TORONTO, March 27, 2012 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) has released today its first resource estimate at its 100%-owned Akasaba property in Bourlamaque Township, Val d'Or, Quebec. The mineral resource estimates, which are National Instrument ("NI") 43-101 compliant, were completed by independent Qualified Person Christian D'Amours of Geopointcom in Val d'Or, QC.
The resource estimate comprises two forms of the deposit: a near surface open-pit zone and a high grade underground zone. From the two zones, Indicated Resources total 239,932 ounces of gold, and Inferred Resources total 266,044 ounces of gold, as follows:
|∙ Underground Indicated Resources:||563,660 tonnes grading 5.91 g/t Au||(107,457 ounces of gold),|
|∙ Underground Inferred Resources:||1,462,560 tonnes grading 5.29 g/t Au||(249,891 ounces of gold),|
|∙ Main Open Pit Indicated Resources:||3,000,214 tonnes grading 1.37 g/t Au||(132,475 ounces of gold),|
|∙ Satellite Open Pit Inferred Resources:||284,374 tonnes grading 1.76 g/t Au||(16,153 ounces of gold).|
Eric Owens, President of Alexandria Minerals, said, "These results are an exciting first step for a deposit with significant potential for further growth. Our exploration during the past year has demonstrated to us several favorable zones which we will be aggressively drilling with additional drill rigs. These new resources at Akasaba have added considerably to our global resources in Val d'Or where we now have one of the largest total resources in the camp. We are favourably positioned to exploit our strategic land package with an enviable discovery cost of roughly $13 per ounce of gold discovered."
As a result of this new study, Alexandria's new global resources from its 38 km-long Cadillac Break property portfolio total 686,823 ounces of gold of Measured and Indicated Resources, and 718,688 ounces of gold of Inferred Resources. In addition to the Akasaba resources given above, these previously released resources are comprised of the following:
|∙ Orenada, Measured and Indicated:||10,273,975 tonnes grading 1.35 g/t Au||(446,891 ounces of gold),|
|∙ Orenada, Inferred:||7,399,643 tonnes grading 1.27 g/t Au||(302,469 ounces of gold),|
|∙ Sleepy, Inferred:||1,557,000 tonnes grading 3.00 g/t Au||(150,400 ounces of gold).|
The Akasaba resources as presented here are centered around the Akasaba Mine, which reportedly produced some 282,000 tonnes grading 5.14 g/t Au from 1961-1963, representing about 40,000 ounces of gold, together with 10,000 ounces of silver. The deposit occurs within mafic volcaniclastic rocks stratigraphically below a massive dacite, about 600 m north of the Cadillac Break shear zone. Sulfide content in the host volcanic rocks, principally pyrrhotite, with widespread chalcopyrite (0.5-1%), pyrite, and local high grade sphalerite, ranges from 5-30% over several tens of meters across stratigraphy. Other targets with similar characteristics occur elsewhere on the property and on adjacent properties.
Alexandria has completed over 125 holes totaling over 38,000 m of drilling over the past two years, which form the basis for this study. The Main Pit Resources extend approximately 500 m in strike length, to a depth of 149 m; with along-strike satellite pits, the length of the near surface mineralized zone is about 900 m long. The underground resource occurs in two zones, and extends over 700 m along strike and down to 500 m depth.
The deposit is open at depth and along strike, and other similar targets as yet remain untested or under-tested on the property. Assays are pending from 10 holes which recently tested a variety of targets, including offset holes near previous high grade intersections. Alexandria continues to drill down dip from, and along strike with, the Akasaba deposit with one drill rig, but intends to increase the number of drill rigs in the near future in order to speed up the expansion of the resource.
Akasaba NI 43-101 Resource Estimate Summary
|Indicated Resources||Inferred Resources|
|Total Oz. Au||
|Total oz. (Au)||
- Mineral resources which are not mineral reserves have not demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
- The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them.
- The mineral resources were estimated using the Canadian institute of Mining, metallurgy and Petroleum (CIM), CIM Standards on mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
- Assumptions for the Resource Calculation: (a) Gold Price, $1,200/oz., (b) Cut-off Grade, Underground, 2.25 g/t Au, Open-pit, 0.5 g/t, (c) Bulk Density, Specific Gravity 2.8, (d) Minimum true width, Underground, 2.5 m, Open Pit, 5m, (e) Blasting/Mucking costs, Underground, $68/tonne, Open-Pit, $5.75/tonne, (f) Milling Costs, $12/tonne, (g) Overburden removal costs, $3/cubic meter, (h) Open pit shell optimized for best revenue, (i) Recovery estimate based upon historical production records from 1961-1963, (j) Geostatistical analysis indicate no grade capping is necessary.
The geostatistical evaluation of the diamond drill hole results were performed by independent Qualified Person Christian D'Amours, P.Geo., of Geopointcom in Val d'Or, QC, on data verified by Independent Qualified Persons Alain-Jean Beauregard, P. Geo., OGQ, FGAC and Daniel Gaudreault, P. Eng., OIQ, both of Geologica Groupe Conseil, of Val d'Or, QC. Geological interpretation and geological database compilation of Akasaba was performed under the supervision of Peter Legein, Qualified Person, of Alexandria Minerals Corporation. This Press Release has been reviewed by all parties, and the technical report for this resource estimate will be filed on SEDAR within 45 days. Please note that Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
Program design, management, and Quality Control/Quality Assurance is governed by Alexandria's exploration group, of which Peter Legein, P.Geo, and Eric Owens, P.Geo, are the Company's Qualified Persons. Peter Legein supervises the technical activities of the Company. The QA/QC program is consistent with NI 43-101 and industry best practices; this will be summarized in the technical report, but has previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008).
In other matters, the company has retained the services of RBL Communications ("RBL") to implement and manage a complete social media program (http://www.rblcommunications.com). The program is designed to provide Alexandria with a greater online presence, as well as improved investor communication and corporate branding. Effective immediately, investors can access and join the following Alexandria social media channels:
- 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/
The Alexandria social media program will allow for near real-time distribution of Alexandria news, updates, interviews, and media as well as provide investors with a brand new platform to stay current and up to date on the latest Company developments.
Click here for interview with Eric Owens, CEO & President:
Effective immediately, a fully customized Alexandria Micro Site will be available at http://www.rblcommunications.com/alexandriaminerals. The micro site is updated in near real-time and provides a comprehensive snapshot of all relevant information on Alexandria. The micro site also allows investors to sign up to the Alexandria email list as well as a dedicated Alexandria RSS feed.
Compensation to RBL for these services for a year includes a $1,950/month fee and, subject to approval by the Toronto Venture Exchange (TSXV), 150,000 incentive stock options to RBL communications exercisable at a price of $0.25 (CAD) for a period of 1 year. These incentive stock options shall become vested over a period of not more than 12 months with 25% of these options vested every three months.
There is no prior relationship between RBL and Alexandria Minerals Corporation, nor is there any prior direct or indirect interest in Alexandria Minerals Corporation or its securities or any right to acquire such an interest, on the part of RBL.
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolios of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba and Sleepy projects. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% 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.
SOURCE Alexandria Minerals Corp.