|November 29, 2012|
Heatherdale Surface Drilling Extends Trio Zone At Niblack
|November 29, 2012, Vancouver, BC -- Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV:HTR) announces positive results from drill holes completed during the 2012 surface drill program targeting resource expansion of the Trio deposit. This drilling confirms important extensions to the existing Trio resource estimate published in November 2011 at similar grades and demonstrates that the zones of mineralization continue down dip. This mineralization that is still open in three directions will be prioritized for drilling in 2013. Trio is one of six known volcanogenic massive sulphide (VMS) zones at its Niblack copper-gold-zinc-silver project in southeast Alaska. Complete assay results have been received and the important intersections from 10 new holes are presented below. The additional data and information will be used in advancing the project to prefeasibility.|
Two rigs were utilized to drill approximately 15,500 feet of surface core drilling in 10 holes. The helicopter-supported surface drill program, completed between July and September 2012, was designed to delineate extensions to the defined resources identified at the Trio and Lookout deposits. The first set of holes was drilled at Trio with favorable geology and mineralization encountered, so the program focused on delineation and extension of the Trio mineralized zones.
"Heatherdale's team performed with a high degree of efficiency and added significant value to the Niblack Project over the eight-week program. The drill pattern and drill hole spacing employed was designed to provide the most effective means of adding to the inferred resource at Trio. These ten drill holes were successful in extending the Trio mineralization down dip and demonstrated that the felsic host stratigraphy flattens to the south. This provides exceptional potential for extending the mineralization even further by drilling to reasonable depths from surface in 2013. In addition, drill holes S171 and S173 located the furthest down dip show evidence that the mineralized felsic package is becoming thicker with a higher frequency of significant mineralized intervals. This leads me to believe that the system is strengthening to the south and west at depth," said Patrick Smith, Heatherdale President and CEO.
"The Trio and Lookout deposits are similar, as they both are characterized by replacement style mineralization in tuff units. However, at Trio we observe two and sometimes three mineralized horizons separated by a unit called the 'white rhyolite'. The white rhyolite unit (which is absent at Lookout) also resulted in the local development of a brittle-fracture network in-filled with sulphides to produce a classic 'stringer zone' in a rhyolite flow dome sequence. The technical team is excited about this stringer style mineralization and further refinement of the geologic model to guide us to additional mineralization between the Trio and Lookout deposits as well as other occurrences within the Niblack district."
Smith added "These holes have further validated the application of Heatherdale's geological interpretation at Niblack, as well as confirming excellent potential to find new zones and increase mineral resources."
Heatherdale has announced two resource expansions since becoming involved with Niblack in 2009, the most recent in November 2011. At a US$50 net smelter return (NSR) cut off , the current resources comprise 5.6 million tonnes of indicated grading 0.95% copper, 1.75 g/t gold, 1.73% zinc, 29.52 g/t silver and an additional 3.4 million tonnes of inferred grading 0.81% copper, 1.32 g/t gold, 1.29% zinc, 20.10 g/t silver. Within the indicated resource, there is a continuous high grade zone which, at a US$150 NSR cut off, comprises 1.2 million tonnes grading 1.71% copper, 3.21 g/t gold, 3.83% zinc, 62.68 g/t silver. These mineral resource expansions are providing a strong foundation for engineering and scoping studies.
Important intersections from these 10 new holes are listed in the Niblack Assay Table below. An isometric diagram showing the location of the new mineralization at Trio has been posted to the Heatherdale website at http://www.heatherdaleresources.com/i/hdr/pdf/HTR_NR_29Nov2012.pdf.
Niblack Assay Table
No significant results were encountered in hole S168
Holes denoted with an "S" were drilled from surface.
True widths of intersections have not yet been accurately established.
"I am very pleased to see that many of the critical elements of a successful and sustainable mining project have come together at Niblack over the last 12 months", says Smith. The Niblack Project has excellent access and infrastructure, secure land tenure in a stable jurisdiction, a robust resource with very good mining characteristics, straightforward metallurgy, and has excellent exploration upside. We have a reliable permitting process and strong community support as exemplified by our Memorandum of Understanding with the Ketchikan Gateway Borough relating to a potential mill site located at the Gravina Island Industrial Complex and by the efforts of the communities on Prince of Wales Island and the Alaska delegation (See Heatherdale News Release dated July 16, 2012) to provide a road corridor to the Niblack property by way of a bill introduced into Congress earlier this year."
Mark Rebagliati, P. Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Heatherdale and has reviewed the content of this release.
About the Niblack Project
Niblack's location at tidewater provides year-around marine access and presents a number of project cost benefits, including accessibility to Southeast Alaska's skilled labour force, a mature supply and service sector, proximity to Asian markets, and the support of community and Alaska Native corporation partners. The project is located 27 miles (44 kilometres) from Ketchikan, a community of 8,000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources', 'Large Mine Permitting Team'. For reference, Hecla's Greens Creek, a 2,100-ton per day underground massive sulphide mine, operates 225 miles (370 kilometres) to the northwest of Niblack on Admiralty Island.
About Heatherdale Resources Ltd.
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing the high-grade mine development opportunity at the Niblack Project. The Company holds a 100% interest in the Niblack Project, and a 60% interest in the mid-stage Delta copper-lead-zinc-gold-silver project, located in east-central Alaska. Heatherdale is associated with the Hunter Dickinson group, which has a track record of successful mineral exploration and development projects around the world.
For further details on Heatherdale Resources Ltd., please visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at
On behalf of the Board of Directors
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
Information Concerning Estimates of Indicated and Inferred Resources
This news release uses the terms "indicated resources" and "inferred resources". Heatherdale advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
iNet Smelter Return (NSR) cutoff uses long-term metal forecasts: gold US$1150/oz, silver US$20.00/oz, copper US$2.50/lb, and zinc US$1.00/lb; Recoveries (used for all NSR calculations) to Cu concentrate of 95% Cu, 56% Au and 53% Ag with payable metal factors of 96.5% for Cu, 90.7% for Au, and 89.5% for Ag; to Zn concentrate of 93% Zn, 16% Au, and 24% Ag with payable metal factors of 85% for Zn, 80% for Au and 20% for Ag. For further details see Heatherdale News Release dated November 29 2011.
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