Alexandria Announces New High Grade Gold Discovery in Val d'Or, Quebec, Assaying 100.4 g/t over 2.2 m

TORONTO, May 31, 2011 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports a high grade intersection today in a new zone on its Sleepy project in Val d'Or, part of an intersection grading 28.75 g/t Au over 8.40 m (core Length), and including 248.80 g/t Au over 0.50 m and, separately, 83.84 g/t Au over 1.15 m.

The bonanza-like intersection in DDH SAX-11-004 occurs in the sheared contact between a diorite sill and intermediate volcanic rocks (the "South Zone"), about 100 m south of the Company's Sleepy Gold Deposit. A few recent Alexandria drill holes have intersected this zone as the Company sets up the drill rig further south in its efforts to penetrate deeper targets on the main Sleepy Deposit to the north.

Eric Owens, Alexandria's President and CEO, said, "Finding notable mineralization in a new area near the existing Sleepy deposit bolsters the larger potential of the deposit, and points to the discovery possibilities of our drilling programme.  Our next goal is to test for volume through additional drilling."

Significant drill results in the Sleepy South Zone:

Hole ID From To Length(m) T.W.(m) Au (g/t)
SAX-11-001 355.40 356.40 1.00 0.50 2.74
SAX-11-002 536.90 539.70 2.80 1.40 1.45
SAX-11-004 591.60 600.00 8.40 4.20 28.75
including 592.60 593.00 0.40 0.20 23.78
including 595.00 596.30 1.30 0.65 5.76
including 596.30 596.80 0.50 0.25 248.80
including 597.35 598.50 1.15 0.57 83.84
SAX-11-005 385.90 388.00 2.10 1.05 0.95

Previous drill holes SAX -11-001, 002 and 005 also intersected the same gold bearing South Zone, all above or to the east of drill hole SAX-11-004:
SAX-11-001, located 50 m west and 100m above SAX-11-004, intersected 2.74g/t Au over 1.00m,
SAX-11-002, located 200 m east of SAX-11-004, intersected 1.45 g/t Au over 2.80m,
SAX-11-005, located 50 m east and 100 m above SAX-11-004, intersected 0.95g/t Au over 2.10m.

Historical drill holes have also intersected gold values along the same zone at shallower depth but sampling is incomplete and additional sampling will be done shortly. As a result, this new zone is open at depth and to the west, a situation similar to that of the main Sleepy Deposit.

The South Zone is parallel to the main Sleepy Gold Deposit, and is characterized by steeply dipping quartz and quartz-carbonate veins, with pervasive chlorite alteration, moderate carbonate alteration, and trace sulfides.

Alexandria's Sleepy Gold Deposit contains a National Instrument 43-101 compliant Inferred Resource of 1.5 million tonnes grading 3.0 g/t Au, for roughly 150,000 ounces of gold (Press Release, October 28, 2009). This estimate pre-dates recent drilling, and is about 8 times the size of an historic (Pre-National Instrument 43-101) estimate of about 25,000 ounces when Alexandria acquired the property. The gold zone is hosted in an altered diorite/tonalite sill within the larger Vicour gabbro sill, and this distinctive unit has been detected in drill holes up to 1 km east with assay results up to 2.95 g/t Au over 9.5 m and 14.1 g/t Au over 1.46 m.

Since 2007, the Company has completed 21 drill holes totaling 9,443 meters, and is in the middle of a 3,800 m drill programme. The drill rig is currently completing the 3rd drill hole (SAX-11-006) of 4 planned holes offsetting hole SAX-11-01, which intersected 3.81 g/t Au over 9.00 m in this past winter's 3 hole programme, which deepened gold mineralization in the Sleepy deposit by 100 m (Press Release, March 1, 2011). Plans are underway to test the new zone further.

Drill results presented in this press release are exploratory in nature, and resource estimates have been previously released. All results have been reviewed by Dr. Eric Owens, PGeo, QP, and Peter Legein, PGeo, QP.

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest property packages along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba gold-silver project, and has two NI 43-101 compliant gold resources: at Orenada, at a 0.5 g/t cutoff, the company has delineated 446,000 ounces of gold (Measured and Indicated), and 302,000 ounces of gold (Inferred); at Sleepy, the Company has delineated 150,000 ounces of gold (Inferred). Agnico-Eagle Mines Ltd., who has three producing gold mines in the region, owns roughly 10% of the Company.

WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.

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.

 

SOURCE Alexandria Minerals Corp.

For further information:

Andreas Curkovic, Investor Relations
(416) 577-9927

Eric Owens, President/CEO
416-363-9372

www.azx.ca
info@azx.ca

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Alexandria Minerals Corp.

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