Almaden news:
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: ALMADEN MINERALS LTD.
TSX SYMBOL: AMM
MAY 8, 2003 - 13:46 EST
Almaden Minerals Ltd.: Three New Gold Projects Acquired
in Mexico
VANCOUVER, BRITISH COLUMBIA--Almaden Minerals Ltd. (Almaden) is
pleased to announce that it has acquired three new gold projects
in Mexico. Two of the properties are located very close to one
another in Oaxaca State and the third is located in Nayarit
State. The Oaxaca Properties, called the Fuego and Cerro Colorado
were recognised during a helicopter reconnaissance program for
copper porphyry systems that is a partnership with BHP Billiton.
A 100% interest was acquired in both the Fuego and Cerro Colorado
properties by staking. The Fuego and Cerro Colorado projects have
been offered to BHP Billiton under terms of the joint venture
agreement.
The Fuego property is a high-level, classic quartz-adularia
epithermal vein system. The textures identified, including fine
grained silica and electrum banding and bladed calcite, are
typical of that associated with bonanza grade epithermal vein
systems worldwide. Some very limited surficial historic workings
exist on one of several banded veins identified within a more
than 20 meter wide zone of veining and silicification in volcanic
rocks. Banded quartz-adularia veins within the vein system
generally dip shallowly and are up to 5 meters wide. In the
initial work the parallel vein system has been traced nearly a
kilometre along strike. To date 16 grab and chip rock samples
have been taken on the property of both banded quartz adularia
vein material and silicified volcanic wall rock. Samples of
banded quartz vein material averaged 7.7 grams per tonne (g/t)
gold and 300 g/t Ag, with a high of 29.9 g/t gold and 764 g/t Ag.
Samples from silicified volcanic rock within the zone of veining
averaged 1 g/t gold and 162 g/t Ag with a high of 2.4 g/t gold
and 953 g/t Ag. Visible gold was recognised in several hand
specimens collected on the property which were not sent for
analysis. The Fuego property has excellent infrastructure and
represents an entirely unexplored epithermal vein system.
Geologic mapping, geochemical rock and soil sampling and
geophysical surveys are planned to define the extent of the vein
system and the distribution of gold and silver. Samples have been
selected for fluid inclusion analysis which will be carried out
to confirm the field observation that the veins appear to be
shallowly eroded.
The Cerro Colorado property represents a new discovery as the
colourful hydrothermal alteration was recognised by the geologic
crew passing by in a helicopter. The property covers an area of
intense hydrothermal alteration developed in volcanic rocks
intruded by quartz-feldspar porphyritic rocks. Highly weathered
and oxidised silicified and acid leached porphyritic rocks occur
over a more than 2 kilometer by 2 kilometer area. These rocks
display classic "vuggy silica" textures. This texture is common
in rocks that have been exposed to highly acidic hydrothermal
fluids and is indicative of a high-sulphidation epithermal
system. This style of mineralisation hosts major gold silver
deposits worldwide, including the giant Peirina and Yanacocha
gold deposits in Peru. The areas of vuggy silica are intimately
associated with broad areas of intensely argillic altered host
rocks. Initial samples from outcropping vuggy silica and argillic
alteration have returned only anomalous values of gold, silver,
arsenic and antimony, however this is not uncommon in surface
exposures of weathered gold-rich vuggy silica bodies elsewhere.
Geologic mapping, geochemical rock and soil sampling and
geophysical surveys are planned to define the extent of the vuggy
silica bodies and the distribution of gold and silver.
The San Pablo property, Nayarit State was recognised during
reconnaissance work in late 2002. It is covered by a small claim
to which Almaden has negotiated the right to acquire a 100%
interest. The terms of the deal require Almaden to pay the owners
US$100,000 over a period of six years, which includes a final
payment of US$75,000 in the sixth and final year. The property
has had no past production, however the owners retain the right
to mine the property at less than 150 tonnes per day. Almaden can
elect to buy this right at any time for a one time payment of
US$1.5 M. Initial sampling by Almaden has returned anomalous
values on several different portions of a prominent ridge forming
epithermal vein system. This sampling includes a 21.8 meter wide
series of continuous chip samples across the exposed width of a
quartz vein system that returned an average grade of 3.0 g/t Au
and 57 g/t Ag. At one end of this series of samples 7.4 meters
averaged 7.4 g/t Au and 62 g/t Ag. The vein system occurs within
a large area of hydrothermal alteration including widespread
silicification developed in a welded tuff volcanic unit.
Almaden currently has eight active joint ventures, including six
in which other companies are carrying all costs and making
significant exploration expenditures to earn an interest in the
projects. Almaden's joint venture with BHP Billiton to explore
regionally for copper-gold deposits in Mexico is ongoing with the
evaluation of many projects identified in a preliminary program.
Almaden will continue with its successful business model of
identifying exciting new projects through early stage grass roots
exploration and managing risk by forming joint ventures in which
partner companies explore and develop our projects in return for
the right to earn an interest in them.
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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Almaden Minerals Ltd.
Morgan J. Poliquin
Director
(604) 689-7644
(604) 689-7645 (FAX)
Website: www.almadenminerals.com
