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TORONTO, ONTARIO--(Marketwire
- April 30, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) is pleased to report that it
has intersected 4.22 g/t Au over 10.35 m (8.48 m true width),
including 24.50 g/t Au over 1.30 m (1.03 m true width)
in drill hole IAX-09-53, at the historic Akasaba
Mine located 15 km
east of Val d'Or on the Company's Cadillac Break properties.
Assay results from the first two of three holes drilled at the
past-producing gold mine show the potential for finding significant
gold beyond that delineated by historic drilling. DDH IAX-09-53 tested
the down-plunge extension of gold mineralization in Lens D, the northernmost
gold-bearing lens at Akasaba, intersecting
the target zone 100 m
deeper than the nearest historic drill hole, from 308.20 m to 318.55 m downhole, vertically 250 m below the
surface.
Gold is hosted in four principal, east-west trending, semi-massive sulfide lenses at Akasaba.
Lens A, the southernmost lens, was partially mined via underground
operations to a depth of 100
m in the early 1960's, and produced
approximately 50,000
ounces of gold at an average grade of 5.2 g/t.
Historical drilling within the other 3 main lenses (B, C and D) reveals
substantial grades and widths, such as 18.12 g/t Au over 9.8 m, 56.57 g/t Au
over 1.2 m
and 39.62 g/t Au over 4.5
m.
The Company's first hole, DDH IAX-09-52, was a verification hole which
tested shallow historic drill results in Lens D. The hole intersected
wide zones of anomalous gold mineralization over several intervals in
the hole, up to 0.58 g/t Au over 13.25 m, including
2.35 g/t Au over 1.85
m. Results are pending for the third hole.
Hole locations and other data on the Cadillac
Break Properties can be viewed on an interactive map on the Company's
website, or by pasting or clicking the following link: http://www.gisready.com/alexandriaWEBdata/default.aspx.
The Akasaba Mine is one of three principal
historic gold deposits on Alexandria's 35 km long Cadillac
Break Properties in Val d'Or,
Quebec. The Company has
substantially increased the size of the other two historic gold
deposits, Orenada and Sleepy, and these are
currently undergoing National Instrument 43-101-compliant technical
reviews and resource estimates. The Company began its own thorough
review of the Akasaba data in late 2008, and
commenced on a first pass, 3-hole drilling programme during the first
quarter 2009.
Alexandria
seeks to bring Akasaba into compliance with
National Instrument 43-101 regarding resource estimates, as the
historic deposit is near surface and therefore relatively easy to
access. This will require further drilling on the project, both
confirmation and exploration. In addition, the Company is reviewing a
recent Induced Polarization and magnetic survey on the property, and is
conducting down-hole Electromagnetic surveys in order to aid in drill hole targeting.
In other matters, the company has granted an aggregate of 1,934,000
incentive stock options exercisable at a price of 10 cents. Of these,
1,880,000 are exercisable for a period of 5 years, of which 1,755,000
have been granted to the company's directors and officers. The remainder have been issued to employees and
consultants, 54,000 of which are exercisable for three years.
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.
Historic results are not compliant with National Instrument 43-101 and
should not be relied upon, and there is no guarantee that an economic
gold deposit underlies the property. Further work by Alexandria and an Independent
Qualified Person will be required to bring the data into compliance.
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 ALS Chemex
Labs in Val-d'Or for preparation and 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 reassays
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, 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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