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Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to report to
its shareholders today the results contained in a news release of Goldgroup Mining Inc. (TSX: GGA; "Goldgroup"; see Goldgroup
news release of December 1, 2010). These results are from the first two
reverse circulation ("RC") drill holes, #10CBRC48 ("48")
and #10CBRC49 ("49") drilled at the La Paila
zone of the Caballo Blanco project and include an
interval of 62 meters averaging 0.75 g/t gold (see table below). Goldgroup has an option to acquire a 70% interest in the Caballo Blanco project from Almaden
which would be exercised with Goldgroup's current
proposed 30,000 meter drill program. Almaden would
then retain a 30% carried interest in the project, until a bankable
feasibility study has been completed by Goldgroup.
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Hole From To Length Au Ag
# (m) (m) (m) (g/t) (g/t)
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48 42 104 62 0.44 4.67
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48 112 174 62 0.75 0.76
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49 22 38 16 0.67 2.75
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49 50 68 18 0.38 1.90
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49 80 90 10 0.29 1.22
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49 102 150 48 0.53 1.35
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J.D. Poliquin,
chairman of Almaden, commented, "We are very
pleased to receive these first results from Goldgroup's
on-going drill program at Caballo Blanco. It has
been well over a year since there has been drilling at Caballo
Blanco, despite a new discovery having been made. The Caballo
Blanco and nearby El Cobre projects are both
underexplored and highly prospective projects in our portfolio. We are
excited with Goldgroup's plans for Caballo Blanco and look forward to reporting them."
Goldgroup reports that Hole
#48 was drilled to confirm the grade from the 32 diamond drill holes drilled
in the La Paila zone prior to Goldgroup
assuming operating control of Caballo Blanco and to
obtain large samples for column leach testing. Goldgroup
reported that the results from hole #48 showed a
high degree of correlation to the previous drilling which is used in the
current block model resource outlined in the NI 43-101 compliant technical
report dated March 22, 2010. Hole #48 was terminated
in mineralization above the cut-off grade (0.2 g/t) at a depth of 217 meters
due to poor drilling conditions in very broken rock. Goldgroup
reported that Hole #49 was drilled 50 metres east of known mineralization and that the extent
of mineralization in hole 49 may indicate that the mineralized zone appears
to be wider than previously modelled in the La Paila zone.
Goldgroup reported that its current 30,000 metre multi-drill program, is using two diamond drills
and one reverse circulation drill and is designed, in part, to expand and
upgrade the current estimated mineral resource at the La Paila
anomaly (contained in the technical report dated March 22, 2010) but also to
test other highly prospective areas for mineralization, including other
targets at the Northern Zone, Red Valley and Highway zones. Goldgroup also reports that additional drill results from
this drill program will be forthcoming in the following weeks. Almaden has not reviewed the new data reported today
which was taken from the December 1, 2010 news release of Goldgroup.
Goldgroup reports that its Caballo
Blanco drill program is being conducted under the direct supervision of Kevin
Sullivan, B.Sc., MAusIMM, Goldgroup's
Vice President, Exploration and a qualified person, as defined by NI 43-101. Goldgroup disclosed that Mr. Sullivan reviewed the
technical information contained in their news release of December 1, 2010,
the data from which is reported in this release of Almaden.
Goldgroup used a cut-off grade of 0.2 g/t gold to
calculate intersected lengths. Goldgroup also
reports that mineral samples from all holes drilled will be used for column
leach testing in their newly completed on-site metallurgical facility to
re-confirm the prior preliminary work that the mineralized samples can be
directly heap leached using run-of-mine rock. Goldgroup
reports that drill chips were split on-site and a representative sample
bagged and labelled them. The samples were then
collected by Inspectorate America Corp. ("Inspectorate") and
transported to their preparation facility at Durango, Mexico where they were
dried and crushed to -150 mesh. The rejects remained
with Inspectorate while the pulps were air couriered to Inspectorate's
Richmond, BC, Canada facility and analysed for gold
by fire assay with Atomic Absorption ("AA") finish. In addition, a
30 element Inductively Coupled Plasma ("ICP") analysis (aqua regia digest) was conducted on all samples. Goldgroup reports that a QA/QC program was implemented as
part of the sampling procedure for the drill program and that one standard,
one blank or one duplicate was inserted per group of 20 samples sent the
laboratory. The current 43-101 compliant resource estimate for the La Paila zone comprises 139,000 indicated ounces of gold
(6.7 million tonnes grading 0.65 g/t Au) and
517,000 inferred ounces of gold (27.6 million tonnes
grading 0.58 g/t Au). This resource estimate was compiled as part of a 43-101
technical report filed by Goldgroup on March 22,
2010.
About Almaden
Almaden is a well-financed mineral exploration
company working in North America. The company has assembled mineral
exploration projects, including the Ixtaca Zone,
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 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 capital 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.
Statements contained in this news
release that are not historical facts are forward looking statements as that
term is defined in the private securities litigation reform act of 1995. Such
forward-looking statements are subject to risks and uncertainties which could
cause actual results to differ materially from estimated results. Such risks
and uncertainties are detailed in the Company's filing with the Securities
and Exchange Commission. 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.
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