Almaden Confirms Ixtaca Discovery, Intersects 94.65 Meters of 1.33 g/t Au and 79.9 g/t Ag Including Multiple High Grade Interval
23 Novembre 2010 - 9:46PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE:
AAU) is pleased to report the first results from the second phase
drilling now underway at its 100% owned Ixtaca zone, located in
Puebla State, Mexico. Drilling is on-going and a second rig has
been added to the exploration program.
Reported today are the results of Hole TU-10-4 and TU-10-5.
Results from TU-10-6 will be reported later this week while assay
data from holes TU-10-7, TU-10-8 and TU-10-9 are awaited and
drilling is currently underway on holes TU-10-10 and TU-10-11. The
attached plan map shows the locations of all holes drilled or
underway. Holes TU-10-4 and TU-10-5 were collared at azimuth 150
degrees and dips of -48 and -55 respectively. The holes were
designed to cross the veins intersected in hole TU-10-1, the
discovery hole reported in an Almaden news release of August 9th
2010 and were drilled at right angles to at what was interpreted to
be the strike of the vein system (50 degrees azimuth). Both holes
intersected multiple quartz-carbonate-sulphide vein zones over
significant widths. Hole TU-10-4 intersected 158.0 meters (from
189.10 to 347.10 meters) averaging 0.94 g/t gold and 61.1 g/t
silver (2.2 g/t AuEq and 108 g/t AgEq). Hole TU-10-5 intersected
230.43 meters (from 146.40 to 379.13 meters) averaging 0.51 g/t
gold and 42.0 g/t silver (1.3 g/t AuEq and 67 g/t AgEq). Multiple
higher grade intervals were also intersected in both holes
(including 0.85 m of 8.83 g/t gold and 1337.0 g/t Ag in hole
TU-10-4 and 0.52 m of 37.4 g/t Au and 466 g/t Ag in hole TU-10-5).
The broad intervals of veining and high grade gold-silver zones are
tabularised below.
J.D. Poliquin, Chairman of Almaden, commented, "We are very
pleased to have confirmed the broad zone of veining at Ixtaca with
the two holes reported today. We have yet to test the deeper
portions of this vein system where high grade feeder zones are
interpreted to likely exist. Nevertheless the more shallow portions
of the vein system that have been tested have returned some high
grade intervals as reported in the tables of this news release.
Further holes are necessary to be confident with the orientation of
the veins in this blind discovery but we are very encouraged with
the results received to date."
Project Details
The property lies within the Trans Mexican 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 Ixtaca vein zone is a blind
discovery with little surface manifestation. Based upon
observations at surface and of core as drilling progresses, there
is now thought to be at least two major sets of veins; one along
bedding striking roughly 150 to 170 degrees and one perpendicular
to bedding striking roughly 50 to 70 degrees The overall vein zone
is still thought to have a north-easterly trend but true widths
cannot be calculated with confidence at this time. Drilling has
resumed at 100 degrees, an orientation currently thought to best
intersect both sets of veining as well as mineralised dikes, the
orientation of which is not currently understood.
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Gold Silver
Inter- Gold Silver Eq Eq
Hole # From (m) To (m) val (m) (g/t) (g/t) (g/t) (g/t)
-----------------------------------------------------------------------
TU-10-4 38.00 59.30 21.30 0.66 25.2 1.2 58
-----------------------------------------------------------------------
TU-10-4 including 38.00 47.20 9.20 1.10 41.2 1.9 96
-----------------------------------------------------------------------
TU-10-4 and 38.00 40.40 2.40 3.09 33.9 3.8 189
-----------------------------------------------------------------------
TU-10-4 189.10 211.80 22.70 0.83 79.6 2.4 121
-----------------------------------------------------------------------
TU-10-4 including 195.00 203.85 8.85 1.44 154.5 4.5 226
-----------------------------------------------------------------------
TU-10-4 and 202.90 203.85 0.95 7.57 882.3 25.2 1261
-----------------------------------------------------------------------
TU-10-4 229.70 233.80 4.10 0.75 44.1 1.6 82
-----------------------------------------------------------------------
TU-10-4 240.80 246.80 6.00 0.19 13.1 0.4 22
-----------------------------------------------------------------------
TU-10-4 252.45 347.10 94.65 1.33 79.9 2.9 146
-----------------------------------------------------------------------
TU-10-4 including 252.45 287.60 35.15 1.08 82.9 2.7 137
-----------------------------------------------------------------------
TU-10-4 and 262.90 263.75 0.85 8.83 1337.0 35.6 1778
-----------------------------------------------------------------------
TU-10-4 and 272.70 277.00 4.30 2.70 151.3 5.7 286
-----------------------------------------------------------------------
TU-10-4 and 282.50 287.60 5.10 2.44 60.3 3.6 182
-----------------------------------------------------------------------
TU-10-4 and 293.45 347.10 53.65 1.63 86.4 3.4 168
-----------------------------------------------------------------------
TU-10-4 and 296.20 310.70 14.50 2.97 158.8 6.1 307
-----------------------------------------------------------------------
TU-10-4 and 322.10 325.30 3.20 4.21 97.3 6.2 308
-----------------------------------------------------------------------
TU-10-4 and 328.30 329.50 1.20 2.68 198.0 6.6 332
-----------------------------------------------------------------------
TU-10-4 and 335.50 340.20 4.70 2.53 198.7 6.5 325
-----------------------------------------------------------------------
TU-10-4 and 343.35 344.70 1.35 2.01 35.6 2.7 136
-----------------------------------------------------------------------
TU-10-4 367.90 379.00 11.10 0.30 38.1 1.1 53
-----------------------------------------------------------------------
Table 1: Intervals Hole TU-10-4
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Gold Silver
Inter- Gold Silver Eq Eq
Hole # From (m) To (m) val (m) (g/t) (g/t) (g/t) (g/t)
-----------------------------------------------------------------------
TU-10-5 34.40 45.00 10.60 1.27 26.3 1.8 90
-----------------------------------------------------------------------
TU-10-5 63.20 73.30 10.10 0.68 41.6 1.5 76
-----------------------------------------------------------------------
TU-10-5 146.40 159.79 13.39 0.37 100.1 2.4 118
-----------------------------------------------------------------------
TU-10-5 including 149.15 150.40 1.25 2.80 706.0 16.9 846
-----------------------------------------------------------------------
TU-10-5 178.20 178.45 0.25 0.65 501.0 10.7 533
-----------------------------------------------------------------------
TU-10-5 183.76 185.05 1.29 0.21 614.7 12.5 625
-----------------------------------------------------------------------
TU-10-5 199.25 204.66 5.41 0.18 57.4 1.3 67
-----------------------------------------------------------------------
TU-10-5 213.81 335.91 122.10 0.74 40.9 1.6 78
-----------------------------------------------------------------------
TU-10-5 including 213.81 234.99 21.18 1.00 57.1 2.1 107
-----------------------------------------------------------------------
TU-10-5 and 227.16 230.06 2.90 3.78 230.2 8.4 419
-----------------------------------------------------------------------
TU-10-5 and 244.74 250.10 5.36 0.64 41.1 1.5 73
-----------------------------------------------------------------------
TU-10-5 and 261.26 276.46 15.20 0.71 53.1 1.8 89
-----------------------------------------------------------------------
TU-10-5 and 261.26 264.15 2.89 3.04 185.1 6.7 337
-----------------------------------------------------------------------
TU-10-5 and 283.45 335.91 52.46 1.04 51.2 2.1 103
-----------------------------------------------------------------------
TU-10-5 and 283.45 307.02 23.57 1.05 52.7 2.1 105
-----------------------------------------------------------------------
TU-10-5 and 295.00 299.74 4.74 3.50 128.1 6.1 303
-----------------------------------------------------------------------
TU-10-5 and 295.00 295.45 0.45 14.04 366.1 21.4 1068
-----------------------------------------------------------------------
TU-10-5 and 312.12 335.91 23.79 1.24 59.6 2.4 122
-----------------------------------------------------------------------
TU-10-5 and 319.16 323.81 4.65 4.24 127.3 6.8 339
-----------------------------------------------------------------------
TU-10-5 and 321.70 322.53 0.83 14.30 150.0 17.3 865
-----------------------------------------------------------------------
TU-10-5 and 332.50 334.76 2.26 2.07 197.6 6.0 301
-----------------------------------------------------------------------
TU-10-5 342.46 371.03 28.57 0.56 53.7 1.6 82
-----------------------------------------------------------------------
TU-10-5 including 368.84 369.77 0.93 3.60 476.2 13.1 656
-----------------------------------------------------------------------
TU-10-5 402.62 403.14 0.52 37.40 466.0 46.7 2336
-----------------------------------------------------------------------
Table 2: Intervals Hole TU-10-5
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.") and silver equivalent ("AgEq" or "Silver Eq.") values
were calculated using silver to gold ratios of 50 to 1. Previous
news releases used silver to gold ratios of 65 to 1. Intervals that
returned assays below detection were assigned zero values.
Metallurgical recoveries and net smelter returns are assumed to be
100% for these calculations. Intervals that returned assays below
detection were assigned zero values.
About Almaden
Almaden is a well-financed (no debt, approximately $C25 MM in
working capital) mineral exploration company working in North
America. The company has assembled mineral exploration projects,
including Ixtaca, 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 six projects (Caldera, 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.
To view the maps associated with this press release, please
click on the following link:
http://media3.marketwire.com/docs/alm1123.pdf
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 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.
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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