Alexandria Minerals Corporation reported today on the results of its winter 2012-2013 drilling program on the Company's Sleepy project located in Val d'Or, Quebec. A total of five holes were completed in the program with the most significant results from hole DDH SAX-13-025, in which multiple intervals of gold were intersected approximately 100 m west of hole DDH SAX-11-005, the previous deepest gold intersection that assayed 11.28 g/t Au over 3.3 m (True Width).
DDH SAX-13-025 intersected 2 separate gold bearing intervals in the Sleepy Zone as follows:
573.60-593.60m 3.82 g/t Au and 3.83 g/t Ag over 20.00m (13.31m True Width, "TW"), including
576.60-583.60m 6.65 g/t Au and 7.99 g/t Ag over 7.00m (4.65 m TW), and
588.60-592.60m 5.73 g/t Au and 1.70 g/t Ag over 4.00m (2.67 m TW)
601.30-605.30m 6.92 g/t Au and 10.98 g/t Ag over 4.00m (2.65 m TW), including
601.30-602.30m 26.50 g/t Au and 42.00 g/t Ag over 1.00 m (0.66 m TW)
Eric Owens, President and CEO, said, "These results exceed or are consistent with prior holes completed nearby, and identify a significant extension of the Sleepy deposit below the Current Resource. Most encouragingly, the grades are higher overall with broader widths. This is a very positive outcome because we have substantially increased the potential for more resources here."
The Current Resource at Sleepy consists of 1.6 million tonnes grading 3.00 g/t Au for 150,400 ounces of gold. It extends from surface to 400 m depth, is 350 m along strike and averages 5.35m wide. The mineral resource was completed by Geopointcom of Val d'Or, Quebec (see Press Release October 29, 2009). The new drilling combined with previous results outlines a zone below the Current Resource, that extends for 250 m along strike, lies between 250 m depth and 500 m depth, averages 7-8 m wide and remains open to depth.
Other previously released holes in the deep zone are of consistently higher grade, and greater width than the Current Resource and include:
IAX-08-30: 3.77 g/t Au over 3.1 m TW
IAX-09-49: 3.76 g/t Au over 8.21 m TW
SAX-11-01: 4.12 g/t Au over 8.88 m TW
SAX-11-05: 11.28 g/t Au over 3.3 m TW
SAX-11-09: 6.82 g/t Au over 16.96 m TW
Four other offset holes were also completed during the winter program, principally to the east of the Current Resource. These holes intersected Sleepy-type mineralization, returning low to anomalous values of gold. Focus on future drilling will be down-plunge and to the west.
As of March 1, 2013, the Company has ceased its drilling program and is currently planning the next round of drilling at Akasaba and adjacent targets on the surrounding properties. Drill hole assay results from exploratory targets at Akasaba are pending.
Program design, management, and Quality Control/Quality Assurance are governed by Alexandria's exploration group of which Peter Legein, P.Geo, and Eric Owens, P.Geo, are the Company's Qualified Persons. Mr. Legein and Mr. Owens reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company's website or on www.sedar.com.