Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX:
AMM; NYSE American: AAU) is pleased to report that it has
commenced drilling at the Ixtaca property in Puebla State, Mexico.
Drilling will take a phased approach and will
initially focus on targets established at the Southeast Alteration
Zone (“SE Alteration Zone”), located approximately one kilometre
from the Ixtaca deposit area (See Figure 1).
Work over the past several months at the SE
Alteration Zone has included geophysics and geological mapping. As
reported in the Fall of 2020, this area measures about 1.5
kilometres (km) east-west by 1 km north-south, and is centred
approximately 1 km southeast of the Ixtaca deposit.
The SE Alteration Zone comprises argillic
(clay-altered) volcanics and, most interestingly, clusters of
anomalies identified from a hyperspectral survey that include the
spectral signatures of important epithermal alteration minerals
such as kaolinite, alunite and buddingtonite.
In November, 2020, the Company announced the
discovery of several areas of veining cropping out within the SE
Alteration Zone, and seventeen samples of the veining were
collected and submitted for analysis to ALS Global in Zacatecas,
Mexico. All but one sample returned below detection gold and
silver, with the exception returning a value of 62 ppb gold.
However, even though the outcrops are leached and weathered, many
of the samples also returned elevated values of epithermal
pathfinder elements which are commonly found in the higher parts of
epithermal alteration zones. The presence of pathfinder elements in
these samples is very encouraging as it corroborates the Company
view that the SE Alteration Zone could represent the higher levels
of a potential underlying epithermal system. It is quite typical
that the higher parts of these systems contain negligible precious
metals values.
The SE Alteration Zone lies outside of the
current Ixtaca deposit resource area, which was the focus of a
Feasibility Study (results of which were announced by the Company
in December, 2018). A report titled “Ixtaca Gold-Silver Project,
Puebla State, Mexico NI 43-101 Technical Report on the Feasibility
Study”, which was prepared in accordance with NI 43-101, is
available under the Company’s profile on SEDAR and on the Company’s
website.
J. Duane Poliquin, Chairman of Almaden, stated,
“The original Ixtaca discovery was made through clever geologic
assembly of published information and on-the-ground observation of
field data. This has resulted in the discovery of an economic
gold-silver deposit as outlined in the Feasibility Study, with
evidence (geologic, geochemical, geophysical) for the possibility
of a similar deposit, as well as the possibility of deeper
precious/base metal deposit(s). It is very exciting to return to
prospect drilling of some of the blue sky targets that have been
identified on this property.”
All work conducted as part of this program will
be conducted in strict accordance with COVID-19 safety protocols,
to ensure the safety of employees and local communities, employing
local people wherever possible.
Norm Dircks, P.Geo., is a Qualified Person as
defined by National Instrument 43-101 ("NI 43-101") and has
reviewed and approved the technical contents of this news
release.
About AlmadenAlmaden Minerals
Ltd. owns 100% of the Ixtaca project in Puebla State, Mexico,
subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. The
Ixtaca deposit hosts a proven and probable reserve containing 1.38
million ounces of gold and 85.1 million ounces of silver (73.1
million tonnes grading 0.59 g/t Au and 36.3 g/t Ag). A report
titled “Ixtaca Gold-Silver Project, Puebla State, Mexico NI 43-101
Technical Report on the Feasibility Study”, which was prepared in
accordance with NI 43-101, is available under the Company’s profile
on SEDAR and on the Company’s website. The Ixtaca Gold-Silver
Deposit was discovered by Almaden in 2010.
On Behalf of the Board of Directors,
“J. Duane Poliquin”J. Duane Poliquin, P.
EngChairmanAlmaden Minerals Ltd.
Forward Looking Statements
Certain of the statements and information in
this news release constitute “forward-looking statements” within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and “forward-looking information” within the
meaning of applicable Canadian provincial securities laws. All
statements, other than statements of historical fact, are
forward-looking statements or information. Forward-looking
statements or information in this news release relate to, among
other things: the outcome or nature of any exploration programs at
Ixtaca, and the ability of the Company to comply with COVID-19
related health protocols.
These forward-looking statements and information
reflect the Company’s current views with respect to future events
and are necessarily based upon a number of assumptions, including
assumptions in respect of both Almaden’s and the applicable Mexican
Authorities’ legal positions, that, while considered reasonable by
the Company, are inherently subject to significant legal,
regulatory, business, operational and economic uncertainties and
contingencies, and such uncertainty generally increases with
longer-term forecasts and outlook. These assumptions include:
stability and predictability in Mexico’s mineral tenure, mining,
environmental and agrarian laws and regulations, as well as their
application and judicial decisions thereon; continued respect for
the rule of law in Mexico; prices for gold, silver and base metals
remaining as estimated; currency exchange rates remaining as
estimated; availability of funds; capital, decommissioning and
reclamation estimates; mineral reserve and resource estimates;
prices for energy inputs, labour, materials, supplies and services
(including transportation); no labour-related disruptions; all
necessary permits, licenses and regulatory approvals being received
in a timely manner; the ability to secure and maintain title and
ownership to properties and the surface rights necessary for
operations; community support in the Ixtaca Project; and the
ability to comply with environmental, health and safety laws. The
foregoing list of assumptions is not exhaustive.
The Company cautions the reader that
forward-looking statements and information involve known and
unknown risks, uncertainties and other factors that may cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements or
information contained in this news release. Such risks and other
factors include, among others, risks related to: political risk in
Mexico; crime and violence in Mexico; corruption; environmental
risks, including environmental matters under Mexican laws and
regulations; impact of environmental impact assessment requirements
on the Company’s planned exploration and development activities on
the Ixtaca Project; certainty of mineral title and the outcome of
litigation; community relations; governmental regulations and the
ability to obtain necessary licences and permits; risks related to
mineral properties being subject to prior unregistered agreements,
transfers or claims and other defects in title; changes in mining,
environmental or agrarian laws and regulations and changes in the
application of standards pursuant to existing laws and regulations
which may increase costs of doing business and restrict operations;
as well as those factors discussed the section entitled "Risk
Factors" in Almaden's Annual Information Form and Almaden's latest
Form 20-F on file with the United States Securities and Exchange
Commission in Washington, D.C. Although the Company has attempted
to identify important factors that could affect the Company and may
cause actual actions, events or results to differ materially from
those described in forward-looking statements or information, there
may be other factors that cause actions, events or results not to
be as anticipated, estimated or intended. There can be no assurance
that our forward-looking statements or information will prove to be
accurate. Accordingly, readers should not place undue reliance on
forward-looking statements or information. Except as required by
law, the Company does not assume any obligation to release publicly
any revisions to on forward-looking statements or information
contained in this news release to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Contact Information:
Almaden Minerals Ltd.Tel. 604.689.7644Email:
info@almadenminerals.comhttp://www.almadenminerals.com/
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b9c94e2-9d4b-4f38-88fe-df8a493a99bc
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