Almaden Minerals Ltd. (Almaden) is a generative exploration company
focussed on copper and gold in the Americas. Our business and
exploration model is to harness the geologic and entrepreneurial
talents of our company by joint venturing the projects and concepts
we identify and acquire with credible mining and exploration
companies, under terms such that we retain a carried interest
in the project while significant exploration expenditures are
made by our joint-venture partners. This approach has greatly
limited the risk associated with exploration while ensuring that
our shareholders are exposed to potential discovery success.
Almaden currently has six active joint-ventures underway, and
many these projects will have significant work programs carried
out in the near future, including drilling. The following list
describes the planned work on all of Almaden's projects including
information that has been disseminated by our joint-venture partners.
Yago Au-Ag Project, Mexico:
In May, 2002 the project was optioned to Ascot Resources Ltd.
(Ascot) which has the right to acquire a 60% interest in this
gold-silver project by making US$2,000,000 in property expenditures
and issuing 600,000 shares to Almaden. Ascot has announced that
drill program has commenced on the property and will be focussed
on identifying high-grade mineralisation within a system of quartz
veins that have not had previous drilling. Fifteen holes are
planned as a first stage program for an approximate total of
3,000 meters. Ascot is committed to spending US$400,000 in the
first year and has issued 200,000 shares to Almaden. [Yago +]
Tropico Cu-Pt-Pd-Au Project,
Mexico:
Results from a recent trenching program over the newly acquired
San Pablo concession have been released by joint venture partners
Santoy Minerals Ltd. and Sumitomo Metal Mining Co. Ltd. (Sumitomo).
Highlights of this program include San Pablo trench-01 which
had 55 meters of 0.57% copper (Cu) and 0.85 g/t platinum (Pt)
+ palladium (Pd) + gold (Au), San Pablo trench-02 with 42 meters
of 0.80% Cu and 1.0 g/t Pt+Pd+Au and San Pablo trench-05 which
returned 39 meters of 1.2% Cu and 1.3 g/t Pt+Pd+Au. In the El
Pochote area trench-01 intersected 30 meters of 0.63% Cu and
0.85 g/t Pt+Pd+Au and trench-03 returned 31 meters of 0.69% Cu
and 1.1 g/t Pt+Pd+Au. Under terms of the agreement with Sumitomo,
Almaden is carried into production for a 12% interest. Sumitomo
has agreed to a US$880,000 budget for 2002 and Santoy has issued
275,000 shares to Almaden. [Tropico +]
San Carlos Au-Cu Project, Mexico:
A program of underground sampling and mapping was carried out
by joint venture partner Aurcana Corporation (Aurcana) in May,
2002. High-grade skarn mineralisation was identified and sampled
in historic underground workings that were opened up as part
of the program. Highlights from this sampling included 28 meters
of continuous 2m chip sampling averaging 5.05 g/t Au and 1.8%
Cu and a 1.4 meter chip sample which returned 20.58 g/t Au and
6.99% Cu. Geologic mapping and soil sampling indicates that the
potential exists for similar skarn mineralisation to occur over
large areas of the property. A new work program will commence
in August, designed to better define the skarn targets as well
as the bulk-tonnage porphyry Cu-Au potential of the property.
Aurcana can earn a 60% interest in the project by making US$4M
in exploration expenditures. Aurcana has issued 300,000 shares
to Almaden. [San Carlos +]
Caballo Blanco Cu-Au Project,
Mexico:
Noranda Inc. optioned this copper-gold porphyry project in 2001
and carried out an initial drill program in March 2002. While
significant copper mineralisation was not identified in this
phase, the property remains under option to Noranda, which can
earn a 75% interest by making payments of US$2M to Almaden, funding
the project to feasibility and cooperating with Almaden to arrange
production financing. [Caballo Blanco +]
Ram Au Project, Yukon:
The Ram property consists of 69 claims covering a large area
of alteration and mineralisation with significant past exploration
results including a drill intercept of 2.2 g/t Au over 5.3 meters.
This property is optioned to TSX-venture listed company, Ross
River Minerals Inc. (Ross River), and makes up a portion of their
Tay-LP property. Ross River has announced that a C$400,000 program
is underway which will have a diamond drilling component of at
least 3,000 meters. Ross River has issued 300,000 shares to Almaden. [Ram +]
Siwash (Elk) Au Project, British
Columbia:
A C$350,000 drill program, funded by Wheaton River Minerals Ltd.
(Wheaton), has commenced on Almaden's 100% held Siwash gold property,
located in southern B.C.. While Wheaton can earn a 10% interest
in the property for this expenditure, Almaden may buy it back
for this value in Almaden shares priced at $0.90 per share. A
total 51,460 ounces was recovered from 18,190 tons mined from
the Siwash North vein in the 1990's. The current total resource
and reserve in all blocks on both the Siwash North and W.D.veins
is 123,000 tons at an average grade of 1.153 ounces of gold per
ton. [Elk +]
BHP Billiton Cu-Au Joint Venture,
Mexico:
In May, 2002 Almaden signed a joint-venture agreement with industry
leader, BHP Billiton, to explore a highly prospective area in
Mexico for copper and gold. The program will utilise grassroots
exploration techniques to identify new geologic targets in this
area. This program will consist of an initial budget of US$400,000
and work will commence in September, 2002.
Almaden has an experienced management team
with a track record of discovery success. The company has adhered
to its exploration model of joint venture through the difficult
economic climate of the last several years. This has allowed
the company to maintain aggressive exploration expenditure with
minimal risk through joint venture, which will be continue in
the months to come on the present portfolio of active projects.
The company is also maintaining its generative efforts to provide
new properties for joint venture.
