Alexandria finds new gold in the same old place

Some places just never go out of style.

While juniors pursue the next big gold find in far flung places Alexandria Minerals (AZX-V) is proving that one of Canada’s most well-worn gold hunting grounds still has plenty to give.

The company’s latest results come out of three shallow holes which managed to strike a new gold zone at its wholly owned Akasaba Gold project in Val d’Or, Quebec.

Highlights from the three holes included: 1.26 grams over 74.70 metre, including 3.39 g/t Au over 6.00 metres; 1.07 grams gold over 53.00 metres; and 2.08 grams gold over 6.60 metres.

The 74.7 metre intercept came out of hole #12-194, which Alexandria is calling one of the best holes yet at Akasaba.

The drills were spaced 100 metres apart and targeted gold mineralization above 100 metres with the aim of adding to the site’s current resource.

The latest results dovetail nicely with a deep high grade intersection of 12.48 grams gold over 8.2 metres assayed in May and have lead the company to expand its current resource by adding 100 metres to the depth of the zone and 500 metres to the length.

That brings the minimum depth of the zone to 600 metres and the length is 1,600 metres with the latest holes hitting the target horizon roughly 500 meters west of the previous westernmost holes. The zone remains open in all directions.

And while the new intercepts point to a possible extension of the main zone, they also revealed significant differences between the two areas which leads Alexandria to conclude that it is dealing with a new zone.

The company says the core shows a new lithology as gold mineralization in latest holes is hosted in metasedimentary rocks as opposed to volcanic rocks which host gold in the deposit considered by current resource estimate.

That estimate, which was released in March, outlined in-pit indicated resources of 3 million tonnes grading 1.37 grams gold for 132,475 oz. and inferred resources of 285,374 tonnes grading 1.76 grams gold for 16,153 oz.

It also outlined underground indicated resources came in at 563,660 tonnes grading 5.91 grams gold for 107,457 oz. while underground inferred came in at 1.5 million tonnes grading 5.29 grams for 249,045 oz.

Alexandria has drilled a total of 150 holes for 50,000 metres over the last 2 years, and in doing so has considerable expanded the original known mineralized zone which measured just 200 metres long by 100 metres deep.

And while the latest results for Akasaba confirm the project’s flagship status, the project is only part of its larger 35 sq. km portfolio of properties along the Cadillac Break in Val d’Or, Quebec.

The company has global measured and indicated resources of 686,823 ounces of gold and inferred resources of 718,688 oz. of gold.

One of the key players in the region, Agnico-Eagle Mines (AEM-T, AEM-N) is a significant investor in Alexandria as it holds 10% of the company’s equity.