Drilling Underway at Almaden's El Cobre Copper-Gold Project, Mexico
21 Febbraio 2013 - 8:16PM
Marketwired
Almaden Minerals Ltd. (TSX:AMM)(NYSE MKT:AAU) ("Almaden" or "the
Company") announces that it has commenced a diamond drill program
on its 100% owned El Cobre porphyry copper-gold project in Veracruz
State, Mexico. Drilling has been planned to test various
geophysical and geochemical anomalies within this extensive
porphyry copper-gold system. The drill program consists of one
drill capable of drilling to greater than 1,000 meters depth. An
initial 5,000 meters is planned, comprised of 5 to 8 greater than
500 meter deep holes.
"We are very excited to be drilling at El Cobre, a world-class
gold-rich porphyry exploration target. El Cobre is one of the most
important assets in our portfolio and we want to advance this
project aggressively," stated Chairman J. Duane Poliquin.
About El Cobre
Almaden 100% owned El Cobre project, situated about 75
kilometers north of the port city of Veracruz, Mexico. The project
is located in an area of unparalleled infrastructure and is located
near a power plant and highway. Almaden's roughly 7,500 hectare
claim block covers copper-gold porphyry mineralization known to
exist over a strike length of at least four kilometers. Drilling by
Almaden and past partners along this strike length has returned
significant copper and gold values. Many of the past drill holes on
the El Cobre property are shallow and end in copper-gold
mineralization. Porphyry mineralization is associated with the
exposed portions of diorite stocks which have intruded intermediate
volcanic rocks. Mineralogic and fluid inclusion studies show
conclusively that the gold and copper-gold porphyry-style
mineralization at El Cobre is not deeply eroded and great potential
exists at depth.
Gold-silver vein mineralisation, typical of intermediate
sulfidation systems, has also been identified within the project
area. Vein float identified over a roughly 500 m by 1,000 m area
may be indicative of a larger vein deposit at depth. Outcrop in the
vein-float area is sparse, however sixty samples of vein float
taken averaged 2.5g/t gold and 60 g/t silver with values as high as
25 g/t gold and 267 g/t silver.
In 2012 Almaden drilled three holes in an area where past
drilling had returned significant gold and silver assays. No
significant values were intersected in these holes however one hole
hit two intervals of significant veining; 1.3 meters (from 69.7
meters depth) of 0.66% copper, 1.63 g/t gold and 84.1 g/t silver
and 0.5 meters (from 84.3 meters depth) of 0.34% copper, 3.06 g/t
gold and 122.0 g/t silver.
Mr. Norm Dircks, P.Geo., a qualified person ("QP") under the
meaning of NI 43-101, is the QP and project manager of Almaden's El
Cobre drilling program and reviewed the technical information in
this news release. The attached table contains analyses from past
programs conducted by Almaden and former joint venture partners.
Analyses reported from current and past drilling conducted by
Almaden were carried out at ALS Chemex Laboratories of North
Vancouver using industry standard aqua regia, ICP and fire assay
techniques. This sampling also included a quality control program
and the insertion of field duplicates, certified standards and
blanks into the sample stream. Analyses reported from past drilling
conducted by past partners cannot be verified by Almaden but are
believed to have been acquired from exploration programs carried
out under the supervision of qualified persons (under the meaning
for qualified person as defined in NI 43-101) and in accordance
with NI 43-101 requirements.
About Almaden
Almaden is a well-financed (cash, gold inventory and equity
investments totalling approximately $31 MM as of January 15th,
2013) mineral exploration company working in North America. The
company has assembled mineral exploration projects, including the
Ixtaca Zone and the Tuligtic project, 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 its 2010 Ixtaca discovery. 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.
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 MKT have
reviewed or accepted responsibility for the adequacy or accuracy of
the contents of this news release which has been prepared by
management.
Contacts: Almaden Minerals Ltd. 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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