Alexandria Minerals (CVE:AZX) announced Tuesday results from nine drill holes at its Akasaba gold-silver project in Val d'Or, Quebec, expanding the near-surface gold potential at the site.
The Toronto-based junior gold explorer said that significant, wide intersections were received from holes drilled up to 600 metres west of the past-producing Akasaba Mine, expanding the western low grade area.
Highlights from the results include 1.01g/t gold over 47.26 metres in hole IAX-10-110; 1.69 g/t gold over 36.09 metres in hole IAX-10-119; and 1.29g/t gold over 13.6 metres as well as 0.69g/t gold over 12 metres in hole IAX-10-120.
The company said these step-out holes tested targets found by the company's initial round of shallow drilling early last year. The results extend the known gold mineralization in the area to below 100 metres.
"These outstanding results strongly demonstrate the potential for shallow, bulk tonnage mineralization at Akasaba," said president Eric Owens.
"We are still early in this programme, and with the arrival of two drill rigs shortly, we will be able to accelerate the delineation of the mineralization's fuller dimensions."
In addition to the above holes, the company intersected, 300 metres west of the mine, 16.64 g/t gold, 16.2 g/t silver and 1.33% Cu over one metre, also at a shallow depth of less than 100 metres. Alexandria said that the polymetallic nature of the mineralization in this hole could mean the project's characteristics are similar to gold-rich volcanogenic massive sulfide deposits, which represent a significant source of the world's copper, zinc, lead, gold and silver ores.
Drill results are still pending for 10 holes drilled beneath the mine area and to the west of the mine area.
Aside from the Akasaba gold-silver project, Alexandria already has two NI 43-101 compliant resources at Orenada and Sleepy, also in the same area in Quebec. Agnico-Eagle Mines, who has three producing gold mines in the region, owns roughly 10% of the company.
Alexandria rallied nearly 3% on Tuesday to trade at $0.17 near market close.