TORONTO, July 11, 2012 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX) (Frankfurt: A9D) (US: ALXDF) reported today on follow-up drill results from the newly-discovered near-surface western gold zone on its 100% owned Akasaba project in Val d'Or. Drill holes IAX-12-200 and IAX-12-201 intersected 1.18 g/t Au over 118.80 m and 0.70 g/t Au over 144.90 m, respectively, 100 m below previously announced holes.
The disseminated gold mineralization was intersected between vertical depths of 50 and 140 m in the two holes, wholly within Timiskaming metasedimentary rocks, a similar geological environment to that found at Alexandria's Orenada gold deposit and Osisko Mining's Malartic gold mine.
Eric Owens, President and CEO of the Company, said, "This is our widest hole yet with values over one gram of gold per tonne, proving that there is much potential for new discoveries on this project as we step out further from the Main Mine area. The holes completed to date in this new zone will add considerable value to Akasaba, especially with the notable copper values and the potential credits from them. We expect further positive results with continued drilling."
Table 1. Selected assays from drill holes IAX-12-200 and IAX-12-201.
|Hole #||From (m)||To (m)||Length (m)|| True Width
|Au g/t||Ag g/t||Cu%|
In addition to the gold contents, all five of the drill holes from the Western Zone are also enriched in silver and copper. The significant intervals for the five holes comprising the Western Zone, including that for the three holes released on June 26, 2012 are summarized as follows:
|Hole #||Length (m)||TW (m)||Au g/t||Ag g/t||Cu%|
The newly discovered Western Au-Cu-Ag Zone has now been delineated to over 200 m long by 200 m deep, with an average width of 50-60 m, and is open in all directions. The total length of the Akasaba Mine Horizon gold zone now stands at more than 1,600 m. Although the Western Zone occurs along the same deformation corridor as the mineralization in the Akasaba Mine area, the gold mineralization in the Western Zone differs from that of the Mine area, as it is hosted in metasedimentary rocks, and is governed less by distinct high grade veins, and more by micro-millimeter scale veinlets providing for a disseminated character to the mineralization.
Since announcing its first National Instrument 43-101 compliant Resource Estimate at Akasaba in March, 2012, the Company has substantially expanded the known gold-bearing zone through drilling, both at depth and along strike, adding more than 100 m depth to the deep high grade zone, and adding more than 500 m length along strike. The Company's plans are to continue to focus on Akasaba in its exploration efforts.
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 is available on 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 portfolios of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. Global gold resources are distributed between three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. The Company is currently focused on advancing its Akasaba project. 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