logo-loader

Almaden stock up 21% on results for first-ever drilling on new Mexican discovery

Published: 02:36 10 Aug 2010 BST

no_picture_pai

Vancouver-based mineral exploration company Almaden Minerals Ltd. (TSX: AMM) (NYSE Amex: AAU) has reported the first ever drilling on the Ixtaca zone as part of its Tuligtic project located in Puebla State, Mexico, sending its stock way up by more than 21% today to $1.20.


Hole TU-10-1 intersected multiple quartz-carbonate-sulphide vein zones over its entire length, averaging 1.01 g/t gold and 48 g/t silver over 302.41 meters from the base of overburden at 47.50 meters depth to the bottom of the hole at 349.91 meters depth. Vein intersections include 0.70 meters of 129 g/t gold and 4288 g/t silver (within an interval of 4.10 meters from 174.5 to 178.6 meters that averaged 25.71 g/t gold and 936 g/t silver).


"This is an exciting new gold-silver prospect in a brand new district. Both the high grade and bulk tonnage potential of this discovery have been demonstrated and future exploration will now focus on developing a resource. Upon receiving the assay results from holes TU-10-2 and TU-10-3, a follow-up drilling program will be planned, likely to commence in early September, 2010," said J.D. Poliquin, chairman of Almaden.


The aforementioned veins are composed of banded fine grained quartz, calcite, rhodochrosite and sulphides, which display textures typical of classic low sulphidation epithermal veins. The discovery is the result of the Company's interpretation of the surface geology and utilising epithermal models of mineralisation.

The Tuligtic property lies within the TransMexican Volcanic Belt about 120 kilometres southeast of the Pachuca gold/silver deposit, which has reported historic production of 1.4 billion ounces of silver and 7 million ounces of gold. The Ixtaca zone is located along a trend of shallowly eroded epithermal systems that Almaden has identified in eastern Mexico.


Almaden is a mineral exploration company working in North America. The company has assembled mineral exploration projects, including Tuligtic, through its grass roots exploration efforts. While the properties are largely at early stages of development, they represent opportunities for the discovery of significant gold and copper deposits as evidenced at Ixtaca.

Currently five projects (Caballo Blanco, Tropico, Nicoamen River and Matehuapil and Merit), are optioned to separate third parties who each have the right to acquire an interest in the respective project from Almaden through making certain payments and exploration expenditures.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

2 hours, 40 minutes ago