Almaden Minerals (AMM-T) Aug 14, '14 is pleased to announce the results from Almaden's ongoing 2014 drill program at the Company's 100% owned Tuligtic project, Mexico. Recently the company released a positive PEA on the Ixtaca deposit (see news release dated April 16th, 2014). The mineral resources incorporated into the PEA mine plan were comprised of 29% Measured, 55% Indicated and 16% Inferred. The results reported today are from drilling carried out subsequent to the 2014 resource update and PEA and designed to test for additional mineralisation near the known deposit. Hole TU-14-438 hit an interval of high grade volcanic hosted gold mineralisation, including 15.00 meters of 4.43 g/t gold and 9.5 g/t silver, immediately adjacent to the known deposit and just outside of the PEA base case pit. Also reported today are significant results from hole TU-14-436 which intersected 27.00 meters of 0.45 g/t gold and 1.7 g/t silver, also outside of the PEA base case pit and southeast of the known deposit. Highlights from the holes released today include the following intercepts (a more complete list of intercepts is shown in the table below): | | | Hole TU-14-436 | SECTION 11250 EAST, 330 Az, -45 dip | | 27.00 meters @ 0.45 g/t gold and 1.7 g/t silver (0.5 g/t gold equivalent) | | Including | 1.50 meters @ 2.26 g/t gold and 2.3 g/t silver (2.3 g/t gold equivalent) | | | | | | Hole TU-14-438 | SECTION 49475 NORTH, 070 Az, -55 dip | | 32.00 meters @ 2.22 g/t gold and 5.4 g/t silver (2.3 g/t gold equivalent) | | Including | 15.00 meters @ 4.43 g/t gold and 9.5 g/t silver (4.6 g/t gold equivalent) | | Including | 2.00 meters @ 26.10 g/t gold and 25.2 g/t silver (26.6 g/t gold equivalent)
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J.D. Poliquin, chairman of Almaden stated, "Today's holes once again show the potential for additional discoveries on the Tuligtic project and scope for the Ixtaca deposit to grow. We look forward to defining the significance of this new discovery with additional follow-up drilling. At the same time, we are now focussed on exploring other areas within our high prospective 14,000 hectare concession, which holds the potential for additional entirely separate gold-silver discoveries."
Below is a plan map and relevant sections which will be posted to the Company's website ( www.almadenminerals.com).
About the Ixtaca Project
The 100% owned Ixtaca zone is a blind discovery made by the Company in 2010 on claims staked by the Company. On January 31, 2013 the Company announced a maiden resource on the Ixtaca Zone. Since that time drilling has been focused on expanding and infilling the known. An updated resource statement was reported on January 22, 2014 and formed the base for the maiden Preliminary Economic Assessment ("PEA"), the results of which were reported on April 16, 2014 and are detailed in a technical report entitled "Preliminary Economic Assessment Technical of the Ixtaca Deposit", which is available on Almaden's website at www.almadenminerals.com or under Almaden's profile on SEDAR at www.sedar.com. The Preliminary Economic Assessment outlines one concept for the development of a potentially large scale, long life, low cost open pit gold-silver mining operation based on the estimated mineral resource. The conclusions and recommendations of the PEA are that the Ixtaca deposit may be economically viable and the Company should proceed to a Pre-Feasibility study ("PFS"). Apart from exploration drilling, work underway currently includes all the necessary engineering and environmental studies to support the completion of a PFS. These include geomechanical and geotechnical drilling, additional metallurgical studies, environmental baseline monitoring such as flora and fauna studies, climate monitoring, water quality sampling and surface water hydrology monitoring, a geochemistry program, and engineering studies. At present the Company has redirected drilling efforts to the exploration of high priority epithermal targets outside of the Ixtaca zone but within the project boundaries.
| Hole # | From
(m) | To
(m) | Interval
(m) | Au
(g/t) | Ag
(g/t) | AuEq
(g/t) | AgEq
(g/t) | | SECTION | | TU-14-436 | 63.50 | 90.50 | 27.00 | 0.45 | 1.7 | 0.5 | 24 | | 11250E | | including | 79.00 | 80.50 | 1.50 | 2.26 | 2.3 | 2.3 | 115 | | TU-14-438 | 175.00 | 189.00 | 14.00 | 0.61 | 1.1 | 0.6 | 32 | | 49475N | | including | 179.00 | 183.00 | 4.00 | 1.17 | 1.6 | 1.2 | 60 | | TU-14-438 | 209.00 | 241.00 | 32.00 | 2.22 | 5.4 | 2.3 | 116 | | including | 214.00 | 229.00 | 15.00 | 4.43 | 9.5 | 4.6 | 231 | | including | 223.00 | 225.00 | 2.00 | 26.10 | 25.2 | 26.6 | 1330 |
The Ixtaca deposit and any potential mining operation would be located in an area previously logged or cleared with negligible to no current land usage. The Company has employed up to 70 people in its drilling program who live local to the Ixtaca deposit. Local employees make up virtually all the drilling staff, who have been trained on the job to operate the Company's wholly owned drills. The Company has implemented a comprehensive science based and objective community relations and education program for employees and all local stakeholders to transparently explain the exploration program underway as well as the potential impacts and benefits of any possible future mining operation at Ixtaca. The Company regards the local inhabitants to be major stakeholders in the Ixtaca deposit's future along with the Company's shareholders. Every effort is being made to create an open and clear dialogue with our stakeholders to ensure that any possible development scenarios that could evolve from the PEA are properly understood and communicated throughout the course of the Company's exploration and development program. The Company invites all interested parties to visit www.almadenminerals.com to find out more about our community development, education and outreach programs.
Technical Details of the Ixtaca Drilling Program
The Main Ixtaca and Ixtaca North Zones of veining are interpreted to have a north-easterly trend. Holes to date suggest that the Main Ixtaca and Ixtaca North Zones are sub vertical with local variations. This interpretation suggests that true widths range from approximately 35% of intersected widths for a -70 degree hole to 94% of intersected widths for a -20 degree hole. The drilling completed to date has traced mineralisation over 1,000 meters along this northeast trend. The Chemalaco (Northeast Extension) Zone strikes roughly north-south (340 azimuth) and dips at 55 degrees to the west. This interpretation suggests that true widths range from approximately 82% of intersected widths for a -70 degree hole to 99% of intersected widths for a -40 degree hole. Mineralization in the volcanics is interpreted to be irregularly distributed and true width cannot be determined at this time.
Mr. Norm Dircks, P.Geo., a qualified person ("QP") under the meaning of NI 43-101, is the QP and project manager of Almaden's Ixtaca program. Morgan Poliquin, Ph.D., P.Eng. the President and CEO of the Company and a QP under the meaning of NI 43-101 reviewed the technical information in this news release. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy ("AAS"). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Silver is first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy ("ICP-AES"). Samples that return values greater than 100 g/t silver by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that return silver values greater than 1,500 g/t are further analysed by fire assay with a gravimetric finish.
Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden's quality assurance and control program which complies with National Instrument 43-101 requirements. Gold equivalent ("AuEq" or "Gold Eq.") and silver equivalent ("AgEq" or "Silver Eq.") values were calculated using silver to gold ratios of 50 to 1. The ratio of 50 to 1 was used for the sake of consistency with past news releases. Intervals that returned assays below detection were assigned zero values. Metallurgical recoveries and net smelter returns are assumed to be 100% for these calculations.
Cautionary Note concerning estimates of Measured, Indicated and Inferred Mineral Resources
This news release uses terms that comply with reporting standards in Canada and certain estimates are made in accordance with Canadian National Instrument 43-101 ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes Canadian standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission ("SEC"), and mineral resource information contained herein may not be comparable to similar information disclosed by United States companies.
This news release uses the terms "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" to comply with reporting standards in Canada. We advise United States investors that while such terms are recognized and required by Canadian regulations, the SEC does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into mineral reserves under SEC definitions. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Therefore, United States investors are also cautioned not to assume that all or any part of the "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" exist. In accordance with Canadian rules, estimates of "inferred mineral resources" cannot form the basis of pre-feasibility or other economic studies. It cannot be assumed that all or any part of the "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" will ever be upgraded to a higher category. |
