Alexandria Minerals Corporation

Alexandria Minerals Corporation

April 30, 2009 11:35 ET

Alexandria Intersects 24.50 g/t Gold Over 1.30 m in First-Pass Drilling at Akasaba Mine Area, Val d'Or

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) is pleased to report that it has intersected 4.22 g/t Au over 10.35 m (8.48 m true width), including 24.50 g/t Au over 1.30 m (1.03 m true width) in drill hole IAX-09-53, at the historic Akasaba Mine located 15 km east of Val d'Or on the Company's Cadillac Break properties.

Assay results from the first two of three holes drilled at the past-producing gold mine show the potential for finding significant gold beyond that delineated by historic drilling. DDH IAX-09-53 tested the down-plunge extension of gold mineralization in Lens D, the northernmost gold-bearing lens at Akasaba, intersecting the target zone 100 m deeper than the nearest historic drill hole, from 308.20 m to 318.55 m downhole, vertically 250 m below the surface.

Gold is hosted in four principal, east-west trending, semi-massive sulfide lenses at Akasaba. 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.

The Company's first hole, DDH IAX-09-52, was a verification hole which tested shallow historic drill results in Lens D. The hole intersected wide zones of anomalous gold mineralization over several intervals in the hole, up to 0.58 g/t Au over 13.25 m, including 2.35 g/t Au over 1.85 m. Results are pending for the third hole.

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:

The Akasaba Mine is one of three principal historic gold deposits on Alexandria's 35 km long Cadillac Break Properties in Val d'Or, Quebec. The Company has substantially increased the size of the other two historic gold deposits, Orenada and Sleepy, and these are currently undergoing National Instrument 43-101-compliant technical reviews and resource estimates. The Company began its own thorough review of the Akasaba data in late 2008, and commenced on a first pass, 3-hole drilling programme during the first quarter 2009.

Alexandria seeks to bring Akasaba into compliance with National Instrument 43-101 regarding resource estimates, as the historic deposit is near surface and therefore relatively easy to access. This will require further drilling on the project, both confirmation and exploration. In addition, the Company is reviewing a recent Induced Polarization and magnetic survey on the property, and is conducting down-hole Electromagnetic surveys in order to aid in drill hole targeting.

In other matters, the company has granted an aggregate of 1,934,000 incentive stock options exercisable at a price of 10 cents. Of these, 1,880,000 are exercisable for a period of 5 years, of which 1,755,000 have been granted to the company's directors and officers. The remainder have been issued to employees and consultants, 54,000 of which are exercisable for three years.

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 reassays 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
    Alexandria Minerals Corporation
    Matthew Morrish
    (416) 363-9372