Alexandria Intersects Encouraging Gold and Base Metals at Akasaba
Toronto, Ontario, January 28,
2010 – Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports that it has intersected
ore-grade gold mineralization, up to 7.58 g/t Au, 15.6 g/t Ag, and 0.95% Cu over 0.45 m (True Width,
“TW”), and separately, 6.31% Zn over 0.3 m (TW), on its Akasaba property, in Val d’Or, Quebec. Assay
results have been received for 7 holes, but are still pending for the remaining 7 holes.
Diamond
Drill hole (“DDH”) IAX-09-61 intersected 6.31% Zn from 50.85 m to 51.15 m down hole in a massive
pyrrhotite-sphalerite-chalcopyrite lens approximately 13 cm wide hosted in mafic tuffs, 10 meters below
a molybdenite-bearing diorite porphyry. The hole, located 450 m west along strike from the historic
Akasaba gold mine area (See Figure 1 below), also produced the strongest down-hole EM geophysical
anomaly yet observed on the property to-date, suggesting the potential for significant sulfides. The
Company extended the current drilling programme to include a test of this geophysical anomaly.
Eric
Owens, Alexandria's President and CEO, said, “This is clearly a developing story. The variety of metals
occurring on the property and the size of the mineralized system is very encouraging. We are looking
forward to the remainder of the drill results, and to our next round of drilling in February.”
Figure
1. Map of Selected Drill Results (widths are core lengths) and hole locations, Akasaba Project:
http://www.irw-press.com/dokumente/AZX_290110_1.pdf
In addition to the zinc discovery, widespread
gold mineralization has been encountered in all 7 holes for which assays have been received. Three drill
holes, IAX-09-55, 56, and 57, the first to test anomalous trench and geophysical results underlying the
North Zone, a volcanic horizon separate from, and located 200 m north of, the Akasaba Mine horizon. The
most significant results include the following (meters are core lengths):
Table 1. Selected Drill
Results, North Zone, Akasaba Project: http://www.irw-press.com/dokumente/AZX_290110_2.pdf
To the
south, along the main Mine Horizon, assays have been received from four holes: IAX-09-58 and 59 near the
mine, and IAX-09-60 and 61, up to 550 m along strike to the west of the mine. Like the holes testing the
North Zone, there are wide envelopes of anomalous gold, in the range of 0.1-0.25 g/t gold, as well as
anomalous copper, around the more significant intersections, including:
Table 2. Selected Drill
Results, Mine Horizon, Akasaba Project: http://www.irw-press.com/dokumente/AZX_290110_3.pdf
Assay
results are pending for half of the 14 holes completed in this first comprehensive round of drilling on
the property since acquisition, a follow-up to its small, 3-hole programme completed last Spring. The
current programme has tested a number of targets generated during last year’s field exploration
activities. The Company will follow this drilling with a 2,500 m drill programme in February, with a
focus in the Akasaba mine area in an effort to upgrade the size of the gold zones there.
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. Historic results are not compliant with
National Instrument 43-101 and should not be relied upon, and there is no guarantee that an economic
gold deposit underlies the property. Further work by Alexandria and an Independent Qualified Person will
be required to bring the data into compliance.
The drilling program employs a Quality
Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Drill core is
NQ-sized, and is logged, sampled and split at the Company’s Val d’Or facilities, in intervals of 0.3
meters to a maximum of 1.5 meters. The samples are recorded, bagged and sent to ALS Chemex Labs in
Val-d’Or for preparation and assay. Samples are analyzed for Au, Ag, Cu and Zn, via a 30 gram pulp by
FAA for Au and AA for Ag, Cu and Zn. Re-assays by FA gravimetric finish are performed on samples
assaying greater than 1.0 g/t Au and re-assays greater than 5.0 g/t Au are checked a second time by FA
gravimetric finish.
WARNING: This News Release may contain forward-looking statements including but
not limited to comments regarding the timing and content of up-coming work programs, geological
interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking
statements address future events and conditions and therefore involve inherent risks and uncertainties.
Actual results may differ materially from those currently anticipated in such statements. Alexandria
Minerals Corporation relies upon litigation protection for forward-looking statements.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PLEASE
CONTACT
Andreas Curkovic, Investor Relations
(416) 577-9927
Eric Owens, Alexandria Minerals
Corporation
416-363-9372
www.azx.ca
info@azx.ca
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