Almaden Minerals Ltd. (“Almaden” or “the Company”;
TSX: AMM; NYSE
American: AAU)
is pleased to announce that a field geology exploration program is
now underway in the Company’s property surrounding the area of the
Ixtaca project. In the past the Company developed a geologic and
exploration model for the Ixtaca deposit and region. The Ixtaca
deposit occurs in both young volcanic rocks and underlying
carbonate sedimentary rocks. The bulk of the known Ixtaca deposit
epithermal veins are hosted by the underlying sedimentary rocks
while the overlying volcanic unit is widely altered to clay
minerals, which is typical of the upper part of an epithermal vein
system.
Where uneroded, immediately above and adjacent
to the Ixtaca deposit, is an area of intensely clay altered
volcanic rock. This alteration extends to the southeast of the
Ixtaca deposit area to form a larger area of this volcanic hosted
clay alteration, about 1.5 km by 1 km in size named the SE
Alteration Zone. Most of this zone has never been tested by
drilling and, like that of the alteration above the Ixtaca deposit,
could also obscure as yet undiscovered epithermal veins at depth.
Any epithermal veins found here would be a new discovery and
outside the envelope of the Ixtaca deposit veining which was the
focus of the 2018 Feasibility study and 2019 environmental permit
application.
The Company’s current review of exploration data
from our previous programs includes assessing satellite alteration
studies, geophysical studies and soil, rock and drilling
geochemical data. Along with this review, satellite imagery from a
more recently launched satellite with enhanced abilities for
spectral analysis and detection of alteration minerals was studied.
This satellite is able to identify strong spectral matches for the
clay mineral “buddingtonite”. Buddingtonite is a NH4 clay mineral
that has been identified occurring above, and associated with,
epithermal veins in different parts of the world. The recent
enhanced satellite imagery identified spectral matches for
buddingtonite in the altered volcanic rocks immediately adjacent to
the Ixtaca deposit. The same imagery has also detected numerous
spectral matches for buddingtonite in an area roughly 150 by 650
metres within the SE Alteration Zone (see attached map). This area
coincides with the intersection of several lineal features parallel
to vein trends within the Ixtaca zone. Also identified are zones of
possible NH4 illite alteration, another mineral closely associated
with epithermal veining. Parts of the alteration zones that have
not been drill tested were covered by past CSAMT and IP geophysical
surveys, which identified high resistivity responses at depth,
which help define targets for potential epithermal vein zones.
The current field-based program of geologic
mapping and prospecting will include ground based spectral
alteration analysis. This work is expected to confirm and better
identify and outline alteration zonation in order to define targets
for a future drilling program. The desktop review of exploration
data from previous work on other parts of the property is
continuing.
J. Duane Poliquin, Chairman of Almaden, stated,
“We believe that the presence of buddingtonite in the SE Alteration
zone would be significant in helping us to vector into new
potential areas of epithermal veining, as this clay mineral is
known to be associated with epithermal veining in different parts
of the world, and does appear to occur on this property in
association with the known Ixtaca epithermal veins. This new
satellite imagery is particularly encouraging given the coincidence
of the strong spectral match for buddingtonite with the geophysical
anomalies in the SE Alteration Zone. We look forward to continuing
exploration of this exciting new area.”
Exploration Opportunities
The Ixtaca deposit is one of several exploration
targets on the Company’s mineral claims, which cover an area of
high-level epithermal clay alteration. The project area is
partially covered by volcanic ash deposits which mask underlying
alteration, potential vein zones and associated soil responses. In
areas devoid of this covering ash soil sampling has defined several
distinct zones of elevated gold and silver values and trace
elements typically associated with epithermal vein systems. The
Ixtaca zone is one of the largest areas of gold/silver soil
response but it is also one of the areas with the least ash cover
on the project.
Management believes that the other altered and
geochemically anomalous areas could represent additional zones of
underlying quartz-carbonate epithermal veining like the Ixtaca
zone. The potential quantity and grade of these exploration targets
is conceptual in nature. There has been insufficient exploration
and/or study to define these exploration targets as a Mineral
Resource. It is uncertain if additional exploration will result in
these exploration targets being delineated as a Mineral Resource.
The potential quantity and grade of these exploration targets has
not been used in this Study.
Morgan J. Poliquin, Ph.D., P. Eng., President
and CEO of Almaden, and a Qualified Person as defined by National
Instrument 43-101 ("NI 43-101"), has reviewed and approved the
scientific and 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 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
exploration and 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 figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/faaadb6c-cdcb-4e18-8403-8dacf5126db5
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