March 11, 1999
NEWS RELEASE
Project Update- VeraCruz-Mexico
Almaden Resources has a geological team on the Caballo Blanco copper gold silver property, near Veracruz, Mexico. Current mapping and sampling is focussed on the highway grid area, where previous work has outlined elevated gold and silver values in rocks and soil in geochemical sampling over a large area of silicified lithocap with quartz stockwork veining and vuggy silica. Grab samples with up to eight grams of gold have been obtained from stockwork mineralization in a highway cut.
A final report on last years work by M.J. Poliquin, M.Sc., includes results of fluid inclusion work by Jim Reynolds on drill cuttings from the reverse circulation drilling program in the main grid, several kilometres west of the highway grid. This work identified three stages of quartz with several types of inclusions. The early and late stages of quartz and the inclusion characteristics are diagnostic of a classic phallic copper-gold-porphyry system. The intermediate banded quartz is common only in the shallow porphyry systems of the Maricunga Au belt. Reynolds concludes that it is probable that the main grid area represents an erosional level immediately above the top of a porphyry pluton, in the upper reaches of a shallow porphyry system. This part of the property has another important characteristic common in some other copper-gold-porphyry systems; significant copper mineralization is associated with chlorite and sericite alteration. Last year's drilling identified two distinct areas of copper gold mineralization associated with K silicate and sericite pyrite alteration. CB-1 intersected 107 metres averaging 0.18% Cu and 0.25 grams/tonne Au and 250 m east, hole CB-2 intersected 40 metres averaging 0.15% Cu and 0.39g/t Au at the bottom of the hole. Between 800 metres and 1.6 kilometres south are holes CB-5 which intersected 20 metres averaging 0.11% Cu and 0.45g/t Au in a breccia pipe and CB-12 which intersected 15 metres of 0.16%Cu and 0.23 g/t Au at the end of the hole.
Drilling also intersected several zones of quartz barite veining and gold silver mineralization. The most significant in CB-4 averaged 1.4 g/t Au and 9 g/t Ag over 40 metres including 3.8 g/t Au and 23 g/t Ag over 12.2 metres. Another section of the breccia pipe in CB-5 intersected 14 metres averaging 1.8 g/t Au and 31 g/t Ag.
Clearly a program of deeper drilling is warranted to test the depth extension of these highly potential zones.
Almaden Resources Corporation has issued the fourth tranche of free-trading shares under its agreement to acquire the Caballo Blanco property. No securities were issued as bonuses, finders' fee, or commissions in connection with this transaction.
On behalf of the Board,
"Duane Poliquin"
Duane Poliquin, P.Eng.
President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
web site at: www.almadenresources.com
or call Thomas Boychuk -604-689-7644 |
