Alexandria Minerals Corporation

Alexandria Minerals Corporation

December 10, 2009 07:00 ET

Alexandria Reports Drilling Progress at Akasaba

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports that it has completed 8 of 11 planned drill holes on its Akasaba property in Val d'Or, Quebec, totaling 1,450 m (out of a total 2,500 m planned). Assay results are pending. The Company plans to follow up this programme with a second 2,500 m drill programme in early 2010.

Work to-date on the property includes its first successful round of drilling earlier this year (see Figure 1 below), which extended subsurface gold mineralization to 300 m deep and 300 m further to the east. Geophysical and geological surveys and trenching and channel sampling followed the first round of drilling, all of which provided the basis for the current round of drilling. Trench results along the Mine Horizon show local high grade gold mineralization (up to 14.7 g/t Au over 0.63 m) in a broader envelope of widespread lower grade gold mineralization, extending up to 900 m away along strike from the mine site (Press Release, September 10, 2009). In addition, a second horizon ("North Zone") has been identified by mapping and trenching.

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

Drill holes so far completed in the current round of drilling have tested the North Zone, the Mine Horizon 400 to 600 m west along strike with the mine, and in the vicinity of the mine. The remaining holes will test subsurface extensions of the gold zones in the mine area.

In other matters, the Company is currently in progress with a Preliminary Economic Assessment ("PEA") of its Orenada gold deposit located 12 km west of the Akasaba property. The study will consist of two phases: the first phase will evaluate a stand-alone operation, the second phase will focus on an outsourced (contract mining, custom milling) operation. Results of phase 1 of this study will be released early in the new year, to be followed by the phase 2 study.

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The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Eddy Canova, PGeo, and Dr. Eric Owens, PGeo. There is no Current Resource as defined by National Instrument 43-101 on the Akasaba Property, and there is no guarantee that an economic gold deposit exists. Further work by Alexandria and an Independent Qualified Person will be required to bring the data into compliance.

The sampling 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 office to a maximum of 1.5 meters in length. 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
    Alexandria Minerals Corporation
    Eric Owens
    (416) 363-9372
    Alexandria Minerals Corporation
    Matt Morrish
    (416) 363-9372