Alexandria Begins Drilling at Sleepy Property, Val d'Or, Quebec
Alexandria Begins Drilling at Sleepy Property, Val d'Or, Quebec
TORONTO, ONTARIO--(March 18, 2008) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(Frankfurt:A9D) has begun drilling at its Sleepy gold project, on the Cadillac Break properties in Louvicourt Township, Quebec.
Gold mineralization at Sleepy occurs over a strike length of 350 m, to a depth of 275 m, and is open along strike and down dip. A recent 43-101 report completed by Geologica Groupe Conseil for Alexandria (Press Release, February 28, 2008), notes mineralization widths up to 22.2 m wide, and Cambior Inc. reported up to 12.5 m (true width) grading 18.55 g/t Au in historic drill holes in the 1980's and 1990's.
Current drilling will test gold potential down-dip and along strike of known gold mineralization, in an effort to enlarge this zone. An initial 3 holes will be drilled, to be followed by further drilling following receipt of assays. The first hole has been completed, which has been drilled down dip from DDH IAX-07-14, which intersected a true width of 8.27 m grading 3.35 g/t Au (Press Release, June 6, 2007). Assay results are pending.
The Historic Resource at Sleepy was estimated by an in-house Cambior Inc. study to contain 152,000 tonnes with an average grade of 5.2 g/t Au (Geospex, 1998), and is characterized by disseminated pyrite and gold hosted in the Vicourt gabbro sill about 4 km along strike with the Sigma 2 gold deposit. (Please note that the Historic Resource is not compliant with the definitions of a current resource in National Instrument 43-101, and can not be relied upon except as a guide for exploration. More work, and a review by an independent Qualified Person, will be required to bring the mineral resource into compliance with NI 43-101.)
The Company has completed 17 drill holes since the beginning of 2008. At the Orenada property, 25 km west of Sleepy, ten drill holes have been completed in and around the Orenada 2 zone, testing extension of shallow gold mineralization there, and 4 exploration holes have been completed on Orenada and Oramaque, testing the along-strike potential of gold mineralization up to 1.8 km east of Orenada 2. In addition, the Company has completed 3 of 4 planned drill holes on its only Ontario property at Matachewan. Assay results are pending for all but one of these holes.
Assay results have been received from 5 drill holes completed toward the end of 2007 and early 2008 at Orenada 2 and Orenada 4, allowing Alexandria to better define the gold zones there. On Orenada 2, a fence of holes was drilled on line 124W, about 75m west of the Orenada 2 surface showing. DDH OAX-07-35 intersected the target zone just below the surface, at 30 m depth, yielding 8.85 m grading 1.40 g/t Au, including 3.56 m grading 2.31 g/t Au (All intersections are true widths). DDH-07-36, drilled 60 m below #35, intersected 6.13 m grading 1.20 g/t Au, and 60 m below that DDH-07-37 intersected 5.28 m grading 1.41 g/t Au.
DDH OAX-08-40, located 25 m west of the surface showing at Orenada 2, also intersected the target zone at a shallow depth, at 20 m, yielding 4.00 m grading 1.13 g/t Au. At Orenada 4, DDH OAX-07-38A, intersected 2.86 m grading 1.30 g/t Au.
The drilling results to-date at Orenada have shown strong gold mineralization near surface and at depth (for example, 4.07 g/t Au over 5.90 m, true width, in DDH OAX-07-32 - see Press Release, January 9, 2008), and suggest higher grade gold mineralization occurs on sub-horizontal trends superimposed on an easterly plunging zone within the highly altered and deformed rocks in the Cadillac Break.
An updated summary of these results can be viewed on the Company's website at www.azx.ca or by following the link: http://www.azx.ca/currentdrilling.asp.
The Company is currently completing its own in-house review and compilation of data at Orenada, and is awaiting the final results of a deep level Titan geophysical survey, to better aid decisions regarding its assets there.
The Company holds the Orenada Property and nine others pursuant to an Option Agreement with Aur Resources (now Teck Cominco Limited) whereby it may earn an initial 50% interest in the properties by making $200,000 in cash payments, issuing $300,000 worth of Alexandria Minerals Corporation shares and incurring $3 million on work prior to July 31, 2011. To date the Company has made $80,000 of payments, issued $100,000 in shares and incurred expenditures of $3 million. The Company can earn the remaining 50% interest (for a 100% interest subject only to a 2.5% NSR payable to Teck Cominco) by incurring an additional $5 million (for $8 million in aggregate) prior to July 31, 2014.
The results presented in this press release are either historical or exploratory in nature and have been reviewed by the company's Qualified Persons, Eric Owens, PGeo, and Eddy Canova, PGeo. Historical data presented in this press release should not be relied upon, as the Company has not conducted sufficient testing to verify this information.
Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, currently 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. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.
WARNING: The Company relies upon litigation protection for "forward-looking" statements. 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.
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Alexandria Minerals Corporation
Dr. Eric Owens, President & CEO
Tel:1+ (416) 363.9372