Aldershot Acquires Gold Tenement near Mt. Magnet, Western Australia

 

VANCOUVER, British Columbia, Nov. 22, 2017 (GLOBE NEWSWIRE) -- 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 Caddy
President, 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 Caddy
President, CEO and Director
604 727-7148
jcc4tlx@intergate.ca
www.aldershotresources.com