Alexandria Minerals Corporation

Alexandria Minerals Corporation

February 17, 2010 10:49 ET

Alexandria Expands High Grade Gold Zone at Akasaba, Val d'Or, Quebec

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2010) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports today additional drill results from its ongoing program at the Akasaba Mine area on its Akasaba property in Val d'Or, Quebec. Highlights of the results include hole IAX-10-64 that has intersected 20.48 g/t Au over 3.30 m (Core Length), including a visible gold-bearing interval of 45.60 g/t Au over 1.00 m.

Hole IAX-09-64 (Figure 1 and Table 1) extends high grade subsurface gold mineralization 100 m east of previously known mineralization in Lens D, the northernmost of the four principal lenses identified during the mine's operating period in the early 1960's. Nearest historic results from the zone include 39.62 g/t Au over 4.5 m and 13.64 g/t Au over 4.3 m.

Eric Owens, President and CEO of Alexandria Minerals, said, "In addition to the welcome high grades encountered, the most important aspect of these results is that we have enlarged the gold zone considerably with just one hole. These results guide our efforts for the next phase of our drill program and increase our confidence in Akasaba's future potential."

To view figure 1 please visit the following link:

In addition to the Lens D zone, the drill hole intersected at least one other significant zone between 267.50 m and 270.30 m downhole: 1.25 g/t Au over 2.80 m, including 4.23 g/t Au over 0.55 m. This supports the historic information which indicates multiple gold-bearing lenses underlying the mine area.

Table 1. Selected Drill Results, DDH IAX-09-64, Akasaba Project

         Est. True  Au (g/t)    
  From (m) To (m) Length (m)  Width (m)  uncut  Ag (g/t)  Cu (%)
  123.55 125.00 1.45 0.93 0.63 - -
  187.70 191.00 3.30 2.12 20.48 3.87 0.17
  incl. 188.55 189.50 0.95 0.61 20.22 5.00 0.15
  and 189.50 190.50 1.00 0.64 45.60 6.90 0.32
  198.20 204.40 6.20 3.98 0.58 - -
  267.50 270.30 2.80 2.14 1.25 - -
  incl. 269.75 270.30 0.55 0.42 4.23 - -

Assay results are pending for the five remaining holes on the property, 3 along the Mine horizon, and 2 off-horizon holes which tested geophysical anomalies. The Company's next round of drilling is scheduled to begin in late February or early March start-up.

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. Historic results are not compliant with National Instrument ("NI") 43-101 and should not be relied upon; and 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 Qualified Person will be required to bring the data into lines with NI 43-101.

The Company's sampling protocol has been outlined in previous press releases, and additional information can be obtained by request. Because of the concern for 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.

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
    (416) 363-9372