TORONTO, May 12 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX)
(Frankfurt: A9D) reports today that Niogold Mining Corporation has
mobilised a drill rig to complete a ten hole, 2,500 m drill programme
on Alexandria's Siscoe East project in Val d'Or, Quebec.
The drilling programme will test several electromagnetic and induced
polarization anomalies, interpreted as potential shear-vein zones along
the north contact area of the Bourlamaque Batholith.
The Siscoe East property is located on the northwest side of the city of
Val d'Or, around and between the past-producing Siscoe Mine and
Sullivan Mine. The Siscoe Mine, Val d'Or's first and highest grade
mine, produced some 852,000 ounces of gold between 1929 and 1949, at an
average grade of 9.22 g/t Au. The Sullivan Mine, located southeast of
the Siscoe East Property in the Bourlamaque Batholith, produced 1.13
million ounces of gold at an average grade of 7.65 g/t Au between 1938
and 1968, principally from five parallel veins which trend onto
A previous drilling programme by Niogold in 2009 intersected 43.67 g/t
Au over 1.9 m, thought to be an extension of the Sullivan vein system
onto Alexandria's property (See Press Release, August 7, 2009).
The Siscoe East Property consists of 110 claims governed by two
agreements between Niogold and Alexandria. Alexandria has earned a 70%
interest on 37 claims previously held by Niogold, and Niogold is in the
process of earning a 50% interest in 59 claims owned by Alexandria, by
completing the following: issuing to Alexandria 650,000 common shares
(completed) and expending a total of $750,000 on exploration on the
property ($245,000 remains).
In other matters, the Company has granted 250,000 incentive stock
options exercisable at a price of $0.19 for a period of 3 years to an
officer of the Company.
The results presented in this press release with regard to Alexandria'a
Siscoe East property are exploratory in nature and have been reviewed
by Dr. Eric Owens, 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
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