Almaden discovers new epithermal gold belt in BC

Vancouver A new belt of epithermal gold mineralization has been identified by Almaden Minerals (AMM-T, AAU-X) near Merritt, B.C., a stone’s throw from the discovery of placer gold that sparked the world-famous Fraser River/Thompson River Gold Rush of 1857.

Almaden began prospecting the region in 2001, intrigued by areas of elevated gold in stream-sediment samples previously collected by government geologists. The company confirmed the results through its own sampling programs, while follow-up prospecting revealed four areas of clay-carbonate alteration and quartz-veining representative of low-sulphidation epithermal gold-silver systems. The claims staked by Almaden were the first ever recorded in three of these areas, even though the region is a few hours drive from Vancouver.

Almaden’s subsequent prospecting programs returned high-grade gold and associated pathfinder elements (arsenic, antimony, etc,) over a widespread area, yet the discoveries received minimal attention until the fall of this year. The region’s potential was confirmed by a first-pass drill program on ground staked by Almaden, and optioned to Strongbow Exploration (SBW-V). The best hole drilled at the Skoonka Creek project returned 18.4 grams gold per tonne over a 12.8-metre intersection. A major work program is planned for next year.

Skoonka Creek is the most advanced, and one of the largest, of seven properties assembled by Almaden in the emerging Spences Bridge gold belt. Strongbow can earn a 60% interest by spending $4 million on exploration and issuing shares over a 6-year period.

Another large property, Prospect Valley, has been optioned to Consolidated Spire Ventures (CZS-V), which can earn 60% through exploration spending and share issuances. Reconnaissance prospecting revealed numerous surface fragments of quartz veins and breccias, with grab samples from these returning values up to 43.3 grams gold. Mapping, trenching, and soil and rock sampling this fall outlined a large, strong gold and multi-element soil geochemical anomaly that will be tested next year, after ground geophysical surveys are completed.

Almaden presently holds seven properties totaling 42,570 hectares or 425.7 sq km. Three of the most recently acquired properties have no previously documented mineral occurrences. Two other projects, Merit and Nicoamen River, have been tested by early-stage prospecting and sampling programs, with highly encouraging results.

Almaden believes the previously unidentified belt of epithermal vein systems has potential to host significant gold-silver deposits. Many of the discoveries were made by Edward Balon, the company’s Qualified Person. For these and other discoveries, Balon will be presented the H.H. ‘Spud’ Huestis Award for “excellence in prospecting and mineral exploration” by the B.C. and Yukon Chamber of Mines at the Cordilleran Roundup to be held in Vancouver in late January.