predominantly drilled in HQ size (63.5mm in diameter) with 3 PQ size (85mm in diameter) holes drilled to collect sufficient sample for the first phase of metallurgical testing.
An image accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/118a28e4-7859-4cf6-b84b-b34ae02c3cd0
Significant results are down hole length0F1 and include:
- AR01 with 40.9m averaging 1.43 g/t gold and including 6m averaging 5.69 g/t gold
- AR04 with 90.8m averaging 1.79 g/t gold and including 21.2m averaging 5.56 g/t gold
- AR07 with 22.8m averaging 2.53 g/t gold and 22.5m averaging 3.36 g/t gold
- AR09 with 67.7m averaging 4.08 g/t gold including 14.2m averaging 7.21 g/t gold
- AR12 with 50m averaging 2.02 g/t gold
- AR15 with 39m averaging 2.39 g/t gold
- AR17 with 37m averaging 1.67 g/t gold
Table 1. Significant gold intercepts at the Ardich Prospect (holes 1-5 were previously announced).
|Hole ID||From (m)||To
Significant gold intervals reported at a nominal 0.3 g/t gold cut-off and with a maximum 3.5m contiguous dilution are given in Table 1. All thicknesses are down hole length and true widths are not known at this stage.
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/docs/default-source/press-releases/supporting-information-for-alacer-gold-exploration-announcement-2.pdf or visit the Company’s website at www.alacergold.com.
Alacer is a leading low-cost gold producer, with an 80% interest in the world-class Çöpler Gold Mine located in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”). The Corporation’s primary focus is to leverage its cornerstone Çöpler Mine and strong balance sheet to maximize portfolio value and free cash flow, minimize project risk, and therefore, create maximum value for shareholders. The Çöpler Mine is in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast from Istanbul and 550 kilometers east from Ankara, Turkey’s capital city.
Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:
- Çöpler Oxide Production Optimization – Expansion of the existing heap leach pad capacity to 58 million tonnes continues. A maiden Mineral Reserve of 176,000 oxide ounces was released for Çakmaktepe in December 2017 and adds oxide production starting in 2018. The Corporation continues to evaluate opportunities to extend oxide production beyond the current reserves, with in-pit and Çöpler District exploration and potential for a new heap leach pad site to the west of the Çöpler Mine.
- Çöpler Sulfide Expansion Project – The Sulfide Project construction is approximately 80% complete, under budget, and on schedule for first gold production in the third quarter of 2018. The Sulfide Project is expected to deliver long-term growth with robust financial returns and adds 20 years of production at Çöpler. The Sulfide Project will bring Çöpler’s remaining life-of-mine gold production to approximately 4 million ounces at All-in Sustaining Costs averaging $645 per ounce1F2.
- The Corporation continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey. The systematic and focused exploration efforts in the Çöpler District, as well as in other regions of Turkey, are progressing. In December 2017, a 70% increase to the Çakmaktepe Mineral Measured and Indicated Resource estimate was released2F3, and the resource remains open. In 2018, the Çöpler District remains the focus, with the goal of continuing to grow oxide resources to deliver production utilizing the existing Çöpler infrastructure. In the other regions of Turkey, targeted exploration work continues, and work on the Definitive Feasibility Study for the Gediktepe Project3F4 is expected to be complete mid-year 2018.
Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Corporation also has a secondary listing on the Australian Securities Exchange where CHESS Depositary Interests (“CDIs”) trade.
Technical Procedural Information
Sampling, Assaying and QA/QC
The Ardich drilling program started in 2017. Diamond drill core is sampled as half core at 1m intervals. The samples were submitted to ALS Global laboratories in Izmir, Turkey for sample preparation and analysis which is of a ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, Ankara is being used for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater than or equal to 10g/t, fire assay process is repeated with a gravimetric finish for coarse gold. Alacer’s drill and geochemical samples were collected in accordance with accepted industry standards. Alacer conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays. External review of data and processes relating to the prospect have been completed by independent Consultant Dr. Erdem Yetkin, P.Geo. in February 2018. There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.
Metallurgical Test Work
A three-phase test program has commenced with Metallurgium in their McClelland Lab (Sparks, NV, USA). Thirty composite samples were prepared for phase-1 bottle roll testing as shown in Table 2 below. Column leach testing is scheduled for May and August 2018 respectively;
Table 2. Metallurgical Testing Composites
|Number of Composites
|4||Listwanite – Low Grade||0.60||47.60|
|9||Listwanite – Medium Grade||1.73||93.74|
|3||Listwanite – High Grade||3.52||30.39|
|1||Listwanite Clay Fault Gauge||2.30||9.08|
|1||Dolomite – Low Grade||0.75||6.42|
|3||Dolomite – Medium Grade||1.51||34.4|
|5||Dolomite – High Grade||4.03||53.61|
|2||Jasperoid – Medium Grade||3.55||20.16|
|2||Cataclastite – Low Grade||0.87||21.55|
Sampling procedure: Sampling was completed according to selected interval (1/2 HQ core). Each sample clearly marked with Sample ID, composite and batch number. Each individual sample weighted and recorded. Samples belonging to a composite were bagged. All 30 composites were crushed to 80% passing 0.5 inches, with sub-samples split out for head size-by-size analysis (Au and Ag), cyanide soluble analysis (Au and Ag), and multi-element ICP analysis. Samples later split (at approximately even weighting) to yield:
- Thirty feed samples for bottle roll tests at the crushed size of 80% passing 0.5 inches, and
- Thirty reserve samples.
The 30 feed samples were subjected to bottle roll leaching which was conducted at ambient temperature, 40% solids, pH 10.5 with 0.2 g/L NaCN for 72 hours.
The leached pulp was filtered and washed. The filtrate solution was assayed (Au and Ag and multi-element ICP for common metals), and the resulting solids were dried, weighed and then subjected to size-by-size tailings analysis (Au and Ag).
Of the 30 reserve sample splits, six (6) samples were selected by Alacer/ Metallurgium for grinding and bottle roll CIL tests. Each of these samples were further crushed to -10mm. One of these samples was selected for variable time ball milling and subsequent size analysis to establish an approximate time necessary to achieve a P80 passing size of approximately 75 microns. The remaining five of these samples were subjected to standard grinding and CIL bottle roll testing at ambient temperature at 40% solids, pH 10.5 with 0.2 g/L NaCN and 10 g/L carbon for 24 hours. The leached slurry was wet screened for recovery of the carbon, then filtered and washed. The filtrate solution was assayed (Au, Ag and multi-element ICP for common metals), and the resulting solids were dried, weighed and then subjected to size-by-size tailings analysis (Au and Ag). The carbon was subject to fire assay for Au and Ag.
The information in this release which relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Mesut Soylu, PhD Geology, PGeo, Eurgeol, who is a full-time employee of Alacer. Dr. Soylu 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. Dr. Soylu has reviewed and verified the technical information contained in this news release and consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.
External review of data and processes relating to the prospect have been completed in February 2018 by independent Consultant Dr. Erdem Yetkin, P.Geo. a qualified person pursuant to National Instrument 43-101 and a Competent Person as defined by the JORC Code 2012. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.
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 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 document; production, cost, and capital expenditure guidance; the ability to expand the current heap leach pad; development plans for processing sulfide ore at Çöpler; the results of any gold reconciliations; the 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; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the development approach; the timing and amount of future production; the 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; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, 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; maintaining 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 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; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; 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, geopolitical, 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 on the Corporation’s website at www.alacergold.com, on SEDAR at www.sedar.com and on the ASX at www.asx.com.au, 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.
For further information on Alacer Gold Corp., please contact:
Lisa Maestas – Director, Investor Relations at +1-303-292-1299
1All thicknesses are down hole length and true widths are not known at this stage
2 Detailed information regarding the Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the Technical Report dated June 9, 2016 entitled “Çöpler Mine Technical Report,” available on www.sedar.com and on www.asx.com.au.
3 Detailed information regarding the Çöpler District Mineral Resource can be found in the press release entitled “Alacer Gold Announces Additional Exploration Results for Çakmaktepe and an Initial Mineral Resource in the Çöpler District,” dated December 19, 2016, available on www.sedar.com and on www.asx.com.au.
4 Additional information on the Gediktepe Project can be found in the press release entitled “Alacer Gold Announces a New Reserve for its Gediktepe Project Providing Future Growth,” dated September 13, 2016, available on www.sedar.com and on www.asx.com.au.