Mr. Eric Owens reports
ALEXANDRIA FILES UPDATED NATIONAL INSTRUMENT 43-101 COMPLIANT RESOURCE REPORT FOR AKASABA ON SEDAR
In compliance with National Instrument 43-101, Alexandria Minerals Corp. has filed on SEDAR the technical report for the updated resource estimate, as released on Feb. 7, 2013, for its 100-per-cent-owned Akasaba project in Bourlamaque township, Val d'Or, Que.
The updated current resource, which more than doubled the original estimates in less than one year (see press release March 27, 2012), is summarized in the attached table.
NI 43-101 GOLD RESOURCES AT AKASABA
Au grade Contained
Zone Tonnage (g/t) gold (oz)
Underground 653,929 5.79 121,657
Main pit(1) 3,009,214 1.37 132,475
West zone pit
Au grade Contained Cu grade Contained equiv.
Zone Tonnage (g/t) Au (oz) (%) Cu (Kg) (oz)(2)
Underground 1,537,973 5.51 272,385
pit(1) 285,374 1.76 16,153
West zone pit 14,863,740 0.69 332,074 0.41 61,255,885 342,108
Totals 620,612 61,255,885 342,108
(1) Resources from the Main pit and Satellite pits are unchanged from
(2) Gold equivalent calculated from copper resources using Au price of $1,325
per ounce and copper price of $7.40 per kilogram.
Eric Owens, president of Alexandria Minerals, said: "These robust estimates presented in this study attest to the potential of the project. We are excited to continue to build this deposit as we await the assay results for 22 drill holes."
The current resource consists of both open pit and underground resources. Growth over the past year occurred principally as a result of the discovery by Alexandria geologists in 2012 of the near-surface, open-pit resources of the West gold-copper zone, which increased inferred resources by 263 per cent over those estimated last year. Additional open-pit resources occur in the Main pit, centred over the past-producing Akasaba mine, and smaller nearby Satellite pits, located 1,600 metres along strike from the West zone.
Underground resources occur in the vicinity of, and below, the Akasaba mine, which produced a reported 40,000 ounces of gold at a grade of 5.25 grams per tonne Au, and 10,000 of silver, from 1960 to 1963. From 2009 until 2012, the company focused its efforts in this area, delineating the first underground resource in 2012 down to 500 m depth. The underground current resources now extend to a depth of 600 m, and remain open below this depth.
The NI 43-101-compliant report was prepared by independent qualified persons Alain-Jean Beauregard, PGeo, OGQ, FGAC, and Daniel Gaudreault, PEng, OIQ, both of Geologica Groupe Conseil, of Val d'Or, based on the resource estimation of Christian D'Amours, PGeo, and OGQ, of Geopointcom, also of Val d'Or.
The expansion of the underground resource and discovery of the new gold-copper West zone open pit resource was the result of the completion of 51 holes totalling 22,102 m drilled on the Akasaba project since the March 27, 2012, release of its first NI 43-101 resource estimate at Akasaba.
The following apply to the estimated resource:
The mineral resources were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) Standards on mineral resources
and reserves, definitions and guidelines prepared by the CIM standing
committee on reserve definitions and adopted by CIM Council.
Assumptions for the resource calculation for Underground and West zone
pit: (a) gold price, $1,325 per ounce, copper price $7.40 per kilogram, (b) cut-off
grade, Underground, 2.25 g/t Au, open pit, 0.5 g/t, (c) bulk density,
mine area underground and open pits, specific gravity 2.8; West zone
pit, specific gravity 2.65, (d) minimum true width, Underground, 2.5 m,
all open pits, five m, (e) blasting/mucking costs, Underground, $68/tonne,
open pit, $5.75/tonne, (f) milling costs, $12/tonne, (g) overburden
removal costs, $3/cubic metre, (h) open pit shell optimized for best
revenue, (i) geostatistical analysis indicate no grade capping is
Mineral resources which are not mineral reserves have not demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues, although the
company is not aware of any such issues.
Resources at the Main pit and Satellite pit were released on March 27,
2012, and are not part of this study.
The geostatistical evaluation of the diamond drill hole results were performed by independent qualified person Christian D'Amours, PGeo, of Geopointcom in Val d'Or, Que., on data verified by independent qualified persons Alain-Jean Beauregard, PGeo, OGQ, FGAC, and Daniel Gaudreault, PEng, OIQ, both of Geologica Groupe Conseil, of Val d'Or, Que. Geological interpretation and geological database compilation of Akasaba were performed under the supervision of Peter Legein, qualified person, of Alexandria Minerals. This press release, and the technical report, has been reviewed by all parties. Please note that mineral resources which are not mineral reserves do not have demonstrated economic viability.
Program design, management and quality control/quality assurance is governed by Alexandria's exploration group, of which Peter Legein, PGeo, and Eric Owens, PGeo, are the company's qualified persons. Mr. Legein supervises the technical activities of the company. The QA/QC program is consistent with NI 43-101 and industry best practices; this will be summarized in the technical report, but has previously been addressed in the NI 43-101 technical report on the Cadillac Break properties (February, 2008).
We seek Safe Harbor.
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