Alexandria Minerals Corporation

Alexandria Minerals Corporation

April 15, 2010 11:32 ET

Alexandria Continues to Expand Akasaba Property Intersecting 17.33 g/t Au Over 1.5m in Latest Drilling

TORONTO, ONTARIO--(Marketwire - April 15, 2010) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports today that it has intersected a visible gold-bearing interval assaying 17.33 g/t Au over 1.5 m core length, including 26.30 g/t over 0.7 m, from its 7 hole, 2,500 m drilling programme completed in early April on its Akasaba project in Val d'Or, Quebec. Assays are still pending for 5 of the remaining holes.

The recently completed drill programme was focused on two tasks: 1) filling in gaps between previous gold- bearing holes and 2) enlarging the gold zone to the east of the mine area. Drill Hole IAX-10-71, located in the vicinity of the mine area (200 m east of the shaft) was drilled as a fill-in hole, and intersected multiple gold bearing zones (see Table 1 below), consistent with the four historically defined, sub-parallel gold lenses in the mine area.

Eric Owens, President and CEO of Alexandria Minerals, said, "To date we have been focusing on the northernmost D lens, but we are pleased to see that hole 71 shows that the other three lenses also have potential. We intend to continue to fill in necessary gaps, as well as expand this deposit, in order to take it to a 43-101 resource estimate later in the year."

Table 1. Significant assays for diamond drill holes at Akasaba.

Hole # From (m) To (m) Length (m) Est. True Width (m) Au (g/t)
IAX-10-67 93.40 94.30 0.90 0.70 0.66
IAX-10-67 206.35 207.35 1.00 0.75 0.77
IAX-10-67 274.70 276.20 1.50 1.25 3.51
IAX-10-67 285.40 286.00 0.60 0.50 0.52
IAX-10-70 243.60 244.30 0.70 0.60 1.98
IAX-10-70 249.75 250.75 1.00 0.80 2.67
IAX-10-70 281.25 282.25 1.00 0.80 1.57
IAX-10-71 54.30 55.50 1.20 1.00 0.96
IAX-10-71 159.00 160.50 1.50 1.30 0.91
IAX-10-71 276.60 292.30 15.70 10.09 1.83
IAX-10-71 incl. 288.40 292.30 3.90 2.80 4.16
IAX-10-71 299.20 305.60 6.40 4.11 1.44
IAX-10-71 incl. 300.00 301.40 1.40 1.20 3.40
IAX-10-71 327.00 328.50 1.50 1.00 17.33
IAX-10-71 336.00 341.60 5.60 3.60 2.25
IAX-10-71 incl. 339.90 341.10 1.20 0.77 6.95

DDH IAX-10-70, also drilled in the vicinity of the mine area likewise intersected multiple zones, filling in a gap between 2 historic holes, yielding up to 2.67 g/t Au over 1.00 m. DDH IAX-10-67, completed during the last drill programme, tested a strongly downhole geophysical anomaly 300 m west of the mine. The hole intersected widespread sulfides in high concentrations, principally pyrrhotite up to 20%, and intersected up to 3.51 g/t over 1.50 m.

Two other holes, DDH IAX-10-68 and 69, also completed in the last programme, were exploration holes which tested IP anomalies 500 m south of the mine. No significant gold assays were encountered.

In other matters, the Company has hired Sascha Opel at SIGOREX MANAGEMENT GMBH of Frankfurt, Germany to provide Investor Relations services for the Company. Sascha will work with the Company to establish and maintain a targeted marketing campaign and distribute information to shareholders, brokers, fund managers and high net worth investors with focus in Europe. Compensation for these services will be an initial fee of EUR 10,000 (EUR) and EUR 5,000 (EUR) per month for the next 12 months and subject to stock exchange approval. In addition, the company has approved 200,000 incentive stock options to Sascha exercisable at a price of $0.20 for a period of 2 years, subject to approval by the stock exchange.

There is no prior relationship between Sascha Opel and Alexandria Minerals Corporation, nor is there any prior direct or indirect interest in Alexandria Minerals Corporation or its securities or any right to acquire such an interest, on the part of Sascha Opel.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Jared Beebe, PGeo, and Dr. Eric Owens, PGeo. These results have not been verified by an Independent Qualified Person ("QP") and therefore should not be relied upon except for their exploratory value. There is no Current Resource underlying the Akasaba property as defined by National Instrument 43-101, and no guarantee that an economic gold deposit is present. Further work by Alexandria and an Independent QP will be required to bring the data into compliance with NI 43-101.

The Company's sampling protocol has been outlined in previous press releases, and additional information is available by request. Because of the concern of a "nugget effect", it is worth noting that the company routinely re-checks its assay results, and where re-checked assays vary by greater than 10%, the samples are subjected to a metallic screen assay technique whereby a 1 kg separate of the original sample is screened to a 30 g aliquot prior to a FA gravimetric finish.

About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest property packages along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing two of its gold projects, Orenada and Akasaba, with the goal of seeing one or more of these go into production. The Company has recently announced a strategic equity placement by Agnico-Eagle Mines Ltd., one of Canada's premiere gold mining companies who have three gold mines along the same trend.

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

  • Alexandria Minerals Corporation
    Andreas Curkovic
    Investor Relations
    (416) 577-9927
    Alexandria Minerals Corporation
    Eric Owens