News Release: November 28th, 2002
Drilling of High
Grade Gold-Copper La Begonia Zone Commences
Almaden Minerals Ltd. (Almaden) has been informed
by joint-venture partner Aurcana Corporation (Aurcana) that drilling
on the San Carlos Project, northeastern Mexico has commenced.
Aurcana can earn a 60% interest in the San Carlos property by
spending $US 4 Million. Aurcana has issued Almaden 300,000 shares
of Aurcana. Aurcana has reported the following:
"The first phase of diamond drilling,
approximately 1,000 metres, in three holes will test the high-grade
gold copper skarn-breccia mineralization of the La Begonia historical
underground workings. Mapping and sampling of the workings by
Aurcana personnel in 2002 identified an area approximately 100
metres wide by 250 metres long with abundant sulphide mineralization
at the western end of the workings. It was from this area that
the sampling returned the highest grades of gold and copper.
Results from five separate vertical channel samples across bedding
are as follows:
| Length (m)* |
Gold (grams/tonne) |
Silver
(grams/tonne) |
Copper
(%) |
|
1.9 |
4.37 |
5.8 |
4.56 |
|
1.5 |
4.69 |
27.2 |
2.74 |
|
1.2 |
6.61 |
18.8 |
3.35 |
|
1.4 |
6.67 |
45.0 |
2.49 |
|
1.4 |
20.58 |
>100.0 |
6.99 |
|
* limited by adit height and not by width
of beds or a geological structure.
|
Copper sulphide minerals consist of chalcopyrite
and bornite. The sulphide mineralization and the associated high
grades may be indicative of primary grades beneath the level
of oxidation seen in most areas of the 4th level. It is the primary
sulphide mineralization that the first phase of drilling will
be testing.
Mapping of the underground workings combined
with surface observations identified what appears to be an important
structural orientation in the south and eastern portion of the
San Jose area. The gold-copper bearing breccia bodies have formed
along north-east trending zones which coincide with several trends
identified from results of a soil geochemical survey conducted
in late 2001. The significance of this controlling structure
and the coincident geochemical trends is the potential to discover
additional high-grade breccia-skarn bodies on the property.
In general the prospective area, from La Begonia in the south
to the high gold values in soils in the north, is approximately
4.0 kilometres by 1.5 kilometres. In particular, on the eastern
portion of the San Jose area recent mapping has identified skarn
mineralization associated with gold in soils ranging up to 2
grams/tonne. During this next phase of work and Induced Polarization
("IP") geophysical survey will be conducted over the
area on the San Jose concession that indicates good potential
for "copper-porphyry" mineralization. The area is
overlain by anomalous copper and molybdenum in soils and one
line of IP in 2001 responded with high chargeability and low
resistivity."
Almaden currently has five active joint venture
programs involving other companies assuming all property costs
and making exploration expenditures in Almaden projects to earn
an interest in them. In addition to these Almaden has an active
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.
For additional information, please contact
Morgan J. Poliquin, Director at ph. (604) 689-7644 or 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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