Alderan Resources Limited announced assay results for the final 16 holes in its recently completed reverse circulation (RC) drilling programme at its Mizpah oxide gold prospect, at the Detroit project in the Drum Mountains region of western Utah, USA. The 22 hole programme (1,797m) focused on intersecting high-grade near-surface oxide gold mineralisation and demonstrating that the deposit is open down dip to the southwest. Alderan also received assay results for a redrilled hole at Drum.

In addition, Alderan has received research data on heap leach gold deposits in the USA compiled independently by CSA Global and sourced from S&P Global Capital IQ and. This data enables Alderan to internally benchmark its Detroit exploration results against producing heap leach gold mines and deposits in the scoping study to development stage. All holes in the Mizpah drilling programme intersected gold mineralisation.

Alderan collected samples over five-foot (1.52m) intervals which it sent to ALS in Nevada for gold analysis. Gold grades in Alderan holes are consistent with historical drill holes however the average thickness of intersections is significantly longer than historical holes. Alderan's strategy was to traverse the entire prospective rock sequence consisting of predominantly fine-grained siltstones and sandstones with lesser carbonates and marbles of the Tatow unit before moving into quartzites of the Lower Pioche Formation.

Gold intercepts start from surface with the deepest intercept commencing at 54.86m below surface in hole 3MZRC22-021. The average length of gold intercepts across all holes is 29.5m with intercepts ranging in length from 4.57m in hole 3MZRC22-019 to 112.78m in 3MZRC22-014. The average grade of intercepts across all holes is 0.58g/t Au, marginally below the median grade of 0.6g/t Au for heap leach gold deposits in the CSA Global study, and intercepts commonly contain on average 8.5m thick higher-grade zones, many of which grade +1.0g/t Au.

The higher gold grade for an individual sample interval (1.52m) is 5.23g/t Au which occurs in a 7.62m zone grading 2.18g/t Au from 3.05m below surface in hole 3MZRC22-012. Eighteen of the 22 holes drilled have individual sample intervals which grade +1g/t Au with the remaining holes having maximum assays in the range of 0.9-1.0g/t Au. The gold intercepts occur in oxidised, mixed oxide-sulphide (transition) and reduced sulphide rich (un-oxidised) rocks in the same sequence of calcareous sediments as the Drum mine, 2km to the south.

The depth of oxidation ranges from 3.05m to 38.10m down holes 3MZRC22-021 and 3MZRC-008 respectively. Gold grade x thickness (GT) contouring of both Alderan and historical drill hole data indicates that the Mizpah deposit is open to the west and southwest. Alderan holes DD20M-006 and 3DD22-001 drilled 200m and 350m to the west-northwest of the historical Mizpah deposit intersected 83m grading 0.41g/t Au and 69m grading 0.18g/t Au respectively.

These holes suggest that the Mizpah mineralising system is significantly larger than the historically defined deposit. GT contouring also highlights higher GT zones potentially associated with northeast-southwest trending structures which are open to the southwest. These structures have potential for thicker zones of higher-grade mineralisation.

Alderan received assay results for hole DPRC22-001, the re-drill of historical hole YC-174 which intersected 15.4m at 4.5g/t Au and Alderan's hole 9DD22-007 which intersected 5.9m at 1.2g/t Au before being abandoned. Despite deviating significantly from its planned path, the hole intersected 7.62m at 0.96g/t Au from 106.7m downhole which included 4.6m at 1.27g/t Au. While the hole did not replicate the thickness and grade of YC-174, it clearly demonstrates that gold mineralised host stratigraphy mined in the Drum West Pit continues for at least 150m down dip to the southwest and remains open.

Alderan expects to receive assay results for the infill soil samples at Detroit in coming weeks. The C-horizon soils were collected at 40m intervals along 100m spaced infill lines and to fill in gaps in the original 200m and 400m spaced lines where anomalies have been identified. This includes 3km strike of host stratigraphy between Drum and the high order Basin Main anomaly which is 800m north of Mizpah and has gold in soil grades up to 0.32g/t Au.3 This zone also includes the Midway gold in soil anomaly which grades up to 0.19g/t Au.

Following the receipt of all drill hole assays at Mizpah, Alderan is selecting samples for early `sighter' metallurgical testing to obtain an indication of gold metallurgical recoveries. The samples will focus on mineralised intersections grading greater than 0.3g/t Au. Further drilling will be planned pending the metallurgical results.

The environmental assessment required to obtain permitting for further drilling at Drum is ongoing. The Detroit Project is one of four Alderan projects (Figure 3) in Utah, USA. It lies within the Detroit Mining District, approximately 175km southwest of Salt Lake City, and contains numerous historical copper, gold and manganese mines.

The district has been explored for copper and gold in the past by major mining companies such as Anaconda Copper, Kennecott, Newmont, BHP and Freeport-McMoRan but no one company was able to build a significant contiguous land position to enable district-wide modern exploration. The United States Geological Survey (USGS) has also explored the area, sampling extensive mineralised jasperoids.