Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

October 08, 2009 12:39 ET

Alexandria Mapping Program Finds More Evidence For Gold at Matachewan with 7.90 g/t Gold at Surface

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports today on the results of its recent surface mapping and sampling programme on its Matachewan property in Ontario, which includes a grab sample assaying 7.90 g/t Au.

The exploration programme sheds further light on the geological environment in the southeastern part of the property, this portion of which is held jointly with Carmax Explorations Inc. Of the 170 grab samples taken over 8 claims, 4 assayed between 0.89 g/t Au and 7.90 g/t Au, all occurring within syenite or at the contacts between syenite and volcanic rocks. This geology is similar to that at the adjacent Young-Davidson gold project of Northgate Minerals Corporation, which hosts Proven and Probable Reserves of 2.8 million ounces of gold, principally in syenite (see Northgate website).

This area of Alexandria's property is underlain mainly by interleaved syenite and basaltic volcanic rocks and tuffs, with extensive potassic alteration, quartz veining and pyrite. Strong coincident Induced Polarization and magnetic anomalies further characterize the anomalous area. Alexandria previously intersected 3 separate gold-bearing intervals in a drill hole completed in early 2008, between 165.5 m and 191.0 m downhole, assaying 2.25 g/t Au over 6.0 m, 4.14 g/t Au over 1.5 m, and 5.34 g/t Au over 1.5 m (Press Release June 18, 2008).

Eric Owens, President of Alexandria, said, "During the past year we have had encouraging success at several projects, including Matachewan, across the breadth of our large Cadillac Break property portfolio. We now have significant development options and we will analyse all recent results in order to focus on the projects that have the most potential."

Alexandria's Matachewan property is located along the Cadillac-Larder Lake Break, about 3 km east of Northgate's Young Davidson gold project, and about 40 km southwest of Kirkland Lake, Ontario, which has produced some 33 million ounces of gold from mines such as the Wright-Hargreaves, Kirkland Lake and Macassa mines, all near the Cadillac-Larder Lake Break. In total, Alexandria's property extends for 10 km along the "Break" with several geophysical and geological targets, as well as targets generated by past explorers, which the Company will be evaluating for future work.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Mr. Eddy Canova, PGeo and Dr. Eric Owens, PGeo. There is no Current Resource on this property as defined by NI 43-101, and there is no guarantee that an economic gold deposit underlies the properties. More work by an independent Qualified Person ("QP") will be required in order to bring the properties into compliance with resource definitions in NI 43-101. The surface sampling program is consistent with industry best practices and the Company's QA/QC programme continues to be adhered to: 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.

Alexandria Minerals Corp. is a Toronto–based mineral exploration and development company, focused on the exploration for precious metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

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
    416-577-9927
    or
    Alexandria Minerals Corporation
    Eric Owens
    416-363-9372
    or
    Alexandria Minerals Corporation
    Matt Morrish
    416-363-9372
    www.azx.ca