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Last updated on April 19, 2014 at 21:20 EDT

Alexandria Provides Fall Update

October 11, 2012

TORONTO, Oct. 11, 2012 /PRNewswire/ – Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) is pleased to provide an update on its recent activities. The Company
continues its drilling program on its Akasaba Gold-Copper Project in
Val d’Or, Quebec, where it is focusing on step out drilling on the
newly discovered West Zone, while pursuing other business
opportunities. These activities will continue with as encouraging
results develop.

Akasaba
In March 2012 Alexandria Minerals released its first National Instrument
(“NI”) 43-101 Resource Estimate from its Akasaba project, which
contains the following Open-Pit and Underground Resources:

Table 1. Current Resources at Akasaba (March 27, 2012)

     _____________________________________________________________________
    |           |      Indicated Resources   |       Inferred Resources   |
    |___________|____________________________|____________________________|
    |           |  Tonnes | Grade  |Total Oz.|  Tonnes | Grade  |Total oz.|
    |           |         |(g/t Au)|   Au    |         |(g/t Au)|  (Au)   |
    |___________|_________|________|_________|_________|________|_________|
    |Underground|  563,660|   5.91 |  107,457|1,462,560|   5.29 | 249,891 |
    |___________|_________|________|_________|_________|________|_________|
    |Main Pit   |3,009,214|   1.37 |  132,475|         |        |         |
    |___________|_________|________|_________|_________|________|_________|
    |Satellite  |         |        |         |         |        |         |
    |Pit        |         |        |         |  285,374|   1.76 |  16,153 |
    |___________|_________|________|_________|_________|________|_________|
    |TOTALS     |         |        |  239,932|         |        | 266,044 |
    |___________|_________|________|_________|_________|________|_________|

 

Subsequent to this event, Company geologists embarked on a step-out
drilling program which tested at depth 100 m below the Current Resource
and also tested 500 m along strike at shallow levels. The results of
these activities were very encouraging in showing the growth potential
of the project. Hole IAX-12-195, drilled 100 m below the Current
Resource, or 600m vertically below the surface, gave the following
assayed interval: 5.59 g/t Au over 24.00 m (11.59 m True Width, “TW” ), including 12.48 g/t over 8.20 m (3.96 m TW). This hole thus extends to depth below the Current Resource potential for further wide, high grade gold mineralization, a not
uncommon characteristic of gold deposits in the Abitibi Belt of
Northern Quebec and Ontario.

Equally as encouraging are the near surface drilling results from the
step-out drilling which targeted the Mine Horizon, the volcanic
sequence that hosts the Current Resource at Akasaba, some 500 m west of
the Current Resource (West Zone). These holes have resulted in a new
discovery on the project, consisting of wide, disseminated gold-copper
mineralization. Below, assays to date show significant intersections of
both copper and gold, all above 150 m vertical depth (Press Releases,
June 26, 2012 and July 11, 2012):

     ________________________________________________________
    |Hole #    |Length (m)|True Width (m) |Au g/t|Ag g/t| Cu%|
    |__________|__________|_______________|______|______|____|
    |IAX-11-184|   12.40  |        9.51   |  1.17|  4.11|0.55|
    |__________|__________|_______________|______|______|____|
    |IAX-11-184|    6.60  |        5.07   |  2.08|  4.02|0.80|
    |__________|__________|_______________|______|______|____|
    |IAX-12-185|   53.00  |       38.40   |  1.07|  2.77|0.57|
    |__________|__________|_______________|______|______|____|
    |IAX-12-194|   74.70  |       52.85   |  1.26|  2.80|0.64|
    |__________|__________|_______________|______|______|____|
    |IAX-12-200|   118.80 |       63.01   |  1.18|  3.04|0.70|
    |__________|__________|_______________|______|______|____|
    |IAX-12-201|   144.90 |       87.53   |  0.70|  1.99|0.38|
    |__________|__________|_______________|______|______|____|

Since the release of these assays, the Company has completed a further
16 holes for 6,824 m for which assays are pending or yet to be
released. These include step-out holes below the new discovery and
holes up to 400 m west along strike. The goal for this ongoing drilling
program are to delineate the size potential of this near-surface zone.
Assay results should be forthcoming in the weeks ahead.

The Company is in progress with its first metallurgical report at
Akasaba. Review of this document is underway and will be released when
finalized. In addition, the company has begun a soil sampling program
as follow-up to a pilot soil study first applied over the recently
discovered West Gold-Copper Zone at Akasaba. The pilot study yielded
encouraging first pass results, and this next stage will better enable
Alexandria’s geologists to determine the efficacy of such a method as a
drill targeting tool on this and its other properties. Data and ideas
generated from the review and interpretation of the geological,
geochemical and geophysical characteristics of the Company’s broader
Cadillac Break property package will serve as a background for this new
information.

Separately, on October 2, 2012, the Company also filed on SEDAR, an
Amended and Restated Technical Report (NI 43-101) for its Akasaba
project, in order to reduce the file size by excising the Appendices,
thus making it smaller and therefore more user friendly. Any and all
data can be obtained upon request to the Company.

Corporate Matters
Alexandria is pleased to announce that the Company’s Board of Directors
has been re-elected in its entirety by the shareholders at the
Company’s Annual General Meeting, held on Sept 26, 2012. The Board has
appointed Mr. Walter Henry as Chairman of the Board to replace Interim
Chairman Charles Page, who filled in following the death of
Alexandria’s former Chairman, Mr. John Yarnell. Mr. Page will remain as
the Chair of the Company’s Audit Committee, which is also comprised of
Mr. Declan Costelloe and Mr. John Thomas. Also passed at the Annual
General Meeting were motions approving the Company’s Shareholder Rights
Plan and its Stock Option Plan.

All technical information included in this news release has been
previously released, and approved by Eric Owens, P.Geo., and Peter
Legein P.Geo., Qualified Persons, of Alexandria.

About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold
exploration and development company with one of the largest portfolio
of properties along the prolific, gold-producing Cadillac Break in Val
d’Or, Quebec. The Company is currently focused on advancing its Akasaba
project. 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 Exchange approval of
the Agreement, payments and exploration expenditures due under the
Agreement, 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 Corporation


Source: PR Newswire