TORONTO,
ONTARIO--(Marketwire - Oct. 29, 2009) - Alexandria Minerals Corporation
(TSX VENTURE:AZX)(FRANKFURT:A9D) reports that it has completed a
resource estimate for its 100%-owned Sleepy gold deposit in Louvicourt
Township, Val d'Or, Quebec. This is the Company's second resource
estimate in as many months, and is National Instrument ("NI")
43-101 compliant, completed by independent consulting firm Geopointcom
in Val d'Or.
The Sleepy gold deposit hosts an Inferred Resource of 1,557,000 tonnes
grading 3.0 g/t Au, for 150,400 ounces of gold. This represents an 8
fold increase in size over that when Alexandria acquired the project,
and contributes to the Company's total global resources on its Cadillac
Break projects, which now stand at 543,000 ounces of gold. The Company
is committed to grow these resources through further drilling and
exploration.
Eric Owens, President and CEO of Alexandria, said, "We now have
resources on 2 of our 3 principal projects in Val d'Or and are
confident of success at our Akasaba project where we will begin
drilling soon. The Val d'Or region is one of the world's great gold
districts and with our discovery costs of about $6 per ounce of gold we
will take advantage of the many opportunities on our large land
package."
To view Figure 1., please visit the following link: http://media3.marketwire.com/docs/azx_1029_fig_1.pdf
The project is located about 25 km east of Alexandria's Orenada gold
deposit and is one of four properties acquired from Cambior Inc. (later
IAMGOLD Corp.) in late 2006. This acquisition was an integral part of
Alexandria's assembling the 35 km long Cadillac Break Group of
Properties, one of the largest property packages on the Cadillac Break
fault zone, which has produced some 100,000,000 ounces of gold from
mines along its trend. The property has been subjected to exploration
work since 1944, with the initial discovery of the gold deposit
occurring in the late 1980's by Cambior, and is located on a combined
geophysical and geochemical anomaly. Cambior's work ultimately led to a
pre-NI 43-101 Historic Resource estimate of 152,000 tonnes grading 5.1
g/t Au (Geospex, 1998).
The Sleepy deposit is a disseminated gold-pyrite body, currently 400 m
long by 300 m deep from surface, with an average thickness of 5.35 m,
and lies 5 km east along strike with the Sigma 2 Mine, from which
Placer Dome mined 152,000 ounces of gold via open pit operations some
15 years ago. Alexandria began its exploration activities on the
property in mid-2007, and has completed 5619 meters of drilling in 15
drill holes, mainly focused in and around the historic deposit.
For the resource estimate, a total of 38 drill holes were analyzed, of
which 23 intersected the deposit. The minimum horizontal thickness was
set at 3.8 m; 1.1 m wide composites were created, with a cut-off grade
of 2.0 g/t Au. A cap grade of 33.5 g/t Au was set which affects 3
samples in the population.
The geostatistical evaluation of the diamond drill hole and chip sample
assay results were performed by Christian D'Amours, P.Geo., of
Geopointcom in Val d'Or, QC, and verified by Independent Qualified
Persons Alain-Jean Beauregard, P. Geo., OGQ, FGAC and Daniel
Gaudreault, P. Eng., OIQ, both of Geologica Groupe Conseil, of Val
d'Or, QC. Geological interpretation and geological database compilation
of Sleepy was performed by Eddy Canova, QP, of Alexandria Minerals
Corporation. This Press Release has been reviewed by all parties, and
the technical report for this resource estimate will be filed on SEDAR
within 45 days. Please note that Mineral Resources which are not
Mineral Reserves do not have demonstrated economic viability.
Programme design, management, and Quality Control/Quality Assurance is
governed by Alexandria's exploration group, of which Eddy Canova, PGeo,
and Eric Owens, PGeo, are the Company's Qualified Persons. Mr. Canova
supervises the technical activities of the Company. The QA/QC programme
is consistent with NI 43-101 and industry best practices; this will be
summarized in the technical report, but has previously been addressed
in the NI 43-101 Technical Report on the Cadillac Break properties
(February 2008).
The Company currently has approximately $1.5 million in cash and short
term assets available to complete the next stage programs on its
Cadillac Break Properties. The coming months will see the Company begin
its next drilling programme on the Akasaba property, as well as produce
a Preliminary Economic Assessment for Orenada. For further information
on each of these properties, please visit www.azx.ca or view the interactive map at http://www.gisready.com/alexandriaWEBdata/default.aspx.
About Alexandria Minerals
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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