Almaden Minerals Ltd.
TSX : AMM
NYSE Amex : AAU

Almaden Minerals Ltd.

May 26, 2011 09:01 ET

Further Almaden Step-Out Drilling Expands Ixtaca Gold-Silver Zone and Intersects More High-Grade Intervals

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 26, 2011) - Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM)(NYSE Amex:AAU) is pleased to announce results from holes TU-11-21 through 26 and TU-11-28 drilled on the Ixtaca zone and hole CA-11-01 the first hole drilled on the Caleva Zone which is located about 250 meters north from the Ixtaca zone, of its 100% owned Tuligtic property. These results extend the Ixtaca Zone mineralisation to roughly 550 meters along strike from the farthest southwest holes announced (holes TU-10-7,8 and TU-11-23) through the farthest northeast holes announced (hole TU-11-25). To the northeast shaley rock units were encountered which are a poor host rock for veins and in which the Ixtaca vein zone narrows. Holes TU-11-25 through TU-11-27 encountered these shaley units from surface. While narrower in the shaley units, the Ixtaca zone persists and exploration is now focussed on tracing the Ixtaca Zone to the northeast beyond hole TU-11-25 as well as to the southwest. The first hole designed to test the Caleva zone, CA-11-01, was drilled to the north (at 330 azimuth) but had to be stopped prematurely due to poor drilling conditions. Nevertheless this hole ended in a section of altered and veined dykes that look similar to those hosting mineralisation in the Ixtaca zone. This intersection confirms the presence of mineralisation outside of the Ixtaca zone as significant silver values were returned. This hole is thought to have been on the margin of a new mineralised zone to be tested with further drilling to the north. Highlights from the current group of assays include the following intercepts:

Hole TU-11-21:
133.34 meters @ 0.71 g/t gold and 48.9 g/t silver (1.7 g/t gold equivalent)
including69.19 meters @ 1.17 g/t gold and 79.9 g/t silver (2.8 g/t gold equivalent)
and1.05 meters @ 8.36 g/t gold and 734.8 g/t silver (23.1 g/t gold equivalent)
and1.28 meters @ 6.08 g/t gold and 593.9 g/t silver (18.0 g/t gold equivalent)
Hole TU-11-22:
81.55 meters @ 0.29 g/t gold and 24.2 g/t silver (0.80 g/t gold equivalent)
including40.55 meters @ 0.46 g/t gold and 38.9 g/t silver (1.2 g/t gold equivalent)
and1.82 meters @ 3.08 g/t gold and 305.6 g/t silver (9.2 g/t gold equivalent)
Hole TU-11-24:
18.81 meters @ 0.49 g/t gold and 31.7 g/t silver (1.1 g/t gold equivalent)
Hole TU-11-25:
64.00 meters @ 0.34 g/t gold and 14.6 g/t silver (0.60 g/t gold equivalent)
including10.60 meters @ 0.54 g/t gold and 49.4 g/t silver (1.5 g/t gold equivalent)
Hole TU-11-26:
1.12 meters @ 1.72 g/t gold and 438.3 g/t silver (10.5 g/t gold equivalent)
19.45 meters @ 0.31 g/t gold and 95.9 g/t silver (2.2 g/t gold equivalent)
20.70 meters @ 1.07 g/t gold and 41.8 g/t silver (1.9 g/t gold equivalent)
Hole CA-11-01:
20.10 meters @ 0.23 g/t gold and 3.6 g/t silver (0.3 g/t gold equivalent)
14.00 meters @ 0.30 g/t gold and 7.1 g/t silver (0.4 g/t gold equivalent)
0.95 meters @ 0.03 g/t gold and 98.3 g/t silver (2.0 g/t gold equivalent)
15.20 meters @ 0.02 g/t gold and 35.9 g/t silver (0.7 g/t gold equivalent)
including0.70 meters @ 0.04 g/t gold and 242.3 g/t silver (4.9 g/t gold equivalent)
Hole #From (m)To (m)Interval (m)Gold (g/t)Silver (g/t)Gold Eq (g/t)Silver Eq (g/t)
TU-11-21133.71271.05137.340.7148.91.784
including136.28205.4769.191.1779.92.8138
and150.11205.4755.361.3894.93.3164
and161.27162.731.464.25287.310.0500
and168.67169.721.058.36734.823.11153
and177.84183.085.241.93231.66.6328
and177.84179.902.063.32446.512.2612
and191.73193.651.920.94193.44.8241
and196.45197.731.286.08593.918.0898
and203.96205.471.512.63111.94.9243
and257.44270.7113.270.4529.01.052
TU-11-22112.90114.011.111.37245.66.3314
including155.84237.3981.550.2924.20.839
and155.84196.3940.550.4638.91.262
and171.68172.901.224.4730.35.1254
and180.81184.603.792.04176.35.6278
and180.81182.631.823.08305.69.2460
and207.16208.511.351.5589.23.3167
and230.22237.397.170.3528.20.946
TU-11-22293.25308.0714.820.7955.71.995
including293.25295.252.001.30305.57.4371
TU-11-2382.0083.801.800.6953.21.787
TU-11-23108.87134.0025.130.2915.80.630
including121.85122.230.385.53246.010.5523
and130.25130.660.414.61234.09.3465
TU-11-23175.70176.901.200.28129.22.9143
TU-11-2423.7542.5618.810.4931.71.156
TU-11-24143.70157.0013.300.2630.20.943
includes154.00155.101.101.62194.15.5275
TU-11-24165.00178.4513.450.3645.31.363
includes176.25178.452.201.08123.83.6178
TU-11-25208.00272.0064.000.3414.60.632
including260.00270.6010.600.5449.41.576
TU-11-2648.0063.0015.000.2814.60.629
TU-11-26125.88127.001.121.72438.310.5524
TU-11-26159.05178.5019.450.3195.92.2111
includes165.70173.958.250.40164.03.7184
TU-11-26231.67252.3720.701.0741.81.995
includes232.35236.003.652.07109.54.3213
and243.50245.001.501.91140.34.7236
CA-11-122.0042.1020.100.233.60.315
CA-11-158.0072.0014.000.307.10.422
CA-11-1326.07326.270.200.07580.011.7583
CA-11-1344.45345.400.950.0398.32.0100
CA-11-1354.00354.200.200.02267.05.4268
CA-11-1373.80389.0015.200.0235.90.737
including375.30376.000.700.04242.34.9244

J.D. Poliquin, Chairman of Almaden commented, "Drilling to date on the Ixtaca zone shows good continuity of mineralisation in both horizontal and vertical dimensions. We are very pleased with these new results which further expand the known strike and vertical extent of the Ixtaca zone of veining. We now have three drills on site, two of which are currently drilling the Ixtaca zone. The third drill will be used to test several additional targets located outside of the Ixtaca zone and thought to have the potential to host separate zones of veining." The Company anticipates drilling operations will continue throughout 2011.

Holes TU-11-21 and TU-11-22 were drilled on the same section located approximately 60 meters along strike to the northeast from the last reported section (holes TU-18, 20). Hole TU-11-24 was drilled from the collar of hole TU-11-21, 22 to the north (azimuth 330) to test the Ixtaca zone in this direction. Hole TU-11-26 was drilled approximately 110 meters along strike to the northeast from the last reported section and Hole TU-11-25 was drilled approximately 190 meters along strike to the northeast from the last reported section. Assays are awaited from hole TU-11-27 which was drilled on a section located approximately 160 meters to the northeast from the last reported section. Hole TU-11-23 was drilled to explore the down dip portion of veining encountered in hole TU-11-8 at the southwest end of the Ixtaca zone on section 250.

To view a plan map and relevant sections, please visit the following link: http://media3.marketwire.com/docs/amm526i.pdf.

The plan map, relevant sections and table of significant intervals will be posted to the Company's website (www.almadenminerals.com) along with complete tables of assays.

About the Ixtaca Property

The Ixtaca zone is a blind discovery made by the Company in 2010. The zone of veining is thought to have a north-easterly trend. Holes to date suggest that the zone is sub vertical with local variations. This interpretation suggests that true widths are approximately 60% of intersected widths. The drilling completed to date has traced mineralisation over 550 meters along this northeast trend. Based upon observations at surface and of core as drilling progresses, there seems to be a variety of veinlet orientations within the vein zone.

Registered professional geologist Jim Lunbeck, a qualified person ("QP") under the meaning of NI 43-101, is the QP and project manager of Almaden's 2011 Ixtaca program and reviewed the technical information in this news release. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy ("AAS"). Samples that return values greater than 10 g/t gold using this technique are then re analysed by fire assay but with a gravimetric finish. Silver is first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy ("ICP-AES"). Samples that return values greater than 100 g/t silver by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that return silver values greater than 1,500 g/t are further analysed by fire assay with a gravimetric finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden's quality assurance and control program which complies with National Instrument 43-101 requirements. Gold equivalent ("AuEq" or "Gold Eq.") and silver equivalent ("AgEq" or "Silver Eq.") values were calculated using silver to gold ratios of 50 to 1. The ratio of 50 to 1 was used for the sake of consists with past news releases. Intervals that returned assays below detection were assigned zero values. Metallurgical recoveries and net smelter returns are assumed to be 100% for these calculations.

About Almaden

Almaden is a well-financed (no debt, approximately $C25 MM in working capital) mineral exploration company working in North America. The Company has assembled mineral exploration projects, including Tuligtic, through its grass roots exploration efforts. While the properties are largely at early stages of development they represent exciting opportunities for the discovery of significant gold, silver and copper deposits as evidenced at Ixtaca. Currently six projects (Caldera, Caballo Blanco, Tropico, Nicoamen River, Matehuapil and Merit), are optioned to separate third parties who each have the right to acquire an interest in the respective project from Almaden through making certain payments and exploration expenditures. Four further projects are held in joint ventures. Almaden also holds a 2% NSR interest in 11 projects. Almaden's business model is to find and acquire mineral properties and develop them by seeking option agreements with others who can acquire an interest in a project by making payments and exploration expenditures. Through this means the Company has been able to expose its shareholders to discovery and capital gain without the funding and consequent share dilution that would be required if the Company were to have developed these projects without a partner. The Company intends to expand this business model, described by some as prospect generation, by more aggressively exploring several of its projects including the Ixtaca Zone.

On Behalf of the Board of Directors

Morgan J. Poliquin, Ph.D., P.Eng., President, CEO and Director Almaden Minerals Ltd.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, and size and timing of exploration and development programs, estimated project capital and other project costs and the timing of submission and receipt and availability of regulatory approvals involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Almaden to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations and joint ventures, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled "Risk Factors" in Almaden's Annual Information form and Almaden's latest Form 20-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Almaden has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Almaden disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the Toronto Stock Exchange (TSX) nor the NYSE AMEX have reviewed or accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.

Contact Information

  • Almaden Minerals Ltd.
    Morgan J. Poliquin, Ph.D., P.Eng.
    President, CEO and Director
    604.689.7644
    604.689.7645 (FAX)
    www.almadenminerals.com