Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

February 10, 2010 08:00 ET

Alexandria Releases Further Drill Results and Expands Gold Mineralization at Akasaba

TORONTO, ONTARIO--(Marketwire - Feb. 10, 2010) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports that it has intersected both higher grade, and shallow, wide low grade, gold mineralization, including 1.00 g/t Au over 28.60 m and 6.00 g/t Au over 1.00 m (core lengths) on its Akasaba property, in Val d'Or, Quebec.

Assay results from DDH IAX-09-62 (Figure 1 and Table 1), which intersected the main Mine Horizon 650 m west of the Akasaba mine shaft, between 59 m and 85 m vertical depth, shows that gold mineralization occurs over a strike length of more than 900 meters along the Mine Horizon. The intersection of 1.00 g/t Au over 28.60 m, including 5.42 g/t Au over 1.40 m, opens up a new area of shallow-level gold mineralization on the property.

A second hole, DDH IAX-09-63, drilled in the vicinity of the mine area, tested shallow level mineralization, and acted as both a check on historical data and a filling-in of a gap in nearby historical results. The drill hole intersected up to 6.00 g/t Au over 1.00 m as well as 5.48 g/t Au over 1.40 m, in addition to a separate broader zone grading 1.84 g/t Au over 6.70 m, all above 40 meters vertical depth, verifying the multiple zones identified in the historical data.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/azx210m1.pdf

Eric Owens, President and CEO of Alexandria Minerals, said, "We are excited by the similarities we are encountering between Akasaba and other gold-rich VMS-style deposits in the region, notably the 9 million ounce La Ronde deposit, as well as the Horne Mine in Noranda, a copper mine that produced some 14 million ounces of gold. These similarities are further apparent because we are seeing strongly anomalous copper, silver, zinc and molybdenum values."



Table 1. Selected Drill Results, Akasaba Project
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Hole # From (m) To (m) Length (m) Est. Width (m) Au (g/t) Cu (%)
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IAX-09-62 71.20 99.80 28.60 22.80 1.00 0.22
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incl. 79.80 81.20 1.40 0.90 5.42 -
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and 85.35 94.50 9.15 7.80 1.58 0.09
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143.50 152.80 9.30 5.98 0.36 0.16
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IAX-09-63 40.70 47.40 6.70 5.23 1.84 -
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incl. 42.40 45.30 2.90 2.22 2.84 -
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50.80 54.00 3.20 2.45 3.27 -
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incl. 52.30 54.00 1.70 1.30 5.48 -
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83.30 84.00 0.70 0.45 1.49 -
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90.10 91.40 1.30 0.84 1.58 -
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100.40 101.40 1.00 0.50 2.22 -
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115.65 122.15 6.50 3.45 1.09 -
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152.40 153.40 1.00 0.90 6.00 -
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156.30 157.75 1.45 1.00 1.88 -
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Assay results are pending for the six remaining holes on the property, 4 along the Mine horizon, and 2 off-horizon holes which tested geophysical anomalies. The Company is planning its next round of drilling at Akasaba, scheduled for a late February or early March start-up.

In other activities, the first phase Preliminary Economic Assessment ("PEA") at Orenada is undergoing a final review by RSW Inc., the independent firm completing the study, as well as by Alexandria personnel. This phase, which will consider a stand-alone production operation at Orenada, will serve as a basis for future activities at the gold deposit, which the Company firmly believes has the potential to be enlarged significantly. A second phase PEA, which will examine an outsourced mining option, is scheduled to begin shortly.

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; 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 compliance.

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 0.3 meters to a maximum of 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.

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
    or
    Alexandria Minerals Corporation
    Eric Owens
    416-363-9372
    info@azx.ca
    www.azx.com