Almaden Minerals Ltd.: 64.01 Metres Grading 1.02 g/t Gold at Caballo Blanco, Mexico
31 Luglio 2008 - 7:34PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: AMM)(AMEX: AAU) is pleased to
report that it has received additional assay results from the Cerro
la Paila gold target of its Caballo Blanco project in Veracruz,
Mexico from operating partner Canadian Gold Hunter Corp. ("CGH")
(TSX: CGH).
Core hole 08CBN-017 intersected 64.01 metres grading 1.02 g/t Au
(grams gold per metric ton) in iron-oxide-cemented, vuggy silica
breccias. The hole was drilled to 227.99 meters; however assays
have only been received for the top 145.69 metres. 08CBN-012 was
drilled to a depth of 227.08 meters, where the hole was abandoned
due to a loss of circulation in cavernous vuggy silica breccias.
The bottom 16.77 meters of the hole, which had very poor core
recovery, assayed 3.15 g/t Au, within an interval that graded 0.99
g/t Au over 61.0 metres.
A number of the holes, including 08CBN-012, 013, 014 and 016,
were lost in mineralized vuggy silica breccias prior to being
completed to their planned depths. Holes 08CBN-014 and 016 were
drilled through significant intervals of unmineralized andesite
before encountering silica breccias with anomalous gold values and
then being lost. The last few samples in each hole had the highest
gold grades in the hole. Significant assay results for 07CBN-012 to
017 are listed in the table below.
--------------------------------------------------------------------------
Depth Interval Width Au Ag
Drill Hole Az/Angle (m) (m)(ii) (m)(ii) g/t g/t
--------------------------------------------------------------------------
08CBN-012(i) 090 227.08 166.12-227.08 60.96 0.99 1.1
degrees/
-50
degrees
including 210.31-227.08 16.77(iii) 3.15 2.9
--------------------------------------------------------------------------
08CBN-013(i) 090 118.26 43.59-118.26 74.67 0.30 2.4
degrees/
-50
including 89.31-118.26 28.95 0.54 3.9
--------------------------------------------------------------------------
08CBN-014(i) 270 103.63 99.06-103.63 4.57 0.25 0.5
degrees/
-70
degrees
--------------------------------------------------------------------------
08CBN-015 090 157.89 124.35-150.27 25.92 0.87 1.4
degrees/
-80
degrees
including 136.55-147.21 10.66 1.41 1.3
--------------------------------------------------------------------------
08CBN016(i) 120 201.17 195.07-201.17 6.10(iii) 0.42 215.0
degrees/
-60
degrees
--------------------------------------------------------------------------
08CBN-017 090 227.99 67.97-131.98 64.01 1.02 1.2
degrees/
-85
degrees
including 105.80-122.53 16.73 2.10 1.7
--------------------------------------------------------------------------
Notes: (i) Hole lost above planned target depth.
(ii) Intervals are core lengths and true widths may be less than
reported here.
(iii) Intervals had very poor core recovery and grades are
unreliable.
The initial phase of drilling in the Northern Zone has been
completed. Nineteen holes totaling 3,446 metres were drilled. The
remaining assay results for the Cerro la Paila target will be
released when they are available. At Cerro la Paila, gold-bearing
silica breccias have now been traced by surface sampling and
diamond drilling over a north-south distance of 750 metres and up
to about 350 metres in an east-west direction. The gold-bearing
breccias are up to 150 metres thick; however on most sections the
drill holes were abandoned in mineralized silica breccia and the
true thicknesses are not known. The next phase of drilling at Cerro
la Paila will be completed using a larger rig that will more
capable of drilling deeper holes so that Cerro la Paila can be
tested on 50-metre centres to a depth of at least 300 metres.
Rick Bailes, President of Canadian Gold Hunter, stated, "what is
really encouraging about this first phase of work at Cerro la Paila
is that geophysics, surface sampling and diamond drilling have
outlined a large area underlain by gold-bearing silica breccias.
Because of difficult drilling conditions, we were unable to
establish the thickness of the mineralized breccias on most
sections; however, the next phase of diamond drilling, which is
scheduled to start in the late fall, will use larger drill rigs and
will be designed to test the true thickness of the breccias in
order to define a mineral resource."
The two core rigs have been moved from the Cerro la Paila gold
zone to the Central Grid gold-rich porphyry copper zone. Ten holes
totaling 3,000 metres are planned at the Central Grid to test
coincident geophysical and geochemical anomalies. Previous drilling
intersected 56 metres grading 0.34% copper and 0.84 g/t gold (see
Almaden news release dated June 1, 2005).
Under the terms of a 2007 agreement, 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.
The geological data in this news release were verified by
qualified person Jan Christoffersen, P. Eng., Vice President of
Canadian Gold Hunter Corp. Appropriate quality control and quality
assurance protocols are utilized on the program. Standard reference
samples and various duplicates are inserted in each batch of
assays. Drill core samples are cut by saw on site and sample splits
are shipped for preparation to ALS Chemex in Guadalajara, Mexico.
Sample pulps are sent to ALS Chemex in North Vancouver, B.C.,
Canada and analyzed for gold by fire assay and for silver and 34
other trace and major elements by ICP-MS in accordance with
standard industry practices.
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 where others are
responsible for ongoing exploration and development. 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) 698-7645
(FAX) Website: www.almadenminerals.com
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