Vancouver, BC – June 12, 2013: Altair Gold Incorporated (TSX-V: AVX; “the “Company” or “Altair”) reports that it has SEDAR filed a technical report, including an updated resource estimate report for the Kena gold project located near the town of Nelson in southeastern British Columbia. The report, entitled “Technical Report for the Kena Property”, is dated May 15, 2013 and was prepared for Altair by Gary Giroux, P. Eng., MASc. and Vivian Park, P. Geo. (the “2013 Kena Technical Report”). The effective date of this new resource estimate is February 7, 2013. The mineral resource statement is reported at a cut-off grade of 0.3 g/pt gold. This new resource estimate was previously summarized in a news release by Altair, dated April 11, 2013.
The Kena Property comprises 152 claim units for a total of 7,609 hectares and covers approximately 10 kilometres of strike length on a district-scale gold-copper system.
Mineral Resource Statement, Kena Gold Property, British Columbia, Giroux and Park, May 15, 2013.
COMBINED KENA AND GOLD MT. (KGM) ZONE
At a 0.3 g/t cut-off
|Category||Tonnes||Grade Au (g/t)||Au Ounces|
|Measured and Indicated||25,280,000||0.60||490,000|
The increase in the inferred gold resource reflects the potential for the host to be a larger and more continuous structure than what had previously been recognized. The 2013 resource estimate represents a 173% increase in the Inferred estimate.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
The Kena Gold Project is located near Nelson, British Columbia. There are no known legal, political, environmental or other risks that could materially impact the development of the project.
The 2012 diamond drilling program comprised 7,527 metres in 41 drill holes. The increase in inferred resource is primarily due to the extension of the mineralized Kena zone to the northwest resulting in an interpreted connection of the two main mineralized zones, the Kena Gold Zone (KGZ) and the Gold Mountain Zone (GMZ). These two zones are now modeled as one continuous zone, collectively forming what is referred to as the KGM Zone in the new geologic model.
Both authors of the May 15, 2013 Technical Report for the Kena Property, are independent of Altair Gold Inc. and the vendor, Sultan Minerals Inc. The updated 2013 mineral resource estimate was derived from the incorporation of the 2012 drilling results that successfully expanded the volume and continuity of the mineralized zones used in the 2012 resource estimate reported by Giroux and Grunenberg (see Altair news release dated June 25, 2012). The technical report by Giroux and Park can be found on the SEDAR website (http://www.sedar.com/homepage_en.htm).
The 2013 technical report concludes that there is potential to improve the mineral resource by increasing drilling density through more drillholes per section on sections that are more closely spaced, and by stepping out along strike and down-dip. Additionally, based on preliminary results from the South Gold zone, and an interpretation of the existence of a property-scale, potentially mineralizing deformation zone that tracks the contact between the Elise Fm and the Silver King intrusive, there is a possibility that gold mineralization may extend southerly on trend from the KGZ.
Anomalous gold-in-soil results, along with rock sample and preliminary geophysical interpretation in the area of the Three Friends and Euphrates showings suggest that additional mineral resources could be added in these areas; however, additional surface work and drilling is required. The south half of the property, toward Gold Cup is under-explored and warrants additional work.
The Qualified Person overseeing the Company’s Kena gold project is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Gold Inc.
For further information please contact Fayyaz Alimohamed at (604) 641-1305, or e-mail [email protected].
ON BEHALF OF THE BOARD
Fayyaz Alimohamed, President & CEO
Neither 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.
Forward-Looking Statement Caution:
This news release contains forward-looking statements within the meaning of Canadian provincial securities laws applicable to the Company, regarding the ongoing exploration and development activities at the Company’s Kena gold property. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, the Company’s inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. All of the Company’s public disclosure filings may be accessed via www.sedar.com, and readers are urged to review these materials, including any technical reports filed with respect to the Company’s mineral properties.