News Release: July 21st, 2003
Progress Report
on the Caballo Blanco Project, Mexico
The Caballo Blanco project, located roughly
75 kilometers north of Veracruz City, Mexico is optioned to Comaplex
Minerals Ltd. (Comaplex) who can earn a 60% interest in the project
by spending US$2,000,000 over four years. Comaplex have completed
a large field program over both the Highway and Northern zones
of the property, the centres of which are located roughly 7 kilometers
apart.
At the Highway zone work consisted of sampling,
geologic mapping and induced polarization (IP) geophysics and
was complimented by analysis of alteration mineralogy with a
PIMA portable infrared spectrometer. The combined information
has outlined several prominent areas of alteration and mineralisation.
A significant resistivity and chargeability anomaly has resulted
from this work over a roughly 5 by 3 kilometer area of acid sulphate
alteration characterised by hypogene alunite and vuggy silica.
The alteration mineralogy and geologic textures recognised suggest
that area of study represents a large high-sulphidation epithermal
system. The zones of vuggy silica and coincident chargeability
and resistivity have not been drilled, however a diamond drill
hole was completed close to the area by Noranda Inc. in 2001.
This hole was drilled in an area of extensive argillic alteration
and had several interesting gold intersections. These included
stockwork veining from 51.35 to 84 meters depth within which
a 6 meter section averaged 1.42 g/t gold. A sample from 192 to
195 meters depth within a zone of lower temperature argillic
alteration averaged 2.5 g/t gold and the final sample of the
hole from 212.0 to 212.5 meters depth returned a gold value of
4.98 g/t gold. The hole was lost at this point due to poor drilling
conditions.
At the Northern zone sampling, geologic mapping
and PIMA analyses have defined a huge, roughly 6 by 5 kilometer
area of acid sulphate alteration and vuggy silica, including
many breccia bodies. Past sampling in these areas by Almaden
has returned anomalous gold values, the highest being 11 g/t.
The alteration in the Northern zone is very similar to that in
the Highway zone, however up until this program very little work
had been carried out in this area. Initial sampling by Comaplex
returned anomalous gold values from outcrop the highest being
1 g/t. Outcrop in this area includes breccia bodies containing
clasts of vuggy silica. An IP section over the zone outlined
a large high resistivity feature that appears to extend to depth.
Comaplex has informed Almaden that a further
geologic and geophysical program has commenced to better define
targets within the high-sulphidation systems for drill testing.
Exploration carried out on the Caballo Blanco property by Compaplex
was under the direction of Allan Armitage, Ph.D., P.Geol., a
qualified person within the meaning of National Instrument 43-101.
Mr. Armitage has reviewed the exploration results contained in
this news release. Samples were sent to ALS Chemex Labs in North
Vancouver for analysis.
Almaden currently has eight active joint venture
projects which include a regional exploration program with partner
BHP Billiton underway to explore for copper-gold deposits in
Mexico.
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.
|
