Alexandria Increases Resources up to 64% at the WIM Copper-Gold-Zinc-Silver Project in Snow Lake, Manitoba
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/20/15 -- Alexandria Minerals Corporation (TSX VENTURE: AZX)(OTC PINK: ALXDF)(FRANKFURT: A9D) is pleased to announce an updated NI 43-101 Mineral Resource estimate at its newly acquired WIM property in Snow Lake, Manitoba. Indicated and Inferred Resources tonnages have been increased by 40% and 64% respectively over the previous estimates completed in 2008.
Highlights of the new resource estimate:
Eric Owens, President and CEO, stated, "This is an excellent start for our involvement in this region. These results show that Alexandria's recent investment in these assets was a great transaction for its shareholders, and we look forward to seeing further growth on these properties."
The WIM deposit is a volcanogenic massive sulfide deposit averaging 7.0 m true thickness, and extends from surface to approximately 700 meters below surface and 600 meters along strike. It was discovered by Hudson Bay Exploration and Development Corporation by drilling a ground EM geophysical anomaly in 1962. Murgor Resources Inc. produced the first NI 43-101 Mineral Resource Estimate in 2008. Alexandria now holds 100% of the property as a result of Alexandria acquiring Murgor Resources in March 2015.
The updated WIM Mineral Resource is based on the application of current long-term metal pricing, projected production costs, recoveries and exchange rate to open pit (Whittle) and underground stope optimization analyses. As a result, management considers these estimates to be more robust than the prior estimates.
The 2007 and 2008 diamond drill programs by Murgor was used to confirm historical diamond drill data, increase confidence in the estimate, and expand the resource, and is supported by a requisite QA/QC program of blanks, standards, and pulp and coarse duplicates.
Other than the recalculation of the Copper Equivalent, the Mineral Resource estimate methodology and block model remains unchanged from the 2008 Technical Report, and uses grade variogram analyses for the Ordinary Kriged individual estimates for Copper, Gold, Zinc and Silver in Datamine Studio.
For this estimate, a Copper Equivalent percent ("CuEq %") has been calculated, which incorporates the values and recoveries of the metals (copper, gold, zinc and silver) in the resource (see below). From this cutoff of 1.3 % CuEq and 0.6% CuEq was determined for the underground and pit constrained resources, respectively.
Estimated Costs and Copper Equivalent (CuEq %) Calculation
A 'recovered' Copper Equivalent percent (CuEq%) for the tabulation of resources was applied to the resource model using revenue factors based on the individual metal pricing ($US) and process recoveries shown below:
Anticipated production costs for both open pit and underground mining, with an exchange rate of 0.85 ($Can vs. $US), were used to calculate a CuEq % cutoff.
Notes to Resource Table on Page 1
This Press Release has been reviewed and approved by Greg Greenough P.Geo. and Paul Palmer P.Eng., both of Golder, and Qualified Persons for the WIM Mineral Resource update and NI 43-101 Technical Report. The technical report for this resource estimate will be filed on SEDAR within 45 days. Please note that Mineral Resources which are not Mineral Reserves do not have demonstrated eventual economic viability.
Further information about the Company is available on the Company's website, , or our social media sites listed below:
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About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with important gold resources on one of the largest properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec, and a significant presence in the Snow Lake-Flin Flon gold-base metal mining district of Manitoba. The Company's properties have potential for large mineral discoveries and, located as they are in established mining districts, have potential for near-term production.
WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Alexandria Minerals Corporation
Mary Vorvis
Vice President, Corporate Development and Investor Relations
(416) 305-4999
Alexandria Minerals Corporation
Eric Owens
President/CEO
416-363-9372
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Datum: 20.05.2015 - 14:24 Uhr
Sprache: Deutsch
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