2021 Summary of Activities

Kennecott Exploration began 2021 with preparations for a 3-4 drillhole program; however, internal limitations led to the decision to postpone this work. The team refocused on reviewing and prioritizing targets across the property. In lieu of additional drilling, tightly spaced (~25m) UAV (un-crewed aerial vehicle) based magnetic and orthophoto surveys were completed covering areas including the Cactus Breccia, Accrington Skarn, and Reciprocity targets.

As a result of desktop review and the UAV magnetics survey, additional targets or areas of interest were identified and minor follow up field work was completed for some. A total of seven additional drill sites and associated trails were surveyed by Tetra Tech (archaeology) and added to KEX’s permit.

In late 2021, brief consideration was given to drilling 1-2 holes but was further postponed namely due to the situation regarding COVID-19. A 3-5 drill hole program was proposed for 2022, but only one of the targets has been approved for 2022 at this time.

No exploration activities were conducted in the fourth quarter of 2021. A site tour and discussion of targets was provided to Kennecott Exploration’s senior leadership team. Two historic AMAX drill holes, proximal to the Copper Gulch porphyry target, were reviewed at the UGS core library. The project proposed 3-5 drill holes and surface mapping for 2022, however, as of the end of 2021, only one drill target has been approved.

Kennecott Exploration (KEX) has completed a UAV (un-crewed aerial vehicle) magnetics and orthophoto survey over portions of the property. A few days of geologic field work were conducted to review recently identified targets of interest. The field review, along with the preliminary magnetics data, has generated several proposed drill targets that are currently being considered for further archaeological survey and permitting.

Kennecott Exploration (KEX) has conducted field mapping and sampling over priority areas of interest including the Cu Gulch porphyry target, the Reciprocity-Accrington area porphyry target, and limited work on the Northern Carbonate (Tank) leases in Q1 2022. There has been some minor delay to planned drilling activities due to drill rig and crew availability, but the team is still planning for a small drill program in Q2 2022.

Drilling activities continued into Q4 2020 with the completion of SAWM0008 (Cactus) and the upper portion of SAWM0009 (Reciprocity). Due to increasing cases of COVID-19, the project was ceased prior to the completion of the final drill hole but plans for 2021 include returning to SAWM0009 to take the hole to target depth.

Permitting activities of 23 additional drill sites are in progress and a proposal for 2021 drilling has been submitted to the KEX senior leadership team.

On November 18, 2020, Alderan Resources Limited announced that Rio Tinto’s subsidiary Kennecott Exploration Company (KEX) has satisfied its One Million Dollar (US$1,000,000) expenditure commitment during the third quarter of 2020.

Since April, KEX completed nine holes testing the mineral potential of the Cactus and Horn Leases. While assay results are still pending for most holes, SAWM-0011 intersected mineralised breccia from 219m to 285m with an average grade of a 66m section of 1% Cu, 0.33 g/t Au, 4.2 g/t Ag and 37 ppm Mo. This includes a higher grade interval from 252m to 285m with an average grade of 1.9% Cu, 0.65 g/t Au, 7.1 g/t Ag and 68 ppm Mo.

This information is extracted from various announcements made on Alderan’s website (alderanresources.com.au). These announcements contain considerable additional detail and shareholders are encouraged to review Alderan announcements relating to this exploration program, including information included in the Quarterly Activities Reports.

Additional assay results will be announced as they become available. Field activities were completed in August 2020 and a total of 23 proposed drill sites have been submitted to the BLM and/or UDOGM for permitting.

Tetra Tech has been contracted to conduct cultural surveys for 33 proposed new drill sites and associated trails on claims subject to the Option Agreement.

Further drilling at Frisco will be subject to approval of 2021 exploration budgets by KEX.

With encouraging results from SAWM0001, Kennecott Exploration (KEX) agreed to fund additional drilling beyond the originally planned scope for 2020. Five drill holes were completed in Q3, SAWM0003-7, with an additional hole, SAWM0008, in progress. In preparation for 2021, cultural surveys were conducted for proposed drill sites/trails and work is ongoing to permit sites.

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This announcement was made public by Alderan Resources Limited (ASX: AL8) and highlights have been reposted. Please click here for the full announcement.

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HIGHLIGHTS 

• Maiden assays received for part of the first drill hole at Cactus Canyon Prospect, which is a first “Tier one” test of a 3km strike length mineralised Cu Au system 

• Cu-Au mineralisation was intersected over 66m at 1% Cu, 0.33 g/t Au, 37 ppm Mo and 4.2 g/t Ag from 219m to 285m 

• This includes a higher-grade interval of 33m at 1.9% Cu, 0.65 g/t Au, 7.1g/t Ag and 68 ppm Mo from 252m to 285m 

• Assays ended in mineralisation with results from the remaining 92m of hole pending 

• Drilling represents the best intersection drilled to date at the Cactus Canyon Prospect 

• Further assay results from Rio Tinto’s program are expected later this month, with three holes of a four-hole program complete 

• Rio Tinto is earning up to 70% interest in the Frisco Project through three stages totalling US$30 million exploration expenditure. 

Alderan Resources Limited (ASX: AL8) (Alderan or the Company) is pleased to provide initial drill results from Rio Tinto subsidiary Kennecott Exploration’s (KEX) drilling at Alderan’s Frisco copper/gold/silver project (Frisco Project) in Utah, USA, where KEX is earning up to 70% interest by spending US$30 million on exploration. 

Kennecott completed two drill holes designed to test the possible continuity of mineralisation between the Cactus and Comet Cu-Au prospects as part of the project wide, four-hole program. Cactus and Comet are part of a potentially 3-kilometre strike length mineral system within the Frisco Project, defined by historical mining, previous drilling by Alderan and airborne magnetics. 

Commenting on the maiden results, Alderan Managing Director Peter Williams said: 

“We are thrilled with the results of the first drill hole drilled by Rio Tinto a part of their exploration effort to discover a significant commercial mineralised system. This hole extends the mineralised system and hints at very high-grade copper, gold and molybdenum within the mineralised system. There seems to be an interesting relationship between gold and copper, that is maintained from the low grade (1% Cu) to the higher grade, where 1% Cu appears to contain about 0.3 g/t Au. The high-grade copper is in part massive sulphide, which may be able to be mapped out using modern EM technologies, be they borehole, surface and/or airborne. We look forward to further updates by Rio and their continued work in unlocking this potential high-grade copper system.” 

The directorship of Horn Silver Mines, Inc., is pleased to provide an update on the Rio Tinto/Kennecott Exploration Program on the Frisco System of Horn Silver Mines’ property.

During Q2 2020, Kennecott Exploration Company (“Kennecott”), a subsidiary of Rio Tinto plc (NYSE: RIO ASX: RIO), commenced exploration on Alderan’s Frisco copper/gold/silver project in Utah, USA. Kennecott is earning up to 70% interest through exploration expenditure on the project. 

Previously, Kennecott conducted field visits to assess ground conditions and determine logistics and safety requirements to support an initial drill program. Kennecott spent several weeks reviewing selected drill holes to understand the geology and planned an initial diamond drill program to follow up high-grade intersections at the Cactus Breccia and Accrington Skarn targets as well as deeper hole testing the Reciprocity IP Anomaly.

Kennecott and Alderan’s subsidiary, Volantis Resources Corp., worked closely with the Utah Division of Oil, Gas, and Mining to permit near term drilling activities. A total of 15 previously permitted drill sites were removed from Volantis’ existing permits and moved into a permit under Kennecott.

During May 2020, Kennecott commenced an initial four-hole 2,000m drill program to test targets at the Cactus Breccias, Accrington Skarn and Reciprocity areas including: 

• At the Cactus Breccias, a hole to test for possible continuity between the Cactus and Comet Breccias.

• At Accrington Skarn, a hole to test an approximately 50m step-out from significant historic intercepts and to help determine continuity in the area.

• At the Reciprocity target, a deeper hole is planned to test the IP anomaly where, based on Kennecott remodeling of geophysical data, a previous hole drilled by Volantis may have been terminated before reaching the anomaly depth.

Progress has been slow due to COVID-19 related protocols. RTX has now received assays from the first Cactus hole. We anticipate receiving assay results shortly. Further drilling will be dependent on the results of the initial program. This drill program forms part of the first earn-in stage for Kennecott’s option to acquire a 55% project interest in Frisco by spending a total of US$6 million of expenditure. Kennecott will earn 70% of the project by completing three stages, which will total US$30 million exploration expenditure.

For questions or further information:info@alderanresources.com.au.

Kennecott Exploration (KEX) commenced a four-hole, ~2000m drill program to test for high grade mineralization at the Cactus Breccia and Accrington Skarn as well as a blind IP anomaly at Reciprocity. Site preparations and earthworks began on May 8th with the Boart Longyear (BLY) LF-90 arriving shortly after. As of June 30th, two drill holes have been completed at the Cactus Breccia and a third hole was started at Reciprocity. Brief geologic summaries of the drill core are being captured in Milford, UT with all core subsequently shipped back to KEX’s warehouse in Salt Lake City (SLC) for detailed core logging.

During the first quarter of 2020, the Kennecott Exploration has focused on planning for an initial diamond drill program to follow up on high grade intersections at the Cactus Breccia and Accrington Skarn targets as well as a deeper hole testing the Reciprocity IP Anomaly. Field visits have been conducted to assess ground conditions and determine requirements for logistics and safety. Kennecott Exploration geologists have completed first-pass field work to review areas of interest and ground truth existing and potential targets for future drilling activities. Several weeks were spent reviewing selected Alderan drill holes to tune the technical team into the geology of the property and begin developing Kennecott Exploration specific core logging procedures.

Salt Lake City, October 4, 2017 - Horn Silver Mines, Inc. (“Horn Silver” or the “Company”) is pleased to announce that the first core drilling rig has arrived on the mining claims under lease to Alderan Resources. 

Alderan is in the final stages of the high definition Induced Polarization Survey over the entire Frisco Project (approximately 15 square miles).  IP, an abbreviation for induced polarization, is a method for detecting conductive compounds beneath the surface, which can be an important component of metallic ore bodies. This geophysical work, together with historical data and geologic mapping, has identified targets for a drilling program of up to 30,000 feet, set to begin in the next few days.

Employing a district wide evaluation, classical geologic exploration methods and modern geophysical techniques, Alderan has identified a number of exploration targets on the Company’s mining claims.

Initial drilling operations will be conducted in the Cactus Canyon Area. Cactus Canyon is a copper-gold-silver prospect within which the airborne magnetic survey and subsequent IP mapping has identified several structures that may be indicative of a porphyry copper deposit at depth. There has been historical mining in this area at the Cactus Mine, the workings of the Cactus Mine were associated with breccia zones adjacent to one of these structures.  The Cactus Canyon Area will be the focus of initial drilling to confirm the results of previous drilling activity and to correlate the data obtained from the geophysical work with core samples recovered from the current drilling program.

Horn Silver has provided a link to Alderan’s website below. Alderan’s Announcement contains further detail on the drilling program.

Horn Silver shareholders are encouraged to monitor the Alderan website for announcements of Alderan’s progress as the exploration activities are conducted and the results are reported.

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ABOUT ALDERAN RESOURCES LIMITED

Alderan is a copper explorer with a focus on the Frisco Project, located in Utah, United States of America. The Frisco Project encompasses an area of significant historical mining activity with numerous old mines and workings across an area of approximately 7km by 4km. These include:

• The Cactus copper-gold-silver deposit and breccia pipe, one of several mineralized breccia pipes over an area of approximately 1000 m by up to 400 m. Modelling of magnetic survey data demonstrates that these pipes are likely connected at depth;

• The Accrington copper-zinc-silver-gold skarn, which hosts extensive mineralization across an area of 1.8 km by 1.2 km; and

• The Horn zinc deposit, a historical lead-silver mine, which contains significant amounts of unmined high grade zinc.

Alderan believes that these three mineralized areas were formed contemporaneously with, and are genetically related to, underlying mineralized (copper-molybdenum-gold) porphyry intrusions. Work undertaken by the Alderan has confirmed the presence of a mineralized porphyry system beneath and adjacent to the Cactus breccia pipes.

FOR FURTHER INFORMATION ABOUT ALDERAN RESOURCES LTD., PLEASE CONTACT:

Nathan Ryan
NWR Communications
+61 3 420 582 887

Christopher Wanless
Chief Executive Officer
chris@alderanresources.com.au

Salt Lake City, August 15th, 2017 - Horn Silver Mines, Inc. (“Horn Silver” or the “Company”) is pleased to announce that the company has executed Lease and Option Agreements (“Agreements”) with the US subsidiary of Alderan Resources, an Australian mining exploration company.  Subsequent to the execution of the Agreements covering the company’s mining claims in the San Francisco Mining District, Alderan has conducted a thorough review of the historical data on the area, including the results of numerous exploration efforts previously conducted on the mining claims. 

Alderan is currently conducting a high definition Induced Polarization Survey over the entire Frisco Project (approximately 15 square miles).  IP, an abbreviation for induced polarization, is a method for detecting conductive compounds beneath the surface, which can be an important component of metallic ore bodies. Additionally, an electromagnetic survey program is scheduled begin over a copper-zinc zone within the claims in late 2017 to early 2018. This geophysical work will define targets for a drilling program of up to 30,000 feet, set to begin in the fall of 2017.

 In 2016, Alderan conducted a high resolution airborne magnetic survey of the area as well as an extensive mapping and sampling program.  The results of this work were sufficiently encouraging that Alderan initiated a public offering on the Australian Stock exchange, successfully completing the offering for $8,500,000 Australian Dollars (approximately $6,800,000 USD).

Employing a district wide evaluation, classical geologic exploration methods and modern geophysical techniques, Alderan has identified three exploration prospects on the Company’s mining claims:

Cactus Canyon

Cactus Canyon is a copper-gold-silver prospect within which the airborne magnetic survey identified a number of structures that may be indicative of a porphyry copper deposit at depth. There has been historical mining in this area at the Cactus Mine, the workings of the Cactus Mine were associated with breccia zones adjacent to one of these structures.  The Cactus Canyon Area will be the focus of initial drilling.

Accrington Area

This is a copper-zinc-lead-silver-gold prospect that will be the subject of the electromagnetic survey scheduled for later this year, as well as part of the drilling program scheduled for 2017 and 2018.  This area has a significant number of mineralized workings that may indicate the potential for economic ore bodies. 

Horn Silver Area

Horn Silver Area is a zinc-lead-silver prospect in the vicinity of the historic Horn Silver Mine which was a major producer of lead, zinc and silver in the late 1800’s.

Horn Silver management is encouraged by the results of the work conducted to date as well as the extraordinary team of mining professionals Alderan has assembled to conduct these activities.  Horn Silver has provided a link to Alderan’s website and encourages Horn Silver shareholders to monitor this website for announcements of Alderan’s progress as the exploration activities are conducted and the results are reported.

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About Alderan Resources Limited

Alderan is a copper explorer with a focus on the Frisco Project, located in Utah, United States of America. The Frisco Project encompasses an area of significant historical mining activity with numerous old mines and workings across an area of approximately 7km by 4km. These include:

• The Cactus copper-gold-silver deposit and breccia pipe, one of several mineralized breccia pipes over an area of approximately 1000 m by up to 400 m. Modelling of magnetic survey data demonstrates that these pipes are likely connected at depth;

• The Accrington copper-zinc-silver-gold skarn, which hosts extensive mineralization across an area of 1.8 km by 1.2 km; and

• The Horn zinc deposit, a historical lead-silver mine, which contains significant amounts of unmined high grade zinc.

Alderan believes that these three deposits were formed contemporaneously with, and are genetically related to, underlying mineralized (copper-molybdenum-gold) porphyry intrusions. Work undertaken by the Alderan has confirmed the presence of a mineralized porphyry system beneath and adjacent to the Cactus breccia pipes.

For further information about Alderan Resources Ltd., please contact:

Nathan Ryan
NWR Communications
+61 3 420 582 887

Christopher Wanless
Chief Executive Officer
chris@alderanresources.com.au
phone number