Almaden Completes 2010 Ixtaca Program, Announces 2011 Plans
21 Dicembre 2010 - 9:43PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) is pleased to announce that it has completed its
successful 2010 drill program at the Ixtaca zone on its 100% owned
Tuligtic project, Mexico. Operations have ceased for a Christmas
break and will resume in January. Fourteen holes were drilled in
2010 for a total of 6465.12 meters (see drill map attached).
Results from the first six holes (TU-10-1 through TU-10-6) have
already been announced (see Almaden news releases of August 9,
August 17th, November 23 and November 24, 2010). Almaden
anticipates announcing complete results from holes TU-10-7 through
TU-10-14 in early January. The 2011 drill program is scheduled to
commence in mid to late January with two drill rigs, to be expanded
as necessary.
J.D. Poliquin, Chairman of Almaden commented, "Previously
announced step out drilling in hole TU-10-6 confirmed the presence
of the broad zone of epithermal veining at Ixtaca 100 meters
northeast of where the initial discovery was made. Further holes
have been drilled to confirm the orientation of the veins in this
blind discovery. This drilling also traced the continuity of the
vein zone along strike and to depth. We are very pleased with this
drilling discovery and eagerly anticipate commencing 2011 with a
drill program designed to test the strike extent and vertical
continuity of the Ixtaca zone of veining which appears to be marked
by strong IP and gold in soil responses for at least a kilometre
northeast of present drilling."
The overall vein zone is thought to have a north-easterly trend.
While true widths still cannot be calculated with confidence at
this time, the vein zone is currently interpreted to be steeply
dipping. The drilling completed to date has traced mineralisation
over roughly 300 meters along this northeast trend. The Ixtaca vein
zone is a blind discovery with little surface manifestation and the
2010 drill program was successful in confirming its general
orientation. Based upon observations at surface and of core as
drilling progresses, there is now thought to be at least two major
sets of veins within the vein zone; one along bedding striking
roughly 150 to 170 degrees and one perpendicular to bedding
striking roughly 50 to 70 degrees. Holes TU-10-2 through TU-10-6,
TU-10-9, TU-10-11, TU-10-13 and TU-10-14 were drilled sub parallel
to bedding at 150 degrees azimuth. While this orientation is deemed
best to cross the vein zone perpendicularly, management is
reviewing if this drilling azimuth may in fact be parallel to the
other major vein set. Holes TU-10-1, TU-10-9, TU-10-10 and TU-10-12
were drilled at 100 degrees, an azimuth thought best to intersect
both vein sets. Due to mechanical difficulties, hole TU-10-9 could
not be completed from the location at which it was collared and was
terminated before getting to the target depth. Holes TU-10 through
TU-10-14 intersected the vein zone roughly where it was expected.
Once all assay results have been received the company will compile
and interpret the complete drilling dataset to determine the best
azimuth for future drilling.
Induced polarization ("IP") geophysics was conducted over the
Ixtaca zone in 2010 as well as extensive soil sampling. A
preliminary anomaly map of these results is attached to this news
release. This map will be updated when further data, currently
being processed, are received in final form. The geophysical and
geochemical data indicate that coincident IP chargeability and gold
in soil highs, thought to represent the vein zone, continues to the
north and south from the area drilled. These data also show that
the vein zone may have a northeast orientation in the vicinity of
the drilling that changes to a more north-south orientation away
from this discovery area. The furthest holes to the southwest,
TU-10-7 and TU-10-8 both drilled on the same section, intersected a
shale unit which appears to have been a poor host to veining as
less veining was noted. These holes may also have been located off
the vein trend as the IP and soil anomalies suggest a more
north-south trend here. Further to the south ash and fields may be
masking the geochemical soil response of the vein zone. To the
northeast the zone has been traced with strong coincident IP
chargeability and soil geochemistry for at least a kilometer beyond
hole TU-10-6, the furthest northeast drilled to date. The 2011
drill program will focus on testing the strike extent of the vein
zone both to the north/northeast and south/southwest.
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. 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. Registered geologist Jim
Lunbeck, a qualified ("QP") person under the meaning of NI 43-101,
will be the QP and project manager of Almaden's 2011 Ixtaca
program.
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 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, silver and copper deposits as evidenced at
Ixtaca. Currently six projects (Caldera, 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
funding and consequent share dilution 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.
To view the maps accompanying this press release please visit
the following link:
http://media3.marketwire.com/docs/almmaps1221.pdf
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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