Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) wishes to provide shareholders details of its 2010
corporate and exploration plans and a brief review of its most
important projects. Chairman J.D. Poliquin stated, "We have a
portfolio of projects with outstanding potential and our company is
now in an excellent position financially and technically to
aggressively advance them. These projects include the copper-gold
porphyry portion of the Caballo Blanco project, now called El
Cobre, in partnership with Goldgroup. We look forward to reporting
drill results from this and other projects in what will be a busy
year for the company." The Company has no debt and as of January
10, 2010 had $C13.0 Million in cash, $C2.5 Million in equity
holdings and 1,590 ounces of refined gold. The company plans to
spend $2M in exploration including property work and drilling as
well as regional exploration. At present Almaden holds an undivided
100% interest in 24 projects in Mexico, Canada and the United
States including the Elk gold deposit in British Columbia where the
company has defined a 43-101 compliant resource.
In 2009 Almaden completed surface work programs on its Realito,
Caldera and Gallo/Yago projects in Mexico, Merit and Elk projects
in Canada and the Willow Project in Nevada. The company has
assembled these land positions and projects through its grass roots
exploration efforts. While the properties are largely at early
stages of development they represent exciting opportunities for the
discovery of significant gold and copper deposits. Currently four
projects (Caballo Blanco, Tropico, Nicoamen River and Matehuapil),
are optioned to separate third parties who each have the right to
acquire an interest in the respective project from Almaden through
making certain payments and exploration expenditures. Four projects
are held in joint ventures. Almaden also holds a 2% NSR interest in
11 projects.
In 2010 Almaden will continue its business model of developing
properties and mitigating risk by seeking option agreements with
others who can acquire an interest in them through making
exploration expenditures. Through this means the company has been
able to expose its shareholders to discovery and capital gain
through carried interests on numerous projects without the capital
that would be required if the company were to have developed these
projects without a partner. The company intends to expand this
business model, described by some as prospect generation, by more
aggressively exploring several of its projects.
Almaden owns its own diamond drilling equipment and full
capacity drilling operation in Mexico which the company has in the
past contracted to third parties. This year Almaden intends to
drill several of its own projects in order to further develop them
towards future joint venture and sale in accordance with the
Company's business model. Management feels that the low cost
capacity of its internal drilling operations enable the company to
advance properties beyond the level which it traditionally has
without a great increase in capital expenditure, while exposing
shareholders to the much greater capital gain resulting from a
drilling discovery.
Apart from its exploration properties the company has a 100%
interest in the Elk gold project, BC which it plans to advance
towards production in 2010. In 2009 the company released an updated
resource estimate, the result of a revised geologic model of the
deposit (see Almaden news release of October 6, 2009), which
identified 250,000 ounces gold at an average grade of 8.4 g/t in
the Measured and Indicated category and 270,000 ounces in the
inferred category at an average grade of 11.0 g/t gold. The
measured, indicated and inferred mineral resource estimates include
resources for both underground and open pit extraction methods for
which cut-off grades of 5 g/t and 1 g/t were used respectively.
Plans this year for the Elk project include further infill and
step-out drilling within the resource area, a preliminary economic
evaluation on the deposit, and exploration of several areas
identified on the property where trenching, soil sampling and
drilling have identified significant potential. Management aims to
significantly add to the resource base with this year's work
program.
The properties in the Almaden's portfolio were identified by the
regional exploration efforts of the Company which has developed
proprietary techniques and databases through years of effort,
particularly in Mexico. The expert geological management of the
firm operates an ongoing regional program in Mexico and Nevada and
the Company anticipates acquiring several new projects in 2010
identified as a result of these efforts.
Mexican Projects:
El Cobre Project, Veracruz
The new El Cobre copper-gold porphyry property, was formerly
part of the Caballo Blanco project. As described in an Almaden news
release of February 22, 2010 Almaden and Goldgroup Resource Inc.
("Goldgroup") are 60/40 joint venture partners respectively on the
roughly 5,700 hectare El Cobre project. Goldgroup has requested
that the name of this new joint venture copper-gold project be
changed from Porvenir to El Cobre to avoid confusion as Goldgroup
already has a project named Porvenir. The company is operator and
is currently planning a geophysical and diamond drilling program
for 2010. Past diamond drilling returned significant copper and
gold values in a porphyry setting over a four kilometre strike
length which remains open. Past drill results include 107 meters of
0.25 g/t gold and 0.18% copper (hole CB-1), 13.7 meters of 1.85 g/t
gold and 0.1% copper (hole CB-5), 56 meters of 0.84 g/t gold and
0.34% copper (hole CBCN-28) and 41.2 meters of 0.42 g/t gold and
0.27% copper (CBCN-19). For further details see Almaden news
release of February 22, 2010.
Caballo Blanco, Veracruz
Goldgroup earn a 70% interest in the Caballo Blanco project from
Almaden to Goldgroup Resources Inc. ("Goldgroup"). In the La Paila
area of the property gold-bearing silica breccias have 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 many drill holes were abandoned in mineralized silica
breccia and the depth extent of the mineralization is not known.
The best hole drilled at Cerro la Paila intersected 94.5 metres
grading 2.09 g/t gold. Goldgroup, a privately held British Columbia
company, has recently announced its intention to combine with
publicly listed Sierra Minerals Inc. (TSX: SIM; "Sierra"), 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). 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 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 cost 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.
Caldera, Puebla
The 100% owned Caldera property covers an area of alteration
interpreted to represent a high sulphidation gold system similar to
the company's Caballo Blanco project in nearby Veracruz state. A
large sampling program was carried out in March 2009 and returned
anomalous soil and gold results indicative of the upper part of a
porphyry/high sulphidation epithermal gold system. The company
plans to conduct preliminary diamond drilling on this project in
2010.
Campanario, Oaxaca
The 100% owned Campanario project is located in Oaxaca State and
was acquired through staking by Almaden. The project covers a large
area of brecciation from which past sampling by Almaden has
returned significant gold grades including 18 rock-chip samples of
subcrop and float that ranged from 0.007 to 3.59 g/t gold and
averaged 0.41 g/t gold. Preliminary drilling is planned on this
project in 2010.
Yago/Gallo de Oro Project, Nayarit
Almaden's 100% owned and optioned claims of this project cover
an area of banded quartz veining thought to represent the upper
reaches of an epithermal vein system. Surface sampling of this area
was completed in March. Earlier in 2009 an IP and soil sampling
survey was carried out which defined the vein system for the later
surface sampling program. Fifteen grab samples samples of banded
quartz vein material taken over one kilometre of strike length
ranged from 0.027 g/t to 104 g/t gold, averaging 9.3 g/t gold. Four
samples returned gold values better than 8 g/t gold. Silver values
ranged from 0.5 to 529 g/t and averaged 59 g/t silver. In 2009 the
company acquired additional ground in the area of this discovery.
Drilling is planned for 2010.
Cerro Colorado, Oaxaca
The 100% owned Cerro Colorado project is located in Oaxaca State
and covers an area of hydrothermal alteration and mineralisation
typical of a high sulphidation precious metal system including
vuggy silica and argillic alteration. Zones of quartz veining have
also been identified. In these areas past soil sampling and IP
geophysics conducted by Almaden have returned anomalous silver and
gold in soil coincident with areas of elevated resistivity and
chargeability. Almaden intends to better define these areas for a
future diamond drilling program with detailed mapping and sampling
in 2010.
Fuego, Oaxaca
The 100% Almaden owned Fuego project was drilled by a past
partner in 2006. This drill program returned important gold and
silver values in a newly identified epithermal vein system (see
Almaden news release of June 13, 2008). Drill intersections
included 0.39 meters of 4.26 g/t gold and 100 g/t silver and 2.66
meters of 1.1 g/t gold and 68.5 g/t silver. Almaden plans a mapping
and sampling program to better define targets for future
drilling.
Lajas, San Luis Potosi
Almaden has recently staked this area where outcropping quartz
veins were identified in a regional exploration program. Three
reconnaissance rock grab and chip samples taken by Almaden returned
an average of 3.2 g/t gold and a high of 9.3 g/t gold over 0.3
meters. A surface sampling program is planned for 2010.
Matehuapil Project
The Matehuapil Project is located in northeastern Zacatecas
state in central Mexico. Significant projects in the region
surrounding Matehuapil include the Penasquito Mine, the Concepcion
del Oro district and the new Camino Rojo discovery. The project
currently includes two concessions totaling 12,090 hectares. The
property is optioned to Golden Minerals Company (Golden Minerals;
TSXV: AUM) who can earn a 60% interest in the property by making
certain payments to Almaden and conducting work programs over a six
year period. Golden Minerals has announced that sampling results in
the Rabioso area of the property, where there is exposure of
oxidized altered intrusive rock cut by numerous fractures and
veinlets, indicated that gold values in the range of 0.1 g/t to
19.9 g/t are present over an exposed area of the intrusive of
approximately 250 meters by 800 meters and is also found in the
adjacent altered sedimentary rocks to a lesser degree. Almaden
awaits news from Golden Minerals of their 2010 exploration plans
for Matehuapil.
San Pablo, Nayarit
Almaden holds several claims in this area of Nayarit and has
acquired a larger area through staking. Almaden sampling of an
outcropping quartz stock work vein zone returned 21.8 meters
averaging 3 g/t gold including 7.4 meters averaging 7.4 g/t gold.
Almaden plans more extensive surface sampling in 2010.
Realito Project
This 100% Almaden owned project is located in Sonora State,
Mexico. Claims staked by Almaden cover an area of hill forming an
intensely argillic altered and silicified volcanic and intrusive
rocks interpreted to represent a porphyry copper lithocap. A rock,
soil and stream sediment sampling program has been completed.
Results have been received from the first phase of this program. A
resistive ridge of silicified volcanic rock was identified and
preliminary sampling has returned grab samples to 0.4 g/t gold. In
this same area 750 meters of 50 meter spaced soil sampled returned
an average of 100 ppb gold and up to 0.4 g/t gold. Recent rock chip
sampling of the silicified zone and related argillic alteration
returned gold values from below detection to 0.5 g/t gold. Further
mapping and soil and rock-chip sampling is planned for 2010.
San Carlos Project
The 100% Almaden owned San Carlos Project is located in northern
Mexico about three hours south of Monterrey City in Tamaulipas
State. Almaden has had two past partners explore this project. The
results of this work have defined a large intrusion hosted
copper-gold porphyry system associated with peripheral skarns
developed in carbonate rocks. In July and August of 2008 Almaden
completed a grid based soil sampling, ground magnetics and IP
geophysical program. This work has outlined a new area of anomalous
geophysical responses and copper, gold and molybdenum in soil
geochemistry now named the Lupe zone which has been traced for over
1 kilometre along strike. Within the Lupe zone gold in soil samples
range from 0.0055 to 0.64 g/t gold (averaging 0.068 g/t gold), 79.3
ppm to 15,221 ppm (1.5%) copper (averaging 1,095 ppm copper), 0.1
to 7.6 ppm silver (averaging 1.1 ppm silver) and 0.6 to 73.3 ppm
molybdenum (averaging 6.5 ppm molybdenum). The Lupe zone soil
anomaly occurs on top and along the flanks of a ridge which is
underlain by a discrete chargeability anomaly interpreted to
reflect elevated sulphides. The anomaly is at least 200 meters
wide, spanning across five two hundred meter lines surveyed with IP
geophysics. On one line eight consecutive 50 meter spaced soil
samples over 400 meters ranged from 621 ppm to 3690 ppm copper
(3.7% copper) and averaged 1331 ppm copper (0.13% copper). These
same samples ranged from 19.6 ppb to 100 ppb gold, averaging 56 ppb
gold. In 2003 a past partner drilled three holes located peripheral
to this target area but the target itself has never been drill
tested. Results from the past drilling included 245.27 meters of
0.04% Cu and 0.008% Mo, and 12 meters of 0.11% Cu in a separate
hole. Almaden plans a drill program in 2010 to test the Lupe zone
and other targets at the San Carlos project.
US Projects:
Paradise Valley, Nevada
This early stage project located near the historic Paradise Peak
gold mine in central Nevada covers an area of acid sulphate
alteration interpreted to represent a high sulphidation system and
was acquired by staking. A surface rock sampling program is planned
for 2010.
Willow, Nevada
At Willow Almaden has completed geologic and alteration mapping,
rock sampling, soil sampling and stream sediment sampling. Mapping
has outlined a roughly 2 by 2 kilometer area of intense
hydrothermal alteration characterised by minerals and features
typical of high sulphidation epithermal systems including
silicification and brecciation, alunite, kaolinite and dickite. In
this area 174 rock samples have been taken with results ranging
from 0.005 to 0.29 g/t gold. Soil sampling was conducted on a 200
by 50 meter grid. The 1,297 soil samples collected returned gold
values from below detection up to 1.2 g/t gold and averaging 0.024
g/t gold (24 ppb gold). Several significant areas of greater than
0.1 g/t gold were outlined in this soil sampling program. Stream
sediment samples were also taken and returned values from 0.002 g/t
gold to a high of 3.4 g/t gold and averaging 0.041 g/t gold (41
ppb). These geochemical results are considered extremely important,
and with the hydrothermal alteration, are interpreted to be
indicative with top of a well mineralised high sulphidation gold
system. Almaden plans to conduct a preliminary drill program at
Willow in 2010.
Canadian Projects:
Elk, BC
The 100% owned Elk Gold Project is located 45 kilometers
southeast of Merrit in southern British Columbia, Canada. The
property has excellent infrastructure; a four-lane highway crosses
at the northern portion of the claim group and major power lines
are located within 20 kilometers. The property has been extensively
explored by soil geochemical surveys, trenching and diamond
drilling from 1987 to present. Several zones of gold bearing
mesothermal quartz veins have been found to date. The Siwash North
Vein system consisting of several veins including the B WD vein
zones has had the most work to date and a 43-101 compliant resource
has been developed through drilling. A work program is planned for
2010 as described above.
Merit Project, BC
This 100% owned project covers veins outcropping intermittently
along a strike length of 2,700 metres and is highlighted by two
segments of exposed alteration and mineralization called Discovery
Hill and Sullivan's Ridge zones. During the field seasons of 2004
and 2005 an initial property evaluation of the Merit Property was
carried out by Almaden. The program included prospecting and
reconnaissance rock sampling, soil sampling, geological mapping and
hand trenching on two of the three mineral zones identified to
date. Highlights of this work include average gold analyses of 965
ppb (0.97 g/t) from all 115 reconnaissance rock samples, with
values up to 7.9 g/t gold, and three contiguous channel samples
which average 7.2 g/t gold across a 1.8 meter true width section of
outcropping quartz veining and altered host rock exposed by
trenching in the main (Sullivan Ridge) zone. An IP geophysical
survey was conducted in 2009 which resulted in the definition of a
chargeability/resistivity high anomaly under the area of surface
geochemistry and trenching. Almaden plans a diamond drilling
campaign at Merit in 2010 to test this target.
Nicoamen River, BC
In 2009 Almaden optioned its wholly owned Nicoamen River Gold
Prospect in the Spences Bridge Gold Belt, British Columbia to
Fairmont Minerals Ltd. Who can earn up to a 60% interest in the
property by spending $2MM on exploration, paying Almaden $25,000
and issuing the Company 300,000 shares of Fairmont stock within
five years from the listing of the stock on the TSX Venture or
other Canadian Stock Exchange. In 2009 Fairmont completed a
geophysical survey on the property. Almaden is waiting to hear
details of Fairmont's exploration plans for 2010.
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 Acme Analytical Labs of Vancouver and ALS Chemex Laboratories of
North Vancouver using industry standard aqua regia, ICP and fire
assay techniques. Drill program sampling incorporated a quality
control program which included the insertion of field duplicates,
certified standards and blanks into the sample stream. 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). The
43-101 compliant mineral resource estimate for the Elk deposit was
prepared by Lions Gate Geological Consulting Inc. ("LGGC"). The
model and resource estimate incorporated drilling results from 2007
not included in the previous estimate prepared by Giroux
Consultants Ltd. in April, 2007. The new model recognizes eight
separate vein zones that comprise the B vein system and four
separate zones that comprise the WD vein. For complete details see
Almaden news release of October 6, 2009.
On Behalf of the Board of Directors
Morgan J. Poliquin, Ph.D., 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, Ph.D.,
P.Eng. President, CEO and Director (604) 689-7644 (604) 689-7645
(FAX) www.almadenminerals.com
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