Almaden Updates Resource for the Elk Gold Deposit, BC
11 Dicembre 2007 - 7:29PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: AMM)(AMEX: AAU) is pleased to
announce that it has received a report from Giroux Consultants Ltd.
updating the resource for the company's 100% owned Elk gold project
which incorporates the 2006 diamond drilling results. The company
has now filed the report on SEDAR. The Elk Gold deposit is located
two kilometres south of Highway 97C and 45 kilometres southeast of
Merritt in the Okanagan area of Southern British Columbia.
At a 1 g/t cutoff the updated 2007 resource is as follows:
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MEASURED INDICATED
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Au Tonnes greater Tonnes greater
Cutoff than Cutoff Grade greater than Cutoff Grade greater
(g/t) (tonnes) than Cutoff (tonnes) than Cutoff
----------------- -----------------
Contained Contained
Au (g/t) Ozs. Au (g/t) Ozs.
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1.00 320,000 11.585 119,200 581,000 8.952 167,200
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MEASURED PLUS INDICATED INFERRED
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Au Tonnes greater Tonnes greater
Cutoff than Cutoff Grade greater than Cutoff Grade greater
(g/t) (tonnes) than Cutoff (tonnes) than Cutoff
----------------- -----------------
Contained Contained
Au (g/t) Ozs. Au (g/t) Ozs.
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1.00 901,000 9.887 286,400 826,000 7.949 211,100
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J. D. Poliquin, Chairman of Almaden stated: "The Elk gold
deposit has an important gold resource that can add significant
value to our company apart that created through our generative
exploration efforts, particularly in light of the recent increase
in gold's valuation with respect to fiat currencies. Almaden's
management is excited about the project and will continue to move
it towards production."
The Elk property is underlain by Upper Triassic volcanics and
sediments of the Nicola Group and by Middle Jurassic granites and
granodiorites of the Osprey Lake Batholith. Gold-silver
mineralization is hosted primarily by pyritic quartz veins and
stringers hosted by altered granite and in some cases volcanic
rocks. To date a total of eight mineralized vein systems have been
discovered on the property. Of these two main veins the Siwash
North B Vein and WD Veins have been extensively diamond drilled.
The Siwash North B vein has been drill tested and mined by both
open pit and underground methods over 950 m strike length. The dip
is a shallow -20 degrees near surface and steepens to -60 degrees
at depth. The WD vein is more or less parallel to the B vein about
150 m to the north. Drilling has followed the WD vein for 600 m
along strike and 350 m down dip.
The resource estimate reported was calculated using the industry
standard geostatistical estimation methodology, kriging. It
includes assays from 487 surface and 301 underground diamond drill
holes, totaling more than 79,873 meters of core. Drill sections are
10m to 50 m apart, with holes spaced on average between 15m and
25m. More than 8,000 individual gold assays and analyses, with an
average interval length of 0.5m, were used to develop the mineral
resource estimate. Gold assays were examined using graphical and
statistical techniques and as a result capped at 302 g/t gold (8.8
oz/t gold). A total of 12 assays were capped.
For this update a different approach was applied to the resource
estimate. Almaden geologists modeled a total of 25 separate
mineralized structures on cross sections and combined these
sections to form three dimensional solids using industry standard
software. The mineralized solids were grouped geographically into 3
vein sets: B-Veins, WD-Veins and Other veins not related to B or
WD. Composites were formed at 0.5 m intervals that honoured the
solid boundaries. Semivariograms were produced for structures with
sufficient data to model. A block model consisting of blocks 10 m
E-W, 2.5 m N-S and 5 m vertical was superimposed over the solids
with blocks coded for the percentage of each solid present. Gold
grade was interpolated into each block with some proportion of
mineralized structure present by ordinary kriging. Blocks were
classified as measured, indicated or inferred based on
semivariogram parameters. Results were presented as grade-tonnage
tables for the mineralized portion of the blocks. This resource
represents the mineral present if one could mine to the limits of
the three dimensional solids. No external dilution has been
applied.
All samples were analyzed at Acme Analytical Labs ("Acme") in
Vancouver using wet geochemical, fire assay and metallics
techniques. Duplicates, blanks and standards were inserted into the
sample stream as part of Almaden's ongoing quality control program
at the Elk Deposit. Check assays were carried out by ALS Chemex
Labs in Vancouver.
The mineral resource estimates contained in this news have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101"). The "qualified
person" responsible for the independent resource estimate for
resources at the Elk Gold Deposit was Gary Giroux, P.Eng. of Giroux
Consultants Ltd. The technical information has been included herein
with the consent and prior review of the above noted qualified
persons. The qualified persons have verified the data disclosed,
including sampling, analytical and test data underlying the
information or opinions contained herein. Part 3.4c of NI 43-101
requires the company to provide a general discussion of the extent
to which the estimate of mineral resources and mineral reserves may
be materially affected by any known environmental, permitting,
legal, title, taxation, socio-political, marketing, or other
relevant issues. A full feasibility study has not been carried out
on the project but at present the company knows of no material
affect to the stated resource from such factors. Part 3.4d of NI
43-101 requires the company to state that mineral resources which
are not mineral reserves do not have demonstrated economic
viability. In 1992 preliminary metallurgical testing was carried
out on a composite sample of vein material from three holes by
Bacon Donaldson & Associates, then of Richmond, B.C. The
composite sample assay by Bacon Donaldson was 130 g/t gold. The
preliminary metallurgical testwork resulted in 99% gold recovery
with combined gravity and flotation and 98% recovery with combined
gravity and cyanidation. Gold recovery to a gravity concentrate was
63%, producing a very high economic grade concentrate. Bacon
Donaldson (1992) stated that the ore is readily amenable to
processing by either method. The work index of the composite was
10.9 kwh/ton.
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
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