Drilling Cuts 1.5 m of 10.7 g/t Gold and 516 g/t Silver at Almaden's Bufa Project, Mexico
10 Luglio 2008 - 10:14PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (AMEX: AAU) ("Almaden") is pleased
to announce that it has received a progress report on drilling
carried out on the company's Bufa project by optionee partner
Lincoln Gold Corp. ("Lincoln") (OTCBB: LGCPF). Almaden has received
from Lincoln results from the first 10 holes of a 12 hole drill
program. These results include 1.5 meters that averaged 10.7 g/t
gold and 516 g/t silver in hole LBDDH-003 and 2.5 meters of 4.12
g/t gold and 281 g/t silver in hole LBDDH-001. These new drill
holes and those received from past partner on the project Grid
Capital have traced encouraging results over 300 meters of vein
system strike length. This zone remains open to the northwest
towards the adjacent Rosario mine and the claim boundary with
Gammon Gold located over 400 meters away. Highlights of the results
received to date from the present Lincoln drill program and the
past Grid Capital program are tabularized below:
------------------------------------------------------------------------
Interval
From To (i) Gold Silver
Company Hole No. (m) (m) (m) (g/t) (g/t)
------------------------------------------------------------------------
Grid GUAD04-01 58.35 58.75 0.4 1.55 91.1
------------------------------------------------------------------------
Grid GUAD04-01A 63 63.46 0.46 3.23 195
------------------------------------------------
76.49 78.15 1.66 1.56 69.8
------------------------------------------------------------------------
Grid GUAD04-02 70.96 73.2 2.24 0.41 21
------------------------------------------------
84.8 86.7 1.9 0.25 20.7
------------------------------------------------------------------------
Lincoln LBDDH-008 147.8 149.34 1.55 0.402 6.6
------------------------------------------------------------------------
Lincoln LBDDH-010 19.79 21.34 1.55 0.985 25.8
------------------------------------------------
288.51 290.06 1.55 0.064 23.6
------------------------------------------------------------------------
Grid GUAD04-03 64.38 66 1.62 9 447
------------------------------------------------
68.91 70.52 1.61 8.7 503
------------------------------------------------
84 86.2 2.2 1.35 55.6
------------------------------------------------
95.4 96.9 1.5 5.96 52.4
------------------------------------------------------------------------
Grid GUAD04-04 73.8 73.7 0.52 2.87 363
------------------------------------------------
107.71 108.57 0.86 2.5 109
------------------------------------------------
121.63 122.45 0.82 1.77 80.8
------------------------------------------------------------------------
Lincoln LBDDH-003 172.22 173.72 1.5 10.7 516
------------------------------------------------------------------------
Lincoln LBDDH-007 Five Zones 1.20 to 0.007 to 4.0 to
1.71 0.020 6.8
------------------------------------------------------------------------
Lincoln LBDDH-001 94.5 97 2.5 4.12 281
------------------------------------------------------------------------
(i) At this time it is not known of whether the intervals in the table
above represent true widths.
The 2,291 hectare La Bufa gold-silver property is located in the
Guadalupe y Calvo mining district of southwestern Chihuahua State.
Lincoln may earn up to a 60% interest in the La Bufa property from
Almaden Minerals Ltd. by spending US$3.5 million and issuing
1,550,000 shares of Lincoln over 4 years.
Lincoln has informed Almaden that the program consisted of
twelve widely spaced angle core holes (results from the two of
which are pending) which were designed to test the El Rosario
gold-silver vein system which extends southward onto Almaden's La
Bufa property from the historic Rosario mine now controlled by
Gammon Gold. The holes were generally spaced at 100 to 150 meters
intervals and most are drilled in two-hole "fences" at 45 degrees
and 60 degrees. Drilling is designed to determine the most
favorable portions of the vein system in the southern part of the
La Bufa property.
Lincoln reports that results to date suggest that gold-silver
mineralization occurs in the upper portion of the vein system and
that gold-silver mineralization occurs in steeply dipping
quartz-breccia veins and stockworks hosted in "Lower Volcanics"
(tuffs) which overlie various coarse-grained granitic basement
rocks. Lincoln has announced that once data has been received and
interpreted a phase 2 exploration program will be planned which is
anticipated to include off-set drilling of high-grade intercepts as
well as step-out drilling towards the El Rosario mine. The company
eagerly waits to initiate drilling in the northwestern portion of
the La Bufa property where past surface samples returned assays
ranging from1.07 to 4.28 g/t gold and 186 to 838 g/t silver. The
Bufa project also includes at least 4 km of potential vein system
strike length northwest of the Rosario mine.
Geological data in this news release were verified by qualified
person, Jeffrey L. Wilson, Vice President of Lincoln Gold
Corporation. Quality control and assurance protocols are part of
the exploration program. Certified reference material and various
duplicates are inserted in each assay batch of samples. Blanks are
also submitted into the sample population. Drill core is cut by saw
on site and half-core samples are shipped to ALS Chemex in
Chihuahua, Mexico for sample preparation. Pulps are then shipped to
appropriate ALS Chemex labs for multiple-element analyses and
gold-silver assays in accordance with mineral industry practices.
Samples exceeding standard detection limits are submitted to
secondary analysis using appropriate assay techniques for the
particular element.
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 and COO
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 and COO (604) 689-7644 (604) 689-7645 (FAX)
Website: www.almadenminerals.com
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