Alderon Resource Corp. (TSX.V: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce assay results from the ongoing drill program on the Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. Results have been received for resource definition at the Central Rose Zone, as well as for the new zone located north of Central Rose. This new zone, labelled North Rose, will be the focus of the recently announced 2011 winter program that is scheduled to commence late January with the objective of increasing the potential size of the iron ore resource (see News Release dated November 4th, 2010).
Highlights from recent North Rose drilling:
|Length (meters)||Total Iron %|
* Hole lost at 278 meters
K-10-49 intersected the full stratigraphy, while K-10-51 only intersected the upper portion before being lost. The 2011 winter program, which is set to commence late January 2011, will focus exclusively on drilling North Rose. The goal following the 2011 winter program is to delineate 600 to 800 million tonnes at a grade between 28-32% iron ore. The potential tonnage and grade are conceptual in nature and it is uncertain if further exploration will delineate a mineral resource.
“It’s very exciting to see this new zone demonstrate such strong preliminary results,” says Matt Simpson, Chief Operating Officer of Alderon. “We look forward to commencing a comprehensive drill program at North Rose in late January and we have great expectations regarding adding further tonnage to the overall resource.”
Highlights from recent Central Rose drilling:
|Length (meters)||Total Iron %|
A total of 23,495 meters (m) has been drilled on the property to date and the 2010 drill program is on track to be completed by the end of November 2010 with 25,000m drilled. The 2010 program will be followed by an initial National Instrument 43-101 (“NI 43-101”) resource estimate in the first quarter of 2011. Watts, Griffis and McOuat Limited (“WGM”) has been commissioned to provide this resource estimate and has already completed the required site visits and sampling program. An updated NI 43-101 resource estimate will follow the 2011 winter program and is expected late in the second quarter of 2011.
Complete assay highlights with drill plan maps and sections are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/
True widths of the reported intercepts vary depending on the angle of the individual drill holes and are estimated to be between 45% and 89% of the core interval as reported. Samples were prepared from sawn NQ-sized half-core sections on site in Labrador. Split drill core samples are then sent to SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
Stock Option Grant
Alderon announces that it has, effective November 8, 2010, granted incentive stock options to purchase a total of 1,900,000 common shares of Alderon at an exercise price of $1.60 per share to certain executive officers, directors, employees and consultants of Alderon. The options vest in equal quarterly instalments of a period of 24 months and have a term of five years.
Alderon is a leading iron ore exploration and development company in Canada. The Kami Project is located within an existing iron ore district and is surrounded by producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Alderon’s exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and is responsible for the technical information contained in this news release.
For more information on Alderon, please visit our website at www.alderonmining.com
ALDERON RESOURCE CORP.
On behalf of the Board
"Mark J Morabito"
President & CEO
Vancouver Office Toronto Office
T: 604-681-8030 T: 416-309-2135
F: 604-681-8039 F: 416-861-5887
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
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