Alexandria Minerals Sees New Gold Potential at Orenada Through Zone 4 Study
TORONTO, ONTARIO--(Marketwired - Mar 7, 2016) - Alexandria Minerals Corp. (TSX VENTURE:AZX)(OTC PINK:ALXDF)(FRANKFURT:A9D) is pleased to provide a summary of the results of its recent 3D geological modelling activities of the Orenada Zone 4 disseminated gold project in Val d'Or, Quebec.
Several important findings resulted from this study including:
- The existence of a suite of low angle, high-grade gold-quartz veins, dipping at roughly 30°to the southwest within the Current Resources area, with recent assays up to 17.01 g/t gold over 3.4 meters
- The previously unrecognized occurrence of these veins beyond the boundaries of the host shear zone, into the adjacent country rocks,
- Significant volume through the identification of a series of envelopes of gold-bearing rocks around the veins, with gold grades 2 g/t or higher ("+2 g/t isoshells"), with widths between 8 m and 20 m, and
- New targets have been identified outside of the traditional targets.
These results apply to the full limits of the study, or 300 meters along strike, which is the extent of the detailed drilling at Zone 4.
In short, the reinterpretation suggests potential for increasing the grade of the existing resources, as well as for discovering new high grade veins in and around the Orenada Zone 4 Current Resources. A complete review of the Current Resources at Orenada Zones 4 and 2 will be undertaken, in conjunction with confirmation drilling, which will allow further refinement of these models.
An animated clip visually summarizing this study can be viewed on the Company's website, or by clicking on https://youtu.be/CGCYD4cRx1k, or by visiting us at Booth # 2716 at the 2016 PDAC conference.
Eric Owens, President and CEO, stated, "These results open up new areas for drill testing within, below, and along strike with the Current Resources at Orenada. These also have important implications for possible future development since Orenada is located within 20 km of 5 under-capacity gold mills."
The Orenada gold project is a disseminated gold deposit located along the Cadillac Break shear zone, in the western portion of the Company's 35 km long Cadillac Break property package in Val d'Or, Quebec. Until 2015, the aim of exploration drilling was to test for bulk tonnage-style gold; and all prior drill holes were drilled to the south with this in mind. Some 71,175 meters of drilling were completed, and used in a Resource Estimate compliant with National Instrument 43-101:
| Previously-Released Table of Current Resources at Orenada Zone 4 and Zone 2, Variable Cutoff, 0-250m depth | ||||||||||||
| (September 16, 2009) | ||||||||||||
| Measured | Indicated | Total Measured and Indicated | Inferred Resources | |||||||||
| Cut‐off (g/t) | Tonnes | Grade (g/t Au) | Au (Oz.) | Tonnes | Grade (g/t Au) | Au (Oz.) | Tonnes | Grade (g/t Au) | Au (Oz.) | Tonnes | Grade (g/t Au) | Au (Oz.) |
| 1.0 | 2,592,133 | 1.81 | 150,478 | 2,006,202 | 1.83 | 118,050 | 4,598,334 | 1.82 | 268,528 | 2,478,674 | 1.56 | 124,248 |
| 0.7 | 3,463,009 | 1.57 | 174,316 | 3,339,422 | 1.44 | 154,088 | 6,802,431 | 1.50 | 328,405 | 3,598,358 | 1.34 | 155,089 |
| 0.5 | 3,969,955 | 1.44 | 184,150 | 4,551,341 | 1.21 | 177,244 | 8,521,296 | 1.32 | 361,395 | 4,708,810 | 1.16 | 175,596 |
| 0.3 | 4,329,383 | 1.36 | 188,844 | 6,027,277 | 1.01 | 196,097 | 10,356,660 | 1.16 | 384,942 | 5,546,540 | 1.05 | 186,447 |
| Note: for resource estimation details, see Press Release dated September 16, 2009 | ||||||||||||
The study, conducted by Val d'Or geological consulting group InnovExplo, reflected the recognition that high grade gold-quartz veins occur within the disseminated gold deposit, but little was known about them. Alexandria completed two holes at Orenada in early 2015, specifically aimed at better understanding their role and importance. This involved not only a change in drill hole orientation of from south to north, but also the use of downhole photographic and geophysical measurements to correlate the geological characteristics of drill hole walls with what was observed in the drill core.
These drill hole data were incorporated into GOCAD Mining Suite Software and used to construct 3 Dimensional models of the individual sections along which the two oriented drill holes penetrated, with additional incorporated detailed drill data from previous drill holes along these sections. Recognition of favorable geological attributes were then applied to the broader drill hole database at Orenada, and incorporated into GOCAD for creation of a broader 3 Dimensional model of Orenada Zone 4.
The main body of the Orenada Zone 4 Current Resources plunges moderately down the plane of the Cadillac Break shear zone. The InnvoExplo 3D study re-affirms this physical orientation, and identifies new targets. The first are intersection structures within the main body with trends outside of the Current Resources, where drilling has been limited. The second is in the upper and lower reaches of this plunging body, where the new study shows that gold-quarts veins occur in country rocks outside of the main shear zone.
The Company will be incorporating these findings into future drilling plans.
In other matters, the Company announces that Michael Pesner is stepping down as a member of the audit committee and from his role as Chair of the Audit Committee, to be replaced in that capacity on an interim basis by Walter Henry, currently Chairman of the Board of Directors. Mr. Pesner will stay on as a board member. These changes take place immediately.
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 Corp. is a Toronto-based junior gold exploration and development company with important gold resources on one of the largest properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec, additional gold-copper resources in the world class Snow Lake-Flin Flon mining district of Manitoba, and the notable Red Lake Mining District of northern 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 Corp. 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.
Contact
Alexandria Minerals Corp.
Mary Vorvis
Vice President, Corporate Development and Investor Relations
(416) 305-4999
Alexandria Minerals Corp.
Eric Owens
President/CEO
416-363-9372
info@azx.ca
www.azx.ca