ALMADEN MINERALS LTD.
TSX SYMBOL: AMM
JULY 28, 2003 - 13:49 ET
Almaden Minerals Ltd.: Progress Report on the Galeana
Project, Mexico
VANCOUVER, BRITISH COLUMBIA--The Galeana gold-silver property in
Chihuahua State, Mexico property is optioned to Grid Capital
Corp. (Grid) who can earn a 60% interest by spending US$2,000,000
and issuing 400,000 shares to Almaden. Grid has provided Almaden
with the results of a program of geological mapping, rock and
soil sampling and induced polarization (I.P.) surveying carried
out in April, 2003 on the Galeana property. The Galeana property
hosts three major vein systems, the San Miguel-Ahumada-Estrella
de Oro, the Falda Norde and the San Geronimo. All have had
limited historic production prior to the Mexican revolution when
all mining activity ceased.
Grid has reported the results of this program which was carried
out on the Miguel Ahumada and Faldo Norte Zones of the property.
At the Miguel Ahumada zone, Grid has reported that fault breccia,
epithermal quartz veining and quartz vein breccia, has been
traced for over 500 meters. The zone, where exposed by a number
of open cuts, pits and adits, varies from 1 meter to more than 3
meters in thickness. Four grab samples of banded quartz vein
clasts from a breccia taken by Grid in the Ahumada adit ranged
from 1.79 grams/tonne (g/t) gold (Au) and 11.5 g/t silver (Ag) to
15.75 g/t Au and 549 g/t Ag. Four surface samples of quartz float
taken by Grid 150 meters to the northeast of the eastern-most
opening, returned values of up to 9.3 g/t Au and 181 g/t Ag. Two
anomalous soil samples grading 299 ppb Au and 214 ppb Ag, taken
150 meters to the north of the above-mentioned high-grade quartz
float, indicate the presence of an undiscovered auriferous vein
and represent a high priority target for follow-up work. Along
strike to the southwest of the Ahumada zone, results of soil
sampling and quartz vein float sampling has extended the zone 200
meters and indicates the zone is open to the southwest. I.P.
surveys carried out over the four lines crossing the Ahumada
trend suggest that several parallel veins may be present. One
kilometre north of the Ahumada zone, the Falda Norde structure
sampling by Grid returned anomalous (7100 ppb) to highly
anomalous (greater than 1 g/t) gold values from rock and soils
over a 800 meter strike length. The best results were returned
from a chip sample taken in the Falda Norde adit across a zone of
banded limonitic epithermal veining, vein breccia and clay gouge.
The chip sampling assayed an average of 9.18 g/t Au and 46.6 g/t
Ag over 0.85 metres.
Mapping of alteration mineralogy in the Galeana area,
petrographic analysis of quartz vein textures, fluid inclusion
microthermometry and the low silver to gold ratios of veins
sampled, all support the interpretation that the exposed veins
represent a high level within the original hydrothermal system.
This interpretation coupled with the identification of high gold
grades in fragments found in breccia bodies identified on the
property, suggest that the potential to identify high grade gold
and silver ore shoots in the veins may increase with depth.
Grid has also reported that it plans to carry out a drill program
to test the most promising targets. Exploration carried out on
the Galeana property by Grid was under the direction of H. Leo
King, P.Geo., a qualified person within the meaning of National
Instrument 43-101. Mr. King has reviewed the exploration results
contained in this news release. Samples were sent to ALS Chemex
Labs in North Vancouver for analysis.
Almaden currently has eight active joint venture projects which
include a regional exploration program with partner BHP Billiton
underway to explore for copper-gold deposits in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Morgan J. Poliquin, M.Sc., P.Eng., Director
Statements contained in this news release that are not historical
facts are forward looking statements as that term is defined in
the private securities litigation reform act of 1995. Such
forward -looking statements are subject to risks and
uncertainties which could cause actual results to differ
materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Almaden Minerals Ltd.
Morgan J. Poliquin, M.Sc., P.Eng.
Director
(604) 689-7644
Website: www.almadenminerals.com
The Toronto Stock Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of the contents of
this news release which has been prepared by management.
