TORONTO, Oct. 11, 2012 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to provide an update on its recent activities. The Company continues its drilling program on its Akasaba Gold-Copper Project in Val d'Or, Quebec, where it is focusing on step out drilling on the newly discovered West Zone, while pursuing other business opportunities. These activities will continue with as encouraging results develop.
In March 2012 Alexandria Minerals released its first National Instrument ("NI") 43-101 Resource Estimate from its Akasaba project, which contains the following Open-Pit and Underground Resources:
Table 1. Current Resources at Akasaba (March 27, 2012)
|Indicated Resources||Inferred Resources|
|Tonnes||Grade (g/t Au)||Total Oz. Au||Tonnes||Grade (g/t Au)||Total oz. (Au)|
Subsequent to this event, Company geologists embarked on a step-out drilling program which tested at depth 100 m below the Current Resource and also tested 500 m along strike at shallow levels. The results of these activities were very encouraging in showing the growth potential of the project. Hole IAX-12-195, drilled 100 m below the Current Resource, or 600m vertically below the surface, gave the following assayed interval: 5.59 g/t Au over 24.00 m (11.59 m True Width, "TW" ), including 12.48 g/t over 8.20 m (3.96 m TW). This hole thus extends to depth below the Current Resource potential for further wide, high grade gold mineralization, a not uncommon characteristic of gold deposits in the Abitibi Belt of Northern Quebec and Ontario.
Equally as encouraging are the near surface drilling results from the step-out drilling which targeted the Mine Horizon, the volcanic sequence that hosts the Current Resource at Akasaba, some 500 m west of the Current Resource (West Zone). These holes have resulted in a new discovery on the project, consisting of wide, disseminated gold-copper mineralization. Below, assays to date show significant intersections of both copper and gold, all above 150 m vertical depth (Press Releases, June 26, 2012 and July 11, 2012):
|Hole #||Length (m)||True Width (m)||Au g/t||Ag g/t||Cu%|
|IAX-12-201||144.90||87.53||0.70||1.99|| 0.38 |
Since the release of these assays, the Company has completed a further 16 holes for 6,824 m for which assays are pending or yet to be released. These include step-out holes below the new discovery and holes up to 400 m west along strike. The goal for this ongoing drilling program are to delineate the size potential of this near-surface zone. Assay results should be forthcoming in the weeks ahead.
The Company is in progress with its first metallurgical report at Akasaba. Review of this document is underway and will be released when finalized. In addition, the company has begun a soil sampling program as follow-up to a pilot soil study first applied over the recently discovered West Gold-Copper Zone at Akasaba. The pilot study yielded encouraging first pass results, and this next stage will better enable Alexandria's geologists to determine the efficacy of such a method as a drill targeting tool on this and its other properties. Data and ideas generated from the review and interpretation of the geological, geochemical and geophysical characteristics of the Company's broader Cadillac Break property package will serve as a background for this new information.
Separately, on October 2, 2012, the Company also filed on SEDAR, an Amended and Restated Technical Report (NI 43-101) for its Akasaba project, in order to reduce the file size by excising the Appendices, thus making it smaller and therefore more user friendly. Any and all data can be obtained upon request to the Company.
Alexandria is pleased to announce that the Company's Board of Directors has been re-elected in its entirety by the shareholders at the Company's Annual General Meeting, held on Sept 26, 2012. The Board has appointed Mr. Walter Henry as Chairman of the Board to replace Interim Chairman Charles Page, who filled in following the death of Alexandria's former Chairman, Mr. John Yarnell. Mr. Page will remain as the Chair of the Company's Audit Committee, which is also comprised of Mr. Declan Costelloe and Mr. John Thomas. Also passed at the Annual General Meeting were motions approving the Company's Shareholder Rights Plan and its Stock Option Plan.
All technical information included in this news release has been previously released, and approved by Eric Owens, P.Geo., and Peter Legein P.Geo., Qualified Persons, of Alexandria.
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 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 Exchange approval of the Agreement, payments and exploration expenditures due under the Agreement, 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.
SOURCE Alexandria Minerals Corporation