Alexandria Minerals Makes Tracks In Val D’Or

Alexandria Minerals (AZX-V, ALXDF-O) has released its first resource estimate on two near-surface zones at its 100%-owned Orenada property in Bourlamaque Township in Val d’Or, Que. — a fourfold increase over historical estimates.

At a cutoff grade of 1 gram gold per tonne, The Orenada 2 and Orenada 4 zones, from surface to 250 metres, have a measured and indicated resource of 4.59 million tonnes grading 1.82 grams gold per tonne for contained gold of 268,530 oz. In the inferred category, the two zones contain 2.47 million tonnes grading 1.56 grams gold per tonne for 124,250 oz.

The deposit is open along strike and at depth and the company has already begun a preliminary economic assessment, which it expects will be completed this fall.

Orenada, a shear zone-hosted deposit within the Cadillac Break is characterized by highly deformed and multiply folded quartz-carbonate- tourmaline and quartz-carbonate veinlets, hosted in sheared quartz-sericite-carbonate schist.

In addition to Orenada, Alexandria plans to complete a resource estimate in the coming months for the second of its three principal gold projects, the Sleepy deposit, 15 km east of Orenada. It also plans to launch a second drill program at Akasaba, 25 km east of Orenada.

In other news, surface sampling and mapping of all of its properties along the 35-km Cadillac Break (Akasaba, Oramaque, Sabourin, Trivio, and the newly acquired Valdora), have unearthed new high-grade gold targets, with rock chip or grab samples assaying up to 37.3 grams gold per tonne.

At Akasaba, multiple combined induced-polarization and magnetic anomalies have been identified, including an anomaly that is a minimum of 1.5 km long along the mine horizon.

Grab sample results up to 600 metres away from the mine area included 26.9 grams gold per tonne, 54.6 grams silver and 4.5% copper, as well as 10.45 grams gold, 26.8 grams silver and 2.04% copper.

Positive sampling results at Akasaba give further weight to assays of two gold-bearing zones that were reported previously: A total of 14 samples assayed between 1.38 grams gold per tonne and 12.2 grams gold from the north and south zones, the former, a 640- metre-long geophysical anomaly just north of the Akasaba mine, and the latter, a 950-metre-long geophysical anomaly, 250 metres south.

Alexandria plans to begin a second round of drilling at Akasaba in the middle of October. In the first drill round completed this spring, results included intersects of 4.22 grams gold per tonne over a true width of 8.48 metres, including 24.5 grams gold over 1.03 metres.

On the adjacent Valdora property, where some geological structures trend from Akasaba, six grab samples from quartz veins and altered volcanic rocks assayed over 0.88 gram gold per tonne, including 3.57 grams gold, 1.85% copper and 26 grams silver, and 3.31 grams gold, 1.49% copper and 24.2 grams silver.

On the Oramaque property, 5 km west, five samples assayed over 2.87 grams gold per tonne, including 12.75 grams gold, 25.9 grams gold and 37.3 grams gold, principally in gabbros cut by quartz veins.

“These results show that the value of our land package resides just as much in its totality as in individual projects,” Eric Owens, the company’s chief executive, explained in a statement.

“The Cadillac Break is among the world’s most prospective gold trends and demands much more exploration. When combined with the more advanced resource studies under way at Orenada and Sleepy, we have shown that Alexandria’s property package has significant potential beyond currently explored areas.”

At presstime, Alexandria traded at 9.5¢ per share. Over the last 52 weeks, it has traded in a range of 2- 11.5¢ and the company has 71.4 million shares outstanding.