TORONTO, July 25, 2018 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Corporation”) (TSX:ASR) and (ASX:AQG) is pleased to announce additional positive drill results for the Ardiç (Ardich) gold prospect. In addition to the previously reported 18 holes1, a further 25 drill holes have been completed with a majority intersecting predominantly oxide mineralization with impressive gold grades. Key results include holes AR41 with 50.2m averaging 3.01 g/t gold from 43.4m depth (including subinterval of 7.9m @ 8.81 g/t gold) and hole AR31 with 68.6m averaging 2.21 g/t Au from 36m depth (including 17m @ 5.5 g/t Au). Mineralization remains open in all directions, with the new drill hole results improving the known mineralized zone to the west, east and south. Importantly, the latest drilling confirmed that mineralization stepped across a southeastern fault. Initial metallurgical results indicate the oxide ores are suitable for heap leaching.
The objective of the Ardich exploration program for this year is to better understand the extent of mineralization and to define an initial Mineral Resource. In parallel, work has started on the permitting process and a scoping study to examine options to materially expand our heap leach capacity.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/fcf9a5b3-72c1-4c90-aced-c9dd360fa9ed
Prospect Overview
The Ardich gold prospect is situated primarily on the 80% Alacer-owned (Anagold) tenement. Alacer’s geological-structural mapping and surface rock sampling defined gold mineralized listwanite bodies in an 800m x 600m target area within a northwest-southeast structural zone. Subsequent mapping has identified the potential for the system to extend approximately 2km to the southeast.
Distribution of gold mineralization broadly corresponds with stockwork and sheeted crystalline and chalcedonic quartz veins within the brecciated listwanite and dolomite bodies. The mineralization developed along the thrust zones between listwanites, dolomites and ophiolites.
Drill results suggest that the mineralization is tabular and almost flat lying with a gentle slope to the south and southeast part of the prospect. The mineralization is predominantly in the form of oxide with sulfide mineralization confined to limited jasperoid sections.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/f5b813e8-ab7c-474f-8616-22b3a3cd670c
http://www.globenewswire.com/NewsRoom/AttachmentNg/151a257c-4c63-4d37-8550-6d1b718bc140
Drilling
The previously announced 18 holes defined the initial area of mineralization. The additional 25 diamond core drill holes totaling 4,010m have further improved the mineralized zone proving the continuity of mineralization to the west, east and south. Importantly the latest drilling confirmed that mineralization stepped across a fault in the south-east. Assay results demonstrate reasonable continuity of oxide gold mineralization, with the system open laterally in every direction.
The drilling was all diamond core drilling with 80% PQ size (85mm in diameter) and 20% HQ size (63.5mm in diameter) which provided the samples for the second phase metallurgical testing.
Drill Highlights
Significant results are down hole length2 and include:
- AR20: 39.8m @ 1.84 g/t Au from 25.2m, including: 8.7m @ 4.25 g/t Au from 34.7m and 2.3m @ 6.89 g/t Au from 50.7m
- AR24: 57m @ 2.01 g/t Au from 114.6m, including: 13.9m @ 4.8 g/t Au from 128.8m and 3.9m @ 4.45 g/t Au from 148.7m
- AR27: 43.1m @ 1.82 g/t Au from 158m, including: 9m @ 3.88 g/t Au from 161m
- AR29: 22.5m @ 2.64 g/t Au from 94.6m, including: 6.6m @ 4.84 g/t Au from 99.6m
- AR30: 24.3m @ 1.59 g/t Au from 26.5m
- AR30: 25.6m @ 2.4 g/t Au from 106.7m, including: 5.3m @ 4.51 g/t Au from 108.7m
- AR30: 31.5m @ 1.64 g/t Au from 143.8m, including: 2.6m @ 7.81 g/t Au from 154.1m
- AR31: 68.6m @ 2.21 g/t Au from 36m, including: 17m @ 5.5 g/t Au from 79m
- AR37: 34.6m @ 4.31 g/t Au from 88.4m, including: 16.4m @ 7.06 g/t Au from 92.4m and 2.2m @ 6.38 g/t Au from 118.8m
- AR41: 50.20m @ 3.01 g/t Au from 43.4m, including: 2m @ 4.41 g/t Au from 50.4m, 7.9m @ 8.81 g/t Au from 59.4m and 4.4m @ 8.97 g/t Au from 74m
- AR41: 10.0m @ 5.42 g/t Au from 98.0m, including: 6m @ 8.44 g/t Au from 102m
Table 1. Significant gold intercepts at the Ardich Prospect.
| Hole ID | From (m) | To (m) | Length (m) | Au g/t | Remarks | Total Drill Depth (m) | Comments |
| AR19 | 0.00 | 2.00 | 2.00 | 2.31 | Oxide | 133.00 | |
| 24.00 | 27.00 | 3.00 | 1.27 | Oxide | |||
| 35.00 | 90.50 | 55.50 | 0.99 | Oxide | |||
| Including | 63.00 | 65.00 | 2.00 | 3.47 | Oxide | ||
| AR20 | 25.20 | 65.00 | 39.80 | 1.84 | Mixed | 122.80 | 25.20-28.20, 33.60-41.00, 42.00-53.00m Sulfide |
| Including | 34.70 | 43.40 | 8.70 | 4.25 | Sulfide | ||
| Including | 50.70 | 53.00 | 2.30 | 6.89 | Sulfide | ||
| AR21 | 99.80 | 103.90 | 4.10 | 3.58 | Oxide | 128.80 | |
| AR22 | 82.50 | 106.70 | 24.20 | 2.15 | Oxide | 146.20 | 94.50-98.10 Sulfide |
| Including | 85.50 | 88.50 | 3.00 | 4.24 | Oxide | ||
| AR23 | 5.00 | 44.00 | 39.00 | 0.78 | Oxide | 172.70 | |
| 138.00 | 145.00 | 7.00 | 4.07 | Oxide | |||
| Including | 140.00 | 143.00 | 3.00 | 6.57 | Oxide | ||
| AR24 | 114.60 | 171.60 | 57.00 | 2.01 | Mixed | 186.60 | 126.00-155.60 Sulfide |
| Including | 128.80 | 142.70 | 13.90 | 4.80 | Sulfide | ||
| Including | 148.70 | 152.60 | 3.90 | 4.45 | Sulfide | ||
| AR25 | 69.00 | 77.00 | 8.00 | 2.91 | Oxide | 134.20 | |
| Including | 73.80 | 75.70 | 1.90 | 6.91 | Oxide | ||
| AR26 | 6.00 | 61.00 | 55.00 | 0.80 | Oxide | 172.70 | 17.00-18.00 Sulfide |
| AR27 | 158.00 | 201.10 | 43.10 | 1.82 | Mixed | 228.60 | Including 23.90m Sulfide |
| Including | 161.00 | 170.00 | 9.00 | 3.88 | Sulfide | 161.00-162.00 Oxide | |
| 213.00 | 228.60 | 15.60 | 0.60 | Mixed | 216.00-228.60 Sulfide |
| AR28 | 45.00 | 70.00 | 25.00 | 0.59 | Oxide | 85.40 | |
| AR29 | 94.60 | 117.10 | 22.50 | 2.64 | Oxide | 120.10 | Includes isolated interval of 0.5m core loss |
| Including | 99.60 | 106.20 | 6.60 | 4.84 | Sulfide | Includes isolated interval of 0.5m core loss | |
| AR30 | 26.50 | 50.80 | 24.30 | 1.59 | Oxide | 200.60 | 40.80-41.80 Sulfide |
| Including | 31.10 | 34.80 | 3.70 | 3.86 | Oxide | ||
| 73.00 | 76.10 | 3.10 | 1.84 | Oxide | |||
| 106.70 | 132.30 | 25.60 | 2.40 | Oxide | |||
| Including | 108.70 | 114.00 | 5.30 | 4.51 | Oxide | ||
| 143.80 | 175.30 | 31.50 | 1.64 | Oxide | 143.80-150.20 Sulfide | ||
| Including | 143.80 | 145.80 | 2.00 | 3.04 | Sulfide | ||
| Including | 154.10 | 156.70 | 2.60 | 7.81 | Oxide | ||
| AR31 | 5.00 | 30.00 | 25.00 | 0.64 | Oxide | 160.70 | Includes isolated intervals of core loss totaling 0.6m, 20.00-21.00 Sulfide |
| 36.00 | 104.60 | 68.60 | 2.21 | Oxide | 75.00-84.00m Sulfide | ||
| Including | 79.00 | 96.00 | 17.00 | 5.50 | Mixed | 80.00-84.00m Sulfide | |
| AR32 | 11.00 | 46.40 | 35.40 | 1.03 | Oxide | 130.20 | Includes isolated intervals of core loss totaling 1.5 m |
| 54.10 | 73.10 | 19.00 | 0.81 | Oxide | |||
| AR33 | 125.70 | 159.70 | 34.00 | 1.47 | Sulfide | 197.70 | Includes isolated intervals of core loss totaling 1.1 m |
| Including | 136.90 | 138.90 | 2.00 | 4.34 | Mixed | 137.90-138.90 Sulfide | |
| AR35 | 17.00 | 33.60 | 16.60 | 0.89 | Oxide | 101.60 | 24.00-25.00 Sulfide |
| 38.60 | 70.00 | 31.40 | 0.84 | Oxide | Includes isolated interval of 0.8m core loss | ||
| Including | 58.00 | 60.00 | 2.00 | 3.77 | Oxide | ||
| AR36 | 50.20 | 93.60 | 43.40 | 1.20 | Oxide | Includes isolated intervals of core loss totaling 1.3m, 59.00-60.00 Sulfide | |
| Including | 63.30 | 68.30 | 5.00 | 2.98 | Oxide | ||
| AR37 | 88.40 | 123.00 | 34.60 | 4.31 | Oxide | 180.30 | 120.00-122.00 Sulfide |
| Including | 92.40 | 108.80 | 16.40 | 7.06 | Oxide | ||
| Including | 118.80 | 121.00 | 2.20 | 6.38 | Oxide | 120.00-121.00 Sulfide | |
| AR40 | 48.00 | 81.00 | 33.00 | 0.72 | Oxide | 208.0 | Includes isolated intervals of core loss totaling 0.4 m |
| AR41 | 43.40 | 93.60 | 50.20 | 3.01 | Oxide | 150.90 | 105.00-107.00 Sulfide |
| Including | 50.40 | 52.40 | 2.00 | 4.41 | Oxide | ||
| Including | 59.40 | 67.30 | 7.90 | 8.81 | Oxide | ||
| Including | 74.00 | 78.40 | 4.40 | 8.97 | Oxide | ||
| 98.00 | 108.00 | 10.00 | 5.42 | Oxide | 105.00-107.00 Sulfide | ||
| Including | 102.00 | 108.00 | 6.00 | 8.44 | Oxide | 105.00-107.00 Sulfide |
| AR42 | 27.00 | 50.50 | 23.50 | 1.70 | Oxide | 147.30 | 49.40-50.50 Sulfide |
| Including | 41.00 | 43.70 | 2.70 | 4.42 | Oxide | ||
| 56.50 | 82.80 | 26.30 | 1.53 | Oxide | |||
| Including | 78.80 | 81.80 | 3.00 | 5.59 | Oxide | ||
| AR43 | 60.20 | 65.20 | 5.00 | 6.48 | Oxide | 152.30 | |
| Including | 61.20 | 63.20 | 2.00 | 9.78 | Oxide | ||
| 112.00 | 122.20 | 10.20 | 0.81 | Oxide | |||
| 143.80 | 151.40 | 7.60 | 0.76 | Oxide | 150.40-151.40 Sulfide |
All thicknesses are down hole length and true widths are not known at this time.
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/docs/default-source/press-releases/ 2018-07-25-ardich-results-supporting-drill-final.pdf or visit the Corporation’s website at www.alacergold.com.
About Alacer
Alacer is a leading low-cost gold producer, with an 80% interest in the world-class Çöpler Gold Mine (“Çöpler“) 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”). The Corporation’s primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet to maximize portfolio value and free cash flow, minimize project risk, 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 southeast from Istanbul and 550 kilometers east from Ankara, Turkey’s capital city.
The Corporation continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey:
Çöpler Sulfide Expansion Project (the “Sulfide Project”)
The Sulfide Project is near completion and remains on track to be delivered under budget and on schedule for start-up in Q3 2018. The Sulfide Project is expected to deliver long-term growth with robust financial returns and adds 20 years of production at Çöpler. The Sulfide Project will bring Çöpler’s remaining life-of-mine (“LoM”) gold production to approximately 4 million ounces at All-in Sustaining Costs averaging $645 per ounce3, 4.
Çöpler Oxide Plant Production
Over the course of 2018, Alacer will process oxide ore from three primary sources: Çöpler in-pit, Çakmaktepe and blended material comprising limestone rich in-pit oxide material and stockpiled low sulfide, high carbonate ore. To maximize the processing capacity of the oxide plant, the expansion of the existing heap leach pad is being accelerated and is expected to be complete in 2018. In addition, the Corporation continues to evaluate opportunities to further extend oxide production beyond the current reserves with ongoing in-pit exploration, Çöpler District exploration, and evaluation of options to increase heap leach capacity, including the potential for a new heap leach pad to the west of the Çöpler Gold Mine.
District & In-Country Exploration Activities
The systematic and focused exploration efforts in the Çöpler District, as well as in other regions of Turkey, are progressing. The Çöpler District remains the focus, with the goal of continuing to grow oxide resources that will deliver production utilizing the existing Çöpler infrastructure. In the other regions of Turkey, targeted exploration work continues, including work on the Definitive Feasibility Study (“DFS”) for the Gediktepe Project5.
Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Corporation also has a secondary listing on the Australian Securities Exchange where CHESS Depositary Interests (“CDIs”) trade.
Technical Procedural Information
Sampling, Assaying and QA/QC
The Ardich drilling program started in 2017. 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 ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, Ankara is used for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater than or equal to 10g/t, fire assay process is repeated with a gravimetric finish for coarse gold. 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 July 2018. 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.
Metallurgical Test Work
A three-phase metallurgical testing program is being conducted by McClelland Laboratories, Inc. (Sparks, NV, USA), under the guidance of Metallurgium. The first phase comprising bottle roll cyanide leaching tests has been completed. The second phase of work comprising column leach testing is ongoing and is planned to be finalized in August 2018. Sample selection for the third phase (additional column leach testing) commenced in June 2018 to understand the response of drilling conducted in new and extended areas of the deposit. This work is planned in Phase III Metallurgical Testing program to be conducted at McClelland Laboratories during 2H 2018.
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, and fairly represents, information and supporting documentation prepared by Mesut Soylu, PhD Geology, PGeo, Eurgeol, who is a full-time employee of Alacer and works regularly at the project site. 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 undertaken 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 is a member of the American Institute of Professional Geologists. 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 have been completed in June 2018 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; 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.
For further information on Alacer Gold Corp., please contact:
Lisa Maestas – Director, Investor Relations at +1-303-292-1299
______________________
1 Detailed information, including complete drill hole data, can be found in the press release entitled “Alacer Announced Additional Positive Drilling Results for the Çöpler District including 67.7 Meters at 4.08 Grams per Tonne Gold Near Surface” (the “Ardich Update”), filed on February 26, 2018, which is available on www.sedar.com and on www.asx.com.au.
2 All thicknesses are down hole length and true widths are not known at this stage.
3 All-in Sustaining Costs per ounce is a consolidated non-IFRS performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation to IFRS, please see the “Non-IFRS Measures” section of this MD&A.
4 Detailed information regarding the Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the technical report dated June 9, 2016 entitled “Çöpler Mine Technical Report” (the “Çöpler Mine Technical Report”) available on www.sedar.com and on www.asx.com.au. Alacer confirms that all material assumptions continue to apply and have not materially changed.
5 Additional information on the Gediktepe Project can be found in the press release entitled “Alacer Gold Announces a New Reserve for its Gediktepe Project Providing Future Growth,” (the “Gediktepe PFS”) dated September 13, 2016, available on www.sedar.com and on www.asx.com.au.