TORONTO, Jan. 12, 2012 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) provided today an update of its recent activities and plans for the
winter season 2011-2012. Updated images and corporate summary can be
found on the Company's website at www.azx.ca.
Continued advancement of the Akasaba and Sleepy gold projects: extended
both to depths of 500 m.
In Q2, the Company completed 2 drill holes at Akasaba (1,442 m) and 6
drill holes at Sleepy (3,170 m).
Received encouraging first round results 1 km east of the Sleepy Gold
Completed a property-wide Airborne Magnetic Survey over the entire 41 km
length of the Company's flagship Cadillac Break Property package.
Interpretation of results is underway.
Results are pending from a substantially-completed metallurgical study
Completed a $3 million financing
Cash and Current Assets as at December 31st, 2011 were $4,400,000.
Eric Owens, President of Alexandria Minerals, said, "We made significant
progress last year in bringing Sleepy and Akasaba to a higher threshold
of development. These projects continue to be our focus in the new
year, which will include a first resource estimate for Akasaba, and
will focus on advancing the projects to the stage where we will
initiate economic studies and/or other strategic options."
The historic Akasaba Mine reportedly produced 250,000 tonnes of ore
grading 5.14 g/t Au (approximately 45,000 ounces) from 1961-1963, from
a shallow underground stope developed to 90 m depth. Over the past 24
months, Alexandria has expanded the known gold mineralization around
the mine to 1,000 m long and more than 500 m deep, during which Company
geologists discovered a new high grade zone located 300 m east of the
historic mine, with drill hole assays up to 121 g/t Au over 0.7 m and
20.41 g/t over 2.12 m.
Recent drilling activities have tested the following targets: 1) shallow
targets at the North Zone, a separate volcanic-hosted gold-bearing zone
located 200 m to the north of the Mine Horizon, 2) shallow targets 1 km
west of the Mine Area, and 3) deep targets in the vicinity of the Mine.
Robust drill assay results from the deep targets have extended the
eastern high grade zone to below 500 m:
IAX-11-148: 6.73 g/t Au over 5.25 m
IAX-11-155: 3.07 g/t Au over 12.75 m
IAX-11-172: 2.17 g/t Au over 10.30 m
Together with other holes, these help define a well-mineralized gold
zone 300 m in vertical dimension, which has an upper boundary at the
200 m depth, and still open below 500 m.
Three hundred meters to the west, Alexandria has also recently
discovered a new high grade zone at a depth of 530 meters, some 430 m
below the historic Akasaba Mine. Drill hole IAX-11-176 intersected 7.07 g/t Au over 7.59 meters in the same horizon that hosts the gold mineralization in the mine area
at surface. This deep zone is open at depth and along strike to the
Results from the shallow level targets 1 km west of the Mine (3 holes)
and from the North Zone (3 holes) are pending.
Located 13 km east of Akasaba, the Inferred Resource at Sleepy,
completed in 2009, stands at 1.5 Mt grading 3.0 g/t Au. As with
Akasaba, recent drilling at Sleepy has also extended this gold zone to
a depth of 500 metres, deepening the zone more than 100 m below the
SAX-11-01: 3.88 g/t Au over 9.2 m
SAX-11-05: 11.95 g/t Au over 2.25 m
SAX-11-09: 6.66 g/t over 15.85 m
Assay results from two holes which intersected the target horizon on the
west side of the Sleepy Lake Fault yielded anomalous gold contents. The
Sleepy Lake Fault forms the western boundary of the Sleepy gold zone,
and three holes were completed to locate the down-plunge extent of the
zone west of the fault. Assay results are pending from two holes, one
of which tested the target west of the fault.
Other Technical Activities
Alexandria recently completed a property-wide airborne magnetic survey,
which will aid in the ongoing interpretation of the property's geology
and the exploration potential, with emphasis placed on drill targets.
Company geologists have put together drill targets representing over
120,000 m of drilling, with prioritized targets emphasizing deposit
growth at Akasaba and Sleepy.
At Akasaba, the Company's first National Instrument 43-101 compliant resource
estimate is underway; Company geologists are working closely with the
independent Qualified Persons for this effort. This study will be
completed this winter. In addition, a companion metallurgical study is
underway: testing has been completed and results are pending. Drilling
continues at Akasaba with one drill rig; assay results are pending for
At Sleepy, four short holes are planned in efforts to enlarge the shallow
portions of the Current Resource. These holes are expected to begin in
February. Assay results are pending for one hole which intersected the
target zone west of the Sleepy Lake fault.
The Company is reviewing business opportunities, including joint venture
possibilities, as part of its broader plan to realize value for its
Alexandria is also pleased to announce that the Company will be
exhibiting at the Vancouver Resource Investment Conference on January
22-23, booth 2013, and will also be hosting a booth at the upcoming
PDAC show in early March .
All exploration data and information presented here has been released
previously, and can be found on the company's website at www.azx.ca. This data has been reviewed by the company's Qualified Person, Eric
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 and
Sleepy projects, and has two NI 43-101 compliant gold resources. At
Orenada, at a 0.5 g/t cutoff, the Company has delineated a Measured and
Indicated resource of 446,000 ounces of gold (110,273,932 t grading
1.35 g/t Au), and an Inferred resource of 302,000 ounces of gold
(7,399,644 t grading 1.27 g/t Au). At Sleepy, the Company has
delineated an Inferred resource of 150,000 ounces of gold (7,399,644 t
grading 3.0 g/t Au). Agnico-Eagle Mines Ltd., with 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
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
Eric Owens, President/CEO