Almadens Seeks Partner for Drill Ready Fuego Project, Mexico
13 Giugno 2008 - 6:56PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: AMM)(AMEX: AAU) is pleased to
announce that it has received a technical report authored by
independent engineer Locke Goldsmith, P.Eng. on its 100% owned
Fuego low-sulphidation epithermal gold-silver vein project located
in Oaxaca State, Mexico. The property was acquired by Almaden
through staking after identification in a regional exploration
program.
A first phase drill program was carried out in 2005 and 2006 by
a former partner under an option agreement which has been
terminated. Summary results of the vein intersections resulting
from this drill program are tabularized below:
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From To Interval Gold Silver
Hole # (m) (m) (m) (g/t) (g/t)
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Hole 1 6.50 10.00 3.50 0.32 60.0
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Including 6.00 6.50 0.50 0.70 180.0
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Hole 2 128.07 132.20 6.13 1.00 22.0
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Hole 3 74.26 74.65 0.39 4.26 100.0
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Hole 4 138.00 141.06 3.06 0.55 9.4
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Hole 5 75.04 77.70 2.66 1.10 68.5
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Hole 6 77.70 79.46 1.76 0.20 29.3
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Hole 7 63.09 63.76 0.67 0.31 27.7
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Hole 8 63.00 64.87 1.87 1.23 67.1
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Including 63.00 64.10 1.10 1.65 103.0
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Hole 10 86.30 88.00 1.70 0.24 6.8
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Hole 11 89.60 95.00 5.40 0.44 33.8
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Including 91.00 92.00 1.00 1.38 98.2
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Hole 14 97.50 97.80 0.30 0.10 142.0
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Hole 14 99.00 100.00 1.00 0.91 84.3
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Hole 14 104.98 105.68 2.30 0.54 34.5
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Hole 15 115.93 118.05 2.12 0.61 59.4
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Including 116.60 117.22 0.62 1.06 63.7
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Almaden believes that the vein textures and mineralization
intersected in this drilling program are indicative of the upper
levels of a gold-silver vein system and that the results are very
encouraging for the possibility of a high grade deposit at depth
beneath the level of this shallow drilling.
The report recommends drilling to further test the Fuego project
and excerpted below is the Summary section of the report.
The El Fuego property is comprised of one unsurveyed exploration
concession, totaling 4,836.2110 hectares located in the San Pedro
Totolapan municipality, Oaxaca State, Mexico. Exploration by
diamond drilling during November 2005 to March 2006 consisted of
2260.97 m in 15 holes. An epithermal zone of silica veining and
silicification in tuffaceous volcanic wall rocks was traced for 700
m of strike length and to depths of 80 to 110 m vertically below
surface. True widths of enclosing silicification in the holes vary
from 2.7 to 19.0 m. True widths of elevated precious metal values
vary from 0.9 to 12.1 m within and adjacent to the silicification.
Values of gold, silver, and molybdenum increase with depth.
Drilling has traced the silicified and mineralized zone downdip
from the outcrops. The distribution of gold, silver, and the trace
elements molybdenum and arsenic, suggests that the explored portion
of the deposit is located in the upper epithermal level where fluid
and vapor plumes have extended above a horizon of concentrated
precious metal deposition.
A Phase 2 diamond drilling program of approximately 2000 m in
eight holes is recommended at a cost of US$ 530,000. If warranted,
budget should be available for a subsequent Phase 3 diamond
drilling program of 4000 m at an estimated cost of US$ 1,060,000,
for a total cost in Phases 2 and 3 of US$ 1,590,000.
Almaden is seeking a technically proficient partner to jointly
explore this exciting drill ready project. The report in its
entirety has been posted to Almaden's website.
The core samples from the 2005/2006 drill program, split with a
diamond saw on site, were been submitted to ALS Chemex's
preparation facility in Mexico from which pulps were sent to ALS
Chemex's North Vancouver facility for analysis. A quality control
program was instituted for the drill program that included the
insertion of blanks and standards into the sample stream. Gold
analyses were performed using conventional fire assay techniques.
Silver and trace element analyses were performed using inductively
coupled plasma atomic emission spectroscopy (ICP). Morgan Poliquin,
P.Eng., the president COO and a director of Almaden, is a qualified
person under the meaning of National Instrument 43-101 and 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 23 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. 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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