Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) is pleased to announce that the Company has received an
updated geological model and 43-101 compliant mineral resource
estimate from Lions Gate Geological Consulting Inc. ("LGGC") for
its wholly owned Elk gold deposit located near Merritt in
south-western British Columbia. The new model and resource estimate
incorporated drilling results from 2007 not included in the
previous estimate prepared by Giroux Consultants Ltd. in April,
2007. A review of the new and historical data resulted in a revised
geological model and mineral resource estimate. The new model
recognises eight separate vein zones that comprise the B vein
system and four separate zones that comprise the WD vein. Almaden's
management believes that this new model and resource more
accurately reflects the geology of the vein system. J.D. Poliquin,
chairman of Almaden, commented, "This review and resource update
gives us renewed confidence in the Elk gold project. The proposed
scoping study is the next logical step in our effort to increase
shareholder value and advance the property towards production."
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Cut-off Au Au
g/t Vein Method Class Tonnage g/t Ounces
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Open Pit
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1 B&WD Open Pit Measured 70,000 9.6 20,000
1 B&WD Open Pit Indicated 550,000 5.0 90,000
1 B&WD Open Pit Measured & 610,000 5.5 110,000
Indicated
1 B&WD Open Pit Inferred 150,000 6.3 30,000
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Underground
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5 B&WD Underground Measured 50,000 19.0 30,000
5 B&WD Underground Indicated 260,000 13.5 110,000
5 B&WD Underground Measured & 300,000 14.4 140,000
Indicated
5 B&WD Underground Inferred 620,000 12.2 240,000
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Open Pit and Underground Combined
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1 and 5 B&WD Open Pit & Measured 110,000 13.5 50,000
Underground
1 and 5 B&WD Open Pit & Indicated 800,000 7.7 200,000
Underground
1 and 5 B&WD Open Pit & Measured & 920,000 8.4 250,000
Underground Indicated
1 and 5 B&WD Open Pit & Inferred 780,000 11.0 270,000
Underground
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Table 1: 2009 LGGC Resource Estimate
The Elk project has resource estimate blocks that are both close
to surface and may be amendable to open pit mining methods and
deeper high grade blocks that may be amenable to underground mining
methods. Mr. Gordon Zurowski, P.Eng. of PEG Mining Consultants Inc.
("PEG") produced a pit shell that LGGC incorporated in the mineral
resource estimation tabulations. The input parameters used by PEG
for the pit shell do not result from project specific studies but
are considered to be reasonable cost assumptions for the style and
size of the Elk project. The 2009 mineral resource estimate for the
Elk project is declared using 1.0 Au g/t cut-off for blocks that
are within the resource estimation pit shell and a 5.0 Au g/t
cut-off for blocks below the pit shell. A summary of the 2009 LGGC
estimate is provided in Table 1. LGGC has reviewed the pit-shell
parameters and finds them reasonable for inclusion in the mineral
resource estimation.
For purposes of an equitable comparison, LGGC also tabulated the
gold grade blocks of the 2009 estimate using a global cut-off of 1
g/t Au which was also used in 2007 (Table 2). The 2009 mineral
resource estimate includes a minimum vein thickness of between 1.2
and 1.5 meter wide for the vein solids, resulting in dilution of
the more narrow vein intercepts. This dilution, accompanied by an
updated geological interpretation of the vein sets, has lowered the
grade of some vein intercepts but has resulted in an increased
tonnage for the 2009 mineral resource estimation.
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2009 LGGC Global Resource 2007 Giroux Global Resource
(1 g/t cutoff) (1 g/t cutoff)
--------------------------------------------- ----------------------------
Grade Total Grade Total
Tonnage (g/t) Ounces Tonnage (g/t) Ounces
Measured 170,000 9.7 50,000 320,000 11.585 119,200
Indicated 1,400,000 5.4 240,000 581,000 8.952 167,200
Measured and
Indicated 1,570,000 5.9 300,000 902,000 9.887 286,700
Inferred 1,860,000 6.0 360,000 826,000 7.949 211,100
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Table 2: Comparison of 2009 and 2007 Estimates
A complete copy of the report provided by LGGC will be placed on
the company's website. LGGC has recommended that Almaden contract
the services of an engineering firm to produce a scoping study for
the project to explore the potential for either or both open pit
and underground extraction methods. Almaden plans to proceed with
this recommendation. The Elk deposit veins are open along strike
and to depth. In addition to the B and WD vein systems, there are
other known veins and exploration targets on the 15,000 hectare
property. The Company's management believes there is excellent
potential to increase the mineral resource at the Elk deposit
through further exploration. On May 15th, 2008 the Company released
results of metallurgical test work performed by G & T
Metallurgical Services Ltd. ("G & T") of Kamloops, an ISO
9001:2000 accredited laboratory, on diamond drill core recovered
during the 2007 season. The tests, which examined feed grades
between 5 and 47 g/t gold, had average gold recoveries of 95% using
gravity plus cyanidation. The company owns mill equipment,
presently in storage near the Elk property, which could be an
important factor in any future development plans for the
project.
Summary of the technical details used by LGGC to complete the
2009 Resource Estimate for the Elk Project:
- The Elk gold project is a mesothermal quartz vein gold deposit
hosted by the Okanagan Complex Batholith. Two vein systems, the B
Vein and the WD Vein have been included in the current resource
estimation.
- The resource estimate reported in this news release was
prepared by Susan Lomas, P.Geo., President and Principal Consultant
of Lions Gate Geological Consulting Inc., who is the independent
Qualified Person (as defined by NI 43-101) and reviewed the
geological and analytical information in sufficient detail to
support the data incorporated in the resource estimate. The Mineral
Resource was completed on September 21st, 2009, and was built using
GEMS® software and includes gold assay results from 419 surface and
290 underground diamond drill holes.
- Drill hole spacing is variable throughout the deposit. The B
Vein System has a large underground drilled area where the drill
hole spacing approaches 10m, and much of the rest of the vein is
supported by 25 m spaced drilling while the edges and deeper
sections of the veins have between 50m to 100m spaced drill holes.
The WD Vein System is typically supported by 35 to 50m spaced drill
holes with wider spaced drilling on the edges and deeper sections
of the veins. The B and WD Vein Systems were modeled on sections
and three dimensional solids were built to tag the assay database
and the block model. The solids were built to a minimum down-hole
thickness of 1.2 to 1.5m wide so that the vein solids would have a
minimum true thickness of between 1.0 and 1.2m thick.
- There are 9,769 gold assay results in the project database and
LGGC tagged 3,432 of them as representing the vein intersections
and these were composited to 0.3m and included in the mineral
resource estimate. The gold assay results were reviewed for extreme
grades and LGGC applied a top gold grade cap to some vein domains
and further added a restricted outlier strategy to one of the vein
domains to restrict the influence of unusually high gold assays. A
total of 35 assays were capped prior to compositing the data. The
holes drilled between 2000 and 2007 (the last drill program) were
supported by a reasonable QAQC program including blanks, core
duplicates and after 2003, Standard Reference Material (purchased
from CDN Laboratories) samples were included. Prior to 2000, the
entire core sample was shipped for analysis at Acme Laboratories in
Vancouver with some check analysis being completed at Chemex
Laboratories in Vancouver. LGGC accepts that the gold assay results
are reasonable for inclusion in a Mineral Resource Estimation.
- Blocks in the model measure 2m in height, 5m along the long
axis of the vein and 1 m wide. This small block size is supported
in the best drilled areas of the deposit and was chosen to support
a scoping study on underground mining extraction method for the
bulk of the deposit. Potential for open pit extraction is also to
be studied for the near surface material.
- The gold grade composites were interpolated into the block
model using inverse distance method to the fourth power. The block
model was validated by visual inspection on sections and plans and
by geostatistical review.
- The estimate was classified as Measured, Indicated and
Inferred Mineral Resources in accordance with the CIM definition
standards for mineral resources and mineral reserves. The
classification strategy for the block model considered both the
sample spacing and confidence in the geological continuity of the
veins.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral resource estimates do not
account for mineability, selectivity, mining loss and dilution.
These mineral resource estimates include inferred mineral resources
that are normally considered too speculative geologically to have
economic considerations applied to them that would enable them to
be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to measured and
indicated mineral resource categories through further drilling, or
into mineral reserves once economic considerations are applied.
On Behalf of the Board of Directors
Morgan J. Poliquin, M.Sc., P.Eng., President, CEO 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.
Neither the Toronto Stock Exchange (TSX) nor the NYSE Amex have
reviewed or accepted any 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, CEO and Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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