TORONTO, Jan. 12, 2012 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) provided today an update of its recent activities and plans for the winter season 2011-2012. Updated images and corporate summary can be found on the Company's website at www.azx.ca.
- Continued advancement of the Akasaba and Sleepy gold projects: extended both to depths of 500 m.
- In Q2, the Company completed 2 drill holes at Akasaba (1,442 m) and 6 drill holes at Sleepy (3,170 m).
- Received encouraging first round results 1 km east of the Sleepy Gold Resource.
- Completed a property-wide Airborne Magnetic Survey over the entire 41 km length of the Company's flagship Cadillac Break Property package. Interpretation of results is underway.
- Results are pending from a substantially-completed metallurgical study at Akasaba.
- Completed a $3 million financing
- Cash and Current Assets as at December 31st, 2011 were $4,400,000.
Eric Owens, President of Alexandria Minerals, said, "We made significant progress last year in bringing Sleepy and Akasaba to a higher threshold of development. These projects continue to be our focus in the new year, which will include a first resource estimate for Akasaba, and will focus on advancing the projects to the stage where we will initiate economic studies and/or other strategic options."
The historic Akasaba Mine reportedly produced 250,000 tonnes of ore grading 5.14 g/t Au (approximately 45,000 ounces) from 1961-1963, from a shallow underground stope developed to 90 m depth. Over the past 24 months, Alexandria has expanded the known gold mineralization around the mine to 1,000 m long and more than 500 m deep, during which Company geologists discovered a new high grade zone located 300 m east of the historic mine, with drill hole assays up to 121 g/t Au over 0.7 m and 20.41 g/t over 2.12 m.
Recent drilling activities have tested the following targets: 1) shallow targets at the North Zone, a separate volcanic-hosted gold-bearing zone located 200 m to the north of the Mine Horizon, 2) shallow targets 1 km west of the Mine Area, and 3) deep targets in the vicinity of the Mine.
Robust drill assay results from the deep targets have extended the eastern high grade zone to below 500 m:
IAX-11-148: 6.73 g/t Au over 5.25 m
IAX-11-155: 3.07 g/t Au over 12.75 m
IAX-11-172: 2.17 g/t Au over 10.30 m
Together with other holes, these help define a well-mineralized gold zone 300 m in vertical dimension, which has an upper boundary at the 200 m depth, and still open below 500 m.
Three hundred meters to the west, Alexandria has also recently discovered a new high grade zone at a depth of 530 meters, some 430 m below the historic Akasaba Mine. Drill hole IAX-11-176 intersected 7.07 g/t Au over 7.59 meters in the same horizon that hosts the gold mineralization in the mine area at surface. This deep zone is open at depth and along strike to the west.
Results from the shallow level targets 1 km west of the Mine (3 holes) and from the North Zone (3 holes) are pending.
Located 13 km east of Akasaba, the Inferred Resource at Sleepy, completed in 2009, stands at 1.5 Mt grading 3.0 g/t Au. As with Akasaba, recent drilling at Sleepy has also extended this gold zone to a depth of 500 metres, deepening the zone more than 100 m below the resource:
SAX-11-01: 3.88 g/t Au over 9.2 m
SAX-11-05: 11.95 g/t Au over 2.25 m
SAX-11-09: 6.66 g/t over 15.85 m
Assay results from two holes which intersected the target horizon on the west side of the Sleepy Lake Fault yielded anomalous gold contents. The Sleepy Lake Fault forms the western boundary of the Sleepy gold zone, and three holes were completed to locate the down-plunge extent of the zone west of the fault. Assay results are pending from two holes, one of which tested the target west of the fault.
Other Technical Activities
Alexandria recently completed a property-wide airborne magnetic survey, which will aid in the ongoing interpretation of the property's geology and the exploration potential, with emphasis placed on drill targets. Company geologists have put together drill targets representing over 120,000 m of drilling, with prioritized targets emphasizing deposit growth at Akasaba and Sleepy.
At Akasaba, the Company's first National Instrument 43-101 compliant resource estimate is underway; Company geologists are working closely with the independent Qualified Persons for this effort. This study will be completed this winter. In addition, a companion metallurgical study is underway: testing has been completed and results are pending. Drilling continues at Akasaba with one drill rig; assay results are pending for ten holes.
At Sleepy, four short holes are planned in efforts to enlarge the shallow portions of the Current Resource. These holes are expected to begin in February. Assay results are pending for one hole which intersected the target zone west of the Sleepy Lake fault.
The Company is reviewing business opportunities, including joint venture possibilities, as part of its broader plan to realize value for its property assets.
Alexandria is also pleased to announce that the Company will be exhibiting at the Vancouver Resource Investment Conference on January 22-23, booth 2013, and will also be hosting a booth at the upcoming PDAC show in early March .
All exploration data and information presented here has been released previously, and can be found on the company's website at www.azx.ca. This data has been reviewed by the company's Qualified Person, Eric Owens (PGeo).
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest property packages along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba and Sleepy projects, and has two NI 43-101 compliant gold resources. At Orenada, at a 0.5 g/t cutoff, the Company has delineated a Measured and Indicated resource of 446,000 ounces of gold (110,273,932 t grading 1.35 g/t Au), and an Inferred resource of 302,000 ounces of gold (7,399,644 t grading 1.27 g/t Au). At Sleepy, the Company has delineated an Inferred resource of 150,000 ounces of gold (7,399,644 t grading 3.0 g/t Au). Agnico-Eagle Mines Ltd., with three 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.