TORONTO, ONTARIO--(Marketwired - Nov. 25, 2013) - Alexandria Minerals Corporation (TSX VENTURE:AZX) (FRANKFURT:A9D) (PINKSHEETS:ALXDF) reported today on assay results from two step-out drill holes completed approximately 100 m below the Current Resource at the West Zone, including DDH IAX-13-238 which intersected 112.80 m grading 0.37 g/t Au + 0.23% Cu (0.76 g/t Au Eq).
Core logs and assay results from the two holes (see Table 1 below) show that the wide deformation and alteration zone characteristic of the West Zone continues to at least 400 m vertical depth. Copper sulfides (principally chalcopyrite), pyrite and gold are typically finely disseminated over the width of the zone, which averages some 60 m wide, but can be as much as 100 m wide. In addition, numerous moybdenite-bearing quartz veins were intersected in DDH IAX-13-238, an effect of the nearby Callahan diorite intrusive body.
Table 1. Selected assay results from step-out drilling at the West Zone.
| Hole # | Depth From (m) | Depth To (m) | Core Length (m) | Est'd True Width (m) | Au (g/t) | Ag (g/t) | Cu% | Mo (ppm) | Au Eq (g/t) | |||||||||
| IAX-13-237 | 426.50 | 510.00 | 83.50 | 58.21 | 0.32 | 0.78 | 0.17 | 40.68 | 0.62 | |||||||||
| including | 429.50 | 450.00 | 20.50 | 14.22 | 0.36 | 0.89 | 0.26 | 31.46 | 0.80 | |||||||||
| including | 487.00 | 500.00 | 13.00 | 9.10 | 0.41 | 0.83 | 0.18 | 45.35 | 0.71 | |||||||||
| including | 491.00 | 495.00 | 4.00 | 2.80 | 0.49 | 0.89 | 0.23 | 75.35 | 0.90 | |||||||||
| including | 505.00 | 509.00 | 4.00 | 2.81 | 0.64 | 0.75 | 0.19 | 5.08 | 0.97 | |||||||||
| IAX-13-238 | 311.50 | 424.30 | 112.80 | 65.54 | 0.37 | 0.83 | 0.23 | 94.49 | 0.76 | |||||||||
| including | 312.50 | 375.00 | 62.50 | 35.70 | 0.38 | 1.11 | 0.32 | 124.29 | 0.94 | |||||||||
| including | 349.30 | 354.30 | 5.00 | 2.90 | 0.70 | 2.16 | 0.58 | 360.10 | 1.70 | |||||||||
| including | 361.30 | 366.30 | 5.00 | 2.94 | 0.66 | 1.72 | 0.44 | 184.34 | 1.43 | |||||||||
| including | 390.00 | 399.00 | 9.00 | 5.34 | 0.60 | 0.58 | 0.16 | 138.02 | 0.89 | |||||||||
| including | 393.00 | 398.00 | 5.00 | 2.96 | 0.80 | 0.73 | 0.20 | 86.95 | 1.14 | |||||||||
| Note: | Au Eq is Gold Equivalent, equal to the grade of gold plus the grade of copper where the copper grade has been converted to a gold grade of equivalent value based on gold price of $1325/oz. and copper price of $7.40/kg |
The West Zone was initially discovered in mid-2012, after the Company issued its first National Instrument 43-101 compliant Resource estimate in (see Press Release March 27, 2012), through step-out drilling along strike west of the Current Resource in the Akasaba Mine area. The Company completed 17,723 m of drilling in the zone, and filed an updated resource estimate, which included the West Zone, on SEDAR in March of 2013. The subsequent resource estimate represented an increase of 9% for the Indicated Resources and a 263% increase in the Inferred Resources in less than 1 year. Current Resources now stand as shown in Table 2 below.
Alexandria is currently drilling a 10,000 m program, with focus on step-out drilling on its Akasaba and adjacent properties. The principal aim of this program is to test shallow to medium depth Akasaba-like targets on the Company's Akasaba and Valdora projects, as well as further afield. Digitization of historical data has allowed Company geologists to prioritize drill targets on the broader Cadillac Break property package. Seven (7) drill holes have been already drilled for a total of 3,600m. Assays are pending for five (5) of those holes. A remaining 3,145m should be drilled before year's end.
Table 2. National Instrument 43-101 compliant resources at Akasaba, including the West Zone (from March, 2013, by QP Christain d'Amours of Geopointcom)
| Indicated Resources | Inferred Resources | |||||||||||||||||
| Zone | Tonnage | Au Grade (g/t) | Contained Gold (oz.) | Tonnage | Au Grade (g/t) | Contained Au (oz.) | Cu Grade (%) | Contained Cu (Kg) | Cu value in Au Eq (oz.)(1) | Total Au Eq (oz.) (Au+Cu)(2) | ||||||||
| Underground | 653,929 | 5.79 | 121,657 | 1,537,973 | 5.51 | 272,385 | 272,385 | |||||||||||
| Main Pit(1) | 3,009,214 | 1.37 | 132,475 | |||||||||||||||
| Satellite Pit(1) | 285,374 | 1.76 | 16,153 | 16,153 | ||||||||||||||
| West Zone Pit | 14,863,740 | 0.69 | 332,074 | 0.41 | 61,255,885 | 342,108 | 674,182 | |||||||||||
| Totals | 254,132 | 620,612 | 61,255,885 | 342,108 | 962,720 | |||||||||||||
| Notes: | |
| (1) | Copper has been converted to an equivalent amount of gold ounces (Au Eq, Gold Equivalent) using a copper price of $7.40/kg and a gold price of $1,325/oz. |
| (2) | Total Au Eq equals contained gold ounces plus copper expressed as described in note 1. |
In other matters, Alexandria's management and Board of Directors wishes to thank Declan Costelloe, who was not re-elected as a Board Member at the Company's Annual General Meeting in October, for several years of diligent work and effort for the Company. Mr. Costelloe was an early Board member and shareholder of Alexandria Minerals, joining the board before the Company's IPO in 2006. Management and the Board wish him well in his endeavors.
Program design, management, and Quality Control/Quality Assurance are governed by Alexandria's exploration group of which Peter Legein, P.Geo, is the Company's Qualified Person. Mr. Legein has 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/pages/Alexandria-Minerals-Corporation-AZXTSXV/186115074772628
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.
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.
Contact Information:
Eric Owens, PGeo
President/CEO
416-363-9372
info@azx.ca
www.azx.ca