March 23, 2016—Aldever Resources Inc. (ALD—TSXV) (ALDVF—OTCQB) (17G1—Frankfurt) (“Aldever” or the “Company”) is pleased to announce that it has completed a comprehensive study and review of all available exploration data on the Urban Barry Gold Project (“the Project” or “the Property”) and has designed a series of ground-based exploration programs to test previously identified anomalous zones. The project is located approximately 200 kilometres northeast of Val D’Or, Quebec and covers over 1,127 hectares of ground prospective for gold mineralization within the Urban Barry Greenstone Belt. Importantly, the Property lies ~18 kilometers east of, and within the same geological district as, Oban Mining’s Windfall Lake Deposit, which has a mineral resource* of an estimated 748,000 ounces of gold at 8.42 g/t gold in the indicated category, and 860,000 ounces of gold at 7.62 g/t gold in the inferred category. Further, the Project is also located ~13 kilometres northeast of Bonterra Resources’ Gladiator Project, where a very successful drilling campaign was completed in 2015 (See Bonterra Resources News Release of November 4, 2015).
* Source: Oban Mining Corporation website - SRK (Canada) November 2014 Technical Report. These estimates of gold resources are sourced from publicly available materials and are not located on the Urban Barry Property. Aldever has not undertaken any independent investigation of the production/resource estimates, nor has it independently analyzed the publicly available results.
To date, the Property has seen limited exploration using modern mineral exploration techniques, likely a function of the lack of bedrock exposure due to significant overburden cover. However, the regional aeromagnetic geophysical data is of good quality and highlights several interesting anomalies. The main focus of Aldever’s data compilation and review was analyzing the available airborne geophysical datasets and comparing the geophysical signatures of the producing and advanced exploration stage deposits in the same geological domain as well as along structural strike extend to the west.
Of paramount importance to mineral exploration is the Urban Barry Deformation Zone (the “UBDZ”) that bisects the Project claim block as well as the contact with the Grenville Front on the southern portions of the Property. The UBDZ has been interpreted to be related to a major fault of the Kenoran Orogeny and this fault and the Grenville Front fault converge approximately three kilometers to the east of the Property boundary. Each of these major fault systems has at least one local mineral deposit associated with them and management interprets these relationships to highlight a structural control to gold mineralization.
Mineral deposits associated with the Urban Barry Greenstone Belt are commonly shear hosted vein and disseminated types of gold deposits with gold mineralization related to large quartz-pyrite stockwork systems. Sheared contacts between lithological units and other fault related structures are prime conduits for this mineralization model. Historic and on-going mineral exploration in the district have largely utilized geophysical methodology including Induced Polarization, VLF-EM, and ground magnetics (as well as regional and property specific airborne magnetics).
Available aeromagnetic data review has highlighted the major fault-zone along the Urban Barry Deformation Zone with anomalous magnetic zones striking subparallel to this fault. Additionally, linear magnetic anomalies in the extreme southwest of the main claim block have been interpreted to represent echelon structures with the potential to connect these fault systems.
The Company intends to conduct systematic soil sampling across the Property to establish baseline geochemical data and concurrently run a series of ground-based geophysical surveys (magnetics, beep-mat and VLF) over targets that have been prioritized through the data review. These ground-based programs will be bolstered by property-wide prospecting and mapping projects designed to build a knowledge base for the Property.
President Clive Massey commented, “Aldever is excited to get on-the-ground and apply these systematic exploration techniques that management has developed to test and advance the Urban Barry Project. This Project represents the culmination of the Company’s efforts to locate and cost-effectively acquire quality exploration projects in mining friendly jurisdictions that can increase value through well designed and implemented exploration programs.”
The technical contents of this news release have been reviewed by Abby Peterson, P. Geo. Ms. Peterson is registered in the Province of Quebec, is a Qualified Person as defined by NI 43-101 and has approved this news release.
For further information, please contact:
Clive Massey, President
Aldever Resources Inc.
Phone: (604) 644-6794
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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.