Alexandria drills 1.26 g/t gold over 74.70 m at Akasaba, increases length to 1,600 m with multiple Shallow intersections
Wednesday, Jun 27, 2012
VANCOUVER, June 26, 2012 /PRNewswire/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D; US: ALXDF) reported today that three shallow holes intersected a new, potentially significant gold zone on the Company's 100%-owned Akasaba Gold project in Val d'Or, Quebec. The three holes intersected the target horizon some 500 meters west of the previous westernmost holes, increasing the length of the Main Mine Horizon to 1,600 m.
Eric Owens, President and CEO of the Company, said, "Hole IAX-12-194 is one of the best holes yet at Akasaba and further enhances the near surface mineralization. Together with the high grade results we have been intersecting, we are increasing the size potential over and above the initial resource estimate. With the consistently positive results demonstrated at Akasaba, it has emerged as Val d'Or's newest gold growth project."
The new results, together with the recent deep high grade intersection of 12.48 g/t Au over 8.20 m (see Press Release of May 24, 2012), have expanded on the Current Resource by adding 100 m to the depth of the zone and 500 m to the length. The minimum depth of the zone is now 600 m and length is 1,600 m, and the zone remains open in all directions.
These results have also dramatically improved the Company's understanding of the underlying mineralization and structure of the project. Notably, the drilling opens up new exploration potential in a new lithology, as the gold mineralization in the new holes is hosted in metasedimentary rocks, as opposed to volcanic rocks, a first-time occurrence at Akasaba. Furthermore, the role of Northeast-trending faults will be re-assessed, as two of the three holes were drilled west of a prominent NE trending fault, which offsets rock units but not the gold-bearing Main Mine Horizon. These faults were previously thought to be post-mineral, but as these results show, they now appear to be more closely timed to gold mineralization.
Over the past 24 months Alexandria has completed more than 150 drill holes and 50,000 m of drilling, expanding the known gold zone from 200 m long by 100 m deep to its present size of 1,600 m by 600 m. In addition to the Akasaba main Mine Horizon, a number of other gold prospects with similar geological characteristics occur on the property, as well as on adjacent Alexandria properties. Company geologists are optimistic about these prospects.
SOURCE Alexandria Minerals Corporation