Almaden Minerals Ltd.: Caballo Blanco Project Update
22 Febbraio 2010 - 8:37PM
Marketwired
Almaden Minerals Ltd. (TSX: AMM)(NYSE Amex: AAU) ("Almaden") is
pleased to announce that it has agreed to terms with NGEx Resources
Inc. ("NGEx"; formerly Canadian Gold Hunter Corp.) and Goldgroup
Resources Inc. ("Goldgroup") with respect to its Caballo Blanco
gold-copper project in Veracruz State, Mexico. Recently NGEx and
Goldgroup announced that they had concluded an arrangement whereby
Goldgroup could acquire NGEx's not yet exercised right to acquire a
70% interest in the Caballo Blanco project from Almaden. Almaden
has now agreed to this arrangement but under the condition that a
portion of the Caballo Blanco project be separated from that
agreement to form the now named "Porvenir Project", to be owned 60%
by Almaden and 40% by Goldgroup. This arrangement is subject to
Goldgroup earning its 70% interest in the Caballo Blanco property;
should Goldgroup fail to do so Goldgroup interest in the Porvenir
project will be reduced to 20%. Goldgroup has agreed to pay a NSR
to NGEx of 1.5% on Goldgroup's portion of both the Porvenir and
Caballo Blanco projects. Both Almaden and Goldgroup will hold a
working interest in the Porvenir Project and Almaden will be the
operator of exploration programs.
J.D. Poliquin, chairman of Almaden, stated, "We are pleased to
have arrived at this agreement with Goldgroup and NGEx. Goldgroup
has exciting exploration plans for the Caballo Blanco project and
we look forward to aggressively exploring the new El Porvenir
project with Goldgroup. Both properties hold world-class potential
for the development of both gold and copper resources in an area
with outstanding infrastructure."
Goldgroup will hold the right to acquire a 70% interest in the
portion of the Caballo Blanco property outside that of which
comprises the Porvenir project. Goldgroup, a privately held British
Columbia company, has recently announced its intention to combine
with publicly listed Sierra Minerals Inc. (TSX: SIM) ("Sierra"),
its intention to raise $30 Million and a new 43-101 resource for
the Cerro La Paila zone of the Caballo Blanco property including
167,987 Indicated ounces of gold and 517,000 Inferred ounces of
gold (see Sierra news release of January 29, 2010 and resource
table below). Goldgroup also announced its exploration and
development plans for the Caballo Blanco property which include
"expanding and upgrading the resource" and advancing the project
"...towards a future annual production target of 100,000 ounces of
gold..." (see Sierra news release of January 29, 2010). Almaden's
agreement with Goldgroup (formerly with NGEx) allows for Goldgroup
to earn a 70% interest in the Caballo Blanco property by spending
US$12,000,000 (not yet completed). Goldgroup will remain
responsible for all costs until a bankable feasibility study is
presented to Almaden. Almaden shall be entitled to participate in
any production financing arranged by Goldgroup on the same terms
arranged by Goldgroup.
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Cut-off
Category grade (g/t) Tonnes Grade (g/t) Ounces Gold
Indicated 0.2 6,710,000 0.65 167,987
Inferred 0.2 27,600,000 0.58 517,000
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Goldgroup Resource for Cerro La Paila, Caballo Blanco
The 5,682 hectare Porvenir Project covers copper-gold porphyry
mineralization known to exist over a strike length of at least four
kilometers. Drilling by Almaden and NGEx along this strike length
has returned significant copper and gold values including those in
the table below. The mineralization is associated with the exposed
portions of diorite stocks which have intruded intermediate
volcanic rocks. Mineralogic and fluid inclusion studies show
conclusively that the gold and copper-gold porphyry-style
mineralization at Porvenir is not deeply eroded and great potential
exists at depth. More importantly these studies indicate that the
mineralization is genetically uniquely like that of some of the
Maricunga district gold-copper porphyry systems in Chile including
the following deposits:
- Cerro Casale Gold-Copper Deposit, 21.2 million ounces of gold
at a grade of 0.61 grams per tonne ("g/t") and 5,308 million pounds
of copper grading 0.22% (Kinross NI 43-101 Report, December 31st
2008).
- Refugio Gold Mine, 5.4 million ounces of gold at a grade of
0.76 g/t (Kinross NI 43-101 Report, December 31st 2006).
- Volcan Deposit, Measured and Indicated resources of 6.6
million ounces gold at a grade of 0.85 g/t and a further 3.3
million ounces of gold at 0.9 g/t (Andina 43-101 Report, July
2008).
- Caspiche Depost, Inferred resource of 19.6 million ounces at a
grade of 0.55 g/t gold and 0.22% copper (Exeter Resources 43-101
Report, September, 2009).
Almaden and Goldgroup plan to commence an exploration program on
the El Porvenir project immediately which will include further
geophysics and a CSAMT-IP geophysical survey of the property which
it is hoped will identify where to focus future deeper drilling on
the property. Many of the past drillholes on the Porvenir property
are shallow and end in copper-gold mineralization. Because of this
and the nature of porphyry copper gold deposits, true widths have
not been calculated.
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Hole Length Au g/t Cu % AuEq (g/t)
08 CBCN-28 364.2 0.18 0.11 0.37
CB-1 107.0 0.25 0.18 0.56
CB-2 39.6 0.39 0.15 0.65
CB-12 15.2 0.23 0.16 0.50
CB-4 39.6 1.44 0.15 1.70
including 12.2 3.82 0.37 4.45
CB-5 13.7 1.85 0.1 2.02
and 48.8 0.24 0.06 0.34
CBCN-19 41.2 0.42 0.27 0.88
CBCN-22 148.4 0.21 0.17 0.50
CBCN-26 109.7 0.27 0.17 0.56
CBCN-27 118.9 0.16 0.13 0.38
CBCN-28 56.0 0.84 0.34 1.42
CBCN-42 143.0 0.1 0.11 0.29
CB-13 71.6 0.3 0.05 0.39
CB-17 67.1 0.29 0.07 0.41
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Table of Past Drill Results from the El Porvenir Project, Mexico
Morgan J. Poliquin, P.Eng., the President and CEO of Almaden and
a qualified person under the meaning of National Instrument 43-101
reviewed the technical information in this news release. Analyses
reported from work conducted by Almaden were carried out at ALS
Chemex Laboratories of North Vancouver using industry standard aqua
regia, ICP and fire assay techniques. This sampling also included a
quality control program which including the insertion of field
duplicates, certified standards and blanks into the sample stream.
Gold equivalent values were calculated using a copper conversion
price of US$2.00 per pound and a gold price of US$800 per ounce
(assuming 100% recovery). The Goldgroup resource for Cerro La Paila
was prepared as part of a NI 43-101-compliant Technical Report
dated December 15, 2009 by Jim F. Cuttle, B.Sc. P.Geo. and Gary
Giroux. M.ASc., P.Eng. of Giroux Consultants Ltd., both of whom are
independent Qualified Persons under NI 43-101 (see Sierra news
release of January 29, 2010).
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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