Alexandria Minerals Corporation is pleased to provide a summary of its activities and an update of its plans for the coming months.
Since raising almost $1.9 million in October 2015, Alexandria has been concentrating on both technical and business development activities, including the following:
- Ongoing reinterpretation of the geology of the Current Resources at the Orenada gold zone in Val d'Or, Quebec, with particular attention on previously untested flat, high-grade gold veins
- New geophysical surveys and interpretation of geology, geophysics and previous drill results for drill hole targeting purposes on the western third of the Cadillac Break properties in Val d'Or, with focus on the Porphyry Program
- Review of the Sleepy Project Current Resources to evaluate the preliminary financial and technical aspects of further development
Cadillac Break Properties
Efforts on Alexandria's flagship Cadillac Break properties in Val d'Or, Quebec, have been focused on improving its resources at Orenada and Sleepy through new technical and financial studies, and on drill target delineation.
At Orenada, which hosts near-surface, bulk-tonnage gold Current Resources, an ongoing study of gold veins is continuing to provide new solutions aimed at increasing the size and grade of the resources. The Company completed two drill holes early in 2015 to test for flat-lying, high-grade gold-quartz veins within the steeply-dipping shear zone, the first drill holes on that project to specifically target this style of mineralization. The drill holes successfully intersected several high grade gold veins, including 3.4 meters grading 17.03 g/t Au, 1.6 meters grading 15.15 g/t Au, and 2.1 m grading 5.94 g/t Au in hole OAX-15-54 (see press release April 22, 2015).
We are in the process of reinterpreting the geology by incorporating the high grade veins into a new 3D geologic model. This will aid in a more detailed assessment of the impact of the high grade veins on future resource estimates, and will provide for new drill targets on the project.
To the north of Orenada, high priority drill targets have been identified over a 3km stretch of elevated gold-copper concentration in drill holes and coincident geophysical anomalies as part of the Company's Porphyry Program. The Porphyry program grew out of Alexandria's discovery of the Akasaba West Zone gold-copper deposit in 2012, with near-surface, bulk-tonnage Inferred Resources of 14,864,000 tonnes grading 0.69 g/t gold and 0.41% copper (see press release February 7, 2014).
The Porphyry Program focuses on a gold-copper enriched area encompassing much of the western 12 km of the Cadillac Break property package. Previously announced drill intersections such as 16.8 meters grading 2.40 g/t gold and 1.40% copper, 56.6 meters grading 0.54% Cu, and 16.2 m grading 0.85 g/t Au attest to the styles of gold and copper mineralization, which is consistent with the potential for discovery of large bulk tonnage gold-copper deposits. Final drill targets will be determined in the weeks to come.
Further west, on the Airport project, the company has completed geophysical work to aid in identifying drill targets on that property. Results will be analysed and released accordingly.
At the eastern end of the Cadillac Break properties, the Sleepy Project hosts a disseminated gold deposit with Inferred Resources of 1,885,500 tonnes grading 5.10 g/t Au (October 22, 2014). The Company is studying possible economic and mining alternatives as an internal work-in-progress, specifically aimed at guiding management in its efforts to seek partners for exploration and further development of this project.
As part of its claim maintenance efforts, Alexandria has been planning the following work programs to help focus future drill targeting efforts:
Ontario – On its Gullrock property, located adjacent to and along strike with Goldcorp's Red Lake Mine property, work will consist of a ground Induced Polarization survey. An airborne Magnetic-EM survey is planned for the Wydee property Matachewan, Ontario.
Quebec – The Company's Fancamp project, located near IAMGOLD's Monster Lake Project in northern Quebec, will likewise be the subject of a ground IP survey.