Home / Mining Company News Releases (Unreviewed) / Aldershot Resources Ltd. Reports Gold System Discovery and High Grade Cobalt Showings on Gowganda Gold Project Near Kirkland Lake, Ontario

Aldershot Resources Ltd. Reports Gold System Discovery and High Grade Cobalt Showings on Gowganda Gold Project Near Kirkland Lake, Ontario

SUDBURY, ONTARIO–(Marketwired – April 5, 2017) – Aldershot Resources Ltd. (“Aldershot” or the “Company”) (TSX VENTURE:ALZ)(FRANKFURT:ASL1)(OTC PINK:ALZTF) is pleased to report results of the recently completed drill program on the Haultain discovery on the Gowganda Gold project located 75 kms southwest of Kirkland Lake, Ontario. Highlights include 11.52 metres grading 1.63 grams per tonne gold (g/t) including 6.21 g/t over 1.08 metres and 5.41 g/t over 1.03 metres. A summary of drilling results to date are provided in Table 1 below.

“The recent drill program has indicated there is a gold system on the Gowganda gold project that merits additional exploration. The work from the previous program is telling us to go deeper and drill along strike along a NW shear corridor around the Annie’s Ladder zone,” stated Mr. Greg Collins, P. Geo who is the supervising geologist overseeing the exploration on the property on behalf of Aldershot.

“We think that this NW shear has a lot of potential along strike. In fact, the prospect of additional target areas along strike have been elevated by the last work programs. Some relatively low cost exploration along strike will help highlight this opportunity further”, commented Mr. Jeremy Caddy, President and CEO of Aldershot. “Furthermore, a number of high grade cobalt showings on the property were revealed during the recent drill program”, added Mr. Caddy.

Table 1.

Hole From (m) To (m) Length (m) Au (g/t)
TMH17-031 120.88 123.71 2.83 0.39
and 171.66 173.15 1.49 0.85
and 191.09 192.24 1.15 2.99
TMH17-030 120.6 132.12 11.52 1.63
including 122.1 123.18 1.08 6.21
including 128.9 129.93 1.03 5.41
TMH17-029 69.15 76.2 7.05 0.72
and 84.58 85.05 0.47 3.42
TMH-17-028 Hole lost at 54 m. No sig Values
TMH-17-028a no sig values
TMH-17-027 71.6 73.73 2.13 0.71
TMH-17-026 44.84 51.75 6.91 0.4
TMH-17-025 no sig values
TMH-17-024 28 28.4 0.4 0.98
1TMH-17-023 110.4 119.5 9.1 1.24
including 114.6 117 2.4 3.04
including 115.6 116.4 0.8 4.29
1TMH-17-022 45.1 48.5 3.4 1.37
including 48.1 48.5 0.4 4.24
and 55.6 58.6 3 1.22
and 75.7 81.6 5.9 1.43
including 80.3 81.6 1.3 3.79

*Gold values are reported in grams per tonne.

** Length intervals are actual widths in metres and may not be representative of true thickness

1 Results from TMH-17-022 and TMH-17-023 previously released. See news release dated March 1, 2017

Transition COO Greg Collins commented that “Additional drilling at depth and along strike targeting trends with increasing grade thickness is required to more fully define the extent of the system and to vector towards zones of higher grade mineralization. Additionally, the program has generated some new insights into the relationship between northwest oriented shear zones and gold on the property which have highlighted some new target areas on the property. One such area requiring additional drill testing coincides with a strong 500 metre by 200 metre apparent resistivity high located at depth below an area where elevated gold values have been intersected by multiple holes near surface.”

Discussion of Drill Results:

To date 11 holes, totaling 1418.9 metres have been completed. Collar locations and drill hole orientation information is provided below in table 2. A plan map depicting the location of holes completed on an interpretation of the bedrock geology is depicted in Figure 1. Figure 2 depicts the location of drill holes on a backdrop of apparent resistivity. Figure 3 presents an inclined longitudinal section depicting the location of drill holes testing along the trend of the Northwest Shear.

Table 2.

DDH Easting
(m)
Northing (m) Length (m) Az (deg) Dip (deg)
TMH-17-022 517590 5279800 93.4 240 -45
TMH-17-023 517644 5279841 198.0 240 -45
TMH-17-024 517213 5280031 86.0 220 -45
TMH-17-025 517213 5280031 98.0 220 -60
TMH-17-026 517263 5279806 111.0 230 -45
TMH-17-027 517263 5279806 92.0 235 -65
TMH-17-028 516901 5279815 54.0 235 -50
TMH-17- 028a 516901 5279815 179.11 235 -50
TMH-17-029 517551 5279826 128.0 230 -50
TMH17-030 517549 5279743 172.4 25 -57
TMH17-031 517335 5279864 207.0 230 -60
11 Holes 1418.9 metres

Holes TMH-17-022, 23, 29 and 30 targeted extensions to previously identified mineralization exposed in surface trenches and shallow drilling in the vicinity of the Annie’s Ladder showing. The Annie’s Ladder zone occurs at the intersection of the North West Shear and the East West Shear Zones. Holes TMH-17-022 and 23 (results released March 1, 2017) and TMH-17-30 targeted the down plunge continuation of stockwork veining exposed at surface. Hole TMH-17- 30 was collared atop the Annie’s ladder showing and drilled to the North East to test for the presence of flat vein systems as well as to the confirm orientation of veining systems down plunge. Hole TMH-17-029 stepped out 50 metres northwest of TMH-17-022. All holes completed in the vicinity of the Annie’s Ladder zone intersected broad zones of hydrothermal alteration and mineralization within the host syenite dyke package, returning 0.72 g/t over 7.05 metres in TMH-17-029 and 1.63 g/t over 11.52 metres in TMH-17-030.

Holes TMH-17-24 and 25 tested a portion of the North West shear beneath a trenched exposure of narrow quartz veining hosting coarse visible gold. Hole TMH-17-24 intersected 0.40 metres grading 0.98 g/t gold. No significant gold values were returned from TMH-17-25

Hole TMH-17-28 and 28b were collared to test an induced polarization chargeability target in an area under swamp cover along trend from prospective areas exposed at surface. Poor ground conditions resulted TMH-17-28 being abandoned at 54 metres and re-collared as hole TMH-17- 28a. TMH-17-28a encountered a thick sequence of magnetite bearing ultramafic rocks, interpreted to be the cause of the chargeability feature.

Holes TMH-17-26, 27 and 31 targeted a portion of the main syenite dyke swarm approximately 200 metres west of the Annie’s Ladder showing close to a trenched exposure of an altered, mineralized syentite hosting visible gold. All holes intersected broad zones of alteration and veining within a variety of lithologies including syenite. Hole TMH-17-26 intersected 0.40 g/t Au over 6.91 metres from 44.84 to 51.75 metres. Hole TMH-17-27 intersected 0.71 g/t Au over 2.13 metres from 44.84 to 51.75 metres. TMH-17-31 was planned to test a strong apparent resistivity anomaly interpreted to occur down plunge from holes TMH17-26 and TMH17-27. The hole intersected 3 narrow intervals of elevated gold mineralization including 1.15 metres grading 2.99 g/t gold, however a conclusive explanation for the source of the apparent resistivity anomaly was not identified. This area remains a high priority target for future drilling programs.

About the Gowganda Gold Project:

The project is focused on Archean greenstone overlain by Proterozoic sediments of the Cobalt Embayment located south of the Round-Lake Batholith in the south-western part of the prolific Abitibi greenstone belt. A short animated video that introduced Aldershot and the Haultain project may be viewed at: http://iresourcemedia.com/companies/aldershot/

To earn a 51% interest in the Property, Aldershot has committed to funding $400,000 worth of exploration on property in year one and must incur cumulative work expenditures totaling $2.0 million by the third anniversary of the agreement. In addition, Aldershot must issue 1,500,000 common shares to Transition on signing (received), and provide an additional $450,000 worth of Aldershot shares to Transition by the second anniversary date, subject to exchange approvals to earn its initial interest. During the course of the initial stage of the Option, Transition has agreed to serve as program Operator, dedicating its team and expertise to overseeing work programs funded by Aldershot. Upon earning an initial 51% interest, Aldershot may opt to acquire an additional 24% interest in the Property (for a total of 75%) by completing a feasibility study within 3 years. Upon Aldershot earning its 51% or 75% interest in the Property as the case may be, a Joint Venture would be formed, with each party being required to fund work programs on the property to maintain its respective interest.

Qualified Person

The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo., a Qualified Person under National Instrument 43-101. All core samples were half sawn at a controlled location by Company representatives under the supervision of Mr. Steve Flank, P.Geo, and transported directly by the company to the lab. Transition Metals employs in-house QA/QC procedures that conform to industry best practices. All analytical work performed on core samples was conducted at ALS-Chemex with sample preparation completed in Sudbury, Ontario and analyses completed in North Vancouver, B.C. The quality system used by ALS- Chemex complies with international standards ISO 9001:2000 and ISO 17025:2005.

About Aldershot

Aldershot is engaged in the acquisition and exploration of gold properties. The Company relinquished its uranium properties in Utah in 2015 due to the low uranium price and the Company has signed the Agreement with Transition for the Gowganda Gold project as highlighted above.

The mission of Aldershot is to find and develop a gold property to create wealth for shareholders. This is planned to be achieved by identifying quality gold properties and exploring those that have the highest potential for future discoveries, sale or development of existing mineral resources into mineable reserves. On a regular basis management will rationalize all of its core mineral property holdings to maintain percentage ownership by funding the exploration work. Management will sell its properties when it feels value for shareholders has been created and management is able to obtain fair value for the assets.

The Company is a publicly listed corporation whose shares are traded on the TSX Venture Exchange Inc. under the symbol ALZ. The Company’s registered office is located at 409 – 221 West Esplanade, North Vancouver, BC, V7M 3J3 and its head office is located at 303 – 1006 Beach Avenue, Vancouver, BC V6E 1T7.

FOR AND ON BEHALF OF THE BOARD

Jeremy Caddy President, CEO and Director

Forward-looking statements:

This press release may contain forward-looking statements about certain of the Company’s current plans, goals and expectations relating to the drilling program, assay results, earning an interest in the Property and the Agreement. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the Company’s control. As a result, the Company’s actual financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward- looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.

To view ‘Figure 1. Drill hole Location Sketch and Geological Interpretation – Haultain Discovery Area, Gowganda Gold Project, Ontario‘, please visit the following link: http://media3.marketwire.com/docs/alde0405fig1.pdf

To view ‘Figure 2. Section A-A’ Looking Northwest‘, please visit the following link: http://media3.marketwire.com/docs/alde0405fig2.pdf

]]>Aldershot Resources Ltd.
Mr. Jeremy Caddy
President, CEO and Director
604-727-7148
[email protected]
www.aldershotresources.com
]]>

 

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