RE: RE: RE: news releaseSummary of Akasaba Mine Area:
Gold at the Akasaba Mine is hosted in semi-massive to massive sulphides (pyrite, pyrrhotite, and chalcopyrite) in volcanic rocks, and as such is similar to the environment at Agnico Eagle’s La Ronde Mine, which hosts current reserves and resources of about 6.3 million ounces of gold, and which has produced in excess of 3 million ounces of gold to-date.
Akasaba Mine Area has potential at depth and expanding Gold Zones at surface. Projected Surface Trace of Gold Zone is over 900 metres in length!
Refer to page 13 of presentation for addtional information:
https://www.azx.ca/pdf/PPT_AZX%20.pdf
The recently completed drill programme was focused on two tasks: 1) filling in gaps between previous gold- bearing holes and 2) enlarging the gold zone to the east of the mine area. Drill Hole IAX-10-71, located in the vicinity of the mine area (200 m east of the shaft) was drilled as a fill-in hole, and intersected multiple gold bearing zones, consistent with the four historically defined, sub-parallel gold lenses in the mine area.
Eric Owens, President and CEO of Alexandria Minerals, said, “To date we have been focusing on the northernmost D lens, but we are pleased to see that hole 71 shows that the other three lenses also have potential. We intend to continue to fill in necessary gaps, as well as expand this deposit, in order to take it to a 43-101 resource estimate later in the year."
Addtional information on lenses:
https://www.azx.ca/akasaba.asp
Very well managed company, slowly but surely...they keep added to thier gold resources!
Strategic land package
– 3rd largest landholder: 21,000 hectares, 80km2
– Own 15% of Cadillac Break
3 development projects: moving toward global million ounce gold resource
– Orenada Project – 361,000 ozs. M&I; 175,000 ozs. Inferred
– Sleepy Project – 150,000 ozs. Inferred
– New Flagship Akasaba Project resource in 2010
Well financed
– Agnico-Eagle Mines - 9.9% Equity Placement March 2010
– $3m cash/securities
– $1.6m Option Payments Receivable