Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

May 26, 2009 10:29 ET

Alexandria Expands Akasaba Gold Zone, Intersects 57.23 g/t Gold Over 0.50 m

TORONTO, ONTARIO--(Marketwire - May 26, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) has intersected multiple zones of gold mineralization at the historic Akasaba mine area in Val d'Or, with a principal target interval of 2.77 g/t Au (uncut) over 18.90 m (9.45 m true width), including 57.23 g/t Au and 0.63% Cu over 0.50 m (0.25 m true width).

Diamond drill hole IAX-09-54 intersected the target zone, Lens D, at a vertical depth of approximately 330 m about 200 m east of previously announced drill hole IAX-09-53, which intersected 4.22 g/t Au over 10.35 m (see Press Release April 30, 2009). Several other mineralized intervals were intersected above and below the target zone, including 8.69 g/t Au over 0.60 m at 500 m depth, and 2.91 g/t Au over 2.10 m at 100 m depth. The results support the historic data which indicate multiple east-west trending, gold-bearing sulfide zones, and show that there is considerable potential for increasing the size of this historic deposit. For more information on the Akasaba property please click on the following link: http://www.azx.ca/akasaba.asp



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Estimated
Core True
Hole # From (m) To (m) Au (g/t) Length (m) Width (m)
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IAX-09-54 89.75 92.35 1.01 2.60 1.67
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Incl 89.75 90.85 2.34 1.10 0.71
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98.85 100.95 2.91 2.10 1.35
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331.60 366.50 1.59 34.90 22.44
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Incl 346.20 365.10 2.77 18.90 9.45
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and 351.80 353.30 7.31 1.50 0.75
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and 361.45 361.95 57.20 0.50 0.25
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386.75 390.55 0.53 3.80 2.44
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409.30 412.60 1.04 3.30 1.65
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466.25 469.05 0.55 2.80 1.80
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492.85 500.05 1.17 7.20 4.63
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Incl 499.45 500.05 8.69 0.60 0.39
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532.75 535.10 0.41 2.35 1.80
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Gold at Akasaba is hosted in four main, east-west trending, semi-massive sulfide lenses. Lens A, the southernmost lens, was partially mined via underground operations to a depth of 100 m in the early 1960's, and produced approximately 50,000 ounces of gold at an average grade of 5.2 g/t. Historical drilling within the other 3 main lenses (B, C and D) reveals substantial grades and widths, such as 18.12 g/t Au over 9.8 m, 56.57 g/t Au over 1.2 m and 39.62 g/t Au over 4.5 m. All zones are open below 150 m depth, as well as along strike.

Alexandria is in the process of compiling the historic data from the Akasaba surface and underground mine, and has embarked on a surface mapping and prospecting programme, in order to plan future drilling activities. The Company recently completed an encouraging Induced Polarization survey over the property which will further aid in mapping and drill targeting. The Company's goal is to verify and enlarge the historic resource and bring it to a National Instrument 43-101 compliant resource estimate over the next 6-12 months.

Hole locations and other data on the Cadillac Break Properties can be viewed on an interactive map on the Company's website, or by pasting or clicking the following link: http://www.gisready.com/alexandriaWEBdata/default.aspx.

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

  • Alexandria Minerals Corporation
    Eric Owens
    (416) 363-9372
    or
    Alexandria Minerals Corporation
    Matthew Morrish
    (416) 363-9372
    info@azx.ca
    www.azx.ca