December 3, 2008
Alexandria
Begins Follow-Up Drilling on its Matachewan, Ontario, Property
Toronto,
Ontario, December 3, 2008 � Alexandria Minerals Corporation (TSX-V: AZX;
Frankfurt: A9D) has begun a 3 hole, 1,200 m drilling programme to follow up a
drill intersection of 2.25 g/t Au over 6.00 m from diamond drill hole
MAT-08-7, completed in Spring, 2008 (see Press Release, June 11, 2008).
DDH
MAT-08-7 tested the western end of a 3 km-long, very strong, Induced
Polarization (IP) anomaly, characterized by both intense chargeability and
resistivity. The hole intersected a wide zone of altered volcanic and
chemical sedimentary rocks and altered syenite, with widespread pyrite
comprising between 5% and 15% of the rock. In addition to the gold
intersection reported above, which occurred between 165.50 m and 171.50 m,
the hole also intersected 4.14 g/t Au between 176.00 m and 177.50 m, and 5.34
g/t Au between 189.50 m and 191.00 m.
The assay
results, together with the widespread pyrite, and quartz and carbonate
alteration, are very encouraging, and suggests a geological environment
similar to that of the nearby Young-Davidson gold deposit of Northgate
Minerals Corporation. The Young-Davidson
project has 43-101 compliant Measured and Indicated Resources of 1.88 million
ounces and Inferred Resources of 0.45 million ounces hosted in altered
syenite and volcanic rocks (see Northgate website for further information).
During the 1900�s, the Young Davidson Mine and the adjacent Matachewan
Consolidated Mine together produced almost 1 million ounces of gold.
The current round of drilling will test
below MAT-08-7 as well as two holes testing the same IP anomaly to the east,
where the anomaly is stronger.
Elsewhere, Alexandria reports anomalous
copper assays from drill holes completed in early summer on its Sleepy
property, Val d�Or, about 1 km west of its Sleepy gold target, and about 2 km
west of the recently announced copper discovery (see press release September
9, 2008). Assay results in drill holes IAX-08-35, 36 and 37 yielded up to
0.11% copper over 9.1 m (core length), 0.146% Cu over 2.6 m, and 0.95% Cu over
0.3 m, as well as scattered other anomalous intervals, from both the Vicour
gabbro sill as well as adjacent volcanic rocks. The company will be following
up on its earlier reported results, 0.32% copper over 34.50 m, with 3 drill
holes in the winter drilling programme.
Alexandria Minerals has roughly $2,900,000
in cash held in Canadian Bank accounts and a further $900,000 in short term
assets. With about $1.1 million of flow-through funds to be used by the end
of 2009, the company has prepared a selective drill programme to test targets
on its Matachewan property and, in Val d�Or, its Orenada, Oramaque, Sleepy
and Bloc Sud Trivio properties.
The results presented in this press release
are exploratory in nature and have been reviewed by the company�s Qualified
Persons, Eddy Canova, PGeo, and Dr. Eric Owens, PGeo. The drilling program
employs a Quality Assurance/Quality Control program consistent with NI 43-101
and industry best practices. Drill core is NQ-sized, and is logged, sampled
and split at the Company�s Val d�Or office, in intervals of 0.3 meters to a
maximum of 1.5 meters. The samples are recorded, bagged and sent to
Bourlamaque Assay Lab in Val-d�Or for assay. Samples are analyzed for Au, Ag,
Cu and Zn, via a 30 gram pulp by FAA for Au and AA for Ag, Cu and Zn.
Re-assays by FA gravimetric finish are performed on samples assaying greater
than 1.0 g/t Au and re-assays greater than 5.0 g/t Au are checked a second
time by FA gravimetric finish.
Alexandria Minerals Corp. is a Toronto�based
mineral exploration and development company, currently focused on the
exploration for precious metals on mineral properties located in Northern
Ontario and Quebec. The Company�s management has extensive global experience
with small to large mining companies, from grass-roots exploration to the
exploitation of mineral deposits. The Company is a reporting issuer in
the provinces of British Columbia, Alberta and Ontario.
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.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
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