Alexandria Drills Sleepy with 2 Rigs, First Hole Intersects 19.65 g/t Gold Over 0.40 m
April 11, 2014 (Source: Marketwired) — Alexandria Minerals Corporation (TSX VENTURE:AZX)(PINKSHEETS:ALXDF)(FRANKFURT:A9D) is pleased to report that it is in progress with a 9 hole, 4,000 m drill program on its Sleepy gold project in Val d’Or, Québec, from which the first hole completed intersected visible gold in the target horizon which assays 19.65 g/t Au over 0.40 m.
Diamond Drill Hole SAX-14-026 penetrated the target Sleepy Gold Zone at a vertical depth of 320 m, and west of the Sleepy Lake Fault, a northeast-trending fault which offsets the Sleepy gold resource. SAX-14-026 is the most westerly hole drilled on the deposit and therefore significantly opens the exploration potential west along strike of the Sleepy gold deposit.
Eric Owens, President and CEO, stated: ” We believe the Sleepy gold zone, with the excellent grades and widths we have intersected below the resource, will be of a size that is similar to or larger than most underground mines in the Val d’Or region. Our intent is to see this project turn into a producing mine.”
The Sleepy Gold Zone has an Inferred Resource of 1.5 million tonnes grading 3.0 g/t Au, for 150,400 ounces of gold (National Instrument 43-101 compliant, see press release October 29, 2009), which extends 400 m along strike, and 300 m down plunge, with widths up to 20 m. This is an unusual gold zone in that it is a high grade disseminated gold-pyrite body rather than a narrow vein deposit, which suggests potential for a much larger resource.
Since the resource estimate in 2009, Alexandria has deepened the gold zone by 150 m, with the following previously-reported, significant high grade intersections below the resource: 6.82 g/t over 16.96 m (True width, “TW”) in SAX-11-009; 11.28 g/t over 3.29 m TW in SAX-11-005; 6.65 g/t Au over 4.65 m TW and 5.73 g/t Au over 2.67 m TW in hole SAX-13-025; and 4.12 g/t Au over 8.77 m TW in hole SAX-11-001. Collectively, these holes establish a high grade zone below the resource that is 200 m long by 200 m high, and open below.
The current round of drilling is testing 3 targets on the project:
- West of the Sleepy Lake fault (completed)
- Down-plunge below the resource (3 holes)
The east zone, about 1 km east of the resource (5 holes).
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All targets are designed to expand the resources on the project in advance of providing an updated National Instrument 43-101 Resource Estimate in late 2014 or early 2015. Because Alexandria’s technical team is a results-driven team, any encouraging results will likely be followed up with further drilling.
With working capital of about $5.5 million, Alexandria is in an advantageous position to advance its drilling program and undertake further projects on a timely basis.
Program design, management, and Quality Control/Quality Assurance are governed by Alexandria’s exploration group of which Phillippe Berthelot, P.Geo, is the Company’s Qualified Person. Mr. Berthelot has reviewed the results in this press release. All exploration work on the property is conducted under the direct supervision of Emilie Batailler P.Geo. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company’s website or on www.sedar.com.
Further information about the Company is available on the Company’s website, www.azx.ca, or our social media sites listed below:
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d’Or, Quebec. Global gold resources are distributed between three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company’s website at www.azx.ca. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with three producing gold mines in the region, owns roughly 9% of the Company.
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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