News Release: May 23rd, 2002
Progress report
on the Caballo Blanco Project
Almaden Minerals Ltd. has received a progress
report from Noranda Inc.for its drill program conducted during
the first quarter 2002 on the Caballo Blanco Project in the state
of Veracruz, Mexico. Noranda holds an option for the property
from Almaden.
In order to test the Central Grid and Highway
Zone porphyry targets, 1,789 meters in seven holes were drilled.
Four were drilled in the Central Grid looking for the extension
of the outcropping copper bearing porphyry and three holes were
drilled into the previously undrilled Highway Zone. The report
summary states "Despite pervasive kspar flooding potassic
alteration associated with the porphyry in the Central Grid and
the huge argillic alteration zone that occurs at the Highway
Zone, significant copper mineralization was not found"
Noranda states the presence of an important gold deposit in the
Central Grid area has not been ruled out but possibilities for
an open pittable copper porphyry have been reduced. On the Highway
Zone, very low values of copper were found but drilling did intersect
short intervals of elevated gold. Hole CB-02-07, Noranda's last
hole, was lost at 212 meters and the last sample assayed four
grams of gold per tonne over 0.5 meters.
Two further holes were attempted at Almaden's
expense at the end of Noranda's program, under the supervision
of an independent consultant. These were located near reverse
circulation Hole CB98-04, from the Almaden's 1998 program, which
intersected 12.2 meters of 3.8 grams of gold per tonne. Hole
CB-02-08 was drilled east at -50°, parallel to and about
thirty metres south of hole 98-4. It intersected fault gouge
in the area where the vein was expected. Hole CB-02-09 was located
ninety meters north of CB 98-04 and also aimed east at -50°.
This hole intersected a mineralized vein zone from 57.3 to 60.0
meters, and from 69.0 meters to 73.0 meters the recovered material
contained fragments of quartz vein material that is mineralized
with chalcopyrite, galena, and pyrite. The hole was abandoned
in bad ground at 73.0 meters, which is a few metres before the
expected location of the zone found in hole CB 98-04. Samples
from the vein zones encountered are in for assay.
Noranda advises an exploration geologist will
be back on the property before the end of June to do regional
geology.
ON BEHALF OF THE BOARD
OF DIRECTORS
Duane 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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