TORONTO, ONTARIO, Aug. 31, 2009 (Marketwire) -- Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reported today that new high grade gold mineralization has been discovered during a summer surface sampling programme on its Joannes Township claims, 20 km east of Noranda and 60 km west of Val d'Or, Quebec.
A summer sampling survey was conducted as a follow up to last spring's drilling programme by the Optionee on Alexandria's property, Aurizon Mines Ltd., and has identified an anomalous area, 0.75 km long by 0.40 km wide, with grab samples containing up to 11.8 g/t Au. The zone is located about 200 m south of the Cadillac Break in an area where last spring's drilling intersected 3.0 g/t Au over 4.6 m, including 9.0 g/t Au over 1.0 m (see Press Release June 8, 2009). This new area also lies about 1 km west along strike from a historic showing known as the "Maracambeau zone", with reported drill intersections up to 12.00 g/t Au over 1.5 m and 6.17 g/t Au over 1.5 m.
Eric Owens, President of Alexandria, said, "These results are encouraging, and verify the potential of our holdings in one of the world's greatest gold districts. Given the proximity to Aurizon's Joanna, or Hosco, gold deposit, these results also show the strategic potential for our claims."
Alexandria optioned 19 (out of 39) claims to Aurizon in October, 2008 (see Press Release October 29, 2008), in which Aurizon has paid $400,000 in cash and shares to Alexandria, and, in order to complete the option and earn 100%, must spend $650,000 on exploration, and pay to Alexandria shares of Aurizon valued at $1,600,000 by December 18, 2010. Of the other 20 claims comprising Alexandria's Joannes property, Alexandria is earning 100% of Xstrata plc's interest, or 50% of the total, and has approximately $80,000 remaining in exploration expenses by July 10, 2010 to meet this commitment.
To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/alex831map.pdf
In other matters, Alexandria has agreed to participate in the joint acquisition, with Niogold Mining Corporation, of five new claims being added to the Company's Siscoe East property in Val d'Or. The Company will issue 140,871 shares and $ 15,000 in cash to participate in the joint acquisition. Niogold will earn a 50% interest in the Siscoe East property by spending a total of $750,000 on exploration, and issuing to Alexandria 650,000 shares of Niogold stock, by June 25, 2011. The five new claims lie within the area of influence governed by the Option and Joint Venture agreement, and include two claims adjacent to the historic Sullivan Mine, which produced 1.1 million ounces of gold at a grade of 7.7 g/t Au.
More details can be viewed at www.azx.ca.
The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Eddy Canova, PGeo, and Dr. Eric Owens, PGeo. Aurizon employs a QA/QC programme consistent with industry best practices, and the reader is directed to their website to review the details of those practices. There is currently no mineral resource on the Joannes Township property as defined by NI 43-101, and no guarantee that an economic gold deposit underlies the property.
Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, focused on the exploration for precious metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. Alexandria is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.