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Almaden Minerals says drill results continue to "confirm and extend" Ixtaca mineralisation


Almaden Minerals (TSE:AMM) (AMEX:AAU) Tuesday released further results from the extreme southwest end of its drill program at the Tuligtic silver-gold project in Mexico, noting “significant mineralization” in the area’s volcanic rocks.

The mineral explorer said that the intersections reported from sections 10+150 and 10+200 of the Tuligtic project indicate considerable mineralization. 

Highlights from the drill results include hole TU-12-160, which intercepted  7.50 metres at 0.95 grams per tonne (g/t) gold and 1.0 g/t silver for 1.0 g/t gold equivalent and 45 metres at 0.82 g/t gold and 16.2 g/t silver  for 1.1 g/t gold equivalent.

Hole TU-12-163 hit 29.70 metres at 0.50 g/t gold and 1.1 g/t silver  for 0.5 g/t gold equivalent, including 8.75 metres at 1.06 g/t gold and 1.7 g/t silver for 1.1 g/t gold equivalent.

Additionally, hole TU-12-167 intercepted 16 metres at 1.08 g/t gold and 10.2 g/t silver for 1.3 g/t gold equivalent; and hole TU-12-171 hit 51.50 metres at1.12 g/t gold and 88.6 g/t silver for 2.9 g/t gold equivalent, including 30.90 metres at 1.65 g/t gold and 145.4 g/t silver for 4.6 g/t gold equivalent and 11.50 metres at 2.76 g/t gold and 356.5 g/t silver for 9.9 g/t gold equivalent.

Further, the company highlighted two holes from the volcanic and main Ixtaca zones of the Tuligtic project.

Hole TU-12-172 intercepted 30.50 metres at 0.95 g/t gold and 54.1 g/t silver for 2.0 g/t gold equivalent, including 1.00 metre at 18.47 g/t gold and 1390.5 g/t silver for 46.3 g/t gold equivalent, 25.50 metres at 0.50 g/t gold and 8.5 g/t silver for 0.7 g/t gold equivalent and 45.35 metres at 0.52 g/t gold and 10.6 g/t silver for 0.7 g/t gold equivalent.

As well, hole TU-12-177 hit163.10 metres at 0.55 g/t gold and 7.4 g/t silver for 0.7 g/t gold equivalent, including 43.62 metres at 1.06 g/t gold and 12.4 g/t silver for 1.3 g/t gold equivalent.

“Drilling continues to confirm and extend the Ixtaca mineralization, a strong system of veining with sections that carry high gold and silver grades,” said Almaden chairman J.D. Poliquin.

“The limits to mineralization have yet to be defined and our work continues to expand the potential of the project.”

Almaden said it currently has four drills operating on the Tuligtic project and it plans to continue drilling operations throughout 2012. 

The wholly-owned Ixtaca zone is a blind discovery made by the company in 2010. The main Ixtaca and Ixtaca North zones of veining are thought to have a north-easterly trend. 

Almaden said holes to date suggest that the main Ixtaca and Ixtaca North zones are sub vertical with local variations. The drilling completed to date has traced mineralization over 1,000 metres along this northeast trend. 

The company said there “seems to be a variety of veinlet orientations” within the Northeast extension zone however overall the zone is currently interpreted to be dipping shallowly to the west and striking roughly north-south.

Almaden is engaged in the business of the acquisition, exploration and when warranted, development of mineral properties. It has property interests in Canada, U.S. and Mexico.

The company says that while its properties are largely at early stages of development the company said they represent “exciting opportunities” for the discovery of significant gold, silver and copper deposits as evidenced at Ixtaca. 

Shares of the Almaden were down 2.66 per cent as at about 2:15 p.m. ET, trading at $2.56.

Quick facts: Almaden Minerals Ltd.

Price: 0.41 CAD

Market: TSX
Market Cap: $48.07 m

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