Drilling to Commence at Almaden's Caballo Blanco Project
30 Novembre 2007 - 11:41PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: AMM)(AMEX: AAU) is pleased to
announce that diamond-drill mobilization is underway at the Caballo
Blanco gold project in the state of Veracruz, Mexico. The drill
program, operated by Canadian Gold Hunter Corp. ("CGH"), will
commence shortly as part of an initial 5,000-meter program on this
large (approx. 200 square kilometers) property. CGH has an option
to earn a 70% interest in the Caballo Blanco project from Almaden
by issuing 1 Million shares of CGH (completed), making a US$500,000
payment (completed), spending US$12.0 Million on the project over 6
years (of which US$1.5 Million is a firm commitment) and funding
all ongoing costs required for the completion of a bankable
feasibility study.
J.D. Poliquin, Chairman of Almaden, commented, "Past work on the
Caballo Blanco gold property, including excellent drill
intersections, resulted in the development of exciting drill
targets. Almaden's management team is very pleased to be working
with Canadian Gold Hunter, a very strong partner, which plans to
explore the property aggressively by drill testing these targets.
With our shareholders, we look forward to the results to come."
The primary target at Caballo Blanco is a high-sulphidation gold
deposit identified and only partly explored by a previous operator.
Drilling will commence on the Northern Zone, a high-sulphidation
alteration system comprising strong vuggy silica, quartz-alunite
and various clay minerals extending over 20 square kilometers. Road
access to key areas within the Northern Zone is now approaching
completion.
Within the Northern Zone, earlier drill intercepts at Cerro la
Cruz reported by a previous operator in 2005 and 2006 graded 1.14
g/t Au (grams per metric ton gold) over 108 meters in DDH-05CB-03,
1.0 g/t Au over 92.7 meters in DDH-06CB-01 and 1.70 g/t Au over
76.0 meters in DDH-06CB-03 (see Almaden Minerals news releases
dated August 8, 2005 and August 10, 2006). The principal focus of
drilling in the current program will be the Cerro la Cruz target,
utilizing much-improved road access. To this point, Cerro la Cruz
has been drilled from only one isolated site.
Concurrently, road access is being extended into the Central
Grid Zone, a porphyry copper-gold target some 10 kilometers SW of
the Northern Zone. The Central Grid Zone encompasses a broad area
of 16 square kilometers exhibiting extensive strong Cu-Au-Mo soil,
magnetic and IP anomalies. One core hole, DDH-04CB01 drilled by a
previous operator intersected 0.34% Cu and 0.84 g/t Au over 56
meters (see Almaden Minerals news release dated June 01, 2005) in
altered monzodiorite. The hole was drilled within the limits of a
magnetic anomaly that reflects hydrothermal magnetite associated
with copper sulphides, mainly chalcopyrite. Five other significant
magnetic anomalies in the Central Grid Zone have not been
explored.
The geological data in this news release were verified by
qualified person Jan Christoffersen, P.Eng., Vice President of
Canadian Gold Hunter Corp.
ABOUT ALMADEN
Almaden is a mineral exploration and development company with a
track record of making new discoveries in Canada and Mexico.
Almaden currently has 14 active joint venture and option
agreements. This includes 11 agreements under which other companies
are earning an interest in the Almaden projects by spending.
Almaden has approximately $20 million in working capital, no debt,
and holds approximately a 41.7% interest in Tarsis Capital Corp.
(TSX: TCC).
Almaden will continue with its successful business model of
identifying new projects through grass roots exploration and
managing risk by forming joint ventures with partner companies
which then carry the cost of exploring and developing our projects.
Almaden's grass roots exploration programs are designed to identify
new mineral exploration projects in mineral terrains geologically
permissive for world-class ore deposits. Almaden is seeking
partners with the suitable business and geological resources to
explore and assess the potential of these projects through
drilling.
On Behalf of the Board of Directors
Morgan J. Poliquin, M.Sc., P.Eng., President, COO 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.
The Toronto Stock Exchange and American Stock Exchanges have not
reviewed nor accepted responsibility for the adequacy or accuracy
of the contents of this news release which has been prepared by
management.
Contacts: Almaden Minerals Ltd. Morgan J. Poliquin, M.Sc.,
P.Eng. President, COO and Director (604) 689-7644 (604) 689-7645
(FAX) Website: www.almadenminerals.com
Grafico Azioni Almaden Minerals (TSX:AMM)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Almaden Minerals (TSX:AMM)
Storico
Da Lug 2023 a Lug 2024