Almaden Minerals Ltd.
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SYMBOL: T.AMM, AMEX: AAU Website: www.almadenminerals.com Corporate Contact Information Phone: (604) 689-7644 Email: info@almadenminerals.com |
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Company News (Aug 19, 2008) Almaden Minerals Ltd. (“Almaden”, “the Company”; AMM:TSX; AAU:AMEX) is pleased to report that it has received additional assay results from the Cerro la Paila gold target of its Caballo Blanco project in Veracruz, Mexico from operating partner Canadian Gold Hunter Corp. (“CGH”; CGH:TSX). ...Read More
Overview
Almaden is one of the few companies specializing in the generation of new mineral projects with world class potential through grassroots exploration.
Almaden's business model is to option their properties to other companies which then carry the cost of all further exploration in order to earn a share in the projects. By building such partnerships and maintaining a carried interest in a large number of properties, Almaden significantly reduces the risk and cost of exploration. This business strategy also – and most importantly – exposes shareholders to the greatest possible opportunity to be part of the huge capital gains of a mineral discovery.
Using the management's technical acumen, geologic database and state-of-the-art exploration technology and methodologies, Almaden has created a significant track record of identifying prospective mineral properties. Almaden currently has over 40 properties in its portfolio, 22 of which have joint ventures, royalties or options in place.
People
Duane Poliquin
Chairman
A registered professional geological engineer and the founding shareholder of Almaden Resources Corporation.
An Explorers' League Honoree, Poliquin gained international experience with major mining companies where he participated in several important mine discoveries. Poliquin was President of Westley Mines Ltd. when the company discovered the Santa Fe gold deposit in Nevada. A venture capital firm bought control of the company and subsequently dealt the property to Corona Mines Ltd., which placed the deposit into profitable production. Poliquin also initiated several other projects that became producing mines. These were the Apex germanium-gallium deposit in Utah, sold to Musto Explorations Ltd., the Nevada Scheelite Extension, sold to NRD Mining Ltd., and the Trinidad Gold Mine, Mexico, sold by Almaden to Eldorado Gold Corporation.
Morgan Poliquin
President
Director of Almaden, Morgan Poliquin is a registered professional geological engineer and holds a Master of Science degree in Geology. He is the senior geological engineer and directs the exploration efforts of the company.
Property
MEXICAN EXPLORATION
Almaden regards Mexico as being one of the least developed and most prospective areas for geological exploration in the world. Excellent geology coupled with a welcoming political, economic, and social environment make Mexico a premier country in which to explore and invest. Currently Almaden has 8 projects optioned in Mexico.
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THE VIKY PROJECT, Chihuahua State: Optioned to Apex Silver
The Viky Project is one of several prospective Carbonate Replacement Deposits (CDRs) identified by Almaden during regional helicopter-borne prospecting programs in 2005. These properties, which include the Santa Isabela, San Carlos & Viky, are located within a major geological belt hosting silver, lead, zinc, copper and gold skarn as well as CRD deposits extending from Arizona in the north to central Mexico in the south. Several world class silver-zinc-lead deposits are located within the belt, including the giant San Martin deposit in Zacatecas which is currently producing ores grading approximately 120 g/t Ag, 1% Cu, 4% Zn and 0.5% Pb.
In February 2007, Apex Silver optioned the Viky under the terms whereby Apex can earn a 60% interest from Almaden by spending US$5.6 M and by making cash payments to Almaden of US$1.35 M over 5 years. Apex Silver is committed to spend US$250,000 in the first year and make an initial payment of US$100,000 to Almaden. (see news release: February 21st, 2007)
LATEST NEWS:Apex has commenced a drilling program consisting of a minimum of 2000 meters designed to target IP chargeability and resistivity responses at depth and significant silver, lead and zinc values in rock chip and soil samples taken at surface. Further holes have been laid out contingent on results of the first phase of drilling.( see news release February 21, 2008).
CABALLO BLANCO PROJECT, Vera Cruz State: Mexico: Optioned to Canadian Gold Hunter
Almaden is pleased to announce that it has received partial assay results from the first two diamond-drill holes completed at the Caballo Blanco project. The program, operated by Canadian Gold Hunter Corp. is part of an initial 5,000-meter program on this large (approx. 200 square kilometers) property. CGH has an option to earn a 70% interest in the Caballo Blanco project from Almaden by issuing 1 Million shares of CGH (completed), making a US$500,000 payment (completed), spending US$12.0 Million on the project over 6 years (of which US$1.5 Million is a firm commitment) and funding all ongoing costs required for the completion of a bankable feasibility study.
Chairman J.D. Poliquin, commented, “Past work on the Caballo Blanco gold property, including excellent drill intersections, resulted in the development of exciting drill targets. Almaden’s management team is very pleased to be working with Canadian Gold Hunter, a very strong partner, which plans to explore the property aggressively by drill testing these targets.
The primary target at Caballo Blanco is a gold project identified and only partly explored by a previous optioner. Drilling commenced in December 2007 on the Northern Zone, a high-sulphidation alteration system comprising strong vuggy silica, quartz-alunite and various clay minerals extending over 20 square kilometers.
Within one part of the Northern Zone, earlier drill intercepts at Cerro la Paila zone (formerly the Cerro la Cruz zone) reported by a previous operator in 2005 and 2006 graded 1.14 g/t Au (grams per metric ton gold) over 108 meters in DDH-05CB-03, 1.0 g/t Au over 92.7 meters in DDH-06CB-01 and 1.70 g/t Au over 76.0 meters in DDH-06CB-03 (see Almaden Minerals news releases dated August 8, 2005 and August 10, 2006). The principal focus of drilling in the current program will be the Cerro la Paila target, utilizing much-improved road access. To this point, Cerro la Cruz has been drilled from only one isolated site.
The current drilling program resulted in core hole 07CBN-002 intersecting 0.76g/t gold over 65.53 meters including 13.134 meters grading 1.12 g/t gold, in an iron-oxide-cemented silica breccia within a broader mineralized interval that graded 0.59 g/t gold over 119.1 meters to a depth of 157.8 meters. Core hole 07CBN-001 was drilled to 1-9.12 meters and assays up to 51.7 g/t silver over 3.05 meters are reported from the drill hole. (see news release March 6, 2008 for a full report). In the current phase of the program Canadian Gold Hunter has announced plans to test the Cerro la Paila Zone with at least 28 core holes amounting to about 7,000 meters.
Road access is being extended into the Central Grid Zone, a porphyry copper-gold target some 10 kilometers SW of the Northern Zone. The Central Grid Zone encompasses a broad area of 16 square kilometers exhibiting extensive strong Cu-Au-Mo soil, magnetic and IP anomalies. One core hole, DDH-04CB01 drilled by a previous operator intersected 0.34% Cu and 0.84 g/t Au over 56 meters (see Almaden Minerals news release dated June 01, 2005) in altered monzodiorite. The hole was drilled within the limits of a magnetic anomaly that reflects hydrothermal magnetite associated with copper sulphides, mainly chalcopyrite. Five other significant magnetic anomalies in the Central Grid Zone have not been explored.
CANADIAN EXPLORATION
In a regional exploration program for gold in an area west of Almaden’s Elk Gold Mine in southern British Columbia, Almaden detected several areas of elevated gold values in samples taken of stream sediment. After follow up prospecting in these areas, Almaden identified and staked several areas of clay-carbonate alteration and quartz veining, all representative of low-sulphidation epithermal gold-silver vein systems. These properties outline an exciting new gold belt – now known as the Spence’s Bridge Gold Belt – which includes six staked projects: SKOONKA CREEK, PROSPECT VALLEY, PONDEROSA, MERIT, BROOKMERE, AND NICOAMEN RIVER (all 100% owned by Almaden) and totals an area of 42,570 hectares, roughly 426 square kilometers have now been dealt to other companies.
Nicoamen River: Optioned to Zenith Industries Corp.
In December 2007 an option agreement was signed with Zenith Industries whereby they can acquire a 60% interest in the Nicoamen River project. by issuing 1 million shares and spending $4.0 million on the project over a five year period. The 2607 hectare Nicoamen River property lies over the headwaters of the Nicoamen River which drains west into the Fraser River. It was staked by Almaden after a company crew found mineralized gold bearing quartz float with epithermal textures within in the property areas. Subsequent property identified a number of significant gold in soil anomalies and these have not yet been investigated.
Elk (Siwash) Gold Deposit, Canada: 100% Almaden Minerals
The deposit is located roughly two kilometres south of Highway 97 and 45 kilometers (km) southeast of Merrit in the Okanagan area of Southern British Columbia. The mine is known for its very high gold grades and in the 1990's when 51,750 ounces of gold were produced from 18,400 tons of mesothermal quartz vein ore. In 2007 Almaden carried out a diamond drill program consisting of 2,469 meters of drilling in 9 holes ( SND07504 to SND07512). Hole SND07506 intersected 1.06 meters grading 131 grams per tonne gold ( 3.82 ounces per ton) within an interval of 3.16 meters (from 191.00 to 194.16 meters) grading 45.2 grams per tonne gold (1.32 ounces per ton).
J.D. Poliquin, chairman stated “ The Elk gold deposit represents a growing gold resource that can add significant value to our company apart from that created through our generative exploration efforts, particularly in light of the recent increase in gold’s valuation with respect to fiat currencies. Almaden’s management is excited about the project and will continue to move towards production”.
ATW Diamond Prospect, Canada
The ATW Project is between and roughly equidistant from the Diavik and Snap Lake diamond deposits. The Mackay Lake project is a joint venture of ATW Resources Ltd. (75%), Aberex Minerals Ltd.(15%), and SouthernEra Resources Ltd. (10%). ATW itself is owned by Almaden Minerals Ltd. (40%), Troymin Resources Ltd. (20%), and Williams Creek Explorations Ltd. (40%). Electromagnetic, magnetic, and gravity geophysical surveys were carried out in 2004.) Planning is under way for further work should ice conditions be cooperative.
Politics
Almaden focuses on the USA, Canada and Mexico, the three countries that formed the North American Free Trade Agreement (NAFTA). Besides the obvious political stability this ensures, our North American focus enables greater ease in obtaining work visas, moving equipment, etc. In addition, this agreement provides greater certainty of title to properties than is obtainable in many if not most other mineral districts in the world. Environmental regulations in all three are rigorous, but manageable.
Paper
Almaden Minerals Ltd. trades on the Toronto Stock Exchange under the symbol AMM (T.AMM) and also on the AMEX under the symbol AAU.
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