Alexandria Drills Sleepy with 2 Rigs, First Hole Intersects 19.65 g/t Gold Over 0.40 m
11 Aprile 2014 - 3:30PM
Marketwired
Alexandria Drills Sleepy with 2 Rigs, First Hole Intersects 19.65
g/t Gold Over 0.40 m
TORONTO, ONTARIO--(Marketwired - Apr 11, 2014) - Alexandria
Minerals Corporation
(TSX-VENTURE:AZX)(PINKSHEETS:ALXDF)(FRANKFURT:A9D) is pleased to
report that it is in progress with a 9 hole, 4,000 m drill program
on its Sleepy gold project in Val d'Or, Québec, from which the
first hole completed intersected visible gold in the target horizon
which assays 19.65 g/t Au over 0.40 m.
Diamond Drill Hole SAX-14-026 penetrated the target Sleepy Gold
Zone at a vertical depth of 320 m, and west of the Sleepy Lake
Fault, a northeast-trending fault which offsets the Sleepy gold
resource. SAX-14-026 is the most westerly hole drilled on the
deposit and therefore significantly opens the exploration potential
west along strike of the Sleepy gold deposit.
Eric Owens, President and CEO, stated: " We believe the Sleepy
gold zone, with the excellent grades and widths we have intersected
below the
resource, will be of a size that is similar to or larger than most
underground mines in the Val d'Or region. Our intent is to see this
project turn into a producing mine."
The Sleepy Gold Zone has an Inferred Resource of 1.5 million
tonnes grading 3.0 g/t Au, for 150,400 ounces of gold (National
Instrument 43-101 compliant, see press release October 29, 2009),
which extends 400 m along strike, and 300 m down plunge, with
widths up to 20 m. This is an unusual gold zone in that it is a
high grade disseminated gold-pyrite body rather than a narrow vein
deposit, which suggests potential for a much larger resource.
Since the resource estimate in 2009, Alexandria has deepened the
gold zone by 150 m, with the following
previously-reported, significant high grade intersections
below the resource: 6.82 g/t over 16.96 m (True width, "TW") in
SAX-11-009; 11.28 g/t over 3.29 m TW in SAX-11-005; 6.65 g/t Au
over 4.65 m TW and 5.73 g/t Au over 2.67 m TW in hole SAX-13-025;
and 4.12 g/t Au over 8.77 m TW in hole SAX-11-001. Collectively,
these holes establish a high grade zone below the resource that is
200 m long by 200 m high, and open below.
The current round of drilling is testing 3 targets on the
project:
- West of the Sleepy Lake fault (completed)
- Down-plunge below the resource (3 holes) The east zone, about 1
km east of the resource (5 holes).
All targets are designed to expand the resources on the project
in advance of providing an updated National Instrument 43-101
Resource Estimate in late 2014 or early 2015. Because Alexandria's
technical team is a results-driven team, any encouraging results
will likely be followed up with further drilling.
With working capital of about $5.5 million, Alexandria is in an
advantageous position to advance its drilling program and undertake
further projects on a timely basis.
Program design, management, and Quality Control/Quality
Assurance are governed by Alexandria's exploration group of which
Phillippe Berthelot, P.Geo, is the Company's Qualified Person. Mr.
Berthelot has reviewed the results in this press release. All
exploration work on the property is conducted under the direct
supervision of Emilie Batailler P.Geo. The QA/QC program is
consistent with NI 43-101 and industry best practices and has been
previously addressed in the NI 43-101 Technical Report on the
Cadillac Break properties (February 2008) as well as in subsequent
NI 43-101 reports found on the Company's website or on
www.sedar.com.
Further information about the Company is available on the
Company's website, www.azx.ca, or our social media sites listed
below:
Facebook:
https://www.facebook.com/pages/Alexandria-Minerals-Corporation-AZXTSXV/186115074772628
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/
About Alexandria
Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold
exploration and development company with one of the largest
portfolio of properties along the prolific, gold-producing Cadillac
Break in Val d'Or, Quebec. Global gold resources are distributed
between three projects on its Cadillac Break Property package,
Akasaba, Sleepy, and Orenada, the details of which can be found on
the Company's website at www.azx.ca. The Company is currently
focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd.,
with three producing gold mines in the region, owns roughly 9% of
the Company.
WARNING: This News Release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of up-coming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements. Alexandria Minerals
Corporation relies upon litigation protection for forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Alexandria Minerals CorporationEric Owens,
PGeoPresident/CEO416-363-9372Alexandria Minerals CorporationMary
VorvisVice-President Corporate Development & Investor
Relations(416) 305-4999info@azx.cawww.azx.ca
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