Mr. David Quinlivan reports
COPLER M+I RESOURCE INCREASES TO 8.5 MILLION OUNCES OF GOLD
Alacer Gold Corp. has released an updated mineral resource estimate for the Copler gold-silver-copper deposit in Turkey.
The updated Copler resource estimate has resulted in measured and
indicated (M+I) resources increasing to 194.2 million tonnes at a grade of 1.4 grams per tonne (g/t) gold,
containing a total of 8.5 million ounces (inclusive of reserves) as at June 30, 2013.
MINERAL RESOURCE FOR THE COPLER DEPOSIT (100 PER CENT) AS AT JUNE 30, 2013
Gold Material Resource Tonnes Gold Contained Silver Copper Sulphur
cut-off type category (million) grade gold grade grade grade
grade (g/t) (million (g/t) (%) (%)
(g/t) ounces)
0.3 Oxide Measured 16.3 1.7 0.9 3.7 0.2 0.3
Indicated 36.5 0.8 1.0 1.4 0.1 0.2
Measured
and indicated 52.8 1.1 1.8 2.1 0.1 0.3
Inferred 25.7 0.6 0.5 1.4 0.1 0.4
0.8 Sulphide Measured 74.0 1.6 3.8 4.6 0.1 3.9
Indicated 46.9 1.5 2.2 4.4 0.1 3.9
Measured
and indicated 120.9 1.5 6.0 4.5 0.1 3.9
Inferred 23.9 1.2 1.0 4.6 0.1 3.0
Variable Stockpiles Measured 20.4 1.0 0.7
Variable Total Measured 110.7 1.5 5.4 4.5 0.1 3.2
Indicated 83.4 1.2 3.2 3.1 0.1 2.3
Measured
and indicated 194.2 1.4 8.5 3.8 0.1 2.8
Inferred 49.6 0.9 1.4 3.0 0.1 1.7
David Quinlivan, president and chief executive officer of Alacer Gold, stated: "I am pleased to report that the measured and indicated resource at
Copler has increased for both oxide and sulphide mineralization since
our last resource statement in December, 2012, more than replacing mine
production during the period. It is also significant that the new
resource model has underestimated the ounces in the area mined to June
30, 2013, by 11 per cent, identifying potential upside to this new resource
estimate. This resource update will form the basis of ongoing Copler
oxide and sulphide mine studies. We have recently increased our regional
exploration activities in the Copler district and are encouraged by the
quality of targets being generated."
This new resource is reported as at June 30, 2013, and includes mining
depletion to June 30, 2013, and new drilling assay results from Aug.
1, 2012, up until May 31, 2013. Stockpiles include both oxide and
sulphide mineralization, and residual heap leach stockpiles and are
reported as at June 30, 2013.
Copler mineral resources comparison
A comparison between the previous Copler mineral resource (December,
2012) and the new Copler mineral resource estimate is provided in the
associated table. The comparison shows that the total M+I resource has
increased by 300,000 ounces or 4 per cent in contained gold. Measured and
indicated resources have increased for both oxide and sulphide,
predominantly due to drilling results at Main zone. These increases
have more than offset high-grade mine production from the manganese and
marble pits during this same time period.
Depleted mineral resource Depleted mineral resource
as at Dec. 31, 2012 as at June 30, 2012
Gold Material Resource Tonnes Gold Contained Tonnes Gold Contained
cut-off type category (million) grade gold (million) grade gold
grade (g/t) (million (g/t) (million
(g/t) ounces) ounces)
0.3 Oxide Measured 15.0 2.0 1.0 16.3 1.7 0.9
Indicated 35.5 0.8 0.9 36.5 0.8 1.0
Measured and
indicated 50.5 1.1 1.8 52.8 1.1 1.8
Inferred 25.7 0.6 0.5 25.7 0.6 0.5
0.8 Sulphide Measured 64.4 1.7 3.6 74.0 1.6 3.8
Indicated 51.6 1.4 2.3 46.9 1.5 2.2
Measured and
indicated 116.0 1.6 5.9 120.9 1.5 6.0
Inferred 25.7 1.3 1.1 23.9 1.2 1.0
Variable Stockpiles Measured 16.2 0.8 0.4 20.4 1.0 0.7
Variable Total Measured 95.6 1.6 5.0 110.7 1.5 5.4
Indicated 87.1 1.1 3.2 83.4 1.2 3.2
Measured and
indicated 182.8 1.4 8.2 194.2 1.4 8.5
Inferred 51.4 0.9 1.6 49.6 0.9 1.4
For the area mined up until June 30, 2013, this new resource model
estimated 1.05 million ounces of contained gold versus an estimated mine
production of 1.17 million ounces of contained gold. This indicates that
the new resource model is underestimating the gold contained in the
mined portion of the Copler deposit by 11 per cent.
In addition to the potential upside in the resource estimate,
significant opportunity exists to further increase the Copler resource
with three drill rigs currently active on-site.
Alacer Gold believes that the Copler mine is likely to be the first of
several significant gold deposits to be discovered and mined in the
Copler district. The Copler district is Alacer Gold's highest-priority
area for gold exploration and discovery. Alacer Gold has recently
increased its licence holding in the Copler district, increased
regional geological, geochemical and geophysical survey activities, and
commenced the drilling of high-priority oxide-gold targets within a
20-kilometre radius of the Copler deposit.
Copler resource estimation methodology
Current mineral resource estimates are stated as at June 30, 2013, and
take account of mining depletion to that date. Resources are shown on a
100-per-cent basis, of which Alacer Gold owns 80 per cent. All resource numbers quoted
in this announcement are reported inclusive of reserves.
Drill hole data used in the Copler resource comprised surface
reverse circulation (RC) and surface diamond drill holes. The
majority of drill hole collar locations were surveyed by contract mine
surveyors. Diamond drill holes were routinely downhole surveyed using
Eastman single-shot and Reflex multishot cameras. Drill hole spacing
varies across the deposit, with the majority of the resource drilled at
40 m by 40 m spacing; however, infill drilling has been completed down to
20 m by 20 m in the manganese and marble pits and a small portion of the Main zone.
Drill core and RC chips were logged in detail for lithology, alteration,
mineralization, structure and veining. All data are stored and
validated within an electronic database. Following logging, the
samples are submitted for assaying. Drill core is sawn in half and
sampled (or split into half core for clay ores); whereas RC chip
samples are routinely collected in calico bags at one m increments for
assay. Diamond core sample lengths were constrained by geology,
alteration, mineralization or structural boundaries and may vary in
different areas of the resource. The samples range in downhole lengths
from 0.1 m to 5.6 m, but typically one m to two m.
Gold analyses were undertaken by ALS-Chemex in Vancouver, Canada, and
ALS-Chemex in Izmir, Turkey, using a 30-gram fire assay analysis method.
Multielement analyses of silver, copper and sulphur were undertaken by
four-acid digestion via ICP-AES. Industry-standard reference materials
and blanks were utilized in order to check laboratory assay quality
control. A laboratory visit and audit were undertaken in June, 2012.
Detailed geological and mineralization wireframes have been built
utilizing data collected during the logging of drill holes in the
resource area. Surface mapping and pit mapping collected from within
the manganese pit have been integrated into the geological wireframes.
A total of 56 mineralization domains have been defined for the resource
estimate, with 9 per cent of ounces in the resource estimate outside of these
domains.
Assays were composited to three-metre intervals and assessed for appropriate
top cuts by area. The top cuts applied to each element by area are
detailed in the associated table.
TOP CUTS
Area Au Ag Mn Cu As
(g/t) (g/t) (ppm) (ppm) (ppm)
Manganese 20 90 100,000 11,000 10,000
Marble 35 90 13,000 13,000 10,000
Main zone East 10 15 11,000 7,000 10,000
Main zone South 6 7 4,000 11,000 6,000
Main zone 18 90 45,000 16,000 10,000
Main zone West 3 10 6,000 10,000 2,000
West zone 6 13 4,000 7,000 1,600
A detailed review of 3,104 bulk density measurements collected from
diamond drill holes within the resource area has identified the presence
of surficial weathering within several of the rock types. The bulk
densities utilized within the resource are detailed in the associated table.
BULK DENSITIES
Rock Vertical depth Number of Mean bulk
type extent (m) samples density (g/cm3)
Diorite 1 0 -- 20 57 2.26
Diorite 2 20 -- 40 71 2.39
Diorite 3 40 -- 60 63 2.42
Diorite 4 60+ 754 2.57
Gossan all 64 2.54
Marble all 581 2.60
Massive sulphide all 28 3.14
Metasediments 1 0 -- 20 27 2.38
Metasediments 2 20 -- 40 79 2.42
Metasediments 3 40 -- 60 91 2.51
Metasediments 4 60+ 1,286 2.64
Manganese rich all 3 3.00
Ordinary kriging was the grade estimation method used to estimate the
Copler resource. Parent block sizes were set at 10 m (X), 10 m (Y) and
five m (Z) in the manganese and marble zones of the resource, where
drilling is closer spaced; whereas the parent block sizes in all other
areas were set at 20 m (X), 20 m (Y) and five m (Z). The minimum
subblock size was set to 2.5 m (X), 2.5 m (Y) and 2.5 m (Z) in all
areas.
A nominal cut-off grade of 0.3 g/t gold was applied to the oxide portion
of the resource and 0.8 g/t gold to the sulphide portion of the resource
to reflect likely mining and processing scenarios. The resource
estimate has been classified based on data density, data quality,
confidence in the geological interpretation and grade continuity, and
the confidence in the estimation. The resource has been reported prior
to any recovery factors.
The major difference between the previous resource (Sept. 10, 2012)
and this resource is that the Main zone was unwrinkled in Vulcan 8.2
using an alternative Z (or RL) calculation, enabling the estimation of
the dome as a whole.
The stockpiled material quoted in the resource comprising an oxide
stockpile of 20,000 tonnes at 7.2 g/t gold, a sulphide stockpile of 800,000 t at
4.7 g/t gold and the heap leach stockpile of 19.6 million tonnes at 0.87 g/t
gold. The oxide and sulphide stockpile tonnes are determined by
weightometer, verified by monthly survey pickups, and the stockpiled
grade determined by grade control practices. The heap leach stockpile
represents the stacked heap leach ore with a portion of the ounces
stacked on the heap remaining to be recovered. It is estimated that
approximately 23 per cent of the gold on the heap leach stockpile as at June
30, 2013, will be recovered via continued heap leaching, for a total of
126,000 ounces of gold.
We seek Safe Harbor.
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