VANCOUVER, July 16, 2012 /CNW/ - Heatherdale Resources Ltd.
("Heatherdale" or the "Company") (TSXV: HTR) announces the details of
its 2012 program to advance its 100% owned Niblack
Copper-Gold-Zinc-Silver Project in southeast Alaska.
2012 Site Program Underway
Drills are currently being mobilized to site to initiate Heatherdale's
2012 drilling program. The 2012 program is designed to further build
the resource base and progress the Niblack Project toward the
Heatherdale has completed extensive and successful underground drilling
over the past three years to expand the Lookout and Trio deposits. The
2012 program will be staged from surface locations, and facilitate
stepping out from areas that could not be efficiently tested from
existing underground workings. It mainly targets the open extensions
of the Lookout and Trio deposits, as well as focusing on several other
key targets along the property's six miles of prospective felsic
stratigraphy, which is known to host at least six massive sulphide
zones. Approximately 15,000 feet of drilling is planned for 2012,
using two rigs.
"Upon reviewing all of the results from previous underground drill
programs it became apparent that a surface drill program was the most
effective way to offset mineralized drill hole intercepts and expand
the resource," said Heatherdale President & CEO Patrick Smith. "We were
not able to access those important drill locations last September due
to poor weather conditions, so I am very pleased to finally get out
there and drill-test these obvious targets and demonstrate this
property's further resource potential."
Substantial Progress Achieved to Date
In addition to expanding known mineral resources at the Niblack property
since 2009, Heatherdale has completed important corporate transactions
and advanced other technical and engineering studies, which are adding
significant value to the project.
An important milestone was achieved in January 2012, when the Company
acquired 100% ownership of the Niblack Project. Consolidating the
ownership of Niblack in Heatherdale has provided more flexibility for
development and financing options, and the ability to move the project
forward more aggressively.
Two resource expansions have been announced during Heatherdale's tenure
with Niblack, the most recent in November 2011. At a US$50 net smelter
return (NSR) cut offi, 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 laid the
foundation for engineering studies that were initiated in 2011.
Over the past several months, Heatherdale's work has focused on
environmental baseline data collection, permitting for various planned
activities, community meetings and other stakeholder outreach,
engineering studies and planning for the 2012 site program.
On the engineering side, preliminary consideration of options for
locating project infrastructure for a potential mine development has
been undertaken. Initial results indicate there would be both economic
and logistical advantages to direct-shipping material from an
underground mine at Niblack to an offsite location for mill
processing. Several locations for the processing plant and tailings
storage facility have been investigated over the past six months. Two
of the three alternatives are industrial sites in southeast Alaska's
Ketchikan area, with advantages such as a locally available and skilled
workforce, existing transportation infrastructure; and direct access to
Proactive Involvement by Communities
"A key strength of the Niblack Project that cannot be over emphasized is
the strong interest and involvement that the people of southeast Alaska
have demonstrated in the project," Smith said. "We are tremendously
pleased and thankful that the communities of southeast Alaska, as well
as elected leadership at the local, state and federal levels, have
embraced our efforts to develop an environmentally sound and socially
responsible project at Niblack, and one that contributes in a
meaningful way to the economic health of this region."
A bill to authorize the establishment of a Niblack mining-area road
corridor was introduced in the US Congress last June by Alaska Senator
Lisa Murkowski (R) and co-sponsored by Alaska Senator Mark Begich (D).
The road initiative is the result of a grassroots effort led by the
communities on Prince of Wales Island. The Niblack Project has also
received support from elected officials, business and community leaders
throughout southeast Alaska as a potential solution to the employment
and economic challenges facing the region.
"In June 2012, I attended a three-day event, called the Prince of Wales
Island-Wide Mining Symposium II, put on by the Organized Village of
Kasaan - a forum that was focused on opportunities for economic
development," Smith said. "From that forum and many other engagements
we've had in the region, it is abundantly clear that there is strong
local support for responsible resource development in southeast Alaska.
We are proud to be working in partnership with local communities and
local people to deliver a project that meaningfully addresses their
priorities and concerns."
The State of Alaska and Heatherdale have been in preliminary discussions
regarding potential plans to assist Heatherdale with financing energy
facilities and other infrastructure development through the Alaska
Industrial Development of Export Authority (AIDEA), the state's
development corporation, and the Alaska Energy Authority (AEA). AIDEA
typically can assist in the financing of infrastructure projects, but
can also make investments through public - private partnerships.
Notable AIDEA projects include the DeLong Mountain Transportation
System (road and port facilities at the Red Dog Mine near Kotzebue) and
the Skagway Ore Terminal. A spokesman for the authority, Karsten
Rodvik, said: "We are working with local communities and mine
developers on infrastructure projects throughout Alaska, including port
facilities and energy supply. We are interested in the development of
the Niblack project and an associated mill in the Ketchikan area
because these projects could have a positive economic impact in the
region and would create a significant number of highly skilled year
"We gratefully acknowledge the support and proactive involvement of
local communities, political leaders and government agencies like
AIDEA" Smith said. "For its part, Heatherdale is committed to
continuing to work with the people of southeast Alaska to find ways to
optimize local benefits associated with development at Niblack."
About the Niblack Project
Niblack's location at tidewater on Prince of Wales Island in southeast
Alaska presents a number of project benefits, including year-round
marine access, a well-trained 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 km) from Ketchikan, a community of 8000 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 km) to the northwest of Niblack on
Heatherdale Resources Ltd. is a Vancouver-based exploration and
development company focused on advancing the high-grade mine
development opportunity at the Niblack Project. It also holds a 60%
interest, with the option to acquire 100% 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.
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.
On behalf of the Board of Directors
President and CEO
i Net 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.
The November 2011 resource estimates were completed by Deon Van Der
Heever, Pr. Sci. Nat., Senior Manager Mineral Resources for Hunter
Dickinson Inc. (HDI), a Qualified Person who is not independent of the
Company. For further details see Heatherdale News Release dated
November 29 2011.
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, 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.
SOURCE Heatherdale Resources Ltd.
For further information:
For further details on Heatherdale Resources Ltd., please visit the website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.