Almaden Hits 60.50 Meters of 2.9 g/t AuEq (2.21 g/t Au, 35.8 g/t Ag) Outside Resource Shell on Main Ixtaca Zone
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE MKT: AAU) is pleased to announce the remaining results from the 2012 drill program on the Ixtaca Zone of the Company's 100% owned Tuligtic project, Mexico. Drilling confirmed the high-grade intersections previously announced on section 11+000E (see Almaden news release of November 26th, 2012) with a new intersection on this section of 60.50 meters of 2.21 g/t gold and 35.8 g/t silver (2.9 g/t gold equivalent). Mineralisation was also traced 50 meters further to the east with intersections on section 11+050E including 100.84 meters of 0.67 g/t gold and 7.5 g/t silver (0.8 g/t gold equivalent). Further drilling is planned to both expand known mineralisation and to define the new high grade zone seen on section 11+000E, the extent and orientation of which are not presently understood.
J.D. Poliquin, Chairman of Almaden commented, "This new drilling further shows the continued expansion of the overall Ixtaca vein system as well as its potential for high grades. We are excited to be finalising our maiden resource estimation, however, these new results from outside the resource area show that the resource has potential to grow significantly beyond its current edges. Since the discovery in 2010 of the Main Ixtaca Zone we have found the parallel Ixtaca North Zone, the perpendicular Northeast Extension (Chemalaco) Zone and widespread mineralisation in the volcanic units. All of these zones remain open and drilling targeted to expand the resource will shortly resume."
Highlights from the holes released today include the following intercepts (a more complete list of intercepts is shown in the table below):
Hole TU-12-229 NORTHEAST EXTENSION, SECTION 49+775 N (AZIMUTH 070, DIP -40)
35.50 meters @ 0.78 g/t gold and 6.5 g/t silver (0.9 g/t gold equivalent)
Including 13.00 meters @ 1.40 g/t gold and 11.0 g/t silver (1.6 g/t gold
equivalent)
Hole TU-12-231 MAIN IXTACA ZONE, SECTION 10+950 E (AZIMTH 150, DIP -85)
27.00 meters @ 0.52 g/t gold and 2.2 g/t silver (0.6 g/t gold equivalent)
Hole TU-12-234 MAIN IXTACA ZONE, SECTION 11+050 E (AZIMUTH 150, DIP -70)
44.70 meters @ 0.65 g/t gold and 4.1 g/t silver (0.7 g/t gold equivalent)
Hole TU-12-237 MAIN IXTACA ZONE, SECTION 11+050 E (AZIMUTH 150, DIP -40)
100.84 meters @ 0.67 g/t gold and 7.5 g/t silver (0.8 g/t gold equivalent)
Hole TU-12-238 MAIN IXTACA ZONE, SECTION 11+000 E (AZIMUTH 330, DIP -40)
120.50 meters @ 1.31 g/t gold and 19.0 g/t silver (1.7 g/t gold equivalent)
Including 60.50 meters @ 2.21 g/t gold and 35.8 g/t silver (2.9 g/t gold
equivalent)
Includes 4.50 meters @ 5.56 g/t gold and 121.0 g/t silver (8.0 g/t gold
equivalent)
And 5.50 meters @ 6.78 g/t gold and 198.8 g/t silver (10.8 g/t gold
equivalent)
Hole TU-12-246 NORTHEAST EXTENSION, SECTION 49+775 N (AZIMUTH 070, DIP -80)
51.51 meters @ 0.45 g/t gold and 11.9 g/t silver (0.7 g/t gold equivalent)
8.90 meters @ 0.43 g/t gold and 99.6 g/t silver (2.4 g/t gold equivalent)
5.50 meters @ 0.79 g/t gold and 112.1 g/t silver (3.0 g/t gold equivalent)
Inter-
From To val Au Ag AuEq AgEq
Hole # (m) (m) (m) (g/t) (g/t) (g/t) (g/t) SECTION
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TU-12-223 88.00 107.00 19.00 0.15 3.8 0.2 11 50150N
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TU-12-223 252.00 263.40 11.40 0.13 30.5 0.7 37
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TU-12-223 299.40 370.60 71.20 0.10 8.3 0.3 14
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TU-12-226 29.00 81.05 52.05 0.44 4.3 0.5 26 49925N
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TU-12-226 243.00 250.00 7.00 0.04 21.9 0.5 24
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TU-12-226 463.50 519.50 56.00 0.17 11.1 0.4 20
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including 470.00 475.00 5.00 0.20 30.9 0.8 41
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including 499.25 503.75 4.50 0.59 14.4 0.9 44
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TU-12-228 97.50 103.00 5.50 0.13 7.8 0.3 14 50150N
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TU-12-228 283.10 292.00 8.90 0.16 35.2 0.9 43
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including 283.10 286.00 2.90 0.29 59.2 1.5 74
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TU-12-228 303.10 362.00 58.90 0.34 19.4 0.7 37
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including 323.00 331.50 8.50 0.90 19.2 1.3 65
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including 353.50 354.50 1.00 2.36 213.1 6.6 331
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TU-12-228 370.00 376.10 6.10 0.06 16.2 0.4 19
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TU-12-229 37.00 72.50 35.50 0.78 6.5 0.9 46 49775N
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including 43.00 56.00 13.00 1.40 11.0 1.6 81
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including 68.50 72.50 4.00 1.31 4.5 1.4 70
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TU-12-229 257.00 263.20 6.20 0.09 11.9 0.3 17
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TU-12-229 325.00 330.30 5.30 0.29 4.7 0.4 19
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TU-12-229 359.10 365.70 6.60 0.06 43.4 0.9 46
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TU-12-230 114.00 127.70 13.70 0.11 9.2 0.3 15 50150N
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TU-12-230 365.00 375.00 10.00 0.02 37.0 0.8 38
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including 366.00 367.00 1.00 0.01 207.1 4.2 208
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including 370.80 372.00 1.20 0.08 82.6 1.7 87
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TU-12-231 28.00 35.00 7.00 0.29 3.1 0.4 18 10950E
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TU-12-231 92.50 119.50 27.00 0.52 2.2 0.6 28
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including 112.50 117.50 5.00 0.93 2.3 1.0 49
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TU-12-231 176.00 180.00 4.00 0.15 7.5 0.3 15
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TU-12-232 42.67 54.70 12.03 0.65 8.2 0.8 40 49775N
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TU-12-232 69.70 88.35 18.65 0.28 8.6 0.4 22
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including 71.70 73.70 2.00 0.78 29.3 1.4 68
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TU-12-232 298.80 305.90 7.10 0.06 12.6 0.3 16
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TU-12-233 84.00 92.00 8.00 0.29 1.2 0.3 16 10950E
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TU-12-234 28.30 73.00 44.70 0.65 4.1 0.7 37 11050E
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including 65.40 71.00 5.60 1.00 6.7 1.1 57
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TU-12-235 61.50 64.50 3.00 0.17 1.8 0.2 11 50225N
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TU-12-235 268.00 302.50 34.50 0.08 15.6 0.4 20
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including 280.00 283.50 3.50 0.15 47.8 1.1 55
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TU-12-235 309.00 314.00 5.00 0.29 13.5 0.6 28
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TU-12-235 336.50 353.00 16.50 0.08 14.6 0.4 18
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including 339.95 341.50 1.55 0.14 49.9 1.1 57
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TU-12-236 113.00 141.00 28.00 0.56 1.7 0.6 30 11000E
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TU-12-236 147.00 150.00 3.00 0.70 4.9 0.8 40
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TU-12-237 49.16 150.00 100.84 0.67 7.5 0.8 41 11050E
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including 57.25 63.25 6.00 1.74 8.5 1.9 96
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including 81.50 86.50 5.00 1.23 3.7 1.3 65
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including 114.50 120.50 6.00 1.19 10.0 1.4 70
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including 130.00 142.00 12.00 0.97 23.5 1.4 72
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TU-12-238 126.00 246.50 120.50 1.31 19.0 1.7 85 11000E
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including 173.50 234.00 60.50 2.21 35.8 2.9 146
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including 202.00 206.50 4.50 5.56 121.0 8.0 399
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including 215.00 217.00 2.00 4.30 90.9 6.1 306
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including 222.50 228.00 5.50 6.78 198.8 10.8 538
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TU-12-239 30.48 54.25 23.77 0.50 6.2 0.6 31 11050E
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TU-12-239 88.40 100.40 12.00 0.08 7.9 0.2 12
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TU-12-241 30.48 67.05 36.57 0.46 4.9 0.6 28 11050E
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including 44.00 51.21 7.21 0.98 11.5 1.2 60
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TU-12-241 73.60 98.85 25.25 0.26 1.0 0.3 14
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TU-12-241 107.85 127.41 19.56 0.30 8.9 0.5 24
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TU-12-241 140.40 162.60 22.20 0.15 21.4 0.6 29
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TU-12-241 185.50 200.65 15.15 0.11 39.5 0.9 45
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including 189.00 189.60 0.60 0.50 356.0 7.6 381
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including 199.15 199.65 0.50 0.94 415.0 9.2 462
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TU-12-242 62.30 73.00 10.70 1.28 1.0 1.3 65 11000E
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including 63.30 67.00 3.70 2.34 2.8 2.4 120
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TU-12-243 104.00 128.00 24.00 0.14 11.0 0.4 18 49775N
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including 134.00 138.00 4.00 0.29 17.1 0.6 32
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TU-12-244 83.00 85.00 2.00 0.28 1.4 0.3 15 50225N
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TU-12-244 335.50 344.00 8.50 0.03 45.5 0.9 47
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including 337.72 341.00 3.28 0.04 84.3 1.7 86
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TU-12-245 29.50 38.00 8.50 0.25 4.1 0.3 17 10950E
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TU-12-245 102.00 156.00 54.00 0.27 2.6 0.3 16
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TU-12-245 177.00 183.00 6.00 0.28 3.1 0.3 17
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TU-12-246 12.19 63.70 51.51 0.45 11.9 0.7 34 49775N
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including 12.19 19.50 7.31 1.03 20.1 1.4 72
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TU-12-246 97.40 106.30 8.90 0.43 99.6 2.4 121
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including 97.40 98.00 0.60 4.47 988.0 24.2 1212
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TU-12-246 208.50 214.00 5.50 0.79 112.1 3.0 152
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including 211.00 213.00 2.00 1.72 225.0 6.2 311
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TU-12-247 38.00 48.00 10.00 0.27 1.6 0.3 15 10950E
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TU-12-247 62.00 70.00 8.00 0.18 2.6 0.2 12
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TU-12-247 119.00 148.74 29.74 1.16 3.0 1.2 61
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The Company has mobilised crews back to the Tuligtic project and plans to resume drilling operations shortly. Below is a plan map and relevant sections which will be posted to the Company's website (www.almadenminerals.com).
About the Ixtaca Property
The 100% owned Ixtaca zone is a blind discovery made by the Company in 2010. The Main Ixtaca and Ixtaca North Zones of veining are thought to have a north-easterly trend. Holes to date suggest that the Main Ixtaca and Ixtaca North Zones are sub vertical with local variations. This interpretation suggests that true widths range from approximately 35% of intersected widths for a -70 degree hole to 94% of intersected widths for a -20 degree hole. The drilling completed to date has traced mineralisation over 1,000 meters along this northeast trend. Based upon observations at surface and of core as drilling progresses, there seems to be a variety of veinlet orientations within the Northeast Extension Zone however overall the zone is currently interpreted to be dipping shallowly to the west and striking roughly north-south.
Mr. Norm Dircks, P.Geo., a qualified person ("QP") under the meaning of NI 43-101, is the QP and project manager of Almaden's Ixtaca program and reviewed the technical information in this news release. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy ("AAS"). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Silver is first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy ("ICP-AES"). Samples that return values greater than 100 g/t silver by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that return silver values greater than 1,500 g/t are further analysed by fire assay with a gravimetric finish.
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. Gold equivalent ("AuEq" or "Gold Eq.") and silver equivalent ("AgEq" or "Silver Eq.") values were calculated using silver to gold ratios of 50 to 1. The ratio of 50 to 1 was used for the sake of consistency with past news releases. Intervals that returned assays below detection were assigned zero values. Metallurgical recoveries and net smelter returns are assumed to be 100% for these calculations.
About Almaden
Almaden is a well-financed (cash, gold inventory and equity investments totalling approximately $35.6 MM as of July 4, 2012) mineral exploration company working in North America. The company has assembled mineral exploration projects, including the Ixtaca Zone and the Tuligtic project, 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, silver and copper deposits as evidenced at Ixtaca. 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 funding and consequent share dilution 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
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 MKT 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.
604.689.7644
604.689.7645 (FAX)
www.almadenminerals.com