Alexandria Reports Wide Gold-Copper Intersections at Akasaba West Zone Including 178.50 m Grading 0.70 g/t Au Equivalent
TORONTO, ONTARIO -- (Marketwired) -- 06/27/13 -- Alexandria Minerals Corporation (TSX VENTURE: AZX)(FRANKFURT: A9D)(PINKSHEETS: ALXDF) reported today on assay results from drilling received after the release of the Company's National Instrument 43-101-compliant resource update at Akasaba (Filed on SEDAR in March 2013). Notably, DDH IAX-12-219 intersected 178.50 m grading 0.27 g/t Au plus 0.25% Cu (0.70 g/t Au Equivalent, "Au Eq"), which indicates the West Zone extends an additional 100 m below the 300 m deep Resource and is open at depth.
In March, 2013, Alexandria filed on SEDAR its updated resource estimate for the Akasaba Gold-Copper project, issuing the following resources (Initially reported on February 7, 2013):
------------------------------------------------------
Indicated Resources
------------------------------------------------------
Tonnage Au Grade Contained
Zone (g/t) Gold (oz.)
------------------------------------------------------
Underground 653,929 5.79 121,657
------------------------------------------------------
Main Pit(1) 3,009,214 1.37 132,475
------------------------------------------------------
Satellite Pit(1)
------------------------------------------------------
West Zone Pit
------------------------------------------------------
------------------------------------------------------
Totals 254,132
------------------------------------------------------
---------------------------------------------------------------------------
Inferred Resources
---------------------------------------------------------------------------
Contained Cu in Au
Tonnage Au Grade Contained Cu Grade Cu Eq
Zone (g/t) Au (oz.) (%) (Kg) (oz.)(1)
---------------------------------------------------------------------------
Underground 1,537,973 5.51 272,385
---------------------------------------------------------------------------
Main Pit(1)
---------------------------------------------------------------------------
Satellite Pit(1) 285,374 1.76 16,153
---------------------------------------------------------------------------
West Zone Pit 14,863,740 0.69 332,074 0.41 61,255,885 342,108
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Totals 620,612 61,255,885 342,108
---------------------------------------------------------------------------
Note 1: Au Eq, or Gold Equivalent, equals the grade of gold in g/t plus the
grade of copper expressed in equivalent value of gold in g/t based on
$1325/oz Au and $7.40/kg Cu
These results represented an increase of 9% for the Indicated Resources and a 263% increase in the Inferred Resources over the Company's initial resource estimate of a year earlier, with just 18,306 m of drilling during this time. The West Zone is now 500 m long and 400 m deep, averaging some 60 m wide.
Subsequent to the resource update, Alexandria announced step out drill results from the West Zone (See Press Release, April 9, 2013), including 81.65 m grading 0.53 g/t Au + 0.30% Cu (1.04 g/t Au Eq ) in DDH IAX-13-232 and 41.00 m grading 0.22 g/t Au and 0.16% Cu (0.50 g/t Au Eq ) in DDH IAX-13-234, located 50 m down-plunge from and 100 m west of, respectively, the resource. Both holes show that the gold-copper zone continues below and to the west of the resource.
Of the holes reported here, assay results from IAX-12-218, 219 and 235 were not included in the resource update and represent significant results from step-out targets. Highlights include the following (see Table 1 at end of this release for greater detail):
IAX-12-218 136.70 m grading 0.17 g/t Au and 0.15% Cu (0.43 g/t Au Eq),
including 10.50 m grading 0.30 g/t Au and 0.48% Cu (1.13 g/t
Au Eq), at a vertical depth of 250 m, located 100 m east of
the West Zone resource;
IAX-12-219 178.50 m grading 0.27 g/t Au and 0.25 g/t Cu (0.70 g/t Au Eq),
including 156.00 m grading 0.29 g/t Au and 0.27% Cu (0.76 g/t
Au Eq) at a vertical depth of 420 m, 100 m below the resource
IAX-13-235 87.40 m grading 0.15 g/t Au and 0.13% Cu (0.37 g/t Au Eq) and,
separately, 29.30 m grading 0.17 g/t Au and 0.16% Cu (0.44 g/t
Au Eq) at a vertical depth of 320 m, 100 m west and 100 m
below the resource.
Together, these three drill holes extend the West Zone to the east and west at depths below 250 m.
The following previously unreleased gold-copper intersections in drill holes from the West Zone, drilled prior to the resource update, indicate that the shallow, disseminated gold-copper mineralization is much wider than reported in the resource update:
IAX-12-202 203.70 m grading 0.28 g/t Au and 0.17% Cu (0.58 g/t Au Eq)
IAX-12-204 67.20 m grading 0.32 g/t Au and 0.13% Cu (0.56 g/t Au Eq)
IAX-12-211 94.00 m grading 0.27 g/t Au and 0.21% Cu (0.64 g/t Au Eq)
IAX-12-212 102.90 m grading 0.27 g/t Au and 0.18% Cu (0.59 g/t Au Eq)
IAX-12-214 94.00 m grading 0.48 g/t Au and 0.36% Cu (1.11 g/t Au Eq)
IAX-12-215 116.50 m grading 0.43 g/t Au and 0.24% Cu (0.85 g/t Au Eq)
In addition, two holes, DDH IAX-12-205 and 206, were drilled 100 m and 200 m east of the presumed eastern edge of the West Zone, and the latter, in particular, established that grades and widths above potential open pit cutoff exist to the east, in between the west Zone and the Akasaba Mine area. Furthermore, review of copper contents from drill holes along the main Mine Horizon have also established that open pit widths and grades extend beyond current open pit resources.
The Company is currently in progress with the compilation of more than 70 years of historic data on the broader Cadillac Break group of properties. As a result of this ongoing process the company has delineated a number of drill targets on the property package over and above the high priority area around Akasaba, and expects to delineate more as this process nears its completion.
Program design, management, and Quality Control/Quality Assurance are 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. All exploration work on the property is conducted under the direct supervision of Emilie Batailler P.Geo. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously 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 is available on the Company's website, www.azx.ca, or our social media sites listed below:
Facebook: https://www.facebook.com/AlexandriaMinerals
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals
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. Global gold resources are distributed between three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.
Table 1. Assays in step-out drilling at the West Zone.
-------------------------------------------------------------------------
Length T.W. Au Ag Au Eq.
Hole # From (m) To (m) (m) (m) g/t g/t Cu% (g/t)
-------------------------------------------------------------------------
IAX-12-202 43.20 246.90 203.70 156.06 0.28 1.90 0.17 0.58
-------------------------------------------------------------------------
including 149.00 159.00 10.00 7.65 0.59 2.10 0.34 1.18
-------------------------------------------------------------------------
including 153.00 157.50 4.50 3.44 0.89 2.27 0.38 1.55
-------------------------------------------------------------------------
including 191.40 217.40 26.00 20.33 0.80 3.17 0.36 1.41
-------------------------------------------------------------------------
IAX-12-204 167.70 234.90 67.20 52.71 0.32 1.55 0.13 0.56
-------------------------------------------------------------------------
including 170.70 201.30 30.60 23.95 0.53 2.56 0.20 0.87
-------------------------------------------------------------------------
IAX-12-205 67.10 94.10 27.00 21.93 0.12 2.42 0.11 0.30
-------------------------------------------------------------------------
including 84.60 92.10 7.50 6.08 0.17 2.31 0.16 0.44
-------------------------------------------------------------------------
IAX-12-206 39.00 98.30 59.30 49.25 0.20 1.24 0.10 0.38
-------------------------------------------------------------------------
including 39.00 43.00 4.00 3.31 0.54 4.65 0.15 0.80
-------------------------------------------------------------------------
IAX-12-210 117.40 129.90 12.50 10.26 0.16 1.18 0.14 0.40
-------------------------------------------------------------------------
including 118.40 126.00 7.60 6.23 0.18 1.31 0.18 0.49
-------------------------------------------------------------------------
IAX-12-211 84.00 178.00 94.00 77.63 0.27 1.54 0.21 0.64
-------------------------------------------------------------------------
including 87.00 93.70 6.70 5.51 0.42 1.48 0.34 1.00
-------------------------------------------------------------------------
IAX-12-212 219.00 321.90 102.90 88.32 0.27 1.54 0.18 0.59
-------------------------------------------------------------------------
IAX-12-214 270.50 364.50 94.00 67.81 0.48 1.71 0.36 1.11
-------------------------------------------------------------------------
including 270.50 332.00 61.50 44.21 0.56 2.10 0.50 1.44
-------------------------------------------------------------------------
including 288.50 293.00 4.50 3.22 0.62 2.26 0.83 2.05
-------------------------------------------------------------------------
IAX-12-214 306.00 326.00 20.00 14.44 1.01 3.33 0.74 2.30
-------------------------------------------------------------------------
including 308.90 314.00 5.10 3.68 1.51 4.41 0.90 3.08
-------------------------------------------------------------------------
IAX-12-215 221.00 337.50 116.50 88.15 0.43 2.02 0.24 0.85
-------------------------------------------------------------------------
including 304.00 327.10 23.10 17.56 1.15 2.87 0.46 1.95
-------------------------------------------------------------------------
including 304.00 308.00 4.00 3.04 2.31 3.33 0.57 3.29
-------------------------------------------------------------------------
IAX-12-218 244.00 380.70 136.70 97.65 0.17 1.96 0.15 0.43
-------------------------------------------------------------------------
including 249.00 259.50 10.50 7.41 0.30 2.09 0.48 1.13
-------------------------------------------------------------------------
IAX-12-219 289.00 467.50 178.50 95.51 0.27 2.20 0.25 0.70
-------------------------------------------------------------------------
including 307.00 463.00 156.00 83.61 0.29 2.38 0.27 0.76
-------------------------------------------------------------------------
including 457.00 462.00 5.00 2.72 0.87 2.70 0.49 1.72
-------------------------------------------------------------------------
IAX-13-235 294.80 382.20 87.40 58.51 0.15 0.36 0.13 0.37
-------------------------------------------------------------------------
including 364.10 375.00 10.90 7.36 0.35 0.89 0.28 0.84
-------------------------------------------------------------------------
including 364.10 367.60 3.50 2.36 0.70 2.02 0.55 1.66
-------------------------------------------------------------------------
IAX-13-235 394.50 423.80 29.30 19.94 0.17 0.37 0.16 0.44
-------------------------------------------------------------------------
including 394.50 408.00 13.50 9.18 0.21 0.47 0.21 0.57
-------------------------------------------------------------------------
Note 1: Au. Eq., or Gold Equivalent, equals the grade of gold in g/t plus
the grade of copper expressed in equivalent value of gold in g/t based on
$1325/oz Au and $7.40/kg Cu
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.
Contacts:
Alexandria Minerals Corporation
Andreas Curkovic
Investor Relations
(416) 577-9927
Alexandria Minerals Corporation
Eric Owens
President/CEO
416-363-9372
info@azx.ca
www.azx.ca