Toronto, Ontario, July 27, 2011 - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) provided an update today on its summertime exploration activities in Val d'Or, Quebec, and reports that, as part of its continuing drill programme at Akasaba, it has intersected 3.07 g/t Au over 19.05 m (True Width, 12.75 m) below 500 m vertical depth, enlarging the eastern deep zone by an additional 100 m.
The robust intersection in hole IAX-11-155 includes 17.34 g/t Au over 0.85 m and 11.94 g/t Au over 2.30 m, and occurred at 525 m vertical depth, 125 m west of hole IAX-11-148, in which the Company reported 6.73 g/t Au over 10.50 m (June 15, 2011), and 200 m below the nearest hole above it, IAX-11-106, with 3.34 g/t over 16.10 m (January 20, 2011). Assays are pending for two more follow up holes completed down plunge and to the east of hole 148.
Eric Owens, Alexandria President and CEO, said, "Our drill program is exceeding expectations. We are impressed that as we drill deeper the grades and widths get even better. The notable enlargement of the eastern deep zone bodes well for the ultimate size of the deposit. In the meantime we are aggressively continuing our program so that we can publish our initial resource estimate for Akasaba in the Fall."
Figure 1. Composite Longitudinal Section at Akasaba showing location and results of Hole IAX-11-155.
Two drill rigs have recently been focused on the main Mine Horizon, a series of sulfide-rich volcanic flows and tuffs, intruded by diorite and gabbro sills, which host multiple gold-quartz-carbonate "lenses", or veins. Targets are shallow in-fill and step-out drill targets, and deep step-out targets. The in-fill drilling is designed to better define gold mineralization above 200 m depth in advance of a National Instrument 43-101 compliant resource estimate, scheduled for completion in the Fall, 2011. Ongoing step-out drilling, at both shallow and deep levels, is designed to better determine the potential size of the deposit.
The Akasaba mine produced about 40,000 ounces of gold, at a grade of 5.14 g/t Au, and 10,000 ounces of byproduct silver down to 90 m depth from 1961-1963. Three of the most prominent veins, designated "A", "B" and "C", together define a mineralized zone as wide as 75 meters at surface. This zone has now been drill-delineated for more than 1,000 m along strike and to depths below 500 m, a five-fold expansion since the Company began drilling on the property in 2009. This zone remains open along strike and at depth, and other similar targets on the project remain to be tested.
The Company is currently drilling with one drill rig at Akasaba, following up on the encouraging deep target results. Assays are pending for 10 holes, at both shallow and deep targets.
Table 1. Assay Results from Akasaba Drilling
The planned summertime drilling at Sleepy included deepening the main Sleepy Deposit, which hosts a resource of 1.5 million tonnes grading 3 g/t Au (150,000 ounces), estimated in 2009. The Company has expanded the size of this gold zone from 300 m deep to more than 400 m deep so far during its 2011 drill programme. Assays are now pending for one hole which intersected the down plunge extension of the main Sleepy deposit at a depth below 400 m, 100 m west of drill hole IAX-11-01 (3.88 g/t Au over 9.2 m, True Width; see Press Release, February 28, 2011).
The Sleepy Gold Resource is hosted in the Sleepy Zone, an altered tonalite sill within the larger Vicour Gabbro Sill. Alexandria has also completed two holes testing the Sleepy Zone 1 km east of the Sleepy Deposit, where encouraging results have been reported from historic and Alexandria drill holes. The Sleepy Zone was intersected in these holes; assay results are pending.
The Company is currently completing three follow-up holes testing the high grade discovery in the South Zone, 28.75 g/t Au over 4.2 m announced on June 7, 2011. The South Zone is a gold-bearing shear zone in volcanic rocks located 100 m south of the Sleepy Deposit. Drilling will continue on these three holes, in order to better assess the volume and direction of plunge of this zone.
In addition to the drilling activities at Akasaba and Sleepy, the Company is in the middle of a property-wide airborne geophysical survey on the Cadillac Break property group, to bring in more detailed definition of geophysical and geological features which may characterize mineralized targets. To-date the Company has been using geophysical data inherited from previous property owners when Alexandria acquired the large property package, augmented by selected ground surveys. However, state-of-the-art geophysical data collection has advanced since the previous airborne surveys were completed, and the Company anticipates a sufficient level of detail to reduce the necessity of conducting ground surveys.
The Company is also reviewing, interpreting and compiling historic data from other properties around Akasaba and Sleepy, to evaluate other targets similar to both Akasaba and Sleepy. Separately, Niogold Mining Corporation has completed a 2,500 m drill programme on Alexandria's Siscoe East property, located northwest of the City of Val d'Or, as part of its efforts to earn a 50% interest in the property. Assays are pending.
Drill results presented in this press release are exploratory in nature, and have been reviewed by Dr. Eric Owens, 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 9.9% 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