Friday 2nd December 2016

Resource Clips



Almaden reports Mexico Assays up to 0.85 g/t Gold, 28.5 g/t Silver over 104.4m

Resource Clips - essential news on junior gold mining and junior silver miningAlmaden Minerals Ltd TSX:AMM announced assays from its 100% owned Tuligtic gold-silver project in Puebla State, Mexico. Results include

0.85 grams per tonne gold, 28.5 g/t silver over 104.35 metres
(including 3.04 g/t gold, 52.4 g/t silver over 15.65 metres)
0.78 g/t gold, 15.2 g/t silver over 59.3 metres
1.04 g/t gold, 95.8 g/t silver over 44.01 metres
(including 8.49 g/t gold, 683.6 g/t silver over 2.5 metres)
1.56 g/t gold, 11.7 g/t silver over 21.73 metres
0.86 g/t gold, 11.1 g/t silver over 49.19 metres
(including 5.52 g/t gold, 10.4 g/t silver over 4.5 metres)

We have bulk-tonnage-type grades over big widths… We have high-grade intersections which are clearly mined elsewhere in an underground environment. I think we have potential for both
—Morgan Poliquin

President/CEO Morgan Poliquin tells ResourceClips.com, “We’ve been able to trace mineralization over a considerable distance. The [June 9] news showed that we have found a completely different orientation from what we were initially drilling. So there are multiple zones, and we don’t know how they connect. To date, the entire system is still open long strike. And within these broad zones of calcite-quartz veining with gold and silver mineralization, there are portions that are quite high grade.

“We’ve been exploring here for almost two years. We announced the discovery of this gold-silver vein system in August 2010. It’s an area where these veins don’t outcrop, and there is no history of mining or any past exploration. So we we’re starting from zero in terms of information. The area is covered with a thin skin of volcanic ash that’s barren, so you can’t see the mineralization, and we’re feeling our way around. Then there is some clay-altered volcanic ash in some places. The first discovery hole announced in 2010 was pretty spectacular. There was 300 metres of roughly two grams gold equivalent. So we were quite fortuitous in intersecting the vein system with the first hole. We’re up to 158 holes now, and obviously the system has grown considerably since then.”

Poliquin explains that the Main Ixtaca Zone, the Ixtaca North Zone and the Northeast Extension Zone are “all in close proximity to one another. We’ve traced mineralization over an area roughly a kilometre by say 500 metres, and all those three zones are somehow connected to one another. But they’re just a portion of the property. We have other zones on the property that are kilometres away that we’ve yet to drill.

“The corporate goal for 2012 is to produce a resource on the three zones already known and start preliminary drilling on some of the other areas of surface results that are actually similar to the areas we’ve drilled. So there are other surface responses out there that have never had drilling. We think that the three zones that are known have the potential to expand. We’ve had our hands full simply with just getting the results necessary to produce a resource. But our intention is to look at what I would call the blue-sky potential of the property as well.”

Poliquin expects an initial resource estimate by 4Q 2012, which likely “won’t reflect the entire scope of the potential, given that we’re finding new things and expanding the potential. But at some point we want to say this is the state of the union in terms of what we’ve done to date.” In the meantime, the company plans to continue exploration with the four drills it owns. “We’re able to drill for less than cost of assaying the rock we’re drilling, and so we’re kind of in control of our destiny.”

He says of the Tuligtic geology, “We have bulk-tonnage-type grades over big widths. Certainly there are some areas of the property covered by clay altered ash, but for the most part this mineralization starts from the surface. We have high-grade intersections which are clearly mined elsewhere in an underground environment. I think we have potential for both. I think subsequent to doing a resource, the next step after some of the exploration question marks are removed would be a PEA, which would obviously look at how these zones we’ve discovered would be mined.”

Poliquin concludes, “We’re a prospecting team, not a development team. At some point, we’ll be looking to either spin [Tuligtic] out into an entity that will become a development group or to find a development group that will be a suitable match to the project.”

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Morgan J Poliquin
President/CEO
604.689.7644

by Kevin Michael Grace

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