Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

July 08, 2009 09:46 ET

Alexandria Discovers New Gold-Bearing Zones at Akasaba

TORONTO, ONTARIO--(Marketwire - July 8, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reported today that its surface sampling and mapping program has identified at least two new potential gold targets on its Akasaba property in Val d'Or, Quebec, with rock chip grab samples assaying up to 13.85 g/t Au.

Samples taken from surface outcrops within geophysical anomalies (combined high magnetism and chargeability) from two sites, located 500 meters northeast and 300 m NE of the Akasaba Mine, assayed 4.58 g/t Au and 6.31 g/t Au, and 13.85 g/t Au. These anomalies are distinct and separate from those which occur at the historic mine, but are roughly parallel to the mine zones. Some of the results from the program are presented below:



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Sample Au Ag Cu
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Number g/t ppm %
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922827 1.48 3 0.18
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922830 6.31 2 0.15
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922832 1.00 10 0.45
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922833 4.58 15 0.44
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922909 2.69 3 0.07
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922752 13.85 3 0.22
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922748 1.53 2 0.17
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Alexandria President Eric Owens, said, "These successful results bolster our decision to focus our exploration activities on the Akasaba project. These data show that gold is more widespread than previously known, and verify certain geophysical characteristics of potential ore-bearing zones. The next step now is to formulate a drill plan, which will be aided by these results. We anticipate beginning our drilling program in late August or early September."

The Akasaba property is host to the formerly-producing Akasaba Mine, where high grade gold occurs in four principal sulfide-rich lenses. About 50,000 ounces of gold were mined from underground operations down to a 90 meter depth on the southernmost lens during the early 1960's, with an average grade of 5.4 g/t. The Company showed the growth potential of the deposit earlier this year in its first round of drilling by intersecting high grade gold 100 m below the known (historic) gold zones, including 24.50 g/t over a core length of 1.3 m, part of a broader zone grading 4.22 g/t Au over a core length of 10.53 m (see press release April 30, 2009).

In other matters, the Company is in the final stages of completing a National Instrument ("NI") 43-101-compliant resource estimate for its Orenada deposit, located 15 km west of Akasaba. Alexandria expects this study to be completed over the next few weeks.

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. The surface sampling program is consistent with industry best practices, but there is no guarantee that an economic gold deposit, as defined by NI 43-101, underlies the property. More work by an independent Qualified Person ("QP") will be required in order to bring the property into compliance with resource definitions in NI 43-101. 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.

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

Contact Information

  • Alexandria Minerals Corp.
    Andreas Curkovic
    (416) 577-9927
    or
    Alexandria Minerals Corp.
    Eric Owens
    (416) 363-9372
    www.azx.ca