Almaden spins drills at Elk project

Vancouver — Aiming to expand the known resource of the Siwash North and WD vein systems, junior Almaden Minerals (AMM-T) has launched a $350,000 drill program at its wholly owned Elk gold property in British Columbia.

Situated 45 km southeast of Merritt, the property hosts eight gold-bearing pyritic quartz veins. Mineralization is hosted in granitic rocks near the margin of a major batholithic intrusion at the contact with mafic volcanic rocks.

The Siwash North vein system marks the largest and most significant target on the property. Previous diamond drilling traced the vein system over a 950-metre strike length to depths of 300 metres below the surface. In the early 1990s, nearly 15,000 tonnes grading 100.6 grams gold per tonne were mined from the so-called “Mother Shoot” by open-pit methods. Additional, underground work produced 3,860 oz. gold.

The Siwash North vein system contains a probable underground reserve of 29,838 tonnes grading 28.6 grams gold. The indicated resource stands at 10,565 tonnes grading 47.1 grams gold; the inferred, 71,311 tonnes grading 43 grams gold.

Although drilling will focus on the Siwash vein, Almaden’s first target is the WD vein, 140 metres to the north. Previous drilling at the vein defined an inferred resource of 17,000 tonnes grading 48.2 grams gold.

Wheaton River Minerals (WRM-T) is financing the program in order to earn a 10% stake in the project.