Akasaba Property - 24 Claims, 430.20 hectares
-Project Summary
The Akasaba Property was acquired by Alexandria from Cambior Inc., and lies in the center of Cadillac Break group of properties, about the mid-way point between the west and east property group boundaries. The most significant feature on the property is the historic Akasaba Mine, where 262,500 tonnes grading 5.14 g/t gold were mined in the 1960s. Little work was completed on the property until Louvem Mines reviewed and drilled the property in the 1980’s. In 1987, Louvem estimated the mine hosted a further 255,000 tonnes grading 6.3 g/t gold. Little work has been conducted on it since that time.
Gold at the Akasaba Mine is hosted in semi-massive to massive sulphides (pyrite, pyrrhotite, and chalcopyrite) in volcanic rocks, and as such is similar to the environment at Agnico Eagle’s La Ronde Mine, which hosts current reserves and resources of about 6.3 million ounces of gold, and which has produced in excess of 3 million ounces of gold to-date.
In May 2009 the company completed its first exploration work on the property since acquisition: a three-hole drill programme focused on the northern D Lens to verify historic results, such as 56.57 g/t Au over 1.2 m, 39.62 g/t Au over 4.5 m, and 18.12 g/t Au over 9.8 m, and expand the known gold zones below historical depths of 200m. Results from that programme include 2.77 g/t Au over 18.90m, inc. 57.23g/t Au over 0.50m, at a depth of 330m and 4.22 g/t Au over 10.35m, inc. 24.50 g/t Au over 1.30m. A recent follow-up drill programme totalling 2,500 m has further expanded the gold zone there, with results such as 20.48 g/t Au over 3.30 m. (See D Lens Longitudinal Section for more details).
Over the next 6-12 months the Company plans to verify and enlarge the historic resource and bring it to a NI 43-101 resource estimate standards.
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