Alexandria
Drills 4.07 g/t Gold Over 8.65 m at Orenada 2, Val d’Or, Quebec
Toronto, January 9, 2008 – Alexandria Minerals
Corporation (TSX-V: AZX; Frankfurt: A9D) intersected 4.07 g/t Au over 8.65 m in
DDH OAX-07-32, which is part of a wider zone grading 2.32 g/t Au over 18.45 m,
at Orenada 2 in Val d’Or,
Quebec (all drill widths are core lengths).
DDH OAX-07-32
intersected the target Cadillac Break shear zone at 180 m vertical depth, 140 m
down plunge from previously announced DDH OAX-07-16, which intersected 11.44
g/t gold over 8.65 m (Press release October 15, 2007), and 100 m up-plunge from
previously announced DDH OAX-07-28, which intersected 4.11 g/t gold over 2.75 m
(Press Release December 20, 2007). Hole 32 is one of the eastern most
holes at Orenada 2, and the zone is open to the east.
Also at Orenada 2, DDH
OAX-07-34 intersected 2.16 g/t gold over 3.90 m at 30 m vertical depth near
the historic surface showing. DDH OAX-07-31, drilled 60 m down dip from
OAX-07-32, intersected 2.90 g/t gold over 2.80 m at a vertical depth of 240 m.
Drilling to-date has identified gold-bearing zones at Orenada
2 which are encompassed by a mineralized envelope measuring 480 m long by 420 m
deep that remains open in all directions.
At Orenada 4, DDH
OAX-07-30 hit the target Cadillac Break at 490 m vertical depth,
intersecting several gold-bearing zones over a 36 m core length, including 2.67
g/t gold over 2.95 m and 2.29 g/t gold over 2.95 m. Hole 30 was drilled 100 m
east of previously announced DDH OAX-07-13A, which intersected 3.24 g/t gold
over 10.5 m (Press Release August 15, 2007), and shows that the shear zone
hosts encouraging gold values at depth.
An updated
longitudinal section can be viewed by visiting the Company’s website, or
clicking the following link: http://www.azx.ca/currentdrilling.asp.
Table of Assay Results
The Company is continuing its compilation of historic
data at Orenada, expected to be largely completed
over the next few weeks. Analysis of the Company’s results to-date,
together with preliminary evaluation of the historic data, suggests higher gold
values preferentially occur along a series of sub-horizontal trends within the
Cadillac Break shear zone. Typically, gold is associated with pyrite, arsenopyrite, biotite and sericite, in zones with significant quartz and carbonate,
similar to that found at Agnico Eagle’s Lapa deposit (Probable Reserves of 1.2 million ounces)
located 40 km west of Orenada along the Cadillac
Break.
In 2007, Alexandria
completed 39 holes at Orenada, and assays are still
pending for 5 of these holes. The Company will continue to drill test Orenada in 2008, with an emphasis on testing open areas
along strike and at depth in an effort to seek deeper high grade zones as well
as continue to evaluate the potential for wide, lower grade near-surface
mineralization.
The results presented in this press
release are exploratory in nature and have been reviewed by the company’s
Qualified Person, Eddy Canova,
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.
The Company holds the Orenada
Property pursuant to an option Agreement with Aur
Resources (now Teck Cominco
Limited) whereby it may earn an initial 50% interest in a group of properties
by making $200,000 in cash payments, issuing $300,000 worth of Alexandria
Minerals Corp shares and incurring $3 million on work prior to July 31,
2011. To date the Company has made $80,000 of payments, issued $100,000
in shares and delivered an expenditure notice to Teck
Cominco for over $ 3 million in expenditures.
The Company can earn the remaining 50% interest (for a 100% interest subject
only to a 2.5% NSR payable to Teck Cominco) by incurring an additional $5 million (for $8
million in aggregate) prior to July 31, 2014.
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: 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.
PLEASE CONTACT
Coal Harbor Communications
Dale Paruk
(604) 662-4505
Toll-free:
1+ (877) 642-6200 info@coal-harbor.com
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Alexandria Minerals Corporation
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The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
Dale Paruk
Coal Harbor Communications, Inc.
Suite 701, 555 Jervis Street
Vancouver BC V6E 4N1
Tel: 604-662-4505
Fax: 604-662-4547
dale@coal-harbor.com