Yesterday, Almaden Minerals Ltd. announced results from the on-going drilling program on the Company’s 100 percent owned Tuligtic project, which is located in Mexico, with holes TU-11-59, 63, 64, 66 and 67 all drilled into the main Ixtaca Zone. Currently, the Company has four drills operating on the project.
The Company anticipates drilling operations will continue throughout 2011 and into 2012. Complete tables of assays and other information will be posted to the Company’s website (www.almadenminerals.com).
J.D. Poliquin, Chairman of Almaden Minerals, commented, “These new holes continue to show that the Ixtaca zone is a robust and wide system of veining with sections that carry high gold and silver grades. Including the veining of the newly discovered Ixtaca North zone, the Ixtaca vein system is wider than previously known. Overall, drilling to date on the Ixtaca zone shows good continuity of mineralization in both horizontal and vertical dimensions. We are very pleased with these new results which continue to confirm and expand the Ixtaca zone.”
The Ixtaca zone is a blind discovery made by Almaden Minerals in 2010. The main Ixtaca zone of veining is thought to have a northeasterly trend. Holes so far suggest that the zone is sub vertical with local variations. This interpretation suggests that true widths are approximately 60 percent of intersected widths. The drilling completed to date has traced mineralization over 1,000 meters along this northeast trend. Based upon observations at surface and of core as drilling progresses, there seems to be an array of veinlet orientations within the vein zone.
Headquartered in Vancouver, British Columbia, Almaden Minerals is a well financed (cash, gold inventory, and equity investments totaling approximately $45MM as of Oct 31, 2011) mineral exploration company working in North America. They have assembled mineral exploration projects, including Tuligtic, via their grass roots exploration efforts. The properties are largely at early stages of development. They represent opportunities for the discovery of significant gold, silver, and copper deposits as evidenced at Ixtaca.
The Company’s business model is to find and acquire mineral properties and develop them by seeking option agreements with others who can acquire an interest in a project by making payments and exploration expenditures. Almaden Minerals intends to expand this business model by more aggressively exploring several of their projects, including the Ixtaca Zone.
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