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Almaden Minerals Ltd. (“Almaden” or “the Company”; AMM:TSX;
AAU:NYSE) is pleased to announce that it has completed its successful 2010
drill program at the Ixtaca zone on its 100% owned Tuligtic project, Mexico. Operations have ceased for a
Christmas break and will resume in January. Fourteen holes were drilled in
2010 for a total of 6465.12 meters (see drill map below). Results from the
first six holes (TU-10-1 through TU-10-6) have already been announced (see Almaden news releases of August 9, August 17th, November 23 and November 24, 2010). Almaden
anticipates announcing complete results from holes TU-10-7 through TU-10-14
in early January. The 2011 drill program is scheduled to commence in mid to
late January with two drill rigs, to be expanded as necessary.
J.D. Poliquin,
Chairman of Almaden commented, “Previously
announced step out drilling in hole TU-10-6 confirmed the presence of the
broad zone of epithermal veining at Ixtaca 100
meters northeast of where the initial discovery was made. Further holes have
been drilled to confirm the orientation of the veins in this blind discovery.
This drilling also traced the continuity of the vein zone along strike and to
depth. We are very pleased with this drilling discovery and eagerly
anticipate commencing 2011 with a drill program designed to test the strike
extent and vertical continuity of the Ixtaca zone
of veining which appears to be marked by strong IP and gold in soil responses
for at least a kilometre northeast of present
drilling.”
The overall vein zone is
thought to have a north-easterly trend. While true widths still cannot be
calculated with confidence at this time, the vein zone is currently
interpreted to be steeply dipping. The drilling completed to date has traced mineralisation over roughly 300 meters along this
northeast trend. The Ixtaca vein zone is a blind
discovery with little surface manifestation and the 2010 drill program was
successful in confirming its general orientation. Based upon observations at
surface and of core as drilling progresses, there is now thought to be at
least two major sets of veins within the vein zone; one along bedding
striking roughly 150 to 170 degrees and one perpendicular to bedding striking
roughly 50 to 70 degrees. Holes TU-10-2 through TU-10-6, TU-10-9, TU-10-11,
TU-10-13 and TU-10-14 were drilled sub parallel to bedding at 150 degrees
azimuth. While this orientation is deemed best to cross the vein zone
perpendicularly, management is reviewing if this drilling azimuth may in fact
be parallel to the other major vein set. Holes TU-10-1, TU-10-9, TU-10-10 and
TU-10-12 were drilled at 100 degrees, an azimuth thought best to intersect
both vein sets. Due to mechanical difficulties, hole
TU-10-9 could not be completed from the location at which it was collared and
was terminated before getting to the target depth. Holes TU-10 through
TU-10-14 intersected the vein zone roughly where it was expected. Once all
assay results have been received the company will compile and interpret the
complete drilling dataset to determine the best azimuth for future drilling.
Induced polarization
(“IP”) geophysics was conducted over the Ixtaca
zone in 2010 as well as extensive soil sampling. A preliminary anomaly map of
these results is attached to this news release. This map will be updated when
further data, currently being processed, are received in final form. The
geophysical and geochemical data indicate that coincident IP chargeability and
gold in soil highs, thought to represent the vein zone, continues to the
north and south from the area drilled. These data also show that the vein
zone may have a northeast orientation in the vicinity of the drilling that
changes to a more north-south orientation away from this discovery area. The
furthest holes to the southwest, TU-10-7 and TU-10-8 both drilled on the same
section, intersected a shale unit which appears to have been a poor host to
veining as less veining was noted. These holes may also have been located off
the vein trend as the IP and soil anomalies suggest a more north-south trend
here. Further to the south ash and fields may be masking the geochemical soil
response of the vein zone. To the northeast the zone has been traced with strong
coincident IP chargeability and soil geochemistry for at least a kilometer
beyond hole TU-10-6, the furthest northeast drilled
to date. The 2011 drill program will focus on testing the strike extent of
the vein zone both to the north/northeast and south/southwest.
Morgan J. Poliquin, Ph. D., P. Eng., the President and CEO of Almaden, and a qualified person under the meaning of
National Instrument 43-101, reviewed the technical information in this news
release. The analyses reported were carried out at ALS Chemex
Laboratories of North Vancouver using industry standard aqua regia, ICP and fire assay techniques. Blanks, field
duplicates and certified standards were inserted into the sample stream as
part of Almaden’s quality assurance and
control program which complies with National Instrument 43-101 requirements.
Gold equivalent (“AuEq” or “Gold
Eq.”) and silver equivalent (“AgEq”
or “Silver Eq.”) values were calculated using silver to gold
ratios of 50 to 1. Intervals that returned assays below detection were
assigned zero values. Metallurgical recoveries and net smelter returns are
assumed to be 100% for these calculations. Intervals that returned assays
below detection were assigned zero values. Registered geologist Jim Lunbeck, a qualified (“QP”) person under the
meaning of NI 43-101, will be the QP and project manager of Almaden’s 2011 Ixtaca
program.
About Almaden
Almaden is a well-financed (no debt, approximately
$C25 MM in working capital) mineral exploration company working in North
America. The company has assembled mineral exploration projects, including Tuligtic, through its grass roots exploration efforts.
While the properties are largely at early stages of development they
represent exciting opportunities for the discovery of significant gold, silver
and copper deposits as evidenced at Ixtaca.
Currently six projects (Caldera, Caballo Blanco, Tropico, Nicoamen River and Matehuapil and Merit), are optioned to separate third
parties who each have the right to acquire an interest in the respective project
from Almaden through making certain payments and
exploration expenditures. Four further projects are held in joint ventures. Almaden also holds a 2% NSR interest in 11 projects. Almaden’s business model is to find and acquire
mineral properties and develop them by seeking option agreements with others
who can acquire an interest in a project by making payments and exploration
expenditures. Through this means the company has been able to expose its
shareholders to discovery and capital gain without the funding and consequent
share dilution that would be required if the company were to have developed
these projects without a partner. The company intends to expand this business
model, described by some as prospect generation, by more aggressively
exploring several of its projects including the Ixtaca
Zone.
ON BEHALF OF THE
BOARD OF DIRECTORS
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almaden Minerals Ltd.
The Toronto Stock Exchange and NYSE AMEX have not
reviewed nor accepted responsibility for the adequacy or accuracy of the
contents of this news release which has been prepared by management.
Statements contained in this news release that are not historical facts are
forward looking statements as that term is defined in the private securities
litigation reform act of 1995. Such forward ‑looking statements are
subject to risks and uncertainties which could cause actual results to differ
materially from estimated results. Such risks and uncertainties are detailed
in the Company's filing with the Securities and Exchange Commission.Except
for the statements of historical fact contained herein, certain information
presented constitutes "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995
and Canadian securities laws. Such forward-looking statements, including but
not limited to, those with respect to potential expansion of mineralization,
potential size of mineralized zone, and size and timing of exploration and
development programs, estimated project capital and other project costs
and the timing of submission and receipt and availability of regulatory
approvals involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievement of Almaden to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks related
to international operations and joint ventures, the actual results of current
exploration activities, conclusions of economic evaluations, uncertainty in
the estimation of mineral resources, changes in project parameters as plans
continue to be refined, environmental risks and hazards, increased
infrastructure and/or operating costs, labour and
employment matters, and government regulation and permitting requirements as
well as those factors discussed in the section entitled "Risk
Factors" in Almaden's Annual Information form and
Almaden's latest Form 40-F on file with the United
States Securities and Exchange Commission in Washington, D.C. Although Almaden has attempted to identify important factors that
could cause actual results to differ materially, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those anticipated in
such statements. Almaden disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, other than as required
pursuant to applicable securities laws. Accordingly, readers should not place
undue reliance on forward-looking statements.
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