Toronto, Ontario, June 15, 2011 - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) provides an update today on drilling activities at its Akasaba gold-silver project in Val d'Or Quebec, where it currently has two drill rigs turning, testing both deep, step-out targets and shallow in-fill and step-out targets.
Deep Drilling Assay Results.
Drill hole IAX-11-148 intersected 6.73 g/t Au over 10.50 m (True Width, 5.25 m), including 26.65 g/t Au over 1.50 m and 21.51 g/t Au over 1.00 m. The intersection occurs in the Eastern High Grade Zone at a vertical depth of 470 m, which is 150 m below the next nearest holes, IAX-11-106 and IAX-09-54, which intersected, respectively, 3.45 g/t Au over 16.10 m, including 19.74 g/t over 2.40, and 2.77 g/t Au over 18.90 m, including, 57.20 g/t Au over 0.50 m (Press Releases, January 20, 2011 and May 26, 2009).
Eric Owens, President and CEO of Alexandria Minerals, said, "These robust numbers are impressive for the broader widths demonstrated at deeper levels, and show the excellent potential for expansion of the deposit. We are now following up on these results with further offset holes ."
Table 1. Deep Drill Results at Akasaba
At a shallower depth, in-fill drill hole IAX-11-144 intersected multiple zones of gold mineralization at vertical depths between 290 m and 350 m, with separate intersections of 2.94 g/t Au over 4.70 m, 3.80 g/t Au over 3.25 m, and 0.68 g/t Au over 29.25 m; they occur in the three principal A, C, and B veins, the primary targets at Akasaba. These sub-parallel, anastomosing veins pinch and swell and, where sufficiently close, can collectively produce wide zones of mineralization, as in the mine area. By example, drill hole IAX-10-72 intersected 1.91 g/t Au over 63.3 m, at 125 m vertical depth, below the mine (See Press Release June 17, 2010).
Shallow, In-Fill Drill Results
Assay results from eight drill holes completed west of the mine area as part of the Company's shallow in-fill programme include 2.24 g/t over 11.35 m drill hole IAX-11-133 at a vertical depth of 100m, 1.22 g/t Au over 32.50 m in IAX-11-140, including 9.54 g/t Au over 2.45 m, at a depth 0f 45 m, and 16.57 g/t Au over 1.73 m in hole IAX-11-141 at a depth of 67 m. Multiple intersections in a number of these holes attest to the three principal, and other smaller, veins that comprise the gold-bearing system at Akasaba.
Table 2. Assay Results From Shallow In-Fill Drill Holes
The in-fill drill programme is designed to prepare the project for its first National Instrument 43-101 resource study, scheduled to begin this summer and slated for completion in Fall, 2011. Management believes the project has both shallow, bulk tonnage potential as well as deeper underground potential. Some 29,000 m of drilling have been completed on the project, and the gold zone has been expanded from 200 m long by 150 m deep, to 1 km long and almost 500 m deep. An up-to-date summary composite longitudinal section can be viewed on the Company's website at www.azx.ca.
Currently there are 4 drill rigs operating on the Company's projects. At Akasaba, 2 drill rigs are turning, and at Sleepy, one drill rig is following up on recent strong assay results there. The fourth rig, operated by Niogold Mining Corporation, is currently drilling on Alexandria's Siscoe East property, located NW of Val d'Or, where it is completing a 2,500 m programme testing the north contact of the Bourlamaque Batholith, an important gold-bearing granite in the Val d'Or district.
Drill results presented in this press release are exploratory in nature, and have been reviewed by Dr. Eric Owens, PGeo, QP, and Peter Legein, PGeo, QP. The Company follows a sampling protocol that conforms with industry standard methods and practices, and routinely uses AGAT Labs, of Mississauga, Ontario, and Accurassay Labs, of Thunder Bay, Ontario, for its assays. Samples are normally assayed using fire assay and atomic absorption finish assay methods. All samples with greater than 1 g/t Au are re-assayed using gravimetric assay methods. All samples containing visible gold are subjected to a metallic screen assay method. The Company will provide further information upon request.
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 is currently focused on advancing its Akasaba and Sleepy projects, and has two NI 43-101 compliant gold resources: Orenada, with a Measured and Indicated resource of 446,000 ounces of gold (10.2 Mt grading 1.35 g/t Au), and an Inferred resource of 302,000 ounces of gold (7.4Mt grading 1.27 g/t Au) and Sleepy, with an Inferred resource of 150,000 ounces of gold (1.5Mt grading 3.0 g/t Au). Agnico-Eagle Mines Ltd., who has three 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.
|PLEASE CONTACT:||Andreas Curkovic, Investor Relations
Eric Owens, President/CEO