Almaden Minerals Ltd.: Ixtaca Drilling to Recommence
03 Settembre 2010 - 8:34PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) is pleased to report that a phase II diamond drilling
program is set to recommence at the newly discovered Ixtaca zone on
its 100% owned Tuligtic Project located in Puebla State, Mexico.
Almaden geology staff and drilling personnel are on site and
drilling is expected to commence in the coming days. Almaden plans
several holes to confirm the orientation of the vein system before
systematic step-out drilling, to explore the strike and depth
extent of the vein system, commences. Over the past few weeks
Almaden has acquired all the surface access rights and permissions
necessary to carry out the current drill program. In addition
Almaden has reviewed its exploration database for the Tuligtic
project and, in areas of previous work to the north and east of the
Ixtaca zone, identified several other targets on the property.
Defining these targets are high gold and silver in stream sediment
and soil that are in some cases coincident with high resistivity
and chargeability IP geophysical responses similar to those now
known to be associated with mineralisation in the Ixtaca zone.
Almaden awaits the results of more detailed soil sampling that was
carried out in the past few weeks to help better define these
zones. During the present drill program these new targets will be
field examined in detail for the purposes of designing future
drilling to test them. IP geophysical surveys are also scheduled to
commence shortly with survey lines designed to explore the strike
extent of the Ixtaca zone and to help plan future drilling.
Previously in August of this year (see Almaden news releases of
August 9th and August 17th, 2010) Almaden reported results of the
first ever and discovery drilling results from the Ixtaca zone
including 302.41 m of 1.01 g/t Au and 48 g/t Ag (1.7 g/t AuEq, 114
g/t AgEq) in hole TU-10-1 and 232.30 meters of 0.36 g/t gold and 34
g/t silver (0.9 g/t AuEq., 57 g/t AgEq.) in hole TU-10-3. Hole
TU-10-1 was drilled with an azimuth of 110 degrees and a dip of -55
degrees and is considered to be oriented oblique to the vein zone.
Hole TU-10-3 was drilled at an azimuth of 150 degrees with a dip of
-50 degrees. Hole TU-10-2 was drilled away from TU-10-1 with an
azimuth of 330 degrees and a dip of -55 degrees and intersected
32.69 meters of 0.15 g/t gold and 32 g/t silver (0.6 g/t AuEq., 41
g/t AgEq.). 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
hangingwall and footwall respectively. Accordingly hole TU-10-3 is
interpreted to have intersected the vein system at shallower depths
than that at which high grades were intersected in hole TU-10-1.
The phase II program drilling will be designed to test the entire
vein system across the depths interpreted to be most permissive for
gold and silver mineralisation.
J.D. Poliquin, Chairman of Almaden commented, "We are excited to
be recommencing diamond drilling and look forward to reporting the
results of the phase II program."
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.")
and silver equivalent ("AgEq.") values were calculated using a
silver to gold ratio of 65 to 1. Metallurgical recoveries and net
smelter returns are assumed to be 100% for the purposes of these
gold and silver equivalent calculations. Intervals that returned
assays below detection were assigned zero values.
About Almaden
Almaden is a well-financed mineral exploration company working
in North America. The company has assembled mineral exploration
projects, including the Ixtaca Zone, 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, 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, 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. 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 20-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.
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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