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Alexandria Minerals Corp
Symbol AZX
Shares Issued 178,108,297
Close 2014-08-20 C$ 0.06
Market Cap C$ 10,686,498
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Alexandria moves second drill rig to Akasaba

2014-08-21 10:20 ET - News Release

Mr. Eric Owens reports

ALEXANDRIA ACCELERATES AKASABA DRILLING PROGRAM WITH ADDITION OF SECOND DRILL RIG

Alexandria Minerals Corp. has deployed a second drill rig to accelerate its 10,000-metre drill program on its Akasaba project in Val d'Or, Que. The goal is to expand on known gold-copper mineralization by testing geophysical targets along strike with, and below, the mine area current resources.

This past winter, the company completed a 78-line-kilometre surface induced polarization (IP) survey over the Akasaba and adjacent Valdora properties, as well as a downhole IP survey below the historic Akasaba mine, both of which identified a number of strong targets for follow-up drilling.

The first phase of this drilling program is testing three principal target areas:

  1. A large 1,000-metre-long IP anomaly approximately one km east along strike with the Akasaba mine area (the Kettle zone);
  2. Deep targets below the current resources along the main Mine zone;
  3. Deep targets along the North zone, a gold-bearing zone north of, and parallel to, the main Mine zone.

The first phase of the program consists of deep drilling on the main Mine zone and the North zone, and involves three new drill holes and deepening two previous Alexandria drill holes, totalling 4,000 m. Drilling on the Kettle zone consists of five drill holes totalling 2,500 m. An additional 3,500 m of drilling is planned as follow-up holes.

Between 2009 and 2013, Alexandria completed 74,157 m of drilling on its Akasaba project, which is located approximately 15 km east of Val d'Or, Que., in the centre of the company's Cadillac Break property package, a 35 km long group of properties totaling 676 mineral claims. This drilling allowed Alexandria to build significant gold and gold-copper resources along the main Akasaba mine trend (press release dated Feb. 7, 2013), including the discovery, in early 2012, of the West zone gold-copper deposit (press release June 26, 2012).

In early 2014, Alexandria sold the West zone gold-copper deposit to Agnico Eagle Mines Ltd., for $5-million cash, and 2-per-cent net smelter return (NSR) on all metals after 210,000 ounces of gold are produced (press release dated Jan. 14, 2014). As a result of this sale, current resources (National Instrument 43-101 compliant) that remain at Akasaba consist of both underground, high-grade resources and near-surface, bulk-tonnage resources are shown in the associated table (recalculated by Christian D'Amours at Geopointcom in Val d'Or, Que., see press release dated Feb. 20, 2014).

      CURRENT RESOURCE ESTIMATE AT AKASABA (NI 43-101 COMPLIANT)

                                  Tonnes    Grade (g/t Au)     Ounces gold

Underground indicated            609,300              5.93         116,240
Underground inferred           1,475,600              5.58         264,960
Main pit indicated             3,009,200              1.37         132,550
Satellite pit indicated          219,900              1.93          13,640

In addition to the geophysical surveys completed at Akasaba this past winter, the company also completed a series of IP surveys on its western Cadillac Break property package as part of a broad re-evaluation of the geology and geophysics of the area. Company geologists have identified several new strong geophysical targets on its Ducros, Oramaque, Orenada and Annamaque projects five to seven km west of Akasaba, which are coincident with historic gold-copper-moybdenum targets, similar to those discovered at Akasaba. Alexandria intends to begin drill testing some of these this fall.

Program design, management and quality control/quality assurance are governed by Alexandria's exploration group of which Philippe Berthelot, PGeo, is the company's qualified person. Mr. Berthelot has reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously addressed in the NI 43-101 technical report on the Cadillac Break properties (February, 2008) as well as in subsequent NI 43-101 reports found on the company's website or on SEDAR.

We seek Safe Harbor.

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