TORONTO, May 24, 2012 /PRNewswire/ - Alexandria Minerals
Corporation (TSX-V: AZX) (Frankfurt: A9D) (US: ALXDF)
reported today that it has deepened its high grade gold deposit at
Akasaba in Val d'Or, Quebec, by an
additional 100 m below its recently announced National instrument
43-101 Current Resource, with a drill hole intersection of 5.59 g/t
Au over 24.00 m (11.59 m True Width, "TW" ), including 12.48 g/t
over 8.20 m (3.96 m TW).
Assay results from diamond drill hole IAX-12-195
represent a merging of 2 of the principal anastomosing veins which
comprise the bulk of the Current Resource in the recently published
National Instrument 43-101 Resource Study (Press Release,
May 17, 2012). The gold zone now
extends to 600 m vertical depth, and is still open in multiple
directions.
Eric Owens,
President and CEO of the Company, said, "The results at Akasaba
continue to get even better. We are especially pleased that
these results were found in the merger of two significant veins.
Within the context of our geological model, this vein convergence
offers the potential that more ounces exceeding our underground
resource grade may be found. Akasaba remains our drilling priority
and I emphasize that the deposit remains open at depth and along
strike."
Table 1. Akasaba NI 43-101 Resource Estimate
| |
Indicated Resources |
Inferred
Resources |
| |
Tonnes |
Grade (g/t Au) |
Ounces (Au) |
Tonnes |
Grade (g/t Au) |
Ounces (Au) |
| In-Pit |
3,009,214 |
1.37 |
132,475 |
285,374 |
1.76 |
16,153 |
| Underground |
563,660 |
5.91 |
107,457 |
1,462,560 |
5.29 |
249,891 |
| TOTALS |
|
|
239,932 |
|
|
266,045 |
Assay results from other deep targets are
presented in Table 2 below. Multiple gold-bearing intersections in
holes IAX-11-178, 182, 187, and 192, in and around the main Mine
Horizon, which hosts the Current Resource, attest to the pervasive
and widespread distribution of gold on the project. Hole DDH
IAX-11-187 intersected 15.20 g/t Au over 0.51 m from a vein
within the dacite flow/dome unit south of the main Mine Horizon.
Other holes have hit high grade mineralization in the geological
unit: for example, hole IAX-10-65, located 600 m east of hole 187,
intersected 15.9 g/t Au over 0.3 m (see press release March 3, 2010) in the dacite.
Assay results for holes that were back-logged
due to the final stages of the recently released NI 43-101 study
will be released soon.
Program design, management, and Quality
Control/Quality Assurance is governed by Alexandria's exploration group, of which
Peter Legein, P.Geo, and
Eric Owens, P.Geo, are the Company's
Qualified Persons. Mr. Legein and Mr. Owens reviewed the
results in this press release. The QA/QC program is consistent with
NI 43-101 and industry best practices and has been previously been
addressed in the NI 43-101 Technical Report on the Cadillac Break
properties (February 2008) as well as
in subsequent NI 43-101 reports found on the Company's website or
on www.sedar.com.
Further information about the Company by
visiting the Company's website, www.azx.ca, or our social media
sites listed below:
Facebook:
https://www.facebook.com/pages/Alexandria-Minerals-Corporation-AZXTSXV/186115074772628
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/
Table 2. Selected Assay Results from Deep
Holes at Akasaba
| Hole # |
From (m) |
To (m) |
Core
Length (m) |
True Width
(m) |
Au g/t |
Ag g/t |
Cu% |
| IAX-11-178 |
682.60 |
685.10 |
2.50 |
1.95 |
0.81 |
6.20 |
0.19 |
| IAX-11-178 |
722.60 |
727.60 |
5.00 |
3.91 |
1.30 |
2.23 |
0.03 |
| IAX-11-178 |
764.30 |
766.30 |
2.00 |
1.57 |
1.41 |
0.25 |
0.00 |
| IAX-11-178 |
883.90 |
884.40 |
0.50 |
0.39 |
3.54 |
5.60 |
0.73 |
| IAX-11-178 |
916.50 |
918.00 |
1.50 |
1.18 |
3.24 |
1.60 |
0.02 |
| IAX-11-178 |
930.90 |
931.30 |
0.40 |
0.31 |
5.07 |
6.80 |
1.18 |
| IAX-11-180 |
142.60 |
143.60 |
1.00 |
0.72 |
1.07 |
0.25 |
0.01 |
| IAX-11-181 |
334.50 |
336.00 |
1.50 |
0.73 |
0.71 |
2.60 |
0.17 |
| IAX-11-181 |
498.00 |
498.70 |
0.70 |
0.35 |
3.90 |
0.25 |
0.02 |
| IAX-11-182 |
74.60 |
76.60 |
2.00 |
1.43 |
0.78 |
1.85 |
0.03 |
| IAX-11-182 |
181.20 |
186.00 |
4.80 |
3.48 |
0.68 |
1.97 |
0.10 |
| IAX-11-182 |
207.70 |
210.70 |
3.00 |
2.17 |
2.16 |
1.40 |
0.05 |
| IAX-11-183 |
563.20 |
565.20 |
2.00 |
0.99 |
0.89 |
0.25 |
0.02 |
| IAX-11-187 |
157.40 |
158.00 |
0.60 |
0.29 |
1.79 |
11.00 |
0.03 |
| IAX-11-187 |
192.50 |
202.80 |
10.30 |
5.07 |
1.71 |
0.80 |
0.01 |
| including |
197.80 |
198.80 |
1.00 |
0.51 |
15.20 |
0.25 |
0.02 |
| IAX-11-187 |
240.10 |
241.20 |
1.10 |
0.54 |
2.27 |
0.68 |
0.08 |
| IAX-11-187 |
732.60 |
733.60 |
1.00 |
0.53 |
2.18 |
0.25 |
0.01 |
| IAX-11-187 |
763.60 |
764.60 |
1.00 |
0.54 |
1.05 |
0.50 |
0.03 |
| IAX-12-192 |
676.50 |
689.20 |
12.70 |
5.21 |
0.84 |
0.59 |
0.06 |
| IAX-12-192 |
705.70 |
711.80 |
6.10 |
2.47 |
0.57 |
0.39 |
0.01 |
| IAX-12-192 |
721.40 |
727.40 |
6.00 |
2.42 |
0.39 |
0.48 |
0.03 |
| IAX-12-192 |
731.10 |
743.00 |
11.90 |
4.79 |
0.52 |
0.60 |
0.02 |
| IAX-12-192 |
752.30 |
765.40 |
13.10 |
5.28 |
0.47 |
0.90 |
0.03 |
| IAX-12-192 |
758.80 |
764.80 |
6.00 |
2.42 |
0.80 |
0.98 |
0.04 |
| IAX-12-195 |
117.90 |
123.40 |
5.50 |
2.44 |
0.74 |
0.25 |
0.02 |
| IAX-12-195 |
645.60 |
651.30 |
5.70 |
2.74 |
1.34 |
1.50 |
0.05 |
| IAX-12-195 |
658.00 |
689.00 |
31.00 |
14.97 |
4.71 |
3.34 |
0.17 |
| including |
659.00 |
683.00 |
24.00 |
11.59 |
5.59 |
3.92 |
0.21 |
| including |
673.80 |
682.00 |
8.20 |
3.96 |
12.48 |
6.12 |
0.35 |
| and |
677.40 |
681.00 |
3.60 |
1.74 |
24.91 |
6.42 |
0.37 |
| IAX-12-195 |
685.00 |
691.00 |
6.00 |
2.90 |
1.59 |
1.08 |
0.00 |
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and
development company with one of the largest portfolio of properties
along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently
focused on advancing its Akasaba and Sleepy projects.
Alexandria's global resources
from its 35 km-long Cadillac Break property portfolio total 686,823
ounces of gold of Measured and Indicated Resources, and 718,688
ounces of gold of Inferred Resources. Agnico-Eagle Mines Ltd., with
two producing gold mines in the region, owns roughly 10% of the
Company.
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.
Neither the 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.
SOURCE Alexandria Minerals Corp.
