News Release: March 5th, 2002
Noranda Inc. Commences
Drilling on the Caballo Blanco Cu-Au Project, Mexico
Noranda Inc. (Noranda) has informed Almaden
Minerals Ltd. (Almaden) that a diamond drill program will start
within the next 10 days on Almaden's Caballo Blanco Cu-Au project
in Mexico. Noranda can earn a 75% interest in the Caballo Blanco
project by completing a positive feasibility study by 2008, making
cash payments to Almaden of US$2 million, a private placement
of US$1 million and fulfilling work obligations on the Caballo
Blanco Project.
The Caballo Blanco project covers two known
areas of porphyry-style alteration and mineralisation spatially
associated with a large area of hydrothermal alteration. These
two areas, known as the Central Grid Area and the Highway Zone,
will be the focus of the Noranda drilling. The Central Grid Area
was the only part of the Caballo Blanco project drilled by Almaden.
This drilling, carried out in 1998 consisted of 17 reverse circulation
holes which targeted elevated gold in soil geochemistry, associated
with anomalous chargeability responses from an induced polarization
geophysical survey. The results of this drilling led Almaden
to believe that the targets tested were peripheral to a copper-gold
porphyry system. It is this latter target which Noranda will
be testing with diamond drill holes in the Central Grid Area.
At the Highway Zone a large area of hydrothermal alteration is
spatially associated with porphyry-style stock work veining.
This area also returned an anomalous chargeability response from
a separate induced polarization survey.
Noranda has informed Almaden that a minimum
of 2,100 meters will be drilled in this initial program, the
bulk of which is expected to be in the Central Grid Area.
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.
|
