Vancouver, Canada – January 29, 2017 – Aldershot Resources Ltd. (“Aldershot” or the “Company”) (TSXV:ALZ) (Frankfurt: ASL1.F) (United States: ALZTF.PK) is pleased to announce the results of initial exploration work conducted on the Company’s flagship project the Gowganda Gold Project located in the Abitibi Gold Belt. The initial exploration work consisted of field work including a structural study, trenching and sampling.
Trench 7 (exposed by Transition in 2012) was re-sampled by Aldershot with a total of 30 chip samples collected from multiple point sites across 5 identified shear veins. Previous grab and channel sampling by Transition highlighted elevated pathfinder elements such as arsenic and silver as well as gold values up to
1.4 g/t despite the identification of visual gold in quartz veins ranging from 1 to 10 centimetres in thickness within a 5-7 metre wide northeast dipping shear zone. Five of the more continuous vein sets were resampled
to further assess the nugget effect and average gold content within the veins. Several multi gram gold values from re-sampling were assayed with the highest value of 8.49 g/t gold being returned from vein 2.
Significant highlights include:
- 8.49 g/t gold assay returned from vein 2 Trench 7
- Nugget gold distribution confirmed within individual veins
- Resampling returned multi gram gold values from veins in Trench 7
- Elevated pathfinder elements Ag and As are associated with the highest gold value veins.
Detailed Sample Results from Trench 7
*The table above presents a statistical summary of chip samples of vein and wallrock material collected from point source locations along the strike of numbered vein sets exposed in Trench 7.
Two trenches (11 and 12) were excavated. Trench 11 is located 240 metres NW of Trench 7 along strike with a NW trending gold bearing shear zone. The Trench exposed an area of bedrock measuring 25 metres by 35 metres and revealed a well-developed shear zone hosting quartz veining and sulphides in an environment similar to that observed at Trench 7. Preliminary sampling of vein material in Trench 11 returned widespread elevated Ag and As with the highest gold value from 19 grab samples returning 0.512 g/t Au. Trench 12 attempted to expose bedrock in the vicinity of coincident geochemical and geophysical anomalies west of Trench 6 unfortunately the bedrock was too deep in the area and the trench was filled in.
A detailed structural study was undertaken on the property in consultation with Rogerio Monteiro of Vektore Exploration Consulting Corporation to further resolve vein set generation and orientations with an objective to optimise drill targeting. The work has resolved new relationships between mineralized vein systems and structures associated with zones of higher grade gold mineralization that will be targeted by drilling in the New Year.
Jeremy Caddy, President, CEO and Director commented “We are very encouraged by the initial exploration work conducted at the Gowganda Gold Project. The trenching work has confirmed the exploration potential of an important gold bearing shear zone exposed in Trench 7, and extended this zone for an additional 240 metres to the northwest. We look forward to initiating a program of ground geophysics and diamond drilling early in 2017”
About the Gowganda Gold Project
The project consists of mining claims totaling approximately 3,520 hectares centrally located about Hwy
560 adjacent to the unorganized municipality of Gowganda Ontario in Nicol, Haultain, Milner, and Van Hise townships, Larder Lake Mining Division. The project is focused on Archean greenstone overlain by Proterozoic sediments of the Cobalt Embayment located south of the Round-Lake Batholith in the south- western part of the prolific Abitibi greenstone belt. A short animated video that introduced Aldershot and the Haultain project may be viewed at: http://iresourcemedia.com/companies/aldershot/
On November 8, 2016 Aldershot announced that it had entered into an agreement with Transition Metals to earn a 51% interest in the Property. To do so, Aldershot has agreed to fund $400,000 worth of exploration on property in year one and must incur cumulative work expenditures totaling $2.0 million by the third anniversary of the agreement. In addition, Aldershot must issue 1,500,000 common shares to Transition on signing, and provide an additional $450,000 worth of Aldershot shares to Transition by the second anniversary date, subject to exchange approvals to earn its initial interest.
Upon earning an initial 51% interest, Aldershot may opt to acquire an additional 24% interest in the Claims
(for a total of 75%) by committing to completing a feasibility study. Upon Aldershot earning its 51% or
75% interest in the Property as the case may be, a Joint Venture would be formed, with each party obliged to fund work programs on the property to maintain its respective interest.
During the course of the initial stage of the Option, Transition has agreed to serve as program operator, dedicating its team and expertise to overseeing work programs funded by Aldershot.
The technical elements of this press release have been approved by Mr. Greg Collins, P.Geo. (APGO), a
Qualified Person under National Instrument 43-101.
Aldershot is engaged in the acquisition and exploration of gold properties. The Company relinquished its
uranium properties in Utah in 2015 due to the low uranium price and to limited cash resources. The Company has signed an option and joint venture agreement with Transition Metals for the Gowganda Gold Project as highlighted above. Aldershot has closed a private placement for gross proceeds of $600,000, the private placement being oversubscribed by $100,000.
The mission of Aldershot is to find and develop a gold prospect to create wealth for shareholders. This is being achieved by identifying quality gold properties and exploring those that have the highest potential for future discoveries, sale or development of existing mineral resources into mineable reserves. On a regular basis management will rationalize all of its core mineral property holdings to maintain percentage ownership by funding the exploration work. Management will sell its properties when it feels value for shareholders has been created and management is able to obtain fair value for the assets.
The Company is a publicly listed corporation whose shares are traded on the Venture Exchange of the
Toronto Stock Exchange under the symbol ALZ. The Company’s registered office is located at 409 – 221
West Esplanade, North Vancouver, BC, V7M 3J3 and its head office is located at 303 – 1006 Beach
Avenue, Vancouver, BC V6E 1T7.
FOR AND ON BEHALF OF THE BOARD
President, CEO and Director
For further information, please contact Mr. Jeremy Caddy or visit Aldershot’s web-site at:
Jeremy Caddy, President, CEO and Director
Phone: 604 727-7148
This press release may contain forward-looking statements about certain of the Company’s current plans, goals and expectations relating to the Agreement. Statements containing the words: ‘believes’, ‘intends’, ‘expects’, ‘plans’,
‘seeks’ and ‘anticipates’ and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the Company’s control. As a result, the Company’s actual financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company’s disclosure documents on the SEDAR website at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.