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Alacer Gold Corp.

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Alacer Gold Reports Exploration Results From the Çöpler Saddle Shear Zone at the Çöpler Gold Mine

TORONTO, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Corporation”) [TSX: ASR and ASX: AQG] is pleased to announce positive drill results for the Çöpler Saddle (“The Saddle”). The Saddle borders the western flank of the Çöpler Mine (Figure 1) with the shear zone passing through the existing Çöpler West Pit, which is in production. The initial testing of The Saddle consisted of 50 diamond drill holes with a strike length over ~2km. All holes reported are outside of the Çöpler Resource shells and planned mining areas. Diamond drill holes intersected both oxide and sulfide gold mineralization, some with impressive grades and thicknesses, including holes:

  • CDD657: 22.6m @ 9.65 g/t Au (oxide) from 24.5m, including 6m @ 30.78 g/t Au (oxide) from 26.2m and 1m @ 104 g/t Au (oxide) from 28.2m and 1.4m @8.6 g/t Au (oxide) from 36.2m
  • CDD719: 40.8m @ 4.74 g/t Au (oxide & sulfide) from 120.7m, including 3.3m @ 6.94 g/t Au (oxide) from 129.8m and 4.4m @ 25.78 g/t Au (oxide) from 137.1m
  • CDD735: 5.7m @ 39.45 g/t Au (oxide & sulfide) from 34.4m, including 1.4m @ 155.5 g/t Au (sulfide) from 37.7m and 2.2m @ 7.74 g/t Au (oxide & sulfide) from 47m
  • CDD786: 7.8m @ 7.2 g/t Au (oxide) from 65.6m and 11.3m @ 4.33 g/t Au (oxide) from 78m

Rod Antal, Alacer’s President and Chief Executive Officer, stated, “The Çöpler Saddle is shaping up to be another outstanding near-mine exploration project and an important component of our short-term strategy to identify additional oxide ore that we can convert quickly into production by leveraging our existing infrastructure. With Ardich already shaping up to be a major discovery, and now with The Saddle showing potential, albeit at an earlier exploration stage, our short-term strategy is rapidly becoming a reality.”

Figure 1, Location map of the Çöpler Saddle Shear Zone, available here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a273e0f-198e-4f4d-9c80-6b8371864a12

Project Overview

The Çöpler Saddle is located on the western periphery of the Çöpler Mine open pit. The Çöpler Saddle Shear Zone is defined as an arc like structure running north-south for approximately 2 kilometers (Figure 2). The north-south extending shear zone appears to be dipping 600-700 to the west. The shear zone passes through the West Pit, which is in production. Soil sampling was conducted in several campaigns in a 2km x 2.8km area with 50m x 50m sampling grid. The geochemical results of this soil sampling program returned with high grade gold values, with some areas exceeding 0.5 g/t (Figure 3).

Figure 2, The Saddle relative to the Çöpler Gold Mine, available here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a4e4f53-3ec0-4b53-8bc1-c988fb96cc7d

Along the shear zone, the geology is dominated by limestone, marble and hornfels units that are in turn intruded by micro-dioritic to granodioritic small scale stocks defined in some of the drill holes. The rocks were subjected to silica-clay alteration with iron oxide developments along the local structures as well as subjected to clay-pyrite alteration. The entire mineralized system is protected by an over thrusted hornfels unit. At the south of the zone, silica is mainly observed as 2-meter long and 1-meter wide jasperoid lenses along the hornfels and marble contacts, whereas at the central portion of the zone, less silica is observed with larger gossan-like mineralized iron oxide bodies have been formed. In the central area (around the West pit) mineralization is controlled by an oblique fault system. Gold, particularly in this West Pit area, is enriched in karstic fill clays around the brecciated and fault rocks.

Elevated soil gold geochemistry points to at least three potentially attractive exploration areas closely related with the Saddle Shear Zone. Detail mapping of these areas with elevated gold geochemistry are being conducted to plan a follow up drilling program.

Figure 3. Saddle Shear Zone with soil gold geochemistry, available here:
https://www.globenewswire.com/NewsRoom/AttachmentNg/eeb33ae4-b095-4c79-8d0d-d933ecb67dc9

Drilling

Alacer drilled 50 diamond core holes totaling 6,150m. The drill holes were drilled within Alacer’s 80% owned and managed licenses. All drilling was diamond core drilling using either HQ (63.5mm in diameter) or PQ (85mm in diameter) core sizes. All holes reported here are outside of the existing Çöpler Resource shells or planned mining areas.

Drill Highlights

Significant results are down hole length and include:

  • CDD657: 22.6m @ 9.65 g/t Au (oxide) from 24.5m, including 6m @ 30.78 g/t Au (oxide) from 26.2m, 1m @ 104 g/t Au (oxide) from 28.2m, and 1.4m @8.6 g/t Au (oxide) from 36.2m
  • CDD659: 17m @ 8.41 g/t Au (oxide & sulfide) from 35m, including 1m @ 5.32 g/t Au (oxide) from 36m and 7m @ 18.7 g/t Au (oxide) from 43m
  • CDD664: 14m @ 7.49 g/t Au (oxide) from 49m, including 8m @ 12.25 g/t Au (oxide) from 54m
  • CDD709: 10.6m @ 2.52 g/t Au (oxide & sulfide) from 164m, including 0.9m @ 20.3 g/t Au (oxide) from 173.7m, and 
    32.7m @ 2.25 g/t Au (oxide) from 197m, including 1m @ 5.43 g/t Au (oxide) from 209.5m
  • CDD717: 21.4m @ 1.27 g/t Au (oxide & sulfide) from 185.5m, and 
    26.5m @ 1.83 g/t Au (oxide & sulfide) from 254.2m, including 1m @ 25.7m Au (oxide) from 267.7m
  • CDD718: 11.4m @ 3.87 g/t Au (oxide & sulfide) from 96.3m, including 2m @ 18.13 g/t Au (oxide) from 102.9
  • CDD719: 40.8m @ 4.74 g/t Au (oxide & sulfide) from 120.7m, including 3.3m @ 6.94 g/t Au (oxide) from 129.8m and 4.4m @ 25.78 g/t Au (oxide) from 137.1m, and 
    13.4m @ 1.16 g/t Au (sulfide) from 95.1m
  • CDD729: 11.1m @ 8.85 g/t Au (oxide and sulfide) from 23m, including 1m @ 11.55 g/t Au (oxide) from 24.2m, 3.9m @ 15.88 g/t Au (oxide) from 26.2m, and 1m @ 8.36 g/t Au (oxide) from 31.1m 
  • CDD735: 5.7m @ 39.45 g/t Au (oxide & sulfide) from 34.4m, including 1.4m @ 155.5 g/t Au (sulfide) from 37.7m, and 
    2.2m @ 7.74 g/t Au (oxide & sulfide) from 47m
  • CDD774: 7.1m @ 6.08 g/t Au (oxide) from 40.4m, including 1.6m @ 17.25 g/t Au (oxide) from 44.9m
  • CDD786: 7.8m @ 7.2 g/t Au (oxide) from 65.6m, including 1.7m @ 27.66 g/t Au (oxide) from 69.8m and 11.3m @ 4.33 g/t Au (oxide) from 78m, including 1m @ 8.54 g/t Au (oxide) from 78m, 1m @ 5.37 g/t Au (oxide) from 84m, and 1.9m @ 13.89 g/t Au (oxide) from 87.4m
Table 1. Significant Gold intercepts at the Çöpler Saddle Shear Zone.
Hole IDFrom (m)To (m)Interval (m)Au g/t RemarksDepth (m)Comments
CDD652131630.59Sulfide57.6 
CDD653-----80.4No Significant Interval
CDD654012120.55Mixed113.250/50 Oxide Sulfide
7395221.41Oxide 
including808227.06Oxide 
 10010440.39Oxide 
CDD65541170.34Sulfide60 
18.321.330.32Sulfide 
28.133.65.53.88Mixed67/33 Oxide Sulfide Ratio
including29.129.80.79.35Oxide 
including31.632.615.76Oxide 
 51.657.660.49Oxide 
CDD656031.131.11.26Mixed74.268/32 Oxide Sulfide Ratio
including2324114.8Oxide 
CDD6570992.84Mixed5722/78 Oxide Sulfide Ratio
24.547.122.69.65OxideIncludes isolated intervals of core loss totaling 0.5m.
including26.232.2630.78Oxide 
including28.229.21104Oxide 
including36.237.61.48.6Oxide 
CDD65865.568.530.74Oxide258.3 
83.186.130.31Oxide 
159.7162.830.85Oxide 
234.5239.550.68Oxide 
242.5245.531.15Mixed67/33 Oxide Sulfide Ratio
CDD6590550.55Sulfide125.5 
3552178.41Mixed82/18 Oxide Sulfide Ratio
including363715.32Oxide 
including4350718.7Oxide 
 808440.48Oxide 
 111.5113.521.4Oxide 
CDD660015151.09Sulfide107.2 
including0117.26Sulfide 
 768150.42Sulfide 
CDD66115716030.6Oxide213.8 
166167.11.11.41Oxide 
170.718413.32.13MixedIncludes isolated intervals of core loss totaling 0.9m. 84/16 Oxide Sulfide Ratio
18819240.39Sulfide 
CDD662969824.19Oxide108 
including969715.35Oxide 
CDD663725182.14Mixed1006/94 Oxide Sulfide Ratio
including811310.13Sulfide 
 35.249.714.50.83Mixed94/6 Oxide Sulfide Ratio
 61.776.815.10.86OxideIncludes isolated intervals of core loss totaling 1.5m
CDD6649.520.5110.47Sulfide101.4 
4963147.49Oxide 
including5462812.25Oxide 
 747840.44Oxide 
 828860.81Oxide 
CDD66566.667.81.23.36Oxide102 
CDD70917.521.540.59Sulfide240.5 
149.2157.58.30.33SulfideIncludes isolated intervals of core loss totaling 3.3m
164174.610.62.52MixedIncludes isolated intervals of core loss totaling 0.9m. 21/79 Oxide Sulfide Ratio
including173.7174.60.920.3Oxide 
 190.31943.70.88Oxide 
197229.732.72.25Oxide 
including209.5210.515.43Oxide 
CDD71732.539.570.88Mixed30814/86 Oxide Sulfide Ratio
12513050.41Sulfide 
174.5182.580.53Sulfide 
185.5206.921.41.27Mixed29/71 Oxide Sulfide Ratio
231.2249.2180.79Oxide 
254.2279.726.51.83Mixed85/15 Oxide Sulfide Ratio
including267.7268.7125.7Oxide 
 285296.511.51.32Oxide 
 299.53088.52.93Oxide 
including300.6301.617.91Oxide 
CDD71842.248.260.71Sulfide179 
96.3107.711.43.87Mixed77/23 Oxide Sulfide Ratio
including102.9104.9218.13Oxide 
 110.6118.680.3Oxide 
 147.5155.17.60.44Oxide 
CDD71995.1108.513.41.16Sulfide232.9 
120.7161.540.84.74Mixed80/20 Oxide Sulfide Ratio
including129.8133.13.36.94Oxide 
including137.1141.54.425.78Oxide 
CDD720-----164.1No Significant Interval
CDD7217475.51.51.35Oxide83.5 
79.683.53.91.13Oxide 
CDD721A83.1939.91.08Oxide260.6Includes isolated intervals of core loss totaling 1m
including85.186.115.01Oxide 
 13413950.46Oxide 
 154.9187.832.91.03OxideIncludes isolated intervals of core loss totaling 1.2m
CDD72531.336.55.20.73Oxide53.2 
CDD72610.8143.20.49Oxide50.4 
CDD72855.557.21.74.69Oxide75.5 
including55.556.30.89.35Oxide 
CDD7292334.111.18.85Mixed73.889/11 Oxide Sulfide Ratio
including24.225.2111.55Oxide 
including26.230.13.915.88Oxide 
including31.132.118.36Oxide 
CDD731-----32No Significant Interval. Abandoned at 32m and re-drilled as CDD731A
CDD731A2428.84.81.57Oxide45.5 
CDD733-----93.5No Significant Interval
CDD73534.440.15.739.45Mixed67.575/25 Oxide Sulfide Ratio
including37.739.11.4155.5Sulfide 
 4749.22.27.74Mixed50/50 Oxide Sulfide Ratio
including48.149.21.114.6Sulfide 
CDD7372022.62.62.96Oxide63.5 
including21.822.60.88.05Oxide 
CDD745117.6120.630.42Oxide237.6 
CDD746606111.96Oxide106.7 
6485.521.50.88Mixed40/60 Oxide Sulfide Ratio
including65.266.217.38Oxide 
CDD74967.471.54.11.23Mixed90.622/78 Oxide Sulfide Ratio
76.288.2120.42Mixed8/92 Oxide Sulfide Ratio
CD7509.412.431.01Oxide87.5 
40.443.73.30.37Oxide 
CDD77359.664.651.83Oxide112.9 
69.677.88.24.35Oxide 
including7373.80.838Oxide 
CDD77440.447.57.16.08Oxide121 
including44.946.51.617.25Oxide 
 104.3112.380.3Mixed63/37 Oxide Sulfide Ratio
CDD775-----89.6No Significant Interval
CDD77685.586.511.08Oxide148 
134.7135.60.95.85Oxide 
CDD77739.840.812.03Sulfide175 
CDD78655.858.830.63Sulfide115 
65.673.57.87.2Oxide 
including69.871.51.727.66Oxide 
 7889.311.34.33Oxide 
including787918.54Oxide 
including848515.37Oxide 
including87.489.31.913.89Oxide 
 10611150.45Mixed60/40 Oxide Sulfide Ratio
CDD787464930.48Oxide86 
575811.38Oxide 
64.372.380.44Sulfide 
75.378.330.53Mixed33/67 Oxide Sulfide Ratio
82.3863.71.04Sulfide22/78 Oxide Sulfide Ratio
CDD78889.290.212.32Sulfide104.5 
96.7103.46.71.33Sulfide15/85 Oxide Sulfide Ratio
CDD789101112Oxide136.5 
45.158.813.70.41Oxide 
6476120.46Oxide 
9310072.93Oxide 
including9697116.1Oxide 
CDD7900442.23Oxide115 
75.479.84.41Mixed75/25 Oxide Sulfide Ratio
CDD791-----202No Significant Interval
CDD795485022.13Oxide98.3 
8595100.63Sulfide20/80 Oxide Sulfide Ratio
CDD796858831.29Mixed154.767/33 Oxide Sulfide Ratio
9399.26.20.67Oxide 
109113.54.50.32Oxide 
128.9131.72.80.84Oxide 
CDD79846.650.94.31.17Mixed125.570/30 Oxide Sulfide Ratio
828530.63Oxide 
9196.85.81.15Oxide 
115.6117.621.31Sulfide 
CDD80992.794.721.27Oxide138 
CDD810106.9111.64.70.41Oxide115 
Significant gold intervals reported at a nominal 0.3 g/t gold cut-off and with a maximum 2.5m contiguous dilution are given in Table 1. All thicknesses are downhole length and true widths are not known at this stage.

To view the complete drill assay results and further technical information relating to this news release, please visit the Company’s website at www.alacergold.com.

About Alacer

Alacer is a leading low-cost intermediate gold producer whose primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet as foundations to continue its organic multi-mine growth strategy, maximize free cash flow and therefore create maximum value for shareholders. The Çöpler Gold Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers (“km”) southeast from Istanbul and 550km east from Ankara, Turkey’s capital city. Alacer owns an 80% interest in the world-class Çöpler Gold Mine (“Çöpler”) in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”).

Alacer continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey. The Çöpler Mine is processing ore through two producing plants. With the recent completion of the sulfide plant, the Çöpler Mine will produce over 3.5 million ounces at first quartile All-in Sustaining Costs, generating robust free cash flow for approximately the next 20 years.

The systematic and focused exploration efforts in the Çöpler District have been successful as evidenced by the newly discovered Ardich deposit. The Çöpler District remains the focus, with the goal of continuing to grow oxide resources that will deliver production utilizing the existing Çöpler infrastructure. In the other regions of Turkey, targeted exploration work continues at a number of highly prospective exploration targets.

Alacer is a Canadian company incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Company also has a secondary listing on the Australian Securities Exchange where CHESS Depositary Interests trade.

Technical Procedural Information

Sampling, Assaying and QA/QC

The Çöpler Saddle Shear Zone drilling program started in 2017. Diamond drill core is sampled as half core at 1m intervals. The samples were submitted to ALS Global laboratories in Izmir, Turkey for sample preparation and analysis which is an ISO/IEC 7025:2005 certified and accredited laboratory. Bureau Veritas (Acme) laboratory, Ankara is being used as for umpire check sample analysis. Gold was analyzed by fire assay with an AAS finish, and the multi-element analyses were determined by four acid digestion and ICP-AES and MS finish. For gold assays greater than or equal to 10g/t, fire assay process is repeated with a gravimetric finish for coarse gold. Alacer's drill and geochemical samples were collected in accordance with accepted industry standards. Alacer conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, field duplicates, and umpire laboratory check assays. External review of data and processes relating to the prospect have been completed by independent Consultant Dr. Erdem Yetkin, P.Geo. in September 2019. There were no adverse material results detected and the QA/QC indicates the information collected is acceptable, and the database can be used for further studies.

Qualified Person

Dr. Mesut Soylu, P.Geo., who is a Qualified Person as defined under National Instrument 43-101 and qualifies as a Competent Person as defined in the JORC Code 2012, has reviewed and approved the scientific and technical information contained in this news release.

The information in this release which relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Mesut Soylu, PhD Geology, P.Geo, Eurgeol, who is a full-time employee of Alacer. Dr. Soylu has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and a qualified person pursuant to National Instrument 43-101. Dr. Soylu consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

External review of data and processes relating to the prospect was completed in September 2019 by independent Consultant Dr. Erdem Yetkin, P.Geo. a Qualified Person as defined by National Instrument 43-101 and a Competent Person as defined by the JORC Code 2012. There were no adverse material results detected and Dr. Yetkin is of the opinion that the QA/QC indicates the information collected is acceptable, and the database can be used for announcing the exploration results.

Cautionary Statements

Except for statements of historical fact relating to Alacer, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and other public filings of Alacer. Forward-looking information often relates to statements concerning Alacer’s outlook and anticipated events or results, and in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.

Forward-looking information includes statements concerning, among other things, preliminary cost reporting in this document; production, cost, and capital expenditure guidance; the ability to expand the current heap leach pad; development plans for processing sulfide ore at Çöpler; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of Alacer’s filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer’s operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in Alacer’s filings on the Corporation’s website at www.alacergold.com, on SEDAR at www.sedar.com and on the ASX at www.asx.com.au, and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

For further information on Alacer Gold Corp., please contact:
Lisa Maestas – Director, Investor Relations at +1-303-292-1299

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Figure 1

Location map of the Çöpler Saddle Shear Zone
Figure 2

The Saddle relative to the Çöpler Gold Mine
Figure 3

Saddle Shear Zone with soil gold geochemistry
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