Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D
PINKSHEETS : ALXDF

Alexandria Minerals Corporation

October 08, 2013 09:00 ET

Alexandria Begins Drilling at Akasaba, Val d'Or, Quebec

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2013) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D)(PINKSHEETS:ALXDF) is pleased to announce that it has commenced a 7,465m drill program on its Akasaba project, one of four historic gold deposits located on the Company's 35 km-long Cadillac Break Property package in Val d'Or, Québec. The drill program will focus on Alexandria's continued goal of expansion of the gold-copper resource on its Akasaba project, and exploration for Akasaba-style targets on adjacent properties through step-out drilling.

The Akasaba project currently hosts Indicated Resources of 254,132 ounces of gold and Inferred Resources of 620,612 ounces of gold and 61,255,885 kilograms (135,046,110 pounds) of copper; 70% of these resources are hosted in two near-surface, potentially open pittable areas, the West Zone Pit and the Main Pit, as delineated in the table below (originally released on February 7, 2013):

Indicated Resources Inferred Resources
Zone Tonnage Au Grade (g/t) Contained Gold (oz.) Tonnage Au Grade (g/t) Contained Au (oz.) Cu Grade (%) Contained Cu (Kg) Cu in Gold Equiv. (oz.)2
Underground 653,929 5.79 121,657 1,537,973 5.51 272,385
Main Pit1 3,009,214 1.37 132,475
Satellite Pit1 285,374 1.76 16,153
West Zone Pit 14,863,740 0.69 332,074 0.41 61,255,885 342,108
Totals 254,132 620,612 61,255,885 342,108
Note (1): Resources from the Main Pit and Satellite Pits are unchanged from 2012.
Note (2): Gold Equivalent (Gold Eq.) calculated from copper resources using Au price of U.S.$1,325/oz. and copper price of $7.40/kg (US$3.66/lb).

The current round of drilling will be focusing on the following three target areas:

The West Zone: Five drill holes will test the moderately deep down-plunge and shallow along-strike (to the east) potential as follow-up to last Spring's drill results, including hole IAX-13-132, which intersected 0.53g/t Au and 0.30%Cu for 1.05g/t Gold Equivalent ("AuEq") over 52.19m True Width ("TW") (see Press Release, April 9, 2013).

The Central Zone: The Central Zone is comprised of the 800m of strike length along the Akasaba Mine Trend which lies between the West Zone Pit resources and the Main Pit resources. Prior drilling by Alexandria along this zone has intersected significant gold and copper mineralization, including DDH IAX-10-119, with 1.45 g/t Au and 0.25% Cu over 34.40m TW (1.88 g/t AuEq) and IAX-11-166, with 0.97 g/t Au and 0.12% Cu over 12.55 m TW (1.18 g/t AuEq) (See Press Release, February 15, 2011). A total of five step-out holes are planned beneath past drill holes and down plunge from the Akasaba Mine zone.

North Zone: Six step-out drill holes are planned for the North Zone, an en echelon gold-copper bearing structure 150 m north of the main Mine trend. Alexandria has recently had drilling success along this zone, including DDH IAX-12-199, on the east end of the zone, which intersected 1.44 g/t Au over 21.25 m TW; and IAX-12-223, on the west end of the zone, which intersected 0.26 g/t Au and 0.18% Cu (0.57 g/t AuEq) over 26.73 m TW (See Press Release July 24, 2013).

Additional in-fill drilling has been planned and permitted for the West Zone and may be drilled at any time. Further drill targeting, planning and permitting are underway for targets to the north of the Akasaba gold trend on the Valdora project where numerous low- and high-grade gold zones have been intersected by shallow-level historic drilling.

Program design, management, and Quality Control/Quality Assurance are governed by Alexandria's exploration group of which Eric Owens, P.Geo, is the Company's Qualified Person. All exploration work on the property is conducted under the direct supervision of Emilie Batailler, P.Geo. Mr. Owens and Ms. Batailler have reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company's website or on www.sedar.com.

Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:

Facebook: https://www.facebook.com/pages/Alexandria-Minerals-Corporation-AZXTSXV/186115074772628

Twitter: https://twitter.com/azxmineralscorp

YouTube: http://www.youtube.com/AlexandriaMinerals

Flickr: http://www.flickr.com/alexandriaminerals/

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. Global gold resources are distributed between three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.

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
    Investor Relations
    (416) 577-9927

    Alexandria Minerals Corporation
    Eric Owens
    President/CEO
    416-363-9372
    info@azx.ca
    www.azx.ca