News Release: December 18th, 2002
Caballo Blanco
Project Optioned to Comaplex Minerals Corp.
Almaden is pleased to announce that it has
formed a joint-venture agreement with Comaplex Minerals Corp.
(Comaplex) to explore the Caballo Blanco project in Veracruz
state, Mexico. Under the terms of the agreement, Comaplex must
keep the property in good standing and spend US$2,000,000 over
four years in order to acquire a 60% interest. Comaplex is committed
to spend US$250,000 in the first year of the joint venture.
Three distinct areas of alteration and mineralisation
have been identified, known as the Central Grid Zone, Highway
Zone and Northern Zone respectively. Most of the work to date
has been carried out on the Central Grid and Highway zones, where
two separate porphyry systems have been identified. Almaden carried
out a drilling program in 1998 on the Central Grid Zone. This
drilling intersected both porphyry-style copper-gold mineralisation
and high-grade gold-silver mineralisation in veins apparently
spatially peripheral to the porphyry system. In the Highway Zone,
soil geochemistry, geologic mapping, and induced polarisation
geophysical surveys have identified a separate porphyry copper-gold
target. The Northern Zone is a large area of argillic alteration,
within which preliminary prospecting and geochemical surveys
have identified areas of elevated gold-copper-arsenic in silicified
rock. Samples up to 11 grams/tonne have been taken in float boulders,
and this area is thought to represent a large unexplored high-sulphidation
gold system. In 2000 the property was optioned to Noranda Inc.
who after drilling seven holes in 2001, which targeted copper
mineralisation in the Central Grid and included two holes in
the Highway zone, terminated their option on the property. While
significant copper mineralisation was not identified in the Noranda
drilling, widespread hydrothermal alteration and significant
gold values were intersected.
Almaden is pleased to have Comaplex as a partner.
The Caballo Blanco project represents a large area of alteration
and mineralisation that is highly prospective for gold. Work
by Comaplex will include a comprehensive geology based mapping
and sampling program to best define targets for drilling.
Including this agreement, Almaden now has
six active joint venture programs involving other companies exploring
Almaden projects to earn an interest in them. In addition to
these Almaden has an active regional joint venture program underway
to explore for copper-gold deposits in Mexico with BHP Billiton.
Almaden will continue to focus efforts on identifying, acquiring,
developing and joint-venturing high quality exploration projects
in North America.
ON BEHALF OF THE BOARD
OF DIRECTORS
Morgan Poliquin
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.
|
