News Release: February 20th, 2002
Geochemical and Geophysical
Survey Yields Positive Results at the San Carlos Project, Mexico
Almaden Minerals Ltd. (Almaden) has been informed
by its joint venture partner, Aurcana Corp. (Aurcana),
that it has received positive results from a large geochemical
soil sampling and ground geophysical program at the company's San Carlos Cu-Au porphyry-skarn project, Mexico. Aurcana
can earn a 60% interest in the San Carlos property by spending $US 4 Million and issuing Almaden a total of 300,000
shares of Aurcana of which 200,000 shares have already been
issued.
The 11,189.53 hectare San Carlos project covers
three areas of alteration and mineralisation associated with
altered and mineralized alkaline intrusives that intrude folded
limestone strata; the San Jose area of historic copper-gold
mining, the Magnum zone copper-gold geochemical anomaly and the
El Jatero gold geochemical anomaly. The program of work was carried
out over the San Jose zone and consisted of 1,002 soil samples,
ground magnetics and one line of induced polarisation (IP) geophysics,
all carried out on a cut grid. The San Jose area is the site
of an historic mining camp active during the late 1800's and
early 1900's. Past production in this area was from numerous
high-grade copper-gold skarn bodies. Remaining potential for
the skarn deposits is illustrated by a 4,000 ton shipment from
the Begonia mine sent to the San Luis Potosi smelter in the 1940's
which averaged 4.02% copper, 11.24 g/t gold and 22.59 g/t
silver. The skarn bodies are spatially associated with altered
and veined intrusive rocks, which were identified as having good
potential to host a copper-gold-molybdenum porphyry system genetically
associated with the skarn bodies. The geologic setting of the
San Carlos project bears many similarities to that of the Grasberg
and Bingham Canyon porphyry copper-gold-molybdenum deposits where
similar intrusive rocks intrude folded limestone strata forming
both porphyry and skarn mineralisation.
The most significant result of the soil survey
is the identification of an approximately 1.5 km by 2.0 km area
of coincident, significantly elevated copper and molybdenum
soil geochemistry, spatially associated with an area of altered
and veined intrusive rocks. The copper and molybdenum anomaly
remains open to the north and is flanked by elevated Zn, Pb and
Mn in soil. This zonation is typical of that seen in many significant
Cu-Au-Mo porphyry systems world wide. The copper-molybdenum in
soil anomaly had a high magnetic response in the ground magnetic
geophysical data. The one line of IP geophysics was carried out
in the area of the copper-molydenum soil anomaly. This work returned
a high chargeability response, believed to reflect high sulphide
content, over the entire breadth of the copper-molybdenum soil
anomaly.
In addition to the copper-molybdenum soil
anomaly, several Au-Cu soil geochemical anomalies were identified.
Of these anomalies, most are associated with known skarn bodies
with past copper-gold production but several also constitute
new discoveries as they are not spatially associated with known
mineralisation or past mining.
Aurcana is currently planning a second phase
work program on the San Carlos project. Of highest priority will
be to complete the soil geochemical coverage to the north and
to geologically map and prospect throughout the anomalous areas,
including a number of historic adits that were made accessible
during the last program. An IP geophysical program will be planned
once the results from the soil survey and mapping program are
complete.
For additional information, please contact
Morgan J. Poliquin, Director; ph. (604) 689-7644 email rockman@almadenminerals.com.
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.
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