Almaden Options Tropico Project, Mexico
20 Marzo 2008 - 9:08PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (AMEX: AAU) ("Almaden") is pleased
to announced that, along with its 60% joint venture partner Santoy
Resources Ltd. (TSX VENTURE: SAN) ("Santoy"), Almaden (which holds
a 40% interest in the project) has optioned the Tropico
copper-palladium-platinum-gold project to Skeena Resources Ltd.
(TSX VENTURE: SKE) ("Skeena") under terms whereby Skeena can
acquire a 60% interest from the Almaden-Santoy joint venture ("the
JV") by making $3 million in work expenditures ($100,000 in year
one) on the project and issuing to the JV 1,250,000 shares of
Skeena (250,000 upon regulatory approval) over 5 years.
The Tropico copper-platinum-palladium-gold project is located in
Sinaloa State, Mexico and is well located with respect to low-cost
infrastructure, being crossed by a paved highway, a major
powerline, within 10 km of a rail line, and 20 km north of the deep
water port of Mazatlan. The property covers an east-northeast
striking, 17 km long by 2 to 3 km wide, Late Jurassic to Early
Cretaceous Layered Mafic Igneous Complex that intrudes Paleozoic
schists (metasediments). The Complex is cored by pyroxenite, or
mixed pyroxenite-gabbro, which in turn is enclosed by gabbro. It is
intruded by Late Cretaceous to Early Tertiary diorite, which is
locally cut by quartz diorite to granodiorite (possibly part of the
Sinaloa Batholith). Late stage Oligocene volcanics overlie much of
the Complex.
The primary exploration targets are large tonnage, potentially
open pitable, low-grade zones of disseminated copper sulphide
mineralization with associated platinum, palladium and gold. These
would be preferentially deposited proximal to gabbro-pyroxenite
contacts in stratigraphically controlled zones where there is a
change from predominantly plagioclase cumulate to pyroxene cumulate
(both at the hangingwall and footwall contacts of the pyroxenite or
mixed pyroxenite-gabbro core). There is also potential for massive,
high-grade, copper-nickel-platinum-palladium-gold occurrences in
"feeder-pipe" zones or along major faults or within fold
structures.
Historically, the project area has been subjected to
considerable prospecting, soil geochemistry and ground geophysics,
originally by BHP Minerals in the late 1990's, and subsequently,
additional geochemistry, extensive mechanical trenching and
drilling during the period 1999 to 2002, by the JV. This latter
work was largely financed by Sumitomo Metal Mining Co. Ltd. of
Japan. Expenditures to date are in the order of $4.5 million.
Nine sulphide occurrences have been identified at Tropico,
consisting of variable amounts of chalcopyrite, cubanite, bornite,
pyrrhotite, pyrite and minor pentlandite. Some of the better
mineralized trenches at the Maricela Occurrence were reported to
assay 0.50 to 1.00% copper (Cu) and up to 1 gram/tonne combined
platinum (Pt) + palladium (Pd) + gold (Au) (generally with a
platinum to palladium ration in the order of 0.75:1) over widths of
15 to 160 metres. Some 39 drill holes totaling approximately 6,550
metres are reported in the JV summary report (28 core holes by the
JV). The best reported drill intercepts were 0.5% Cu and 0.75 g/t
Pt+Pd+Au over 38.9 metres (hole M-02-08) and 0.39% Cu and 0.55 g/t
Pt+Pd+Au over 128.1 metres (hole M-01-03) at Maricela; and 0.54% Cu
and 0.52 g/t Pt+Pd+Au over 47.0 metres and 0.82% Cu and 0.70 g/t
Pt+Pd+Au over 15.5 metres at San Pablo (hole SP-02-01). Generally,
most drill intercepts were lower grade than reported overlying
trench sampling, possibly attributable to minor supergene
enrichment (for trench and drill results, the reader is referred to
nine news releases filed by Santoy on the SEDAR website between
Jan. 19/01 and Dec. 20/02.
Work on the project was suspended by the JV in December, 2002
due to depressed metal prices (copper at $0.75/lb., platinum at
$590/oz., palladium at $230/oz., and gold at $345/oz.) and a
proposed follow-up drill program was never initiated.
Skeena has contracted Fugro Airborne Surveys to undertake a
helicopter-borne DIGHEM multi-frequency electromagnetic and
magnetic survey (1,100 km of 100 metre spaced lines) of the
property. The survey coverage and orientation are designed to
investigate down-dip areas of known mineralization and those areas
covered by a thin mantle of recent volcanics. The survey has been
permitted, and is expected to be flown in March, 2008.
Morgan J. Poliquin, P.Eng., a qualified person under the meaning
of National Instrument 43-101 and the president, COO and a director
of Almaden has reviewed the technical information in this news
release.
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 an interest in 22 properties that are under
active exploration. 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., 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 Skeena'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. Director (604) 689-7644 (604) 689-7645 (FAX) Website:
www.almadenminerals.com
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