Alexandria Minerals Corporation

Alexandria Minerals Corporation

June 08, 2009 12:26 ET

Aurizon Drills 9.0 g/t Gold over 1.0 m on Alexandria's Joannes Property, Quebec

TORONTO, ONTARIO--(Marketwire - June 8, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reported today that the Optionee on the southern half of its Joannes Township Property in Quebec, Aurizon Mines Ltd. ("Aurizon"), has drilled a new target on the claims, intersecting 3.0 g/t Au over 4.6 m, including 9.0 g/t Au over 1.0 m.

Gold mineralization in drill hole JA-09-490 was intersected between 135.0 to 139.6 m down-hole, and tested a combined Induced Polarization and magnetic geophysical anomaly about 300 m south of the Cadillac Break. A second hole, JA-09-485, testing the same anomaly about 600 m east, intersected 3.9 g/t Au over 1.1 m. The zone remains open to the east and west.

Alexandria's Joannes Township property consists of 39 claims which straddle 6 km of the Cadillac Break about 10 km west of IAMGOLD Corporation's Doyon-Mouska mine project, which has produced in excess of 5 million ounces of gold. Alexandria has optioned 19 claims comprising the southern half of its property to Aurizon, which lies next door to Aurizon's Joanna gold deposit, consisting of 1.5 million ounces of gold (Measured and Indicated) and 1.2 million ounces of gold (Inferred).

Aurizon can complete its option according to the following terms: 1) an initial cash plus share payment to Alexandria valued at C$400,000 (completed), 2) completion of exploration expenditures totaling C$650,000, and 3) a share payment to Alexandria valued at C$1.6 million due in December, 2010.

In addition to testing the South Zone, Aurizon completed 10 holes along a 1.5 km stretch of Cadillac Break, along strike with its Hosco gold orebody, located about 100 m west of Alexandria's claims. Aurizon intersected gold in 7 of the 10 holes, such as 2.1 g/t Au over 7.5 m, including 5.6 g/t Au over 1.5 m; 1.6 g/t Au over 7.5 g/t; and 5.4 g/t Au over 1.1 m. Aurizon has completed 15 holes to-date on the property, totaling 3,415 m.

Alexandria is currently earning a 50% interest from Xstrata plc on the other 20 claims of the Joannes property, which border the claims optioned to Aurizon on the north, after which these 20 claims will be held in a 50-50 Joint Venture with Alexis Minerals Corp. The Company is required to spend approximately $100,000 on exploration on these claims to complete its earn-in.

In other matters, the Company has hired Andreas Curkovic of Toronto to provide select and limited services for the Company. Andreas will work with the Company to establish and maintain a targeted marketing campaign and distribute information to shareholders, brokers, fund managers and high net worth investors. Compensation for these services will be $3,000 per month for the next 12 months and subject to stock exchange approval. In addition, the company will also issue 200,000 incentive stock options to Andreas exercisable at a price of $0.10 for a period of 2 years, subject to approval by the stock exchange. Fees payable to Mr. Curkovic will be paid from working capital.

There is no prior relationship between Andreas and Alexandria Minerals Corporation, nor is there any prior direct or indirect interest in Alexandria Minerals Corporation or its securities or any right to acquire such an interest, on the part of Andreas.

The Company has also issued a further 250,000 options to consultants of the Company, which are exercisable for 2 years at C$0.10.

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. Historic results are not compliant with National Instrument 43-101 and should not be relied upon, and there is no guarantee that an economic gold deposit underlies the property. 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 office, 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.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Andreas Curkovic
    Alexandria Minerals Corporation
    Eric Owens
    Alexandria Minerals Corporation
    Matt Morrish