Rinehart’s Hancock weighs $3.3 billion iron ore mine project
Hancock acquired a 51% interest in the Mt Bevan project from Legacy Iron Ore Ltd. and Hawthorn Resources.
Alderon Resource Corp. (TSX VENTURE:ADV)(OTCQX:ALDFF) (“Alderon”) is pleased to announce final assay results from the 2011 winter program on the 100% owned Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. These results are from North Rose and are all outside of the currently defined National Instrument (“NI”) 43-101 resource estimate. Highlights include:
| Drill Hole | From (meters) |
To (meters) |
Length (meters) | Total Iron % | |
| K-11-114D | 33.3 | 115.0 | 81.7 | 30.7 | |
| K-11-115 | 8.1 | 144.0 | 135.9 | 30.3 | |
| and | 174.7 | 408.0 | 233.3 | 31.8 | |
| K-11-116 | 118.8 | 192.0 | 73.2 | 36.5 | |
“With consistently positive results at North Rose, we are very excited to have this new zone included in the updated resource estimate later this year,” says Mark Morabito, President and CEO of Alderon.
The North Rose Zone is located northwest of Rose Central, which has a currently defined NI 43-101 indicated resource of 376.1 million tonnes at 29.8% iron and an additional inferred resource of 46.0 million tonnes at 29.8% iron (refer to News Release dated April 5, 2011 for further details). This new North Rose Zone will be part of the updated NI 43-101 resource estimate expected in Q3 2011. The goal for the updated resource is to delineate 800 million to 1 billion tonnes at a grade between 28-32% iron ore. The potential increase in tonnage and the grade are conceptual in nature, there has been insufficient exploration to define a larger mineral resource and it is uncertain if further exploration will delineate a larger mineral resource. These updated resource figures are reported as exploration targets based on the presence of step-out mineralized drill holes, known mineralized zones open along strike and geophysically anomalous areas from data received by Alderon.
Complete assay highlights with drill plan maps and sections are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/
All 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.
About Alderon
Alderon is a leading iron ore exploration and development company in Canada. The 100% owned 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.
Read the full news release here.
