Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU)is pleased to report the results from the first ever
drilling on what is now being called the Ixtaca zone within the
Company's 100% owned Tuligtic project located in Puebla State,
Mexico.
Reported today are the results of Hole TU-10-1, the first
drilled. Results are pending from the two other holes drilled in
this program, TU-10-2 and TU-10-3. Hole TU-10-1 intersected
multiple quartz-carbonate-sulphide vein zones over its entire
length, averaging 1.01 g/t gold and 48 g/t silver over 302.41
meters from the base of overburden at 47.50 meters depth to the
bottom of the hole at 349.91 meters depth. Vein intersections
include 0.70 meters of 129 g/t gold and 4288 g/t silver (within an
interval of 4.10 meters from 174.5 to 178.6 meters that averaged
25.71 g/t gold and 936 g/t silver). Below are two tables showing
the broad intervals of gold-silver mineralisation and the high
grade gold-silver vein zones respectively.
As reported in Almaden's news release of July 5th, 2010, the
veins are composed of banded fine grained quartz,
calcite,rhodochrosite and sulphides which display textures typical
of classic low sulphidation epithermal veins. The Ixtaca zone is a
blind drilling discovery as there is very little surface
manifestation of the veins. The discovery is the result of the
Company's interpretation of the surface geology and utilising
epithermal models of mineralisation.
J.D. Poliquin, Chairman of Almaden commented, "This is an
exciting new gold-silver prospect in a brand new district. Both the
high grade and bulk tonnage potential of this discovery have been
demonstrated and future exploration will now focus on developing a
resource. Upon receiving the assay results from holes TU-10-2 and
TU-10-3 a follow-up drilling program will be planned, likely to
commence in early September, 2010."
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Width Gold Silver Gold Eq.
From (m) To (m) (m) (g/t) (g/t) (g/t) Ag/Au
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47.50 349.91 302.41 1.01 48 1.7 47
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including 62.00 275.00 213.00 1.23 62 2.2 51
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and 101.00 275.00 174.00 1.49 74 2.6 50
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and 225.77 271.26 45.49 1.95 69 3.0 36
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and 315.00 349.91 34.91 1.23 32 1.7 26
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Table 1: Broad Intervals, Ixtaca Zone, Hole TU-10-1
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Width Gold Silver Gold Eq.
From (m) To (m) (m) (g/t) (g/t) (g/t) Ag/Au
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106.70 109.73 3.03 4.44 453 11.4 102
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174.50 178.60 4.10 25.71 936 40.1 36
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including 174.50 176.17 1.67 60.66 2112 93.2 35
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and 174.50 175.20 0.70 129.00 4288 195.0 33
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202.30 215.06 12.76 1.45 116 3.2 80
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225.17 236.13 10.96 3.90 114 5.7 29
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including 225.77 233.45 7.68 5.44 136 7.5 25
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and 230.72 233.45 2.73 5.35 312 10.2 58
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and 232.62 233.45 0.83 8.30 641 18.2 77
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253.54 261.90 8.36 2.71 61 3.6 22
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315.65 319.43 3.78 9.53 279 13.8 29
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including 315.65 317.40 1.75 17.28 527 25.4 31
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Table 2: High Grade Gold-Silver Intervals, Ixtaca Zone, Hole TU-10-1
Project Details
The property lies within the TransMexican Volcanic Belt about
120 kilometres southeast of the Pachuca gold/silver deposit which
has reported historic production of 1.4 billion ounces of silver
and 7 million ounces of gold. The Tuligtic property was acquired by
staking in 2002 following prospecting work carried out by the
company in the area. Since that time Almaden has optioned the
property to three separate partners, all of whom have relinquished
all rights to the property and none of whom conducted work on the
Ixtaca zone. The Ixtaca zone is located along a trend of shallowly
eroded epithermal systems that Almaden has identified in eastern
Mexico. Almaden has several other projects staked along this
trend.
The Ixtaca zone occurs in deformed carbonate rocks about two
kilometres southwest of the Tuligtic porphyry copper zone where the
first ever drilling was carried out in late 2009 and early 2010.
Surface manifestation of the Ixtaca zone is very obscure because
the region is almost completely covered with a thin layer of recent
volcanic ash. Reports of historic clay mines brought Almaden's
attention to the area.These kaolinite and replacement silica
alteration zones are typical of the surface manifestation of an
ancient hotspring environment. Within the feeder faults which
channel hot mineral solutions from depth to surface hotsprings,
quartz, carbonate, gold and silver can deposit. This was the model
employed by the Company in testing the Ixtaca Zone where, in an
arroyo beneath the kaolinite and silica alteration, some very
narrow (0.1 to 3 centimetre) veins with epithermal textures occur
in a small (about 2 metres by 5 metres) outcrop. These veins
assayed up to 1 g/t gold and 110 g/t silver. Small cobbles of float
in the creek returned assays of up to 600 g/t silver and another
such cobble assayed 6.0 g/t gold. Work prior to drilling included a
single Induced Polarization geophysical line across this area which
detected a resistivity anomaly and several short geochemical soil
sample lines showed coincident anomalous gold and silver
values.
There was not sufficient surface exposure to determine the
strike or dip of the overall vein zone, nor the veins it is
comprised of. Based on limited data, the three holes drilled to
date were fanned out in a small area, each in a different direction
to test the prospect (see attached map, click on the following
link: http://media3.marketwire.com/docs/AMMmap89.jpg). The site
area chosen for this drilling was also constrained by topography.It
is now apparent that all the holes were collared within the vein
zone. This zone is now thought to have a general north easterly
trend but at this time true widths cannot be calculated with
confidence. Additionally, individual veins have several different
apparent attitudes and may not be oriented parallel to the strike
of the overall vein zone. Aimed at the centre of the resistivity
anomaly, hole TU-10-1 was drilled at 110 degrees with a -55 degree
dip and is considered to be oriented oblique to the vein zone. Hole
TU-10-2 was drilled away from TU-10-1 with an azimuth of 330
degrees and a dip of -55 degrees. Hole TU-10-3 was drilled at an
azimuth of 150 degrees with a dip of -50 degrees. Of the three
holes, TU-10-1 is believed to have most completely crossed the core
of the vein zone while holes TU-10-2 and TU-10-3 are thought to
have been collared closer to the hanging wall and footwall
respectively. Accordingly lower vein frequency was observed in
holes TU10-2 and TU-10-3. The assay results from TU-10-1 suggest
that gold and silver grades may beincreasing with depth. This is
consistent with the shallow portions of epithermal vein systems as
represented at the surface of the Ixtaca Zone. Holes TU-10-2 and
TU-10-3 are likely to have only intersected shallow levels of the
portions of the vein system they crossed.
Morgan J. Poliquin, Ph. D., 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. The analyses reported were carried out at ALS Chemex
Laboratories of North Vancouver using industry standard aqua regia,
ICP and fire assay techniques. Blanks, field duplicates and
certified standards were inserted into the sample stream as part of
Almaden's quality assurance and control program which complies with
National Instrument 43-101 requirements. Gold equivalent ("AUEQ" or
"Gold Eq.") values were calculated using a silver to gold ratio of
65 to 1. Intervals that returned assays below detection were
assigned zero values.
About Almaden
Almaden is a well-financed (no debt, $C16.5 MM in working
capital) mineral exploration company working in North America. The
company has assembled mineral exploration projects, including
Tuligtic, 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 as evidenced at Ixtaca. Currently five
projects (Caballo Blanco, Tropico, Nicoamen River and Matehuapil
and Merit), 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 further projects are held in joint ventures.
Almaden also holds a 2% NSR interest in 11 projects. Almaden's
business model is to find and acquire mineral properties and
develop them by seeking option agreements with others who can
acquire an interest in a project by making payments and exploration
expenditures. Through this means the company has been able to
expose its shareholders to discovery and capital gain 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
including the Ixtaca Zone.
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. Except for the statements of historical fact contained
herein, certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and Canadian securities
laws. Such forward-looking statements, including but not limited
to, those with respect to potential expansion of mineralization,
potential size of mineralized zone, and size and timing of
exploration and development programs, estimated project capital and
other project costs and the timing of submission and receipt and
availability of regulatory approvals involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievement of Almaden to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks related to international
operations and joint ventures, the actual results of current
exploration activities, conclusions of economic evaluations,
uncertainty in the estimation of mineral resources, changes in
project parameters as plans continue to be refined, environmental
risks and hazards, increased infrastructure and/or operating costs,
labour and employment matters, and government regulation and
permitting requirements as well as those factors discussed in the
section entitled "Risk Factors" in Almaden's Annual Information
form and Almaden's latest Form 40-F on file with the United States
Securities and Exchange Commission in Washington, D.C. Although
Almaden has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Almaden
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, other than as required pursuant to
applicable securities laws. Accordingly, readers should not place
undue reliance on forward-looking statements.
The Toronto Stock Exchange and NYSE AMEX 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, Ph.D.,
P.Eng. President, CEO and Director 604-689-7644 604-689-7645 (FAX)
www.almadenminerals.com
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