Almaden Provides Exploration Update for the Ixtaca Gold-Silver Zone of the Tuligtic Project, Mexico
01 April 2014 - 3:00PM
Marketwired
Almaden Provides Exploration Update for the Ixtaca Gold-Silver Zone
of the Tuligtic Project, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 1, 2014) -
Almaden Minerals Ltd. ("Almaden" or "the Company")
(TSX:AMM)(NYSEMKT:AAU) is pleased to report on the on-going
exploration activities at the Company's 100% owned Tuligtic project
and Ixtaca Zone. A Preliminary Economic Assessment ("PEA") is
currently being prepared by the independent engineering consultant
groups Knight Piesold Ltd. and Moose Mountain Technical Services.
On the project, the Company has commenced drilling operations.
Currently one drill is working on a geo-mechanical data gathering
program required for potential future studies. Geotechnical holes
are also planned as part of this engineering focussed drill
program. A second drill has been working on a small infill drilling
program which is about to finish. For the remainder of 2014,
Almaden plans to focus drilling on high-priority gold-silver
exploration targets located near the Ixtaca deposit. These targets,
defined by epithermal alteration, surface anomalous geochemistry
and geophysics, are considered by the Company to represent unique
opportunities for discovery adjacent to the Ixtaca deposit, a blind
drilling discovery made by Almaden in 2010. Other work currently
underway includes environmental baseline studies and more advanced
metallurgical test work.
J. Duane Poliquin, chairman of Almaden commented: "Our recently
reported updated mineral resource estimate is the basis of a
Preliminary Economic Assessment (PEA) which is well underway. While
engineering studies will be the emphasis of this year's work
program, we are excited to start testing high priority exploration
targets on the property."
About the Ixtaca Drilling Program and the Ixtaca Project
The 100% owned Ixtaca Zone is a blind discovery made by the
Company in 2010 on claims staked by the Company. The deposit is an
epithermal gold-silver deposit, mostly hosted by veins in carbonate
units and crosscutting dykes ("basement rocks") with a minor
component of disseminated mineralisation hosted in overlying
volcanic rocks. In January, 2014 (For complete details see Almaden
news release of January 22, 2014) the Company announced an updated
resource for the Ixtaca Zone. The Company has selected Moose
Mountain Technical Services to lead a PEA on the Ixtaca deposit.
Knight Piesold Ltd. will provide certain engineering and
environmental design inputs for the PEA and have been retained to
help the Company with long lead item studies concerning
environmental monitoring, assessment and permitting matters. Apart
from drilling planned for 2014, work underway currently includes
additional metallurgical studies, environmental baseline monitoring
such as flora and fauna studies, climate monitoring, water quality
sampling and surface water hydrology monitoring, a geochemistry
program, and scoping level engineering studies. The updated
resource will form the basis of a PEA to be completed in the coming
months. In 2014 the Company anticipates redirecting drilling
efforts to the exploration of high priority epithermal targets
outside of the Ixtaca Zone but within the project's claim
boundaries.
The Ixtaca deposit and any potential mining operation would be
located in an area previously logged or cleared with negligible to
no current land usage. The Company currently employs roughly 70
people in its exploration program who live local to the Ixtaca
deposit. Local employees make up virtually all the drilling staff,
who have been trained on the job to operate the Company's wholly
owned drills. The Company has implemented a comprehensive science
based and objective community relations and education program for
employees and all local stakeholders to transparently explain the
exploration program underway as well as the potential impacts and
benefits of any possible future mining operation at Ixtaca. The
Company regards the local inhabitants to be major stakeholders in
the Ixtaca deposit's future along with the Company's shareholders.
Every effort is being made to create an open and clear dialogue
with our stakeholders to ensure that any possible development
scenarios that could evolve from the anticipated PEA are properly
understood and communicated throughout the course of the Company's
exploration and development program. The Company invites all
interested parties to visit www.almadenminerals.com to find out
more about our community development, education and outreach
programs.
QAQC and Reporting
On February 28th, 2014 Almaden filed an updated NI 43-101
Tuligtic Project Mineral Resource Update Technical Report on SEDAR,
which contains details of the mineral resource estimate. The report
was authored by Kris Raffle, P.Geo. of APEX Geoscience Ltd., and
Gary Giroux, M.A.Sc., P.Eng. of Giroux Consultants Ltd., both of
whom act as independent consultants to the Company and are
Qualified Persons as defined by National Instrument 43-101 ("NI
43-101"). The analyses used in the preparation of the resource
statement were carried out at ALS Chemex Laboratories of North
Vancouver using industry standard analytical techniques. For gold,
samples are first analysed by fire assay and atomic absorption
spectroscopy ("AAS"). Samples that return values greater than 10
g/t gold using this technique are then re-analysed by fire assay
but with a gravimetric finish. Silver is first analysed by
Inductively Coupled Plasma - Atomic Emission Spectroscopy
("ICP-AES"). Samples that return values greater than 100 g/t silver
by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL
leach and ICP-AES finish. Of these samples those that return silver
values greater than 1,500 g/t are further analysed by fire assay
with a gravimetric finish. Blanks, field duplicates and certified
standards were inserted into the sample stream as part of Almaden's
quality assurance and control program which complies with National
Instrument 43-101 requirements. In addition to in-house QAQC
measures employed by Almaden, Kris Raffle, P.Geo. completed an
independent review of Almaden's drill hole and QAQC databases. The
review included an audit of approximately 10% of drill core
analyses used in the mineral resource estimate. A total of 10,885
database gold and silver analyses were verified against original
analytical certificates. Similarly, 10% of the original drill
collar coordinates and downhole orientation survey files were
checked against those recorded in the database; and select drill
sites were verified in the field by Kris Raffle, P.Geo. The QAQC
audit included independent review of blank, field duplicate and
certified standard analyses. All QAQC values falling outside the
limits of expected variability were flagged and followed through to
ensure completion of appropriate reanalyses. No discrepancies were
noted within the drill hole database, and all QAQC failures were
dealt with and handled with appropriate reanalyses. The mineral
resource estimate referenced in this press release was prepared by
Gary Giroux, P.Eng., an independent Qualified Person as defined by
NI 43-101. Morgan Poliquin, Ph.D., P.Eng., a qualified person under
the meaning of 43-101 and the President and CEO of the Company,
reviewed the technical information in this news release.
About Almaden
Almaden is a well-financed mineral exploration company working
in North America. The company has assembled mineral exploration
projects, including the Ixtaca Zone and the Tuligtic Project,
through its grass roots exploration efforts. While the properties
are largely at early stages of development they represent exciting
opportunities for the discovery of significant gold, silver and
copper deposits as evidenced at Ixtaca. Almaden's business model is
to find and acquire mineral properties and develop them by seeking
option agreements with others who can acquire an interest in a
project by making payments and exploration expenditures. Through
this means the company has been able to expose its shareholders to
discovery and capital gain without the funding and consequent share
dilution that would be required if the company were to have
developed these projects without a partner. The company intends to
expand this business model, described by some as prospect
generation, by more aggressively exploring and developing several
of its projects including the Ixtaca Zone.
On Behalf of the Board of Directors
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almaden Minerals Ltd.
Neither the Toronto Stock Exchange (TSX) nor the NYSEMKT
have reviewed or accepted responsibility for the adequacy or
accuracy of the contents of this news release which has been
prepared by management.. Except for the statements of historical
fact contained herein, certain information presented constitutes
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and
Canadian securities laws. Such forward-looking statements,
including but not limited to, those with respect to potential
expansion of mineralization, potential size of mineralized zone,
and size and timing of exploration and development programs,
estimated project capital and other project costs and the timing of
submission and receipt and availability of regulatory approvals
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievement of
Almaden to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
risks related to international operations and joint ventures, the
actual results of current exploration activities, conclusions of
economic evaluations, uncertainty in the estimation of mineral
resources, changes in project parameters as plans continue to be
refined, environmental risks and hazards, increased infrastructure
and/or operating costs, labour and employment matters, and
government regulation and permitting requirements as well as those
factors discussed in the section entitled "Risk Factors" in
Almaden's Annual Information form and Almaden's latest Form 20-F on
file with the United States Securities and Exchange Commission in
Washington, D.C. Although Almaden has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Almaden disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, other than
as required pursuant to applicable securities laws. Accordingly,
readers should not place undue reliance on forward-looking
statements.
Almaden Minerals
Ltd.604-689-7644info@almadenminerals.comwww.almadenminerals.com
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