Drill Tracker Weekly: Aldridge Tests Margins Of Yenipazar VMS Open-pit Reserve

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Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.

Aldridge Minerals (TSX:AGM)

Price: $0.175

Market cap: $18.5 million

Cash estimate: $10.5 million

Project: Yenipazar

Country: Turkey

Ownership: 100 percent

Reserve: 29 MT @ 0.88 g/t Au, 29.4 g/t Ag, 0.3% Cu, 0.95% Pb, 1.40% Zn

Project status: Feasibility optimization

aldridge 1 Aldridge Minerals announced infill drilling results on is 100% owed Yenipazar Volcanogenic Massive Sulphide (VMS) deposit in central Turkey. The Company recently completed an optimization study on the 2013 feasibility study. The next key catalyst is the expected receipt of the EIA late in 2015. Grades from the current drilling exceeded those from previous drill and are thus, significantly higher than the current reserve grade. Highlights include 26 metres grading 1.51 g/t Au, 79 g/t Ag, 0.84% Cu, 4.03% Pb and 5.13% Zn from a depth of 183 metres. The current pit design in this area is approximately 150 metres. An additional hole starting at a depth of 131 metres depth returned 3.11 g/t Au, 116 g/t Ag, 0.56% Cu, 5.48% Pb and 4.84% Zn over 14 metres. True thickness is expected to be 60-90% of the core interval. Using a $20 per tonne cut-off, the Company has outlined a probable reserve estimate of 29.17 million tonnes grading 0.88 g/t Au, 29.4 g/t Ag, 0.30% Cu, 0.95% Pb and 1.40% Zn. The 2014 optimization study lowered the metal prices used in the resource estimate to $1,250 Au, $20 Ag, $2.90 Cu, $0.95 Pb and $0.90 Zn. The results of the economic study for the proposed open pit mine indicate a post-tax NPV (7%) of $307 million and an IRR of 31.2% using an pre-production capex of $230 million with an additional $40 million allocated for sustaining capital and closure costs. The project is designed to produce dore gold through a gravity circuit as well as separate copper, lead and zinc concentrates.

aldridge 2

Development history: Aldridge optioned property in 2004 from Anatolia.

Current holes: 26 metres @ 1.51 g/t Au, 79 g/t Ag, 0.84% Cu, 4.03% Pb, 5.13% Zn; 14 metres @ 3.11 g/t 116 g/t Ag, 0.56% Cu, 5.48% Pb, 4.84% Zn