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TORONTO, ONTARIO -- (Marketwire) -- 02/07/13 -- Alexandria Minerals Corporation (TSX VENTURE: AZX)(FRANKFURT: A9D)(PINKSHEETS: ALXDF) provided today an updated resource estimate at its 100%-owned Akasaba property in Bourlamaque Township, Val d'Or, Quebec. The new mineral resource estimates, which are National Instrument ("NI") 43-101 compliant, were completed by independent Qualified Person Christian D'Amours of Geopointcom in Val d'Or, QC.
Highlights of the new study show a significant increase in both Indicated and Inferred Resources over the NI 43- 101 Resources initially released last year (see Press Release, March 27, 2012).
Indicated Resources total 254,132 ounces of gold, up 9% over the previous NI 43-101 estimate, comprised of the following:
- Underground: 653,929 tonnes grading 5.79 g/t Au- Main Open Pit: 3,009,214 tonnes grading 1.37 g/t Au (previously released)
Inferred Resources total 620,612 ounces of gold and 61,255,885 kilograms (134,762,947 lbs.) of copper, equivalent to 342,108 ounces of gold, up 263% over the previous year's estimate, and consists of the following:
- Underground: 1,537,973 tonnes grading 5.51 g/t Au,- Satellite Open Pit: 285,374 tonnes grading 1.76 g/t Au (previously released)- West Zone Open Pit: 14,863,740 tonnes grading 0.69 g/t Au and 0.41% Cu
Eric Owens, President of Alexandria Minerals, said, "We are very pleased with the substantial increase in resources at Akasaba. A major factor influencing the increase was the new discovery of the West Gold-Copper Zone this past year, a result of our decision to step out significantly and test targets farther afield. In addition to the growth potential this work indicates, it has been incredibly efficient, as the eleven shallow holes that have so-far defined this zone cost just 47 cents per ounce of gold discovered."
The West Gold-Copper Zone is a zone of disseminated gold-copper mineralization located on the main mine trend 1600 m west of the past-producing Akasaba Mine, where the underground resources are located. As defined by drilling, the West Zone is some 400 m long, 300 m deep, averages 60 m wide, and is open at depth. In contrast with the mine area mineralization, where gold is hosted with quartz-carbonate-pyrite veins, gold in the West Zone is hosted with pyrite, chalcopyrite and bornite, in strongly deformed and altered intermediate to felsic volcaniclastic rocks, within the geological influence of the Cadillac Break shear zone and the Callahan granitic intrusive stock.
Since the March 27, 2012 release of its first NI 43-101 Resource Estimate at Akasaba, Alexandria has drilled 51 holes totaling 22,102 m on the Akasaba project, with focus on 1) expanding the deep high grade zone below the historic Akasaba Mine, and 2) expanding the shallow deposit along strike through step-out drilling, the latter resulting in the new discovery of the West Gold-Copper Zone.
Of the 51 holes, 40 holes have been included in the new 43-101 update and 11 holes are awaiting assay results. A total of 176 holes for 61,120 meters of drilling has been completed to-date on the project since Alexandria first began its initial drill program in 2009. Resources now extend for more than 2,000 m along strike and 600 m to depth, a 10 fold increase in size since 2009, with potential for growth in all directions.
Table 1. Current Resource Estimate at Akasaba (NI 43-101 Compliant)---------------------------------------------------------------------------- Indicated Resources---------------------------------------------------------------------------- Au Grade ContainedZone Tonnage (g/t) Gold (oz.)----------------------------------------------------------------------------Underground 653,929 5.79 121,657----------------------------------------------------------------------------Main Pit(1) 3,009,214 1.37 132,475----------------------------------------------------------------------------Satellite Pit(1)----------------------------------------------------------------------------West Zone Pit--------------------------------------------------------------------------------------------------------------------------------------------------------Totals 254,132-------------------------------------------------------------------------------------------------------------------------------------------------------- Inferred Resources---------------------------------------------------------------------------- Cu in Gold Au Grade Contained Cu Grade Contained Equiv.Zone Tonnage (g/t) Au (oz.) (%) Cu (Kg) (oz.)(2)----------------------------------------------------------------------------Underground 1,537,973 5.51 272,385----------------------------------------------------------------------------Main Pit(1)----------------------------------------------------------------------------Satellite Pit(1) 285,374 1.76 16,153----------------------------------------------------------------------------West Zone Pit 14,863,740 0.69 332,074 0.41 61,255,885 342,108--------------------------------------------------------------------------------------------------------------------------------------------------------Totals 620,612 61,255,885 342,108----------------------------------------------------------------------------
