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March 26, 2013 /CNW/ -
Alacer Gold Corp. ("Alacer") [TSX:ASR, ASX:AQG] is pleased to announce a number of significant results returned from its ongoing exploration programs in
Alacer's management believes its 3400km
2 tenement holding along the +100 million ounce Kalgoorlie to Norseman gold belt has the potential to deliver significant exploration success and has committed to a substantial
$36 million exploration budget in
Australia for 2013. The ongoing exploration program currently has eight drill rigs in operation in the Higginsville and South Kalgoorlie areas.
Recent Exploration Highlights
Alacer's 2013 exploration program commenced in mid January and highlights of work completed to date include:
Location 48 Significant shallow (< 30m below surface) high-grade gold mineralization has been discovered over a two square kilometer area just three kilometers from the Jubilee processing plant; and
SBS28 Area High-grade gold mineralization has now been intersected over 200m below the lowest levels at both the historical Barbara and Surprise underground mines.
Challenge Further high-grade mineralization discovered in a >1km long bedrock structure at the Jupiter Prospect;
Eundynie Multiple, shallow, high-grade gold intersections at the Hidden Secret Prospect; and
Vine Multiple high-grade gold zones intersected at depths up to 800m below the base of the Vine pit.
David Quinlivan, President and CEO of Alacer, stated:
"The results announced today reflect an excellent start to the 2013 exploration field season.
The 2012 strategic review of South Kalgoorlie's extensive exploration data identified three target areas with the highest probability of delivering a large gold discovery. Location 48 was identified as the highest priority target area, being a poorly explored area located on the prolific Boulder-Lefroy Fault only a few kilometers southeast of the Jubilee processing plant. The presence of shallow high-grade gold mineralization in early reconnaissance drilling over an extensive area at Location 48 is extremely encouraging and validates our exploration model. Deeper drilling at the SBS28 complex is confirming our belief in the underground potential of this target area, and drilling will soon commence at Mt. Marion - our third priority target area at South Kalgoorlie.