Exploration update:
: ALMADEN MINERALS LTD.
TSX SYMBOL: AMM
APRIL 23, 2003 - 15:05 EST
Almaden Minerals Ltd.: Update of Exploration Activities
VANCOUVER, BRITISH COLUMBIA--Several significant work programs
have been completed and additional work programs are planned on
Almaden Minerals Ltd.'s (Almaden) projects. 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.
ATW Diamond Project, NWT, Canada
A till sampling program has been completed on the ATW property.
Seventy-seven holes were drilled to recover samples of basal till
in order to determine the source of a 20 kilometre long
kimberlitic indicator mineral train in glacial till. This train
had previously been traced easterly and up ice to within five
kilometres from a fence of holes which did not encounter
indicator minerals, outlining a source area for the kimberlitic
body. This source area was tested by the current drill program.
Picking and identification of indicator minerals from the samples
is still not complete. The ATW Project is between and roughly
equidistant from the Diavik and Snap Lake diamond deposits. The
Mackay Lake project is a joint venture of ATW Resources Ltd.
(75%), Aberex Minerals Ltd. (15%), and SouthernEra Resources Ltd.
(10%). ATW itself is owned by Almaden Minerals Ltd. (40%) Troymin
Resources Ltd. (20%), and Williams Creek Explorations Ltd. (40%).
Siwash Gold Deposit, Canada
The company completed a sixteen hole, 5,000 m (meter) diamond
drill program in September 2002 to test the continuity of
mineralisation at the company's wholly owned Siwash Gold Mine in
B.C. Calculation of an updated resource estimate incorporating
the 2002 drill intersections is underway. The Siwash Mine
presently has an indicated resource of 87,700 oz (2,727,400
grams) gold in 61,300 tons and a probable reserve of 45,200 oz
(1,405,700 gm) gold in 44,500 tons for a total of 141,962 ounces
in 123,142 tons as calculated on completion of the last drill
program in 2000.
Caballo Blanco, Mexico
The Caballo Blanco project is optioned to Comaplex Minerals Ltd.
(Comaplex) who can earn a 60% interest in the project by spending
US$2,000,000. Comaplex have completed a large rock sampling and
geologic mapping program. This work was complimented by analysis
of alteration mineralogy with a PIMA portable infrared
spectrometer which has outlined several prominent areas of
alteration and mineralisation. Comaplex has informed Almaden that
exploration will continue in the month of May and will include a
large IP geophysical survey to help define targets for drilling.
Galeana, Mexico
The Galeana 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 currently has a large field
program underway on this high-grade gold-silver vein prospect.
The work program has included rock and soil geochemical sampling,
geologic mapping and IP geophysical surveys intended to define
targets for a diamond drill program. The property covers two
major vein systems, the Miguel Ahumada - Estrella de Oro trend
and the San Geronimo trend, both of which have had limited
historic production. Production took place from 1889 to 1910, and
it is estimated from historic reports that up to 100,000 ounces
may have been extracted from vein material averaging 0.6 ounces
per ton (opt) Au. The mines were closed in 1910, at the time of
the Mexican revolution. Several comprehensive evaluations of the
deposits were carried out between 1902 and 1923 and are in the
possession of Almaden. In these evaluations grades are reported
to average 0.84 opt Au over an average of 6 feet at Miguel
Ahumada, 0.42 opt over an average of 7 feet at San Geronimo, and
0.9 opt over an average of 4 feet at Estrella de Oro. Both vein
systems represent classic banded quartz-adularia-carbonate low
sulphidation epithermal veins.
El Pulpo, Mexico
The El Pulpo property is located north-east of Mazatlan and
covers an area of approximately 100 square kilometres. Almaden
has optioned this property to Ross River Minerals Ltd. (Ross
River) who can earn a 60% interest by spending US$3,000,000 and
issuing 425,000 shares to Almaden. Almaden and Ross River have
identified high grade porphyry related gold, silver and copper
mineralisation has been identified over a surface area in excess
of 12 square kilometres. The property hosts at least two
copper-gold porphyry targets and three high grade gold vein
targets. Ross River has informed Almaden that a large sampling
and mapping program will start on the project in May, 2003.
BHP Billiton Joint Venture, Mexico
An initial helicopter-borne reconnaissance program has been
completed over the area of interest in this joint-venture program
with BHP Billiton, operated by Almaden and designed to identify
copper-gold deposits in Mexico. Several areas of significant
mineralisation and alteration for follow-up were noted in this
program. Work will commence immediately.
San Carlos, Mexico
The San Carlos Project is optioned to Aurcana Corp. (Aurcana),
who can earn a 60% interest in the property by spending
US$4,000,000 and have issued 300,000 shares to Almaden. Aurcana
have recently completed a four hole, 865 metre, diamond drilling
program in an area of the property prospective for copper-gold
porphyry mineralisation. Aurcana has reported to Almaden that all
holes intersected porphyry style alteration and mineralisation,
however the grades intersected of copper, molybdenum and gold are
low. The data is being reviewed by Aurcana to determine the next
phase of work on this porphyry target. Aurcana's work also
defined a separate gold target in an area of the property not
tested by drilling, defined by high gold in soil. Previous work
by Aurcana highlighted elevated gold in soils with values up to
1000 ppb. The recent expanded soil survey outlined a broad
geochemical anomaly with values ranging from 100 ppb to 1935 ppb
gold, and averaging 372 ppb gold over an area of approximately
300 metres by 1000 metres. This soil anomaly appears to represent
a new discovery which covers the contact between intrusive rocks
and limestone will be trenched in an attempt to determine its
source and to allow for sampling of the bedrock.
Yago, Mexico
Ascot Resources Ltd. (Ascot) has informed Almaden that it will
not continue with its option to earn a 60% interest in the Yago
project. Ascot drilled 1,098.2 meters in six diamond drill holes
on the La Sarda-San Juan vein, one of the four parallel veins of
the northern portion of the project. Of these holes one was lost
before it reached its target depth and in another hole the vein
intersection was ground and not recovered. The drillholes that
did intersect the La Sarda-San Juan structure indicate that the
vein remains open at depth and extends approximately 170 metres
northwest of known workings. Intersected widths of the vein
ranged from 0.3 to 4.71 metres and grades were from 0.30 to 4.74
g/t Au. The northern half of the project is underlain by a series
of four low-sulphidation epithermal veins named the La Sarda-San
Juan, La Esperanza, La Magnolia and La Cucaracha. These
structures are sub-parallel, southwest-dipping quartz-adularia
veins that occur over an area of 1500 by 1200 metres. There has
been limited production from each of these veins, but the
majority of production has been from the La Sarda-San Juan vein.
Drilling by Ascot was limited to the La Sarda-San Juan vein in
the northern part of the property and no drilling was carried out
in the southern part of the property where significant
quartz-adularia veining occurs from which rock samples taken by
Almaden and Ascot have returned significant gold and silver
assays. Ascot did carry out an IP geophysical survey over the
northern part of the property. This survey was particularly
effective in delineating these structures as resistivity highs
and extended the potential strike length of the La Sarda-San Juan
Vein by 260 metres to the northeast. The resistivity high
representing the vein extended to the northern boundary of the IP
survey area. Subsequent prospecting identified banded chalcedonic
quartz veining 550 metres northwest of the La Sarda-San Juan Vein
workings. Almaden will review the data collected by Ascot as well
as carry out fluid inclusion and petrograhic and alteration
mineralogy studies of veins and altered rock intersected in the
Ascot drilling to appraise the level tested within the
hydrothermal system.
Ram Property, Canada
Almaden's 69 RAM claims in the Yukon are optioned to Ross River
Minerals Inc. and form part of Ross River's Tay-LP project. Ross
River drilled four holes on the RAM claims in 2002 with no
significant results, however a hole drilled in 1998 returned 2.2
g/t Au over 5.3 meters. Ross River has informed Almaden that it
will carry out a program of work on the RAM claims in the 2003
field season.
ON BEHALF OF THE BOARD OF DIRECTORS
Morgan J. Poliquin, M.Sc., P.Eng., Director
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.
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.
