Core logs and assay results from the two holes (see Table 1 below) show that the wide deformation and alteration zone characteristic of the West Zone continues to at least 400 m vertical depth.
Copper sulfides (principally chalcopyrite), pyrite and gold are typically finely disseminated over the width of the zone, which averages some 60 m wide, but can be as much as 100 m wide. In addition, numerous moybdenite-bearing quartz veins were intersected in DDH IAX-13-238, an effect of the nearby Callahan diorite intrusive body.
The West Zone was initially discovered in mid-2012, after the Company issued its first National Instrument 43-101 compliant Resource estimate in (see Press Release March 27, 2012), through step-out drilling along strike west of the Current Resource in the Akasaba Mine area.
The Company completed 17,723 m of drilling in the zone, and filed an updated resource estimate, which included the West Zone, on SEDAR in March of 2013.
The subsequent resource estimate represented an increase of 9% for the Indicated Resources and a 263% increase in the Inferred Resources in less than 1 year. Current Resources now stand as shown in Table 2 below.
Alexandria is currently drilling a 10,000 m program, with focus on step-out drilling on its Akasaba and adjacent properties. The principal aim of this program is to test shallow to medium depth Akasaba-like targets on the Company’s Akasaba and Valdora projects, as well as further afield.
Digitization of historical data has allowed Company geologists to prioritize drill targets on the broader Cadillac Break property package. Seven (7) drill holes have been already drilled for a total of 3,600m. Assays are pending for five (5) of those holes. A remaining 3,145m should be drilled before year’s end.
In other matters, Alexandria’s management and Board of Directors wishes to thank Declan Costelloe, who was not re-elected as a Board Member at the Company’s Annual General Meeting in October, for several years of diligent work and effort for the Company. Mr. Costelloe was an early Board member and shareholder of Alexandria Minerals, joining the board before the Company’s IPO in 2006. Management and the Board wish him well in his endeavors.
Program design, management, and Quality Control/Quality Assurance are governed by Alexandria’s exploration group of which Peter Legein, P.Geo, is the Company’s Qualified Person. Mr. Legein has reviewed the results in this press release. All exploration work on the property is conducted under the direct supervision of Emilie Batailler P.Geo. 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 www.sedar.com.
