Aldershot Resources Ltd. ("Aldershot" or the "Company") (TSX-V:ALZ)
(FRANKFURT:ASL1) (OTC PINK:ALZTF) is pleased to announce that the
Company has engaged the services of Al Maynard Geological to
conduct a National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") report on the Brittania Well Gold
Prospect area (hereinafter the "Prospect") located about 8km SSW of
Mt. Magnet Township south of the Yalgoo Road, in Western Australia
comprising one tenement covering a total area of 90.97 has.
The Prospect was staked by Ragged Range Mining
Pty Ltd ("RR"), a company controlled by Mr. Philip Crabb, a
director and significant shareholder of Aldershot. Ragged Range has
agreed to sell its interest in the Prospect to Aldershot in
exchange for its costs estimated to be approximately $15,000
Australian at closing.
BACKGROUND
- There are numerous abandoned mine workings along the length of
the Brittania Well Shear Zone confirming that there has been
considerable gold mining activity in the past. The Prospect is
therefore located in a favourable geological and structural
environment in which both abandoned gold workings and significant
gold in soil anomalies have been previously identified.
- Gold mineralization occurs in a variety of settings including
quartz veins within mafic-ultramafic rocks, banded iron formations
and associated felsic rocks close to a granitoid contact and also
within late-stage felsic intrusives. Consequently, zones of gold
mineralization are considered likely to occur in all rock types
where they are cut by favourable structures or along felsic
intrusive contact zones.
- Recent rock chip sampling of hematite - altered late stage,
silicified felsic intrusives (sodic keratophyres) in adjacent
P58/1285, Jumbulyer North Prospect was undertaken. This style of
mineralization identified is new to the Mount Magnet region and
could be highly significant.
- Outcrop in the prospect area is poor and regional Mobile Metal
Ion (MMI) soil sampling in conjunction with geological, structural
and geophysical data is recommended as first phase exploration to
identify surface gold targets.
- All known anomalous gold targets will undergo subsequent field
checks. A combination of trenching and or drill programs will test
anomalies. Prior to this work appropriate POW (Permit of Work)
applications will be expedited.
LOCATION AND ACCESS
The tenement is centered 8km SSW of Mt. Magnet
in a zone trending southward and west of the Brittania Well South
open cut mine.
Access is by way of the sealed Mt. Magnet-Yalgoo
road thence south along tracks to Brittania Well. From Brittania
Well there are tracks servicing various old mine workings and
pastoral station wells.
PREVIOUS EXPLORATION
The first gold find in the Mount Magnet area was
recorded in 1891. At the turn of the 19th century, Hill 50 Gold
Mines Ltd. ("Hill 50") was the dominant mine out of 30 gold mines
in the Mt. Magnet district and it was regarded as a mine which
would last ‘forever’, but fell into decline after 1915, when many
miners went off to fight in WWI.
Hill 50 acquired the Sidar and Zion leases and
started mining them in 1936, closing the mines in 1961 after
producing 1.4 million ounces of gold from 3.6 million tonnes of
ore.
From 1970 to present, regional exploration has
been carried out by various companies namely RGC Exploration Pty
Ltd, Goldfields Exploration Pty Ltd, Brunswick NL, Metana, Mt
Magnet Gold NL, Equinox Resources NL, Dundas Gold Corporation NL,
Falcon Aust. Limited and Mount Magnet South.
REGIONAL GEOLOGY
The geology of the Prospect comprises the Mount
Magnet greenstone belt composed of ultramafic, mafic and felsic
volcanic rocks, with subordinate volcanogenic sediments, banded
iron-formation (BIF) and chert. It is intruded by minor felsic and
mafic rocks and surrounded by massive to gneissic granitic
batholitic intrusives. The greenstone belt has been complexly
deformed into a major steeply plunging domal structure, which was
formerly referred to as the Boogardie Synform.
However, recent geological mapping and
interpretation by independent consultants, using the most recent
2003, 1:25,000 scale DOLA coloured aerial photography, Land Sat
imagery and detailed aero magnetic data, indicates that the
Boogardie structure is in fact an anticline, comprising a series of
overlapping, northwardly displaced, thrust sheets.
Major faulting occurs along the eastern and
western margins of the greenstone belt causing it to be faulted
against slightly younger, intrusive syn-orogenic batholithic
granitoids and gneiss. Numerous, mainly circular, usually small
stocks of post-orogenic granitoids intrude the greenstones
throughout the district and even younger plugs, dykes and sills of
felsic (commonly keratophyric- volcanic rock of intermediate
composition) composition intrude all other rock types. It is
speculated that this late stage intrusive event introduced
gold-bearing fluids into the older rocks to produce the gold
deposits being exploited today.
PROJECT GEOLOGY
The geology of the eastern side of the project
area is reasonably well exposed and comprises both weathered mantle
and fresh rock which is overlain by a thin veneer of soil and
colluvium. In the west, over the posttectonic Jumbulyer Granite,
outcrop is sparse.
Structurally, the project tenements cover
greenstones forming the eastern limb of the regional Boogardie
Anticline where it is cut by the north-south trending Brittania
Shear Zone and splays off it. The greenstones are bounded to the
east and west by late stage post-tectonic granitoid intrusives.
The greenstone assemblage within the project
area includes typical Boogardie Formation lithologies that are
dominated by BIF/chert, mafic to ultramafic volcanics and
intrusives which have been intruded by a younger suite of felsic
porphyries, microgranite and aplite and a distinctive pink-coloured
sodic keratophyre that has been found to commonly contain gold
(e.g. at the Jumbulyer North Prospect).
Many of the felsic intrusives show evidence of
brecciation, silicification and tourmalinisation (often a good
indication of possible gold mineralization).
MINERALIZATION
The sheared fold limb structure passing through
Brittania Well hosts a number of occurrences of gold
mineralization, with similar mineralized cross structures splaying
off the main Brittania Well Shear and other sub-parallel fault
zones.
The gold resource originally identified by WMC
and Metana and later mined by Harmony in 2007 as the "Brittania
Well South" pit is located adjacent to Metana's PLA 58/1569. Mining
stopped at the lease boundary and is anticipated to extend into
Metana's project area to the south.
Gold also occurs in silicified and chloritised
shears along the contact of deformed greenstones and granitoids and
these structures are thought to have been the source of much of the
coarse alluvial gold mined and/or detected by local prospectors
(e.g. around Fairclough’s Reward and at Thomas’s Patch just north
of Metana's P58/1354).
QUALIFIED PERSON
The technical elements of this press release
have been approved by Mr. Allen Maynard of Al Maynard Geological, a
Qualified Person under NI 43-101. Allen J. Maynard is a Member of
the Australian Institute of Geoscientists (MAIG), a Corporate
Member of the Australasian Institute of Mining & Metallurgy
(AusIMM) and a geologist with more than 35 years continuous
experience in mineral exploration and surface and underground
mining for a range of commodities including precious and base
metals (Au, PGE, Ni, Cu, Ag-Pb-Zn, Fe, Sn, Ta, Nb, W, U) industrial
minerals (phosphate, potash, coal, mineral sands), precious and
semi-precious gemstones (diamond, ruby, emerald), project
generation and evaluation plus technical valuation of mineral
properties in Australia, Africa, north & south America, western
Europe, central & southeast Asia, China and Greenland.
JOINT VENTURE UPDATE
In addition, Aldershot announces that further to
its press release dated November 24, 2016 with respect to entering
into an Option and Joint Venture Agreement (the "Agreement")
between the Company and Transition Metals Corp. ("Transition"), the
Company has issued 4,000,000 common shares of the Company to
Transition at a deemed price of $0.05 per share in satisfaction of
the amount due to Transition upon the first anniversary date of the
Agreement.
ABOUT ALDERSHOT
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.
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 TSX Venture Exchange under the
symbol ALZ.
FOR AND ON BEHALF OF THE BOARD
Jeremy CaddyPresident, CEO and Director
Forward-looking statements:
This press release may contain forward-looking
statements about certain of the Company's current exploration
plans, goals and expectations, and the closing of the acquisition
of an interest in the Brittania Well Gold Project. 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.
Neither the 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.
Jeremy CaddyPresident, CEO and Director604
727-7148jcc4tlx@intergate.cawww.aldershotresources.com