Alderon Resource Corp. is pleased to announce the final set of assay results from the completed 2010 drill program on the 100% owned Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. Results have been received for the Central Rose Zone, which will be included in the upcoming resource estimate, as well as the North Rose Zone, which will be the focus of the recently commenced winter drill program.
Holes K-10-69, K-10-76 and K-10-84 were drilled within the known mineralized envelope of the Central Rose Zone and will be used for the upcoming National Instrument 43-101 (“NI 43-101″) resource estimate. Holes K-10-74 and K-10-78 intersected mineralization at the North Rose Zone, which is the folded extension of Central Rose and is the focus of the recently commenced drill program.
Drill hole K-10-70 commenced on Central Rose and intersected mineralization in both the Central Rose and North Rose Zones. The hole was drilled to a depth of approximately 450 metres below surface and intersected 92% of the known stratigraphy of the North Rose Zone.
An initial NI 43-101 resource estimate is expected in early March 2011. The goal for the initial resource is to delineate 400 to 500 million tonnes at a grade between 28-32% iron ore. An updated NI 43-101 resource estimate is expected in June 2011 and will include the winter drilling at North Rose. The goal for the updated resource is to delineate a total of 600 to 800 million tonnes at a grade between 28-32% iron ore. Watts, Griffis and McOuat Limited (“WGM”) has been commissioned to provide this resource estimate and has already completed the required site visits and sampling program. The potential tonnage and grade discussed above are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will delineate a mineral resource.