Alexandria Expands Main Sleepy Gold Zone With Intersection of 11.95 g/t Gold Over 4.50 m

TORONTO, June 7, 2011 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX); (Frankfurt: A9D) reports on drill hole SAX-11-005, which intersected 11.95 g/t Au over 4.50 m (core length), including 29.59 g/t Au over 0.50 m and 20.77 g/t Au over 1.00 m, on its Sleepy Project in Val d'Or, Quebec.

The intersection of the main Sleepy Gold Zone in SAX-11-005 occurred at a vertical depth of approximately 415 m, about the same depth as, and 100 m east of, hole SAX-11-001, which intersected 3.81 g/t Au over 14.00 m in the Company's winter drill programme (See Press Release March 1, 2011). An updated longitudinal diagram can be found on the Company's website at http://www.azx.ca/projects/cadillac/sleepy_summary.html

The Sleepy Gold Zone 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) down to 330 m depth. The Zone has now been substantiated to below 400 m depth by both SAX-11-001 and SAX-11-005.

Eric Owens, Alexandria's President and CEO, said, "These results confirm Sleepy's growth. With continued drilling, we anticipate more positive results as we expand this deposit."

Significant drill results from the Main Sleepy Zone (SAX-11-005), and previously released assays from SAX-11-004 in the South Zone:


Hole ID

Depth From
(m)

Depth To (m)

Length

True Width
(m)

Au (g/t)

Ag (g/t)

Zone

SAX-11-00 4

591.6

600

8.4

4.2

28.75

NA

South

SAX-11-005

543.20

547.70

4.50

2.25

11.95

5.54

Main

including

543.20

544.20

1.00

0.50

20.77

8.13

Main

including

545.20

546.20

1.00

0.50

11.49

5.68

Main
including 546.20 546.70 0.50 0.25 29.59 8.86 Main

The Company has completed 3 of 4 follow-up, step-out holes around SAX-11-001, and will be moving the rig back into position to complete this programme following its current hole, which is testing the main Sleepy Zone 1 km east, near an historical target which contained a reported 2.95 g/t over 6.65 m (True Width) at the 200 m depth.

In addition, two follow-up holes will be completed to step out from drill hole SAX-11-004, in which a new high grade zone (The South Zone) was intersected, assaying 28.745 g/t Au over 4.20 m (See Press Release May 31, 2011).

In other matters, the Company retained the services of Vantage Communications Ltd. ("VantageWire"), an Investor Relations service provider, to act as a marketing and investor relations consultant for the Company, with an industry leading website at www.VantageWire.com. The Company has approved 250,000 incentive stock options to VantageWire and a second related party, exercisable at a price of $0.30 (CAD) for a period of 1 year, subject to approval by the TSXV. These incentive stock options shall become vested over a period of not more than 12 months with 25% of these options vested every three months.

There is no prior relationship between VantageWire and Alexandria Minerals Corporation, nor is there any prior direct or indirect interest in Alexandria Minerals Corporation or its securities or any right to acquire such an interest, on the part of VantageWire."

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. The Company's follows a sampling protocol that conforms with industry standard methods and practises. The Company routinely uses two laboratories, AGAT Labs, of Missisuagua, and Accurassay Labs of Thunder Bay, for its sample analysis. Samples are normally assayed using fire assay and atomic absorption finish assay method. All samples which contain greater than 1 g/t Au are reassayed used gravimetric assay method. All samples containing visible gold are assayed using metallic screen assay method. The company will provide further information upon request.

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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