Alacer announces exploration results in Turkey

 

TORONTO, Sept. 15, 2014 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Company") [TSX: ASR and ASX: AQG] announces drilling results to date from the Company's 2014 exploration program in Turkey. Drilling results are from several areas in the Çöpler District and from the Dursunbey prospect in western Turkey.

DRILLING HIGHLIGHTS

Drilling at Dursunbey in western Turkey has delineated five separate mineralized zones within a 1,500m by 300m area. These near-surface zones dip shallowly to the NW and all remain open at depth to the NW.  Key Dursunbey drill results during 2014 include:

  • DRRC-028: 19.0m at 1.4g/t Au, 86g/t Ag, 0.2% Cu from 3m (oxide + sulfide)
  • DRD-047: 10.2m at 2.0g/t Au, 73g/t Ag, 1.4% Cu, 1.2% Pb, 4.6% Zn from 4.8m (oxide + sulfide)
  • DRD-048: 11.6m at 3.9g/t Au, 55g/t Ag, 0.6% Cu from 13.7m (oxide)
  • DRD-058: 14.0m at 5.4g/t Au, 101g/t Ag, 0.6% Cu, 0.8% Pb, 1.3% Zn from 20m (sulfide)
  • DRD-062: 10.5m at 2.2g/t Au, 179g/t Ag, 0.6% Cu, 0.8% Zn (oxide + sulfide)
  • DRD-067: 10.8m at 4.2g/t Au, 48g/t Ag, 2.0% Zn from 13m (oxide)
  • DRD-080: 20.1m at 1.4g/t Au, 49g/t Ag, 0.7% Cu, 0.7% Pb, 3.5% Zn from 36.4m (sulfide)
  • DRD-081: 18.0m at 2.5g/t Au, 75g/t Ag, 0.8% Cu, 1.3% Pb, 4.8% Zn from 74m (sulfide)
  • DRD-083: 48.0m at 1.4g/t Au, 99g/t Ag, 1.2% Cu, 0.3% Pb, 1.0% Zn from 25.6m (sulfide)
  • DRD-086: 63.9m at 1.0g/t Au, 27g/t Ag, 1.4% Cu, 1.5% Zn from 26m (sulfide)
  • DRD-115: 15.9m at 2.2g/t Au, 59g/t Ag, 1.3% Cu, 0.7% Pb, 2.9% Zn from 82.5m (sulfide)
  • DRD-118: 18.4m at 0.9g/t Au, 37g/t Ag, 1.0% Cu , 0.5% Pb, 4.8% Zn from 11.6m (sulfide)
  • DRD-126: 19.8m at 1.1g/t Au, 31g/t Ag, 1.6% Cu ,  1.7% Zn from 6.0m (oxide + sulfide)
  • DRD-142: 14.8m at 1.5g/t Au, 52g/t Ag, 0.9% Cu, 4.6% Zn from 48.2m (sulfide)

Drilling from three areas in the Çöpler District (Bayramdere (50%/50%), Anagold Yakuplu (80%/20%) and Yakuplu (50%/50%)) in eastern Turkey has continued to define near-surface oxide mineralization.  Key Çöpler District drill results during 2014 include:

  • Drill results from Anagold Yakuplu prospect in the Çöpler District:
    • FYRC-004: 17.0m at 1.66g/t Au from 55m (oxide)
    • FYRC-015: 10.0m at 1.14g/t Au from 63m (oxide)
    • FYRC-017: 10.0m at 1.01g/t Au from 52m (oxide)
    • FYRC-019: 6.0m at 1.43g/t Au from 44m (oxide)
    • FYRC-020: 6.0m at 4.65g/t Au from 55m (oxide)
    • FYRC-025: 8.0m at 1.45g/t Au from 35m (oxide)
    • FYRC-038: 9.0m at 1.90g/t Au from 12m (oxide)
    • FYRC-039: 9.0m at 1.32g/t Au from 57m (oxide)
    • FYRC-041: 14.0m at 1.61g/t Au from 1m (oxide)
    • FYRC-043: 11.0m at 1.10g/t Au from 2m (oxide)
    • FYRC-046: 8.0m at 1.50g/t Au from 18m and 36.0m at 1.41g/t Au from 71m (oxide + sulfide)
    • FYRC-049: 17.0m at 2.70g/t Au from 73m (sulfide)

 

  • Drill results from Yakuplu prospect in the Çöpler District:
    • YRC-029: 7.0m at 4.64g/t Au from surface (oxide)
    • YRC-037: 5.0m at 1.58g/t Au from 9m (oxide)
    • YRC-043: 10.0m at 1.00g/t Au from 6m (oxide)
    • YRC-054: 10.0m at 0.95g/t Au from 27m (oxide)
    • YRC-063: 14.0m at 1.05g/t Au from 42m (oxide)
    • YRC-066: 12.0m at 1.23g/t Au from 48m (oxide)

 

  • Drill results from Bayramdere prospect in the Çöpler District:
    • BDRC037: 21.0m at 1.54g/t Au from 27m (oxide)
    • BDRC030: 5.0m at 1.72g/t Au from 37m (oxide)
    • BDRC031: 5.0m at 1.71g/t Au from 28m (oxide)

 

Rod Antal, CEO of Alacer, stated "With further promising exploration results at Dursunbey, our exploration efforts and budget have been directed to this project. Due to the continued exploration success, further drilling is planned at Dursunbey and we have started the initial metallurgical test work to determine the processing options for this polimetalic mineralization. As a result, we expect well over 50% of our exploration budget will be spent on the Dursunbey project.

At Çöpler we are progressing a study to expand the current design capacity of the existing heap leach pad. The study is well progressed and initial indications show the potential for additional ore capacity, subject to final geotechnical and stability studies expected in Q4 this year. With the potential to add capacity to the existing heap leach pad that will utilize existing infrastructure, the incremental cost to expand should be lower than constructing a new pad in another location. Therefore, the exploration program for the Çöpler District under this scenario is being redefined to accelerate the drilling for satellite oxide gold deposits, subject to receiving the necessary permits.

We remain very excited about the opportunities that exist within our portfolio."

To view the complete drill assay results and further technical information relating to this news release, please visit the following link: http://www.alacergold.com/download/news_releases/news_releases_2014/Appendix
%20to%20Exploration%20Announcement.pdf
or visit the Company's website at www.alacergold.com.

DURSUNBEY EXPLORATION RESULTS

The Dursunbey prospect is located in Balıkesir Province, about 370 km west of Ankara and 190 km to the south of Istanbul.  The Dursunbey deposit was discovered in April 2013 when its second drill hole (DRD-002) intersected 26.5m at 7.9g/t gold and 77g/t silver from surface. Alacer has exercised it clawback right to increase its ownership of Dursunbey to 50%.

Oxide mineralization is enriched in gold and silver, whereas sulfide mineralization includes gold, silver, copper, lead and zinc.  The deposit is open at depth to the northwest and to the north.

Gossans have developed within the first 50m of surface with the sulfide zone starting below 50m.  Dursunbey mineralization is parallel to schistosity, is lithologically controlled, and occurs as stacked lodes of variable size.  Mineralization occurs from surface and dips 10 to 20 degrees to the northwest.

During 2014, a total of 19,545m of drilling in 181 drill holes at 50m centers were completed.  This program comprised 105 diamond and 76 Reverse Circulation (RC) holes.

Drilling during 2014 has delineated five separate mineralized zones within a 1,500m by 300m area.  These near-surface zones dip shallowly to the NW and all remain open at depth to the NW.

Further drilling is currently being undertaken with one RC and four diamond drill rigs. The drilling is planned to test potential extensions of these mineralized zones to the NW and to continue the infill drilling at 25m centers to confirm mineral continuity prior to a maiden resource estimate.

Key drill results from the North and South Zones at Dursunbey are shown on Figure 3 and 4.

Figure 5 shows the location and thickness of the five separate mineralized zones identified at Dursunbey.

The cross sections in Figure 6 and 7 show the good continuity of these mineralized zones and illustrate how close to the surface they are.

ÇÖPLER DISTRICT EXPLORATION

Alacer's exploration licenses surrounding the Çöpler Gold Mine cover most of a 15 km by 25 km area.  The exploration licenses are managed under two separate joint ventures ("JV").  Alacer owns 80% of the licenses adjacent to Çöpler under the Anagold JV and 50% of the remaining licenses in the Çöpler District under the Kartaltepe JV, both in partnership with Lidya Mining.

ÇÖPLER DISTRICT RESULTS FROM 80/20% (ANAGOLD) AREA

Anagold Yakuplu

The Anagold Yakuplu prospect is characterized by skarn type gold-copper mineralization. 

An initial 5,160m RC drilling program has been completed during 2014 that followed up encouraging assays from rock chip samples.  Drill results are shown in the plan below.  Diamond drilling for metallurgical characterization testwork and structural determination of mineralization orientation and style is planned for the remainder of 2014.

Further RC drilling is planned in 2014 to infill drill the most prospective areas of oxide mineralization to a spacing of 25m x 25m.  The aim of this drilling will be to determine mineralization and grade continuity.  Follow-up drilling is planned with the objective of identifying additional near-mine, economic oxide feed to the current Çöpler Mine.

Demirmağara South

Infill soil sampling across the Demirmağara South prospect was completed early in 2014 with 439 soil samples collected and assay results received.  Results from this soil sampling program clearly defined and verified a gold-copper mineralized trend.  Prospect target reviews in 2014 identified Demirmağara South as a high-priority prospect for drilling.  Drilling will begin pending receipt of the required permit.

ÇÖPLER DISTRICT 50/50% (KARTALTEPE) EXPLORATION RESULTS

Aslantepe

Aslantepe is a porphyry gold and copper mineralized prospect discovered in late December 2013.  Detailed geological mapping at 1:1000 scale, soil and trench sampling, IP and resistivity surveying and an RC drilling program have been completed across the target area. 

A total of 1,725m from 10 RC holes have been drilled during 2014.  The majority of drilling focused on a mineralized porphyry intrusive outcropping on the eastern side of the Aslantepe ridge.   Key results are summarized on Figure 10.

Further drilling programs are planned to test the best rock chip sample results where they overlap with strong gold in soil and trench sampling geochemical anomalism.

Yakuplu

During 2014 a total of 3,351m of RC drilling was completed across the historic East Pit and Main Pit at Yakuplu.  The Yakuplu area has several historic open pits from small-scale mining of iron ore that also contain gold mineralization.  Mineralization is related to a thrust contact between ophiolites and limestone.  Multiple lense shaped oxide mineralized zones with a strike length up to 350m occur along this thrust faultThe continuity and metallurgical characterization of mineralization will be tested by further drilling in 2014.  Drilling will begin pending receipt of a drilling permit.

Bayramdere

Bayramdere is a mineralized epithermal gold and copper prospect drilled in 2013 and 2014 that defined near surface oxide mineralization with good continuity over a strike length of 700m.  This mineralization occurs as two stacked narrow lenses at the contact of limestone and ophiolites.  Metallurgical test work is currently being planned in order to characterize this oxide mineralization and determine its suitability for potential heap leaching.

About Alacer

Alacer Gold Corp. is a leading intermediate gold mining company and its world-class operation is the 80% owned Çöpler Gold Mine in Turkey.  During 2014, Çöpler is forecast to produce 160,000 to 180,000 attributable[1] ounces at All-in Costs[2] of $730 to $780 per ounce.  Çöpler's oxide ore is currently being processed in a conventional crush, agglomeration, heap-leach and gold recovery circuit.

The June 2014 Sulfide Definitive Feasibility Study demonstrated robust financial returns from processing sulfide ore and extended Copler's mine life to 20 years.  Subject to Board approval to construct the sulfide project, from July 2014, Çöpler is forecast to produce a further 3.2 million ounces of gold at low All-in Costs2 averaging $810 per ounce over the life of the mine.

Alacer has numerous high-potential exploration projects in Turkey in various joint ventures with our Turkish partner Lidya Mining.

Alacer's primary focus is to maximize portfolio value, maximize free cash flow, minimize project risk, and create value for shareholders.

Technical Procedural Information

Exploration drilling and sampling in Turkey utilized surface NQ2 diamond core and RC drilling methods.  Reverse circulation cuttings were sampled on 1.0m intervals and core was sampled at geologically selected intervals ranging from 0.7m to 2.0m, but generally in 1.0m lengths as sawn half core in competent ground or hand split if in clay or broken fault zones.  All drill sample assays were performed by ALS-Chemex laboratories in Izmir, Turkey and Vancouver, BC, Canada, except for the first round of drilling at Dursunbey that was assayed at SGS laboratory in Ankara, Turkey.  Samples were analyzed for gold by Fire Assay off a 30 gram charge with an AA finish, and analyzed for silver, copper, lead and zinc using a four acid digest ICP-AES method.  For silver, copper, lead and zinc assay results above the ICP-AES upper detection limits, samples were re-analyzed using a four acid digest with HCI leach, and ICP-AES or AAS finish.  Quality Assurance/Quality Control included the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at regular intervals within each batch.  Exploration and drilling results are reported as downhole drilled thicknesses.  Drill hole assay intervals were calculated using a lower cut-off grade of approximately 0.3g/t gold for oxide mineralization and 0.6g/t gold for sulfide mineralization.  Grades were calculated using length weighted average sample grades for the interval.  No top cut was applied.

Qualified Persons

The information in this release which relates to exploration results is based on information compiled by James Francis, BSc (Hons) Geology and MSc Mining Geology, MAusIMM, MAIG, who is a full-time employee of Alacer Gold.  Mr. Francis 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 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.  Mr. Francis consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

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 future 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 news release, production, cost and capital expenditure guidance; development plans for processing sulfide ore at Çöpler; 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 and community relations; negotiations of joint ventures, negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates; the development approach, the timing and amount of future production, timing of studies, announcements and analysis, the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, 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 and 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 final 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 and ability to meet production, cost and capital expenditure targets; timing and ability to produce studies and analysis; 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, 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 at www.sedar.com 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.

[1] Attributable gold production is reduced by the 20% non-controlling interest at the Çöpler Gold Mine.
[2] All-in Costs/ounce is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and detailed reconciliation, see the "Non-IFRS Measures" section of the MD&A for June 30, 2014.

Image with caption: "Figure 1: Dursunbey Location Map (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5558.jpg

Image with caption: "Figure 2: Plan Showing Dursunbey Drill Hole Location and Geology Compilation 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5559.jpg

Image with caption: "Figure 3: Plan Showing Dursunbey North Zone Significant Drill Assay Results in 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5560.jpg

Image with caption: "Figure 4: Plan Showing Dursunbey South Zone Significant Drill Assay Results in 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5561.jpg

Image with caption: "Figure 5: Plan Showing Dursunbey Mineralization Thickness Map (Oxide + Sulfide) as at August 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5562.jpg

Image with caption: "Figure 6: Dursunbey Cross Section L450 NE - Looking NE. (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5563.jpg

Image with caption: "Figure 7: Dursunbey Cross Section L1200 NE - Looking NE. (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5564.jpg

Image with caption: "Figure 8: Çöpler District Results From 80/20% (Anagold) Area (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5565.jpg

Image with caption: "Figure 9: Plan showing location of key drilling results at Anagold Yakuplu in 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5566.jpg

Image with caption: "Figure 10: Plan showing location of key assay results from drilling and trenching at Aslantepe in 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5567.jpg

Image with caption: "Figure 11: Plan showing location of key assay results from drilling at Yakuplu pits in 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5568.jpg

Image with caption: "Figure 12: Plan showing location of key assay results from drilling at Bayramdere in 2014 (CNW Group/Alacer Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20140915_C2718_PHOTO_EN_5569.jpg

SOURCE: Alacer Gold Corp.

For further information: Lisa Maestas, Director of Investor Relations, North America at +1-303-292-1299; Roger Howe - Director of Investor Relations - Australia at +61-2-9953-2470

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