Alexandria Minerals Corporation reports on preliminary results from the recently completed, down-hole Induced Polarization (“IP”) Survey on its Akasaba property. Survey results yielded several strong targets on both the main Akasaba Mine Trend and the nearby parallel North Zone, adding to high priority drill targets in preparation for this summer’s drill program.
The principal geophysical targets on the main Akasaba and North Zones are up to 400m long along strike, open to the east, and open at depth. The anomalies, located below and to the east of the Akasaba Current Resources, are similar to those intersected by previously completed gold-bearing drill holes that contain 11.35 g/t Au over 6.0 m, 6.19 g/t Au over 5.05 m, and 4.69 g/t over 5.00 m (see Figures 1 and 2 below).
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/Figure1_AZX.pdf.
Eric Owens, President and CEO, stated “These are very encouraging results, and we are looking forward to testing these targets with drill holes. Through geophysical surveys and this past winter’s drilling, we have generated several strong targets for this summer’s 10,000 m drill campaign in an effort to build on our existing gold resources. We are still awaiting further geophysical results and drill assay results, which should provide further targets for testing.”
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/Figure2_AZX.pdf.
The borehole geophysical (Hole-to-Hole Resistivity/IP) survey was conducted during the winter by Abitibi Geophysics. The survey was designed to investigate potential targets at depth around the Akasaba Current Resources. The survey used a conventional induced polarization technique, with a borehole-to-borehole array based on 19 pairs of holes. Once all the data combinations are collected, a 3D inversion uses all the readings simultaneously in order to estimate the location and volume of the anomalies. Validation of the geophysical results are provided by past Alexandria drill hole assays, which show excellent correlation between well mineralized gold-bearing zones and strong Induced Polarization anomalies.
Elsewhere, the Company is awaiting assay results from the recently completed 4,000 m drill program on its Sleepy project, located 12 km east of the Akasaba project.
The Akasaba property straddles the Cadillac Tectonic Zone (CTZ) and is underlain by the Val d’Or Formation, Heva Formation, Cadillac, Piche and Pontiac Groups. The main Mine Horizon lies approximately 600 m north of the CTZ and consists of basalt-andesite-rhyolite volcaniclastic rocks, tuffs and flows intruded by gabbro and diorite sills, and is bound on the south by massive dacite.
Akasaba hosts polymetallic mineralization, with widespread silver (up to 50 g/t) and copper (generally 0.2-0.4%, locally up to 1-2%), and local high grade zinc (up to 6.35% Zn over 0.3 m in a massive sphalerite-pyrrhotite layer), and local molybdenum. The following characteristics are pertinent to the any operating model:
- Gold and gold-copper resources are hosted in a shear zone (the “Mine Horizon”)
- There are numerous similar sub-parallel gold mineralized zones in addition to the Mine Horizon
- The Callahan tonalite intrusion, which is located a short distance northwest of the deposit has a prominent metamorphic/metasomatic halo, characterized by widespread and locally intense calcium and iron metasomatism (“Skarn”), in the form of epidote, chlorite, magnetite, amphibole, garnet
- The Mine Horizon, with gold , copper and molybdenum, and other base metals, occurs within the metasomatic halo
- Within the Mine Horizon, there is an east west zonation relative to the Callahan Intrusive: proximal Au-Cu-Mo, medial Gold (+/- Ag, Cu), distal Ag, Zn
- Host volcanic rocks contain up to 30% or more pyrrhotite (+/- Chalcopryite, Sphalerite) as lenses, pods and layers, and massive layers of intergrown pyrrhotite and sphalerite, suggesting a component of synvolcanic mineralization probably unrelated to gold.
Such characteristics are similar to those found in the La Ronde-Doyon-Bousquet district 45 km to the west, a gold-copper-zinc enriched mining district which has seen more than 26 million ounces of gold produced from a 7 km long trend, a trend that is 1/5 of the size of Alexandria’s property.