VANCOUVER, June 26, 2012 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D; US: ALXDF) reported today that three shallow holes intersected a new, potentially significant gold zone on the Company's 100%-owned Akasaba Gold project in Val d'Or, Quebec. The three holes intersected the target horizon some 500 meters west of the previous westernmost holes, increasing the length of the Main Mine Horizon to 1,600 m.
The three drill holes, all 100 m apart, targeted shallow-level gold mineralization above 100 m depth to build on the Company's Current Resource, which included an open-pit resource. Significant assay intersections are:
|IAX-12-194||1.26 g/t over 74.70 m, including 3.39 g/t Au over 6.00 m,|
|IAX-11-185||1.07 g/t Au over 53.00 m,|
|IAX-11-184|| 2.08 g/t Au over 6.60 m and 1.17 g/t Au over 12.40 m.
Eric Owens, President and CEO of the Company, said, "Hole IAX-12-194 is one of the best holes yet at Akasaba and further enhances the near surface mineralization. Together with the high grade results we have been intersecting, we are increasing the size potential over and above the initial resource estimate. With the consistently positive results demonstrated at Akasaba, it has emerged as Val d'Or's newest gold growth project."
The new results, together with the recent deep high grade intersection of 12.48 g/t Au over 8.20 m (see Press Release of May 24, 2012), have expanded on the Current Resource by adding 100 m to the depth of the zone and 500 m to the length. The minimum depth of the zone is now 600 m and length is 1,600 m, and the zone remains open in all directions.
Table 1. Akasaba National Instrument 43-101 Resource Estimate (March 27, 2012)
|Indicated Resources||Inferred Resources|
|Tonnes||Grade (g/t Au)||Ounces (Au)||Tonnes||Grade (g/t Au)||Ounces (Au)|
These results have also dramatically improved the Company's understanding of the underlying mineralization and structure of the project. Notably, the drilling opens up new exploration potential in a new lithology, as the gold mineralization in the new holes is hosted in metasedimentary rocks, as opposed to volcanic rocks, a first-time occurrence at Akasaba. Furthermore, the role of Northeast-trending faults will be re-assessed, as two of the three holes were drilled west of a prominent NE trending fault, which offsets rock units but not the gold-bearing Main Mine Horizon. These faults were previously thought to be post-mineral, but as these results show, they now appear to be more closely timed to gold mineralization.
Over the past 24 months Alexandria has completed more than 150 drill holes and 50,000 m of drilling, expanding the known gold zone from 200 m long by 100 m deep to its present size of 1,600 m by 600 m. In addition to the Akasaba main Mine Horizon, a number of other gold prospects with similar geological characteristics occur on the property, as well as on adjacent Alexandria properties. Company geologists are optimistic about these prospects.
Table 2. Selected assays from drill holes on western side of property.
|Hole #||From (m)||To (m)||Core Length (m)||True Width (m)||Au g/t||Ag g/t||Cu%|
Program design, management, and Quality Control/Quality Assurance is governed by Alexandria's exploration group, of which Peter Legein, P.Geo, and Eric Owens, P.Geo, are the Company's Qualified Persons. Mr. Legein and Mr. Owens reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company's website or on www.sedar.com.
Further information about the Company by visiting the Company's website, www.azx.ca, or our social media sites listed below:
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba and Sleepy projects. Alexandria's global resources from its 35 km-long Cadillac Break property portfolio total 686,823 ounces of gold of Measured and Indicated Resources, and 718,688 ounces of gold of Inferred Resources. Agnico-Eagle Mines Ltd., with two 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.
For further information:
Andreas Curkovic, Investor Relations
Eric Owens, President/CEO