Alexandria Minerals Corporation

Alexandria Minerals Corporation

March 03, 2010 08:00 ET

Alexandria Continues to Delineate Gold Mineralization at Akasaba

Begins Phase II Drilling

TORONTO, ONTARIO--(Marketwire - March 3, 2010) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports today that it has intersected 15.9 g/t Au over 0.3 m (core length) and, in a separate hole, 1.12 g/t Au over 19.70 m, from its recently completed 2,500 m drill programme on its Akasaba project in Val d'Or, Quebec. The Company has also begun its next round of drilling at Akasaba.

The high-grade intersection in DDH IAX-09-65 (Figure 1), located 400 m east of the past-producing Akasaba Mine, is the deepest yet on the property, at 457 m vertical depth. Unlike prior ore-grade intersections, which are hosted principally in sulfide-rich basalt and mafic tuff, this intersection is hosted in diorite with less than 1% sulfides. Together with anomalous intersections in diorite and dacite from previous holes to the west (#53 and 54), it appears to delineate a new vein south of the main target in the Mine Horizon.

Two hundred meters west of the mine, DDH IAX-09-66 intersected 1.12 g/t Au over 19.70 m at 100m vertical depth. Previously reported drill holes and trenches from this western area, up to 600 m west of the mine, show evidence of broad, shallow level mineralization over substantial widths: up to 1.00 g/t Au over 28.60 m and 1.30 g/t Au over 13.30 m in drill holes and 0.74 g/t Au over 23.3 m and 1.79 g/t over 13.5 m in trenches (Figure 1).

Eric Owens, President and CEO of Alexandria Minerals, said, "The continuity of gold mineralization along the main Mine Horizon continues to impress us, and we are very pleased that as we go deeper we continue to encounter high grades. We plan to further explore the property and deliver a resource estimate later this year."

To view Figure 1, please click on the following link:

The Company is still awaiting results from the final hole along the main Mine Horizon, DDH IAX-10-67, and has begun a second 2,500 m drill program, with an emphasis on the Akasaba mine area. Target selection has been designed to both enlarge the previously identified gold zones as well as fill-in the larger gaps between mineralized holes.

In other matters, the Company has granted an aggregate of 519,000 incentive stock options exercisable at a price of 15 cents for a period of 3 years. Of these, 70,000 have been granted to an officer of the Company and the remainder have been issued to employees and a consultant.

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 are not yet compliant with National Instrument ("NI") 43-101, as they have not been reviewed by an Independent Qualified Person ("QP"). There is no Current Resource underlying the Akasaba property as defined by NI 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 lines with NI 43-101.

The drilling program employs a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Drill core is NQ-sized, and is logged, sampled and split at the Company's Val d'Or facilities, in intervals of 1.0 meters to 1.5 meters. The samples are recorded, bagged and sent to ALS Chemex Labs in Val-d'Or for preparation and assay. Samples are analyzed for Au, Ag, Cu and Zn, via a 30 gram pulp by FAA for Au and AA for Ag, Cu and Zn. Re-assays by FA gravimetric finish are performed on samples assaying greater than 1.0 g/t Au and re-assays greater than 5.0 g/t Au are checked a second time by FA gravimetric finish. Where re-checked assays vary by greater than 10%, the samples may be 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.

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