TORONTO, May 16, 2012 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D; US: ALXDF) reported today that it has filed on SEDAR the National Instrument ("NI") 43-101 compliant report for the resource estimate on its 100%-owned Akasaba property in Bourlamaque Township, Val d'Or, Quebec.The report will be available on SEDAR as of May 17, 2012.
The resource estimate at Akasaba, first reported on March 27, 2012, is summarized in the following table:
|Akasaba NI 43-101 Resource Estimate|
|Indicated Resources||Inferred Resources|
|Tonnes||Grade (g/t Au)||Ounces (Au)||Tonnes||Grade (g/t Au)||Ounces (Au)|
Alexandria has drilled 125 holes totaling over 38,000 m of drilling over the past two years in delineating this resource at a discovery cost of $13 per ounce of gold; gold mineralization extends for more than 1,500 m along strike and below 500 m depth. The deposit remains open in these directions, and Alexandria continues to test the zone with one drill rig.
For a 3-dimensional image of the Current Resource please click on the link provided at the end of this press release.
The resources at Akasaba come principally from two main, and 3 subsidiary, anastomosing veins, all closely-spaced within the favorable "Mine Horizon", a sequence of deformed, sulfide-rich volcaniclastic rocks in the footwall of a massive rhyodacite. In addition to a predominance of pyrrhotite, other observed sulfides include pyrite, chalcopyrite, bornite, sphalerite, and moybdenite, as well as native copper. This polymetallic gold-silver-copper-zinc geochemical signature is consistent with either a gold-rich volcanogenic massive sulfide environment or a contact intrusive-related environment.
The NI 43-101 Compliant report was prepared by Independent Qualified Persons Alain-Jean Beauregard, P. Geo., OGQ, FGAC and Daniel Gaudreault, P. Eng., OIQ, both of Geologica Groupe Conseil, of Val d'Or, based on the resource estimation of Christian D'Amours, P.Geo., of Geopointcom, also of Val d'Or. The report notes the following geological characteristics:
- The gold resource is hosted in mafic-intermediate metavolcanic rocks in the footwall of a rhyodacite dome, and high grade gold intersections are also found in the rhyodacite as well as at the contacts with mafic sills.
- The gold-bearing volcanic rocks are host to abundant sulfides, up to 30% by volume over extended widths, but in detail there is no direct correlation between gold concentration and sulfide content.
- Gold is typically found in quartz-carbonate veins and stringers in deformed (sheared) volcanic rocks.
- The Akasaba gold resource appears to be located in, or at the edge of, the contact metasomatic aureole around a buried diorite stock located 1-2 km to the west; this aureole is host to a number of gold prospects on the Akasaba and adjacent properties.
The report further notes that the Akasaba gold deposit lies roughly 600 m north of the Cadillac Break fault zone, well within the structural and metallogenic influence of the major fault, and that numerous past-producing gold mines (East Malartic, Barnat-Sladen, O'Brien) and recent discoveries (Lapa, Goldex) are spatially related to the Cadillac Break or its subsidiary faults. Alexandria's broader property package straddles the Cadillac Break for 35 km, underscoring the strong favorable geological environment underlying Alexandria's property.
The Akasaba project is located approximately 15 km east of the city of Val d'Or, which has been a mining community for almost 100 years. Some 24 million ounces of gold from a number of mines have been produced in the region over this period, and the city is host to an experienced and knowledgeable mining community. The Trans-Canada Highway passes nearby, and well-maintained access roads cross Alexandria's property in several places. An electric power line crosses the Akasaba property.
The following apply to the estimated resource:
|(1)||The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.|
|(2)||Assumptions for the Resource Calculation. (a) Gold Price: $1,200/oz., (b) Cut-off Grade: Underground, 2.25 g/t Au, Open-pit, 0.5 g/t, (c) Bulk Density: Specific Gravity 2.8, (d) Minimum true width: Underground, 2.5 m, Open Pit, 5m, (e) Blasting/Mucking costs: Underground, $68/tonne, Open-Pit, $5.75/tonne, (f) Milling Costs, $12/tonne, (g) Overburden removal costs: $3/cubic meter, (h) Open pit shell optimized for best revenue, (i) Geostatistical analysis indicate no grade capping is necessary.|
Mineral resources which are not mineral reserves have not demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them.
Geological interpretation and geological database compilation of Akasaba was performed under the supervision of Peter Legein, Qualified Person, of Alexandria Minerals Corporation. 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. Peter Legein supervises the technical activities of the Company. The QA/QC program is consistent with NI 43-101 and industry best practices; this is summarized in the technical report, but has previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008). This Press Release has been reviewed by all parties.
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