The El Pulpo property is located
north-east of Mazatlan and covers an area of approximately 200
square kilometres. Almaden Minerals Ltd. (Almaden) has optioned
this property to Ross River Minerals Ltd. (Ross River) who can
earn a 60% interest by spending US$3,000,000 and issuing 425,000
shares to Almaden. Almaden and Ross River have identified high
grade porphyry related gold, silver and copper mineralisation
over a surface area in excess of 12 square kilometres. The property
hosts at least two copper-gold porphyry targets and three high
grade gold vein targets. Ross River has provided the company
with the following results in the form of a news release, an
excerpt from which follows:
"Ross River Minerals
Inc. (the 'Company') is pleased to report that the 2003 field
season concluded with the Company completing 9.5 kilometres of
new trail construction and expanding the already extensive Papaya
and La Trucha vein systems on the Company's property located
in Sinaloa State, Mexico. In addition, the Company discovered
seventeen new mineralized veins. Of these, seven have greater
than 300 metres of strike length traced to date. All seventeen
remain open along strike.
The new 1.5 kilometre access
trail to the La Trucha target passed through a well-mineralized
new area (La Plancha) which shows very strong tourmaline-quartz-copper
oxide and sulfide mineralization in five shallow dipping veins,
one of which has 2.0 metres of exposed width. Four other veins
have been identified in this area with lesser-exposed widths
but with equally strong mineralization. A total of 37 rock samples
were collected from the La Plancha area. The values ranged from
trace to 7.68 g/t gold, trace to 1,531.1 g/t silver and trace
to )10% copper. 30% of the samples analysed greater than 0.3
g/t gold and were re-assayed. The highest value was from a 0.4
metres wide tourmaline-quartz vein which contained 7.68 g/t gold,
1289.3 g/t silver, and )10% Cu.
At the La Trucha target 500 metres of trenching using a Cat D7E
bulldozer has been completed to date. The southerly vein ('F'vein),
was cut in two locations and showed strong fracturing and faulting
within tourmaline-quartz veining and copper oxides. Assay results
are pending. Further trenching using a tracked excavator will
commence mid January 2004.
Exploration at the Papaya
target included 1,200 metres of trail rehabilitation and over
350 metres of trenching at two locations in the down-dip (western)
direction of the vein. At the northern location (Papaya Norte)
the 40 degrees dipping quartz-tourmaline vein was exposed over
7 metres width. At the southern trenched area (Papaya Sur), 350
metres south of Papaya Norte, five subparallel veins identified
to date, ranging from 0.1 to 1.5 metres wide, occur on the footwall
(east) side of the 10 metre wide main vein. Assays are pending.
A newly discovered vein (Pitayo)
has been found 200 metres southeast of the trenched Papaya Sur
zone. The Pitayo vein appears to be subparallel to the Papaya
vein and is exposed over greater than 4.0 metres width. Six other
veins identified to date with lesser-exposed widths were discovered
during trail access construction. Two of these veins are observed
to be crosscutting and exhibit extensive copper and iron oxides.
Assays are pending.
During January, as development
of the 2 kilometre access trail along the Papaya vein continues,
trenching to expose the full width of these veins will take place.
Over 1,000 metres of reconnaissance geological mapping and rock
sampling along the proposed trail/trench has revealed five mineralized
areas to date, one of which includes the previously reported
high gold value of 144.35 g/t gold, 231.1 g/t silver and 1.67%
copper.
The Company has discovered
a new zone (El Sauz), extending 1.6 kilometres north of the Papaya
target, of tourmaline-quartz-copper oxide vein mineralization.
A total of 26 samples were collected and analysed. Of these 46%
contained greater than 0.3 g/t gold and were re-assayed. Values
range from trace to 10.37 g/t gold, 0.15 g/t to 404.9 g/t silver,
0.02% to 2.21% copper. The highest assay from outcrop returned
values of 10.37 g/t gold, 348.5 g/t silver, and 2.21% copper
across 0.5 metres of exposed vein. The full vein width remains
to be delineated.
In addition, during geological
reconnaissance, a float sample of massive sulfide was found in
a creek bed in the El Sauz area near the La Trucha and La Plancha
drainage divide. The float sample returned values of 42.56 g/t
gold, 4,737.3 g/t silver and, )10% copper. Its geochemistry is
similar to other veins in the La Trucha area, however the source
of this float has yet to be discovered.
The Company's 2004 exploration program on the Papaya and La Trucha
targets has commenced and will consist of 111.5 line kilometres
of line cutting, soil geochemistry and Induced Polarization and
magnetometer geophysical surveys. In late January airborne photography
covering the 200 square kilometre El Pulpo property will be completed
followed by production of orthophoto and topographic maps and
structural interpretation. Upon completion of the trail along
the Papaya vein zone, further excavator trenching of the La Trucha
and Papaya vein systems will follow. Following the completion
of this work, targets will be defined and diamond drilling will
commence on both the Papaya and La Trucha vein systems.
Paul Kallock P.Geo. is the
qualified person supervising the work in this area. Assays are
pending for 113 new rock samples submitted to Acme Analytical
Laboratories Ltd., Vancouver, BC.."
Almaden believes these results
to be very encouraging and are representative of a large gold
bearing intrusive hosted vein system. Almaden currently has ten
active joint ventures covering 12 properties, including seven
properties in which partners are spending to earn an interest
in the project and a regional exploration program with partner
BHP Billiton underway to explore for copper-gold deposits in
Mexico.
