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TORONTO,
ONTARIO--(Marketwire - Sept. 16, 2009) - Alexandria Minerals
Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reported today that it has
released its first resource estimate at its 100%-owned Orenada property
in Bourlamaque Township, Val d'Or, Quebec. The mineral resource
estimates, which are National Instrument ("NI") 43-101
compliant, were completed by independent Qualified Persons at A. S.
Horvath Engineering Inc. in Ottawa and at Tech2Mine Inc. in Val d'Or,
and verified by Geologica Groupe-Conseil Inc., an independent
geological consulting firm based in Val d'Or.
Measured, Indicated and Inferred Resources have been identified in two
principal near-surface zones, Orenada 4 and, located 600 m east along the
Cadillac Break, Orenada 2. Highlights of these results are:
- At a 1.0 g/t Au cut-off, from surface to 250 m, capped at 31.5
g/t, total Measured and Indicated Resources at Orenada 4 and 2 are
4,598,334 tonnes grading 1.82 g/t Au, for 268,528 ounces
Au.
- Also at a 1.0 g/t Au cut-off, from surface to 250 m, Inferred
Resources are 2,478,674 tonnes grading 1.56 g/t Au, for 124,248 ounces
Au.
Because the deposit is open along strike and at depth, Geologica
recommends a follow-up drilling programme of 15,000 m in an
effort to up-grade existing resources and build further resources.
Eric Owens, President and CEO of Alexandria, said, "This resource
estimate of the near-surface Orenada Zones 2 and 4 has surpassed our
expectations. We have increased the resources four-fold over historical
estimates, and we have demonstrated considerable potential for further
growth at the project. This is an important milestone for Alexandria, one
which brings us further down the road toward development."
Due to the positive results from the study, and to the property's
favorable location in the infrastructure-rich Val d'Or mining district, the Company
has begun an NI 43-101 compliant preliminary economic assessment, to be
completed in the Fall of 2009, as the next step in Orenada's
development.
Summary of Orenada Resources (1.0 g/t Au Cut-Off, 0-250 m depth)
------------------------------------------------------- Category Tonnes Grade (g/t Au) Au (Oz.) ------------------------------------------------------- Measured 2,592,133 1.81 150,478 ------------------------------------------------------- Indicated 2,006,202 1.83 118,050 ------------------------------------------------------- Total M&I 4,598,334 1.82 268,528 ------------------------------------------------------- Inferred 2,478,674 1.56 124,248 -------------------------------------------------------
Orenada
2 and Orenada 4 were initially discovered in the 1930's, and were
subject to 5 decades of exploration, culminating in an in-house
resource estimation by Aur Resources Inc. in 1991 of 2.1 million tons
grading 0.046 oz
Au /ton (1.4 g/t Au). During this period a bulk sample of 72,000 tonnes
was taken and processed at the nearby Aurbel plant, in the eventuality
of operating an open pit type of gold mine. Also during that time, a 1,000 foot shaft
was sunk, and two exploration drifts were constructed at the 500 foot and 800 foot depths.
Alexandria
acquired Orenada as part of a large property acquisition in late 2006
from Aur Resources, and after its initial round of test drilling in
winter 2006-2007, began its exploration activities in earnest in
mid-2007. Since that time the Company has completed 65 drill holes on
Orenada, totaling 21,775
m, in an effort to build a near-surface gold
deposit. The property is owned 100% by Alexandria, and is subject to a 2.5%
Net Smelter Royalty, which may be lowered to 1.5% by payment of
$1,000,000.
The Orenada deposit is a shear zone-hosted deposit, within the notable
Cadillac Break, and is characterized by highly deformed and
multiply-folded quartz-carbonate-tourmaline and quartz-carbonate
veinlets, hosted in sheared quartz-sericite-carbonate schist. Gold is
associated with pyrite and arsenopyrite. In addition to the broad,
disseminated mineralization, local high grade zones do occur, an
example of which is provided by Alexandria's first drill hole into
Orenada 4 which assayed 21.37 g/t Au over 4.05 m, typically as
narrower veins within the broader lower grade envelope.
Orenada Zones 2 and 4 Mineral Resources - Surface to -250 m, Variable
Cut-Off
--------------------------------------------------------------------------- Measured Indicated --------------------------------------------------------------------------- Cut-off Grade Grade (g/t) Tonnes (g/t Au) Au (Oz.) Tonnes (g/t Au) Au (Oz.) --------------------------------------------------------------------------- 1.0 2,592,133 1.81 150,478 2,006,202 1.83 118,050 --------------------------------------------------------------------------- 0.7 3,463,009 1.57 174,316 3,339,422 1.44 154,088 --------------------------------------------------------------------------- 0.5 3,969,955 1.44 184,150 4,551,341 1.21 177,244 --------------------------------------------------------------------------- 0.3 4,329,383 1.36 188,844 6,027,277 1.01 196,097 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total Measured and Indicated Inferred Resources --------------------------------------------------------------------------- Cut-off Grade Grade (g/t) Tonnes (g/t Au) Au (Oz.) Tonnes (g/t Au) Au (Oz.) --------------------------------------------------------------------------- 1.0 4,598,334 1.82 268,528 2,478,674 1.56 124,248 --------------------------------------------------------------------------- 0.7 6,802,431 1.50 328,405 3,598,358 1.34 155,089 --------------------------------------------------------------------------- 0.5 8,521,296 1.32 361,395 4,708,810 1.16 175,596 --------------------------------------------------------------------------- 0.3 10,356,660 1.16 384,942 5,546,540 1.05 186,447 --------------------------------------------------------------------------- Notes: 1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. 2) Interpretation of the mineralized zones used 3D wireframed solids based on the cutoff grade indicated and a minimum horizontal thickness of 1.5 m; Zone 2 consists of 4 individual subzones. 3) Resource estimation employed an inverse squared distance algorithm to interpolate block model grades from 1.5 m DDH assay composite points. Ranges and orientations for search and interpolation ellipses were developed from variography results. Block cell dimensions of 5 m by 2.5 m by 5m, and a specific gravity of 2.83 t/m3 for Orenada Zone 4 and 2.78 t/m3 for Orenada Zone 2, were used. 4) Individual assays were cut to 63.00 g/t Au, no cutting at Zone 2; grade capping at Zone 4 on 1.5 m composites is 31.5 g/t Au; no capping at Zone 2.
The geostatistical evaluation of the
diamond drill hole and chip sample assay results were performed by Alex
Horvath, QP, of A. S. Horvath Engineering Inc. from Ottawa. Block Modelling was performed
using Gemcom by Robert Duchesne of Tech2Mine Inc. in Val-d'Or. Geological
interpretation and geological database compilation of Orenada was
performed by E.Canova, QP, of Alexandria Minerals Corporation. The
Independent Qualified Persons for the NI 43-101 are Alain-Jean
Beauregard, P. Geo., OGQ, FGAC and Daniel Gaudreault, P. Eng., OIQ,
both of Geologica. This Press Release has been reviewed by all parties,
and the technical report for this resource estimate will be filed on
SEDAR within 45 days.
Programme design, management, and Quality Control/Quality Assurance is
governed by Alexandria's exploration group, of which Eddy Canova, PGeo,
and Eric Owens, PGeo, are the Company's Qualified Persons. Mr. Canova
supervises the technical activities of the Company. The QA/QC programme
is consistent with NI 43-101 and industry best practices; this will be
summarized in the technical report, but has previously been addressed
in the NI 43-101 Technical Report on the Cadillac Break properties
(February 2008).
The Company currently has approximately $1.8 million in cash and short
term assets available to complete the next stage programs on its
Orenada property as well as on its other two principal properties,
Akasaba and Sleepy, located 15 km east and 25 km east of
Orenada, respectively. The coming months will see the Company produce a
43-101 compliant economic assessment for Orenada, a 43-101 compliant
resource estimate for Sleepy, and the second drill programme at
Akasaba, where the company has had considerable recent success. For
further information on each of these properties, please visit www.azx.ca or view the interactive map at http://www.gisready.com/alexandriaWEBdata/default.aspx.
About Alexandria Minerals
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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