COQUITLAM, BC, March 18 /CNW/ - Alpha Gold Corporation (TSX-V: ALQ) ("Alpha Gold" or the "Company") today reported on its geological modeling; expectations for the NI 43-101 compliant resource estimate for the Canyon Creek Skarn (CCS); and the next drill season on its 100% owned Lustdust Property situated in the Omineca Mining Division approximately 150 kilometres north-northeast of Fort St. James, BC.
"We are re-energized by the foothold established through the systematic re-examination of all the Lustdust drilling and historical records," said Alpha Gold's CEO, Richard Whatley, MEng, PEng. "Richard Beck, our consulting geologist, has put together a geological model akin to the Bingham Canyon, Utah, Sulfide Mineralization Model. We will drill to test this model that, if correct, would connect the old Takla Silver Mine in the southeast, through the Number 1, 2, 3 and 4B manto zones to the Canyon Creek Skarn/Skarn Extension along a north-northwest trend. If the infill and deep drilling proves successful, the CCS that is currently mapped along one thousand metres would be connected beneath the other zones for, what could be, six kilometres. This is the theory that we will put to the test in the 2010 program of 15,000 to 20,000 metres of drilling."
Within the Lustdust claims, several mineralized corridors have been identified over the years, the Number 1 zone, a structurally controlled high sulphide vein system, the Number 3 and 4B zones, carbonate-hosted manto systems and the Canyon Creek Cu-Au Skarn zone. The CCS zone has been the main priority for its potential to develop a resource, and therefore was the focus of the 2009 drilling. The order and alignment of these known zones suggest that the different mineralization types are occurrences resulting from the halo effect that encircles a productive proximal stock intrusive, possibly an auriferous alkalic Porphyry Cu-Mo deposit, like that seen in the Bingham Canyon, Utah, model. See Figure 1 at this link: http://www.chfir.com/client_images/LustdustCurrentZones2009.jpg.
CCS Resource Estimate and National Instrument 43-101 Report
As previously reported, analysis of the results confirms that, most importantly, the Canyon Creek Skarn zone (CCS) mineralization is present with continuity throughout its length and it extends to depth, down dip. Mineralization of the CCS zone has been confirmed by both the new downhole survey data and its consistency with recent years' drilling (see news release dated February 1, 2010).
Upon last hearing from Ron Simpson of GeoSim Services Inc., who has been contracted to complete a NI 43-101 compliant resource estimate and report on the CCS zone, the NI 43-101 report is now expected to be delivered to the Company in May 2010.
The CCS zone remains open to the north and to the south.
2010 Drilling and Exploration Program
The main objective of the 2010 exploration season is to consolidate past years' drilling in order to prepare a second, greatly expanded, NI 43-101 compliant resource estimate early in 2011. Exploration along the NW/SE trending mineralized corridor of the Lustdust property with additional exploration of this trend to the north, to the south (toward the historical Takla Silver Mine) and to depth (along the entire system while testing down dip mineralized extensions and down plunge mineralized feeder zones) are the new Management team's primary agenda. See Figure 2 at this link: http://www.chfir.com/client_images/Lustdust2010GeoModel.jpg. Components of the 2010 exploration program are listed below.
- Drilling along eastern boundary of Glover stock intrusive tying
together the six known zones of this mineralized corridor; the CCS
extension zone, the CCS zone, the 4B manto, the Number 3 manto zone,
and the Number 2 and Number 1 manto/vein systems.
- Drilling to depth, initiating in the CCS zone and chasing the current
theories that this known mineralized corridor has a westerly down dip
extension with favourable Cu-Au-Ag high grade mineralization that is
concurrent with a higher grade down plunge feeder zone.
- Re-sampling and re-logging of historical drill holes for the purpose
of the 2011 resource estimate.
- Mapping, prospecting and soil sampling of areas outside of the known
In the interests of time, a second drill (Phase 2) will work concurrent
with Phase 1 drilling.
- A second drill will test the western boundary of the Glover stock as
well as test the Glover stock itself. Additional target areas for the
second drill include, soil anomalies, ground magnetic survey
anomalies and new mapping and prospecting targets.
As CEO Whatley mentioned, the 2010 program is the largest ever in the Company's history at 15,000 to 20,000 metres of diamond drilling. It is budgeted at approximately $3.2 million for which the Company will be seeking financing in the coming weeks and months.
Richard Whatley, MEng, PEng, acted as the Company's Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this news release.
About Alpha Gold Corporation
Alpha Gold is a mineral exploration company whose 100%-owned, royalty-free, Lustdust Property is advantageously situated with nearby road and rail access in north-central British Columbia. Lustdust consists of 17 contiguous mineral claims covering 8,560 hectares and contains twelve known mineralized areas, including: the gold-copper-silver Canyon Creek Skarn(1) and North Skarn(2) (heretofore called the Skarn Extension); the Glover Stock with Porphyry Molybdenum(3); the Number 1(4), 2(5) and 3(6), 4B(7), East(8) and GD(9) zones of base and precious metal rich sulphide manto; the Bralorne Takla Mercury Mine(10); the exploratory tunnels of the Takla Silver Mine(11) (BCMINFILE 093N009), a developed prospect that contains high grade gold-silver veins; and potentially Carlin-style mineralization in the Valley(12) zone. Alpha Gold Corporation has approximately 36.9 million shares issued and outstanding, 38.6 million fully diluted. Shares are listed on the TSX Venture Exchange under the symbol "ALQ".
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Neither 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.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgement as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
SOURCE ALQ Gold Corp.
For further information: For further information: please visit www.alphagold.bc.ca or contact: CHF Investor Relations, Cathy Hume, CEO, T: (416) 868-1079 x231, E: firstname.lastname@example.org