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Toronto, Ontario, December 2,
2010 �?"
Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports
today that it has intersected two separate high grade zones in Diamond
Drill Hole IAX-10-95, expanding the gold zone below the past-producing Akasaba gold-silver mine and showing potential for
new discoveries on the project.
The lower high grade intersection assayed 8.27 g/t Au over 4.58 m,
including 20.93 g/t Au over 1.67 m (true widths), at 230 m downhole, approximately 120 m below the historic
mine, and represents a down-plunge continuation of the gold
mineralization in the mine area.
The upper intersection
assayed 20.60 g/t Au over 0.39 m (true width) at 130 m downhole, located in a volcanic horizon 100 m north
of the past-producing mine, and is hosted in a lower grade envelope averaging
1.01 g/t Au over 17 m (excluding the high grade interval) between 128.00
m and 145.0 m.
Eric Owens, Alexandria President &
CEO, said, �?oThese recent results
are significant for showing high grade gold intersections in new areas at
Akasaba, both under the former producing mine
as well as in separate horizons. Coupled with the previously
reported high grade gold values returned down to more than 300 m depth at
the recent discovery east of the mine, we are steadily expanding Akasaba�?Ts project dimensions.�?�
The results in hole
95 extend the depth of gold mineralization to 200 m depth in the mine
area. Gold is hosted in multiple, subparallel
sulfide-rich �?olenses�?� or veins along the Mine
Horizon, which appear to locally coalesce in the mine area. The result is
a potential for wider gold-bearing zones such as that previously
intersected in DDH IAX-10-72, grading 1.97 g/t Au over 63.30 meters at a
125 m depth (See press release, June 17, 2010).
A third, deeper, zone in DDH IAX-10-95,
between 259.50 m and 287.28 m downhole,
intersected a broad zone of gold mineralization averaging 0.73 g/t Au
over 25.08 m (true width), and appears also to represent a down-plunge
continuation of mineralization below the mine.
Some of the more significant assay results
from holes IAX-10-91, -92, -94 and -97 are presented in Table 1 below.
DDH IAX-10-97 intersected 6.61 g/t Au over 0.88 m; and DDH IAX-10-91
intersected 4.15 g/t Au over 0.75 m. Assays are currently pending for 13
holes, including the deepest holes yet drilled by Alexandria, below 400
m.
One drill rig is currently operating on
the property, testing near-surface targets for the remainder of the year,
where the company has had prior drilling success, in an effort to better
define near-surface gold-silver mineralization. The Company plans to increase
the number of rigs on the project early in the new year after the holiday
season.
In addition, Alexandria�?Ts geologists are reviewing similar targets
elsewhere on the property and on adjacent Alexandria properties. Although
the Company�?Ts work and ideas on the property
are still in the early stages, there are similarities between Akasaba and gold-bearing VMS deposits in the region,
such as La Ronde (Agnico
Eagle) and the Horne Mine in Noranda. Such
similarities include the polymetallic nature of
mineralization (widespread copper, local high grade zinc, and silver);
high sulfide content (up to 30% pyrrhotite);
and multiple stratigraphic targets within a
series of mafic to felsic
volcanic flows and tuffs.
An updated longitudinal section can be
viewed at www.azx.ca.
In other matters, the Company is currently in
progress with its study of the economics and development potential at its
Orenada gold project. The study is evaluating
open pit and underground scenarios, as well as in-house and out-sourced
processing. It is expected that the study will be completed during early
2011.
The results presented in this press
release are exploratory in nature and have been reviewed by the company�?Ts Qualified
Persons, Jared Beebe, PGeo, and Dr. Eric Owens,
PGeo. These results have not been verified by
an Independent Qualified Person (�?oQP�?�) and therefore should not be
relied upon except for their exploratory value. There is no Current
Resource underlying the Akasaba property as
defined by National Instrument 43-101, and no guarantee that an economic
gold deposit is present. Further work by Alexandria and an Independent QP
will be required to bring the data into compliance with NI 43-101.
The Company�?Ts sampling protocol has been outlined in
previous press releases, and additional information is available by
request. Currently, the Company is using AGAT Labs, an ISO 17205
certified company, with preparation facilities in Sudbury for its
analysis. Because of the concern of a �?onugget
effect�?�, the company routinely re-checks its
assay results, and where re-checked assays vary by greater than 10%, the
samples are subjected to a metallic screen assay technique whereby a 1 kg
separate of the original sample is screened to a 30 g aliquot prior to a
FA gravimetric finish.
WARNING: The Company relies upon
litigation protection for "forward-looking" statements. 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 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
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