Alexandria Submits NI 43 101 Compliant Resource Estimate for Akasaba to SEDAR
21.05.2012 Toronto, Ontario - Alexandria Minerals Corp. (TSX-V: AZX; Frankfurt: A9D; US: ALXDF) today announced that it has completed the NI 43 101 compliant resource estimate report for the 100% owned Akasaba property in the Bourlamaque Township ( Val d'Or, Quebec) on SEDAR. The report will start from the 17. May 2012 be available on SEDAR.
The resource estimate for Akasaba, first at 27. March 2012 is summarized in the table below:
Over the past two years, Alexandria 125 has completed drilling totaling 38.000 meters to delineate this resource at a discovery price of 13 C $ per ounce of gold. The gold mineralization extends to a strike length of 1.500 meters and to a depth of over 500 meters. The deposit remains open in these directions, and Alexandria continues to drill holes using a drill.
For a three-dimensional illustration of the current resource, please follow the link at the end of this press release.
3D mapping of the resource at Akasaba with major and mine models
Akasaba's resources are derived primarily from two major and three minor anastomosing veins, all of which are closely spaced within the favorable "mine horizon," a series of deformed, sulphide-enriched, volcanoclastic rocks in the prone-stone of a massive rhyodacite. In addition to the dominance of pyrrhotite, the present sulfides include pyrite, chalcopyrite, bornite, sphalerite, molybdenite, and native copper. This polymetallic geochemical gold-silver-copper-zinc signature is compatible with either a gold-rich volcanogenic massive sulphide environment or an intrusive contact environment.
The NI 43-101 compliant report was prepared by independent Qualified Persons Alain-Jean Beauregard (PGeo., PGQ, FGAC) and Daniel Gaudreault (P.Eng., OIQ), both at Geologica Groupe Conseil, Val d'Or hired on the basis of the resource estimate by Christian D'Amours (P.Geo.) of Geopointcome also from Val d'Or. The report highlights the following geological features:
- The gold resource is embedded in mafic-intermediate metavolcanic rocks in the recumbent stone of a rhyodacic dome. In the rhyodacite and in the contact zones with the mafic sills, high-grade gold sections can also be found.
- The gold-bearing volcanic rocks host abundant sulphides with up to 30 volume percent over larger widths; Specifically, however, there is no direct link between gold concentrations and sulfide content.
- Gold is commonly found in quartz carbonate veins and ores in deformed (sheared) volcanic rocks.
- Akasaba's gold resource appears to lie at or near the edge of the metasomatic contact acid soles around an embedded diorite stick, located approximately 1 to 2 kilometers farther west. This aureole hosts a number of gold prospects at Akasaba and adjacent properties.
The report also notes that the Akasaba gold deposit is located approximately 600 meters north of the Cadillac Break fault zone within structural and metallogenous influences on the main fault, and that numerous formerly active gold mines (East Malartic, Barnat-Sladen, O'Brien) and recent discoveries ( Lapa, Goldex) are spatially related to Cadillac Break or the minor faults. Alexandria's broader concession package extends along Cadillac Break for 35 kilometers, underscoring the pronounced favorable geological environment that exposes the Alexandria property.
The Akasaba project is located approximately 15 kilometers east of the town of Val d'Or, which has been a mining community for nearly 100 years. During this period, a number of mines in this region produced about 24 million ounces of gold. The city has experienced and knowledgeable miners. The Trans-Canada Highway is nearby, and well-maintained access roads cross the Alexandria property in several places. A power line also passes through the Akasaba concession.
The following points apply to the estimated resource:
(1) Mineral resources were calculated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines of the Canadian Institute of Mining Metallurgy and Petroleum (CIM), prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(2) Assumptions for resource estimation include: (a) 1.200 US $ per ounce gold price; (b) cut-off grade of 2,25 g / t Au underground and 0,5 g / t Au open pit; (c) soil density of 2,8; (d) true thickness of at least 2,5 meters underground and 5 meters open pit; (c) 68 $ per ton under surface and 5,75 $ per tonne open pit detonation cost; (f) processing cost of 12 $ per ton; (g) removal costs of 3 $ per cubic meter; (h) optimizing the mine wall for the best revenue; (i) the geostatistical analysis suggests that capping the salary is not necessary.
Mineral resources that are not mineral reserves are not necessarily economically viable.
The estimate of Inferred Mineral Resources may be materially influenced by various factors, such as environmental regulations, permits, legislation, ownership, taxes, socio-political situation, marketing, or other important factors. However, the company is unaware of such factors. The amounts and ore grades of the inferred resources cited in this estimate are inherently unreliable. Previous explorations have not been sufficient to define these inferred resources as displayed or measured resources. It is uncertain whether revaluation into indicated or measured mineral resources may occur as part of further exploration activities.
The report can start from the 17. May 2012 under www.sedar.com or on the company's website at www.azx.ca and on our social media pages 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/
Akasaba's geological interpretation and acquisition of geological data was supervised by Peter Legein, a Qualified Person of Alexandria Minerals Corporation. Program design, program management and quality control / assurance are managed by the Alexandria Exploration Group, of which Peter Legein (P.Geo.) And Eric Owens (P.Geo.) Are the Company's Qualified Persons. Peter Legein oversees the technical activities of the company. The quality control / assurance program complies with NI 43-101 and standard industry practices. This is summarized in more detail in the technical report, but was previously addressed in the NI 43 101 compliant Cadillac Break Technical Report (February 2008). This news release has been reviewed by all parties.
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company that owns one of the largest property packages along the popular Cadillac Break gold mining area in Val d'Or, Quebec. The company focuses primarily on developing its Akasaba and Sleepy projects. Alexandria's total resources from the Cadillac Break properties, which span a length of 35 kilometers, are 686.823 ounces of gold in the measured and indicated resource category and 718.688 ounces of gold in the derived category. Agnico-Eagle Mines Ltd. owns two active gold mines in the region and owns approximately 10% of the company.
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Andreas Curkovic, Investor Relations
+1 416 577 9927
Eric Owens, President / CEO
+1 416 363 9372
www.azx.ca
[email protected]
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WARNING: This press release may contain forward-looking statements. These include, but are not limited to, statements about the timing and content of future work programs, geological evaluations, acquisition of concession areas, potential mining practices, etc. Forward-looking statements relate to future events and circumstances and are therefore typically subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Alexandria Minerals Corporation cites forward-looking statements for exclusion of legal recourse.
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