Almaden Minerals Ltd.: Merit Gold Project Optioned
08 Giugno 2010 - 7:08PM
Marketwired
Almaden Minerals Ltd. (TSX: AMM)(NYSE Amex: AAU) is pleased to
announce that it has formed an option agreement on its wholly owned
Merit Gold Prospect in the Spences Bridge Gold Belt, British
Columbia with Sunburst Explorations Inc. ("Sunburst"), a private
company, which can earn up to a 60% interest in the property by
spending $C3MM on exploration, and issuing Almaden 700,000 shares
of Sunburst shares within five years from the listing of the stock
on the TSX Venture Exchange (TSX-V). Sunburst has until May 31,
2011 to be listed on the TSX-V. Sunburst has agreed to a firm
commitment of $C100,000 in exploration expenditures which must be
completed by December 31, 2010. Sunburst has started an exploration
program consisting of IP geophysics to better define the currently
known exploration targets for a future drill program.
This Merit 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. A preliminary IP geophysical survey was
conducted in 2009 by Almaden which resulted in the definition of a
chargeability/resistivity high anomaly under the area of surface
geochemistry and trenching.
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 ALS Chemex Laboratories of
North Vancouver using industry standard aqua regia, ICP and fire
assay techniques.
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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