TORONTO, May 27 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected 2.01 g/t Au over 78.77 m (Estimated True Width 57.61 m) in one of the most consistently mineralized holes yet drilled on its Akasaba project near Val d'Or, Quebec.
Diamond Drill Hole IAX-10-72, which included intersections of 7.02 g/t Au over 5.04 m and a second interval of 4.61 g/t Au over 6.60 m, was drilled into the base of the main gold zone at a vertical depth between 100 and 150 m. The nearby Akasaba Mine produced about 40,000 ounces of gold, at a grade of 5.14 g/t Au, and 12,000 ounces of silver from underground operations above 90 m depth from 1960 to 1963.
Eric Owens, President and CEO of Alexandria Minerals, said, "These results confirm the near-surface width potential at Akasaba. Nearby historic drill holes suggest further potential at and below these depths, and we will be following up these results as part of the new drilling programme. Akasaba has consistently delivered results commensurate with the potential revealed by our first drill results last year, and has clearly become our premier development project."
Figure 1. Map showing surface projection of current and recent subsurface drill results, Akasaba Mine Area.
To-date, the Company has identified more than 900 m of along-strike near-surface gold mineralization, open to the east and west, with high-grade drill intersections up to 20.48 g/t Au over 3.30 m (see Press Release February 17, 2010).
Two other holes, DDH IAX-10-73 and 76, intersected narrow, but anomalous, gold bearing zones, and assay results are still pending for the final, easternmost hole, DDH IAX-10-77, completed in the last round of drilling.
The Company's activities for the upcoming summer months include at least 5,000 meters of drilling, further surface mapping, geophysics and trenching in order to identify targets along the Mine Horizon and elsewhere on the property. In addition, the Company's geologists are reviewing and re-logging core from some of the more than 25 historic drill holes in the area.
The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Jared Beebe, PGeo, and Dr. Eric Owens, PGeo. These results have not been verified by an Independent Qualified Person ("QP") and therefore should not be relied upon except for their exploratory value. There is no Current Resource underlying the Akasaba property as defined by National Instrument 43-101, and no guarantee that an economic gold deposit is present. Further work by Alexandria and an Independent QP will be required to bring the data into compliance with NI 43-101.
The Company's sampling protocol has been outlined in previous press releases, and additional information is available by request. Because of the concern of a "nugget effect", the company routinely re-checks its assay results, and where re-checked assays vary by greater than 10%, the samples are subjected to a metallic screen assay technique whereby a 1 kg separate of the original sample is screened to a 30 g aliquot prior to a FA gravimetric finish.
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 Orenada and Akasaba gold projects. The Company has recently announced a strategic equity placement by Agnico-Eagle Mines Ltd., one of Canada's premiere gold mining companies, who have three gold mines along the same geologic trend.
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 Corporation
For further information: For further information: Andreas Curkovic, Investor Relations, (416) 577-9927; Eric Owens, Alexandria Minerals Corporation, (416) 363-9372, Www.azx.ca, firstname.lastname@example.org