Almaden Intersects 3.25 m of 46.7 g/t at Its Elk Deposit, BC
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/28/10 -- Almaden Minerals Ltd. ('Almaden' or 'the Company') (TSX: AMM)(NYSE: AAU) is pleased to report results from the first 21 holes drilled at the Company's wholly owned Elk gold project in southern BC. Three holes were drilled into the South Zone located approximately two and a half kilometres south of the B and WD zones (the Resource Area) where a 43-101 compliant resource has been reported (see Almaden news release of October 6, 2009). The rest of the hole were drilled within the resource area and were designed to increase the confidence level of the resource and expand the known mineralisation. Below is a table of significant results received to date.
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Width Gold
Zone Hole # From (m) To (m) (m) (g/t)
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South SSD 10-003 46.50 55.79 9.29 0.65
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South SSD 10-003 11.80 15.00 3.20 1.14
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South SSD 10-004 39.00 46.81 7.81 1.04
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Resource Area SND 10-001 13.60 14.00 0.40 4.14
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Resource Area SND 10-002 33.00 34.34 1.34 1.12
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Resource Area SND 10-004 106.70 108.45 1.75 5.35
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Resource Area SND 10-005 63.85 65.30 1.45 3.21
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Resource Area SND 10-005 87.80 89.60 1.80 6.76
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Resource Area SND 10-006 98.30 100.70 2.40 14.87
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Resource Area SND 10-007 79.30 85.50 6.20 0.56
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Resource Area SND 10-008 71.95 74.50 2.55 2.44
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Resource Area SND 10-009 92.70 96.30 3.60 1.99
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Resource Area SND 10-010 94.25 105.45 11.20 0.31
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Resource Area SND 10-010 146.10 148.30 2.20 13.08
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Resource Area SND 10-011 83.03 89.55 6.52 23.74
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Resource Area including 86.30 89.55 3.25 46.70
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Resource Area SND 10-012 71.35 83.80 12.45 2.97
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Resource Area including 71.35 72.40 1.05 9.31
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Resource Area and 78.68 83.80 5.12 5.14
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Resource Area and 78.68 80.40 1.72 15.12
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Resource Area SND 10-013 56.95 66.80 9.85 1.31
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Resource Area SND 10-013 72.20 84.60 12.40 1.51
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Resource Area including 72.20 76.00 3.80 5.16
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Resource Area SND 10-014 61.00 67.25 6.25 0.73
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Resource Area SND 10-014 71.95 76.25 4.30 1.73
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Resource Area SND 10-015 78.95 83.15 4.20 1.33
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Resource Area SND 10-015 99.77 103.25 3.48 0.81
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Resource Area SND 10-016 30.70 38.20 7.50 0.39
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Resource Area SND 10-017 94.00 95.50 1.50 26.40
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Resource Area SND 10-018 31.15 61.00 29.85 1.46
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Resource Area including 40.65 42.05 1.40 11.26
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Resource Area and 50.85 52.35 1.50 12.61
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Resource Area SND 10-019 43.45 54.75 11.30 0.40
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Resource Area SND 10-019 64.20 68.20 4.00 0.52
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Resource Area SND 10-020 68.00 68.30 0.30 13.75
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Resource Area SND 10-020 100.90 104.05 3.15 1.26
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J.D. Poliquin, Chairman of Almaden commented, 'These new results are continued confirmation of both the high grade and bulk tonnage potential of the Elk deposit. We are excited about the resource we have developed at Elk and hope to release the results of a Preliminary Economic Assessment and updated resource estimation later this month.'
Brian Alexander, P.Geo., a qualified person under the meaning of National Instrument 43-101, is supervising the 2010 exploration program at the Elk Project and has reviewed the technical information in this news release. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard aqua regia, ICP and fire assay techniques. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden's quality assurance and control program which complies with National Instrument 43-101 requirements. Intervals that returned assays below detection were assigned zero values. Composites were calculated using a cut-off grade of 0.25 g/t gold and with a maximum of 5 meters internal dilution (values below 0.25 g/t). Reported widths are intersection and not true widths.
About Almaden
Almaden is a well-financed mineral exploration company working in North America. The company has assembled mineral exploration projects, including the Ixtaca Zone, through its grass roots exploration efforts. While the properties are largely at early stages of development they represent exciting opportunities for the discovery of significant gold and copper deposits as evidenced at Ixtaca. Currently six projects (Caldera, Caballo Blanco, Tropico, Nicoamen River, Matehuapil and Merit), are optioned to separate third parties who each have the right to acquire an interest in the respective project from Almaden through making certain payments and exploration expenditures. Four further projects are held in joint ventures. Almaden also holds a 2% NSR interest in 11 projects. Almaden's business model is to find and acquire mineral properties and develop them by seeking option agreements with others who can acquire an interest in a project by making payments and exploration expenditures. Through this means the company has been able to expose its shareholders to discovery and capital gain without the capital that would be required if the company were to have developed these projects without a partner. The company intends to expand this business model, described by some as prospect generation, by more aggressively exploring several of its projects including the Ixtaca Zone.
On Behalf of the Board of Directors
Morgan J. Poliquin, Ph.D., P.Eng., President, CEO and Director
Almaden Minerals Ltd.
Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward -looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission. Except for the statements of historical fact contained herein, certain information presented constitutes 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, and size and timing of exploration and development programs, estimated project capital and other project costs and the timing of submission and receipt and availability of regulatory approvals involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Almaden to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations and joint ventures, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled 'Risk Factors' in Almaden's Annual Information form and Almaden's latest Form 20-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Almaden has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Almaden disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the Toronto Stock Exchange (TSX) nor the NYSE AMEX have reviewed or accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.
Contacts:
Almaden Minerals Ltd.
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
604-689-7644
604-689-7645 (FAX)
www.almadenminerals.com