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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Alacer Gold Corp.    ASR   CA0106791084

ALACER GOLD CORP.

(ASR)
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Alacer Gold : Reports Initial Drill Results from the Copper Hill Copper Exploration Prospect

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04/22/2020 | 07:02am EDT

TORONTO, April 22, 2020 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Corporation") [TSX: ASR and ASX: AQG] is pleased to announce initial drill results for the Copper Hill (Bakır Tepe in Turkish) copper ("Cu") prospect. Copper Hill is located approximately 60km northwest of Gumushane Province and 30km southwest of Kurtun town, in the Black Sea region of northeast Turkey (Figure 1). The initial testing of the target consisted of eight diamond drill holes totaling 3,180.8m. Seven of the eight holes intersected sulfide (chalcopyrite) copper mineralization, many with impressive grades including holes:

  • EKD-02: 40.8m @ 0.87% Cu from 77.7m and 40.8m @ 2.66% Cu from 144.7m, including 16.7m @ 4.7% Cu from 152.9m and 8.2m @ 2.95% Cu from 174m, and 16.6m @ 0.44% Cu from 202m and 10.9m @ 0.5% Cu from 290.4m

  • EKD-03: 6m @ 0.39% Cu from 33m and 10.5m @ 0.2% Cu from 45m and 70.3m @ 1.66% Cu from 83.7m, including 4.4m @ 8.25% Cu from 115.3m

  • EKD-04: 51m @ 0.98% Cu from 13m and 6.7m @ 0.6% Cu from 120.4m and 10.3m @ 0.77% Cu from 133.4m and 45.7m @ 2.03% Cu from 158.7m, including 17.7m @ 3.99% Cu from 162.8m

The intercepts are high grade, close to surface and appear to be very low in contaminates. The drilling pattern was constrained to areas previously permitted for drilling. Alacer plans to conduct additional diamond drilling in 2020 to test the extension of the mineralization, pending approval of new drill permits and weather.

Alacer owns 50% of Copper Hill in a joint venture with our long-term partner Lidya Mining (as defined below).

Figure 1. Location map of the Copper Hill copper prospect. (CNW Group/Alacer Gold Corp.)

Prospect Overview

Copper Hill sits within the package of exploration leases known as Kazikbeli. The Copper Hill prospect has skarn mineralization with some occurrences at surface that were mined in ancient times. These activities are evident with remnants of small excavation depressions and slag piles. The Turkish government exploration department (MTA) mapped and outlined these occurrences in 1976-78, covering approximately an area of 200m X 800m.

The Copper Hill prospect is covered by subvolcanic porphyritic intermediate magmatic rocks and volcano-sedimentary unit that contains interbedded limestone. Skarn-type copper-iron occurrences (chalcopyrite-magnetite) developed along the contacts between limestone and porphyries. In the limited area where the skarn is at surface, the mineralization consists of chalcopyrite, specular-hematite and magnetite with exotic copper such as malachite. All mineralization in the drill holes reported here was primary Cu – Sulfide mineralization (chalcopyrite).

MTA conducted exploration in the 1970's which included surface mapping, sampling and geophysics (Induced Polarization-IP on 18 lines totaling 28.15km). Alacer's exploration activities initiated in 2009 consisting of rock, soil sampling and 75.2km ground magnetics. In 2018 & 2019, Alacer drilled eight diamond core holes within the production permit area totaling 3,180.8m to test possible depth extension of the exposed copper skarn mineralization.

Drilling will recommence at Copper Hill pending drill permits and weather.

Figure 2. Copper Hill simplified geology map and drill locations. (CNW Group/Alacer Gold Corp.)

Drilling

Eight drill holes were completed totaling 3,180.8m. Seven of the eight holes intersected significant copper mineralization. EKD-02 and EKD-03 were collared at the same location, EKD-02 was drilled with -600 angle and EKD-03 is drilled vertically. Similarly, EKD-04 and EKD-08 were collared at the same location with EKD-06 drilled at -650 angle and EKD-08 is a vertical hole (Figure 2). The beginnings of the holes were drilled in PQ size (85cm in diameter) and predominantly continued with HQ size (63.5cm in diameter). The extent of the drilling pattern was constrained to areas previously permitted for drilling.

Alacer plans additional diamond drilling to test the extension of the mineralization, pending approval of new drill permits and weather. Alacer is currently exploring and drill testing other targets at Kazikbeli.

Drill Results

Significant results are down hole length and include:

  • EKD-02: 40.8m @ 0.87% Cu from 77.7m and 40.8m @ 2.66% Cu from 144.7m, including 16.7m @ 4.7% Cu from 152.9m and 8.2m @ 2.95% Cu from 174m, and 16.6m @ 0.44% Cu from 202m and 10.9m @ 0.5% Cu from 290.4m
  • EKD-03: 6m @ 0.39% Cu from 33m and 10.5m @ 0.2% Cu from 45m and 70.3m @ 1.66% Cu from 83.7m, including 4.4m @ 8.25% Cu from 115.3m
  • EKD-04: 51m @ 0.98% Cu from 13m and 6.7m @ 0.6% Cu from 120.4m and 10.3m @ 0.77% Cu from 133.4m and 45.7m @ 2.03% Cu from 158.7m, including 17.7m @ 3.99% Cu from 162.8m
  • EKD-05: 29.8m @ 0.49% Cu from 11.3m and 5.5m @ 0.99% Cu from 109.5m and 20.7m @ 1.33% Cu from 189.5m, including 2.7m @ 5.55% Cu from 191.3m
  • EKD-06: 10m @ 0.34% Cu from 25m and 1.5m @ 3.3% Cu from 42m and 14m @ 0.37% Cu from 88.5m and 16.8m @ 0.9% Cu from 133.5m and 19m @ 1.43% Cu from 157.6m, including 2.8m @ 5.47% Cu from 173m
  • EKD-08: 8.8m @ 0.38% Cu from 108m and 20.9m @ 1.63% Cu from 170.1m, including 2m @ 7.15% Cu from 181m and 1.7m @ 3.52% Cu from 188.1m

The copper mineralization in the Copper Hill intercepts are very "clean", having low levels of other metals or arsenic (<0.01% zinc and lead, with average <60 ppm arsenic levels), which is unusual for skarn-type deposits.

Figure 3. NW-SE cross section along Copper Hill copper property. (CNW Group/Alacer Gold Corp.)

Table 1. Significant copper intercepts at the Copper Hill Prospect.

Hole ID

From (m)  

To

(m)

Interval (m)  

Cu %

Depth (m)

Comments

EKD-01

168.8

177.8

9

0.37

474.2


Including

168.8

169.8

1

2.12


EKD-02

77.70

118.50

40.80

0.87

373


144.70

185.50

40.80

2.66


Including

152.90

169.60

16.70

4.70


174.00

182.20

8.20

2.95


EKD-02

202.00

218.60

16.60

0.44


290.40

301.30

10.90

0.50


EKD-03

33.00

39.00

6.00

0.39

301.3


45.00

55.50

10.50

0.20


83.70

154.00

70.30

1.66


Including

115.30

119.70

4.40

8.25


EKD-04

13.00

64.00

51.00

0.98

425


120.40

127.10

6.70

0.60


133.40

143.70

10.30

0.77


158.70

204.40

45.70

2.03


Including

162.80

180.50

17.70

3.99


EKD-04

255.00

262.80

7.80

0.85


327.10

341.70

14.60

0.47


351.50

372.80

21.30

1.98


Including

362.80

368.60

5.80

6.17


EKD-05

11.30

41.10

29.80

0.49

393.5


109.50

115.00

5.50

0.99


189.50

210.20

20.70

1.33


Including

191.30

194.00

2.70

5.55


EKD-06

25.00

35.00

10.00

0.34

302


42.00

43.50

1.50

3.30


88.50

102.50

14.00

0.37


133.50

150.30

16.80

0.90


157.60

176.60

19.00

1.43


Including

173.00

175.80

2.80

5.47


EKD-07





408.2

No Significant
Interval

EKD-08

108.00

116.80

8.80

0.38

503.6


170.10

191.00

20.90

1.63


Including

181.00

183.00

2.00

7.15


Including

188.10

189.80

1.70

3.52


 

Significant intervals reported at a nominal 0.2% copper cut-off and with a maximum 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 further technical information relating to this news release, please visit the Company's website at www.alacergold.com.

About Alacer

Alacer is a leading low-cost intermediate gold producer whose primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet as foundations to continue its organic multi-mine growth strategy, maximize free cash flow1, and therefore create maximum value for shareholders. The Çöpler Gold Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers ("km") southeast from Istanbul and 550km east from Ankara, Turkey's capital city.

Sustainability is of growing importance to all stakeholders, whether they are local communities, local and national governments, our shareholders, or our employees. We are committed to honest and open disclosure and continuous improvement.

Alacer continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey. The Çöpler Gold Mine is currently processing ore through two producing plants.

The systematic and focused exploration efforts in the Çöpler District have been successful as evidenced by the discovery of Çakmaktepe, the Ardich deposit2, and the Çöpler Saddle3 ("The Saddle") prospect. The Çöpler District remains the focus, with the goal of continuing to grow oxide resources that will deliver production into the future and additional sulfide resources to extend production from the sulfide plant. In the other regions of Turkey, targeted exploration work continues at a number of highly prospective exploration targets.

The successful commissioning of the sulfide plant and the exploration successes have provided the business with a number of exceptional growth and development opportunities. An updated Çöpler District Technical Report is planned to be issued in 2020, updating the performance expectations of the installed assets and defining the growth and development pathways.

Alacer is a Canadian company incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Company also has a secondary listing on the Australian Securities Exchange where CHESS Depositary Interests ("CDIs") trade. Alacer owns an 80% interest in the world-class Çöpler Gold Mine 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").

Technical Procedural Information

Sampling, Assaying and QA/QC

The Copper Hill drilling program started in 2018. 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 an ISO/IEC 7025:2005 certified and accredited laboratory. SGS laboratory, Ankara and ArgeTest laboratory, Ankara are being used to umpire check sample analysis. Copper was analyzed by four acid digestion and ICP-AES finish. For copper assays greater than or equal to 10%, aqua regia digestion with ICP-AES finish is used. 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 January 2020. 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.

Qualified Person

Dr. Mesut Soylu, P.Geo., a qualified person as defined under National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

The information in this release which relates to exploration results is based on information compiled by Mesut Soylu, PhD Geology, P.Geo., 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 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 were completed in January 2020 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.

Cautionary Statements

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; the outbreak of pandemics, epidemics or other health crises (including, without limitation, the COVID-19 pandemic); 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.

This press release has been approved for release by the Alacer Gold Disclosure Committee.

________________________________

1  

Free Cash Flow is a Non-GAAP Measure. For further information, please see the "Non-GAAP Measures" section of the most recent MD&A.

2 

Detailed information regarding the Ardich Deposit can be found in the press release entitled "Alacer Gold Step-Out Drilling Program Confirms Significant Extension of Ardich Mineralization" dated November 22, 2019, available on the Company's website at www.alacergold.com, on SEDAR at www.sedar.com, and on the ASX at www.asx.com.au.

3 

Detailed information regarding the Çöpler Saddle can be found in the press release entitled "Alacer Gold Reports Exploration Results from the Çöpler Saddle Shear Zone at the Çöpler Gold Mine," dated September 26, 2019, available on the Company's website at www.alacergold.com, on SEDAR at www.sedar.com, and on the ASX at www.asx.com.au.

 

SOURCE Alacer Gold Corp.

© Canada Newswire, source Canada Newswire English

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