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Alexandria Minerals Intercepts High Grade Gold at Akasaba Mine in Quebec

Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected numerous high grade gold-silver-copper veins in the target Mine Horizon between 320 m and 450 m vertical depth, the deepest intersections yet at the Akasaba Au-Ag Mine in Val d'Or, Quebec.

Diamond Drill Hole IAX-10-99 intersected the Mine Horizon more than 200 m below the bottom of the Akasaba Mine, in a broad zone assaying 1.19 g/t Au over 16.22 m (all lengths are True Widths) between 366 m and 393 m downhole.

The principal veins within this zone assayed:

  • 14.81 g/t Au over 0.32 m
  • 5.73 g/t Au, 10.70 g/t Ag, and 0.89% Cu over 0.20 m
  • 6.53 g/t Au over 0.12 m
  • 6.10 g/t Au over 0.24 m
  • 6.58 g/t Au over 0.13 m
  • 2.21 g/t Au over 0.45 m
  • 4.21 g/t Au over 0.14 m
  • 2.82 g/t Au over 0.90 m

Further downhole, below 400 m vertical depth, assay results include the following:

  • 6.96 g/t Au, 13.80 g/t Ag, and 0.84% Cu over 0.45 m
  • 7.85 g/t Au, 21.60 g/t Ag, and 1.61% Cu over 0.37 m

Eric Owens, Alexandria President & CEO, said, "We continue to be excited by these results that increasingly prove significant depth potential at Akasaba, and are awaiting assay results for 6 more holes below the 300 m level. We have now begun a downhole Induced Polarization study to help guide our future drilling at depth."

The results show that gold mineralization at Akasaba continues to maintain its strength at these depths, opening up further potential deep targets. Furthermore, the intersections show that the gold-bearing Mine Horizon stratigraphy is prospective over a 100 m width at this depth, consistent with that observed at the surface.

DDH IAX-10-90, intersected the Mine Horizon 150 m above hole IAX-10-99, assaying 0.34 g/t Au over 16.50 m. Further downhole, however, assays grade 2.33 g/t Au, 25.20 g/t Ag, and 0.59% Cu over 0.38 m, from a vein hosted within dacite, a relatively new potential target at Akasaba. The dacite is an extensive volcanic layer that lies to the south of the Mine Horizon along the length of the property, and hosts potential for gold, as indicated by previously released results in hole IAX-10-65, which intersected 15.9 g/t Au over 0.3 m (see press release March 3, 2010).

The Company is currently wrapping up the year by drilling shallow holes along the Mine Horizon to fill in between holes which have yielded encouraging results. Alexandria anticipates returning to deeper drilling after the New Year, following receipt of assay results and down-hole geophysics.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Jared Beebe, PGeo, and Dr. Eric Owens, PGeo. These results have not been verified by an Independent Qualified Person ("QP") and therefore should not be relied upon except for their  exploratory value. There is no Current Resource underlying the Akasaba property as defined by National Instrument 43-101, and no guarantee that an economic gold deposit is present. Further work by Alexandria and an Independent QP will be required to bring the data into compliance with NI 43-101.

The Company's sampling protocol has been outlined in previous press releases, and additional information is available by request. Currently, the Company is using AGAT Labs, an ISO 17205 certified company, with preparation facilities in Sudbury for its analysis. Because of the concern of a "nugget effect", the company routinely re-checks its assay results, and where re-checked assays vary by greater than 10%, the samples are subjected to a metallic screen assay technique whereby a 1 kg separate of the original sample is screened to a 30 g aliquot prior to a FA gravimetric finish.

Source: Alexandria Minerals Corporation

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