viewAlexandria Minerals Corporation

Alexandria Minerals boosts resources at Akasaba project, more than triples inferred ounces


Alexandria Minerals Corp (CVE:AZX) says it has increased its resources at the Akasaba property in Quebec, more than tripling resources in the inferred category. 

A new NI 43-101 compliant study sees indicated resources at 254,132 ounces of gold, up 9% over the previous resource estimate released in March last year. 

Inferred resources now stand at 620,612 ounces of gold and 134.77 million pounds of copper, equivalent to 342,108 ounces of gold - up 263% over the prior year's report. 

"We are very pleased with the substantial increase in resources at Akasaba," said president Eric Owens in a statement Thursday. 

"A major factor influencing the increase was the new discovery of the West Gold‐Copper Zone this past year, a result of our decision to step out significantly and test targets farther afield. 

"In addition to the growth potential this work indicates, it has been incredibly efficient, as the eleven shallow holes that have so‐far defined this zone cost just 47 cents per ounce of gold discovered."

Since the release of its first NI 43‐101 resource estimate at Akasaba last March, Alexandria has drilled 51 holes totaling 22,102 metres on the project, with the aim of expanding the deep high grade zone below the historic mine and expanding the shallow deposit along strike. 

The latter resulted in the discovery of the West gold-copper Zone, which lies on the main mine trend 1600 metres west of the past‐producing Akasaba mine, where the underground resources are located. 

As defined by drilling, the area is some 400 metres long, 300 metres deep, and averages 60 metres wide, with it remaining open at depth. 

According to past reports, the historical mine at the site produced some 282,000 tonnes grading 5.14 grams per tonne (g/t) gold from 1961‐1963, for around 40,000 ounces of gold and 10,000 ounces of silver. 

The company has three drill rigs turning at its properties, with two at Akasaba, and one at its Sleepy project - located just 13 km east of Akasaba. 

Shares of the Toronto‐based junior gold exploration and development company, which calls Agnico-Eagle Mines (TSE:AEM) as a 10% shareholder, were trading flat at 8 cents on Thursday afternoon. 

Quick facts: Alexandria Minerals Corporation

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Market: TSX-V
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