Alexandria Provides Operational Summary for Third Quarter 2010/2011

TORONTO, April 20 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to provide a summary of its activities for the third quarter ("Q3") of 2010/2011. A summary of the significant drill results previously released can be viewed in Table 1 below, and the Company's interim financial statements and Management's Discussion and Analysis for the third quarter ending January 31st, 2011, can be found on SEDAR and on the Company's website at www.azx.ca.

Q3 2010/2011 Highlights

  • Continued advancement of the Akasaba gold project, where the Company recently announced a drill intersection of 7.44 g/t Au over 8.50 m (Press Release, April 14, 2011), by completing 12 drill holes, totaling 3,686 m.
  • Expanded the Sleepy gold deposit at depth with an intersection of 3.81 g/t over 9.00 m.
  • Received 213,845 shares from Aurizon Mines Ltd ("Aurizon") in December 2010 as final payment for the Joannes Township property.
  • Strengthened its geological team with the appointment of Peter Legein as Vice President, Exploration.
  • Exploration expenditures totaled $982,869 during the quarter, bringing the total exploration expenditures for the first 9 months of the year to $3,000,000.
  • Working Capital as at January 31st, 2011 was $6,078,545, including a Cash and GIC Balance of $4,331,628.

Summary of Q3 Exploration Activities
During the quarter, Alexandria continued to advance its Akasaba project, located 15 km east of Val d'Or, Quebec, on the Company's extensive, 35 km long, Cadillac Break property group. The Company completed 3,686 m of drilling, focusing on shallow-level in-fill targets in order to better define limits and tenor of gold mineralization in the upper 200 m. Some of the Company's Q3 results can be found in Table 1 below, and include high grade intersections such as 20.93 g/t Au over 1.76 m and 60.11 g/t Au over 0.38 m, as well as wider intersections such as 3.35 g/t Au over 10.40 m.

To-date, the Company has completed a total of over 27,000 m of drilling in 95 holes at Akasaba. Drill results at Akasaba show that the former gold-silver producer is polymetallic and sulfide-rich (5-30% pyrrhotite), hosted in mafic to felsic volcanic tuffs and flows, and associated mafic sills. Copper is widespread, locally up to 1-2% Cu, local high grade zinc occurs in massive layers and veinlets (up to 6.35% Zn over 0.3 m in a previously reported result), and local lead and molybdenum occur in veinlets. These characteristics, together with multiple targets on the property, point to similarities to other gold-rich VMS deposits in the region, such as the La Ronde Mine, a  9 million ounce gold deposit (Agnico-Eagle Mines Ltd.).

Work has focused principally along the main Mine Horizon which hosts the past-producing Akasaba gold-silver mine, a shallow underground mine from which some 40,000 ounces of gold at an average grade of 5.14 g/t Au, and 10,000 ounces of silver, were produced. Alexandria's drilling has expanded gold mineralization from 150 m vertical depth to over 400m deep, and from 200 m to 950 m of strike length. Results are pending for 22 holes.

Table 1: Summary of Significant, Previously Released Q3 Exploration Drill Results

DDH From
(m)
To (m) Length (m) Estimated True
Width (m)
Au (g/t) Ag (g/t) Cu (%)
IAX-10-88 233.30 245.30 12.00 9.00 2.14 - -
inc. 240.30 241.30 1.00 0.75 11.65 - -
IAX-10-89 16.75 17.25 0.50 0.38 60.11 1.10 0.03
IAX-10-95 129.50 134.72 5.22 3.92 3.46 0.24 -
Inc. 132.95 133.60 0.65 0.49 20.60 1.90 -
IAX-10-95 217.10 222.30 5.20 4.58 8.27 1.41 -
Inc. 220.40 222.30 1.90 1.67 20.93 2.31 -
IAX-10-95 259.28 287.78 28.50 25.08 0.73 0.00 -
IAX-10-96 103.70 106.20 2.50 1.80 2.17 - -
Inc. 104.00 104.40 0.40 0.28 10.35 2.10 0.40
IAX-10-97 303.87 304.87 1.00 0.88 6.61 0.00 -
IAX-10-99 366.50 393.54 27.04 16.22 1.19 - -
Inc. 366.50 370.66 4.16 2.50 3.13 - -
Inc. 367.26 367.80 0.54 0.32 14.81 - -
IAX-10-99 503.75 507.60 3.85 2.31 4.04 6.90 0.49
Inc. 503.75 504.50 0.75 0.45 6.96 13.80 0.84
And 505.08 505.70 0.62 0.37 7.85 21.60 1.61
IAX-10-106 408.80 424.90 16.10 10.40 3.35 - -
Inc. 408.80 411.12 2.32 1.55 19.74 - -
IAX-10-106 436.30 480.40 44.10 20.70 0.54 - -
Inc. 444.60 467.35 22.75 7.00 0.89 - -
IAX-10-108 213.00 223.20 10.20 10.90 1.01 - -
Inc. 222.10 223.20 1.10 0.80 4.41 - -
SAX-11-01 513.5 527.5 14.00 9.0 3.81 5.1 -

Also at Akasaba, the Company completed a downhole geophysical survey during the quarter, following a preliminary test in November, in order to aid drill targeting at depth. The preliminary results were encouraging, and final results are being worked into the drill plans. Evaluation of other targets on the property is underway.

Separately, on the Company's Sleepy project, located 12 km east of Akasaba, a 3 hole drill programme was completed in February of 2011. The Sleepy deposit hosts and Inferred Resource of 1.5 million tonnes grading 3.0 g/t Au, and is open both along strike and at depth. Results from this programme were very promising, as the first drill hole, SAX-11-01, intersected 3.81 g/t Au over 9.00m (true width, see Table 1), extending known gold mineralization at depth by 100 m, to 400 m vertical depth.

Upcoming Activities
Alexandria will continue to focus on Akasaba in the coming months, with an eye toward ramping up drilling from the current two-rig, 20,000 m programme by adding a third rig in the near term. Currently, one rig is drilling at Akasaba and one at Sleepy, the latter on an 8 hole, 2,800 m programme following up on the January results, after which the rig will return to Akasaba while assay results are processed. At Akasaba, the Company intends to expand the potential size of the zone through step-out and along-strike drilling, move closer to a resource study via in-fill drilling, and test other similar targets on the property and adjacent properties.

Separately, an economic study has recently been completed at the Company's Orenada gold project by a well-known independent engineering firm, BBA Associates of Montreal. Although this study is not compliant with guidelines as laid out by National Instrument 43-101, the Company will be seeking joint venture partners in the coming months.

Financial Update
As at the end of Q3, the Company had working capital of $6,078,545. Minus Accounts payable and accrued liabilities, this is comprised of :

  • roughly $4.3 million in cash and short-term deposits,
  • approximately $1.4 million in marketable securities, principally due to the sale of Alexandria's Joannes Township property to Aurizon Mines , and
  • about $700,000 in tax refunds expected as at the end of January 31, 2011.

Alexandria expects to incur roughly $4 million in exploration expenditures by fiscal year-end (April 30, 2011), from which the Company expects a Quebec mining refund of approximately 35%. As noted above, Alexandria intends to increase its drilling programme early in the new fiscal year in May. The Company has intensified its marketing campaign over the past 6 months, as it broadens its outreach programme, with a focus on new investment groups in new geographical areas, and anticipates continuing this programme.

All exploration results presented in this press release have been previously released. This release has been reviewed by the company's Qualified Persons, Peter Legein, PGeo, and Dr. Eric Owens, PGeo.

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 has two NI 43-101 compliant gold resources, at Orenada and Sleepy, and is currently focused on advancing its Akasaba and Sleepy projects.  Roughly 10% of the Company is held by Agnico-Eagle Mines Ltd., who has three producing gold mines in the region.

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

Mary Vorvis, Corporate Development
416-363-9372

www.azx.ca
info@azx.ca

Profil de l'entreprise

Alexandria Minerals Corp.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.