News Release: November 23rd, 2004
Progress Report on the San
Carlos Project, Mexico
The San Carlos Project is
located in northeast Mexico
and has been optioned to Hawkeye
Gold and Diamond Inc. (Hawkeye) on terms whereby Hawkeye can
earn a total of 60% of the San Carlos project by issuing a total
of 800,000 shares to Almaden and incurring exploration expenditures
of US$4 Million over seven years. Hawkeye is committed to spending
US$350,000 in the first year. Hawkeye has commenced a large field
program of soil sampling, geologic mapping and rock sampling
and induced polarization and magnetics geophysics. Hawkeye has
informed Almaden that it has received initial results from this
program. An excerpt from Hawkeye's November 22 news release follows:
"HAWKEYE is pleased to announce
results for rock samples taken from its San Carlos property situated
near the town of San Carlos in the State of Tamaulipas, Mexico:
The Company's work program
announced September 23, 2004 is designed to evaluate the potential
for Carbonate Replacement Deposit (CRD) style mineralization
around the 9 km periphery of a Tertiary intrusion emplaced into
a thick section of Cretaceous carbonates (see previous press
release-10/14/04, www.hawkeyegold.com).
CRDs account for a significant
portion of mineral wealth within the Republic of Mexico including
deposits whose production and reserves reportedly total in excess
of 400 Mt of silver-lead-zinc ore with appreciable copper and
gold credits. The deposits are clustered along the Mexican fold
and thrust belt within a 1600 by 450 km wide corridor extending
through the east and central portions of the country. The two
closest major mining districts to the San Carlos property are
the Conception del Oro and the Charcas Districts situated roughly
350 km west and southwest respectively. These districts have
reported production exceeding 75 Mt. The average production grade
at Conception del Oro is reported to be 12.8% zinc, 5.8% lead
and 275 g/t silver in 40 plus Mt.
Recently completed mapping
and prospecting focused on a 2.5 by 1.5 km area within a densely
vegetated part of the San Carlos property. It discovered fracture
controlled and stratabound skarn mineralization over a 1500 by
700m area within moderately to highly indurated limestone. Specimens
and chip samples collected within this area and yielding significant
results are tabulated below.
The smithsonite veining and
associated silicification were recognized within a small cluster
of historical surface workings in the west-central portion of
the prospected area near the limestone/intrusive contact. The
vein is 2 to 3 m wide and was traced for 10 m before it was obscured
by dense vegetation.
Gold and silver-bearing garnet-magnetite
skarn was identified 500 m south of the historic workings in
a strongly oxidized recessive weathering horizon. This mineralized
horizon is only partially exposed at the base of a limestone
outcrop containing patchy calc-silicate alteration with minor
pyrite, pyrrhotite and chalcopyrite. The exposure is open along
strike in both directions.
The quartz vein specimen was
collected between the two showings mentioned above. It is comprised
of white opaque quartz with trace disseminations of pyrite and
limonitic pits. The siderite samples came from northeast trending,
steeply dipping veins about 1 km east of the limestone/intrusive
contact. Where exposed, these veins are up to 30 cm wide and
consist of dark brown crystalline siderite and white to tan calcite
with minor limonite and galena.
While only a small portion
of the exploration target has been inspected to date, HAWKEYE
is encouraged because the types of mineralization discovered
are common in distal parts of CRD systems. Exploration is continuing
on the property and the first phase is expected to be concluded
in mid December 2004.
Samples described above were
collected under the supervision of Mr. Bill Wengzynowski P.ENG.,
and analyzed at ALS Chemex Labs of North Vancouver. Mr. Wengzynowski
is also the Company's project Geological Engineer and qualified
person (QP) in accordance with Canadian Securities Association
(CSA) National Instrument (NI) 43-101."
Almaden is encouraged by these
results and believes them to be consistent with that of a mineralised
intrusive related environment that has potential to host significant
Au-Ag-Cu-Zn-Pb skarn and carbonate replacement type deposits.
Almaden currently has thirteen
active joint venture projects including nine in which a partner
is earning an interest in an Almaden property through spending,
and a regional exploration joint venture with BHP Billiton World
Exploration Inc. (BHPB) 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.
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