Alderon Resource Corp. (TSX-V: ADV) (“Alderon”) is pleased to announce details of the aggressive $7 million program planned on the Kamistiatusset (“Kami”) iron ore project in western Labrador. The program will include 20,000 metres (m) of drilling and is designed to delineate approximately 500 million tonnes of iron ore in the inferred and indicated categories.
The Kami Property is located within the Labrador Trough and is surrounded by producing iron mines. Kami is located 6.4 kilometres (km) east of Consolidated Thompson’s Bloom Lake Deposit and is within close proximity to road, railway and the mining towns of Wabush, Labrador City and Fermont.
In 2006 and 2007, Altius Minerals Corporation (“Altius”) carried out reconnaissance mapping, an airborne geophysical survey, 69.7 km of ground magnetic and gravity surveys, satellite imagery interpretation and 6,130 m of diamond drilling in 27 holes. The 2010 program will follow up on Altius’ work.
The 2010 program will consist of 20,000 m of drilling, ground geophysical surveys, metallurgical test work and infrastructure upgrades and will total approximately $7 million. The program is scheduled to commence in the first week of June 2010 and is set to be carried out over a 5 month period. Following the completion of the program, a scoping study, including resource estimate will be carried out.
The 20,000 m drill program will utilize 3 drills and will be directed at expanding the known mineralization at both the Rose and Mills Zones. An internal estimate based on drilling to date, has outlined these two zones to have the potential to contain 200 to 250 million tonnes at a grade between 28 – 34 % iron ore. The potential tonnage and grade are conceptual in nature and it is uncertain if further exploration will delineate a mineral resource. The 20,000 m program is designed to delineate approximately 500 million tonnes of iron ore.
The ground geophysical surveys will consist of both ground gravity and magnetic. A total of 35 line kilometres of geophysics will be carried out and will commence in conjunction with the drilling. These surveys will aid in modeling the currently defined mineralized zones, will assist in extending the Rose Zone to the northeast, and will identify any potential new targets north of the existing mineralization.
Metallurgical test work will commence in the third quarter of 2010. Metallurgy carried out by Altius determined a preliminary iron recovery of 88.6%.Additional information and maps showing drill hole locations, as well as the NI 43-101 Technical Report for the Kami Property (dated February 12, 2010), can be found on the Company website at: http://www.alderonmining.com
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 slated for near term production. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production,
Stewart Wallis, P.Geo., a Qualified Person as defined by NI 43-101, 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
President & CEO
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