Drilling Underway at the
Santa Isabela Project, Mexico
Almaden Minerals Ltd. ("Almaden")
is pleased to announce that Japan Oil, Gas and Metals National
Corporation ("JOGMEC") is exploring Almaden's 100%
owned Santa Isabela property located in Coahuila State, Mexico.
Almaden has optioned the Santa Isabela property to JOGMEC under
terms whereby JOGMEC can acquire a 60% interest in this project
by spending US$1.5 Million on the property by September 30, 2008.
JOGMEC has also committed to spend US$300,000 by October 31,
2005. Almaden is the operator on the Santa Isabela property for
this initial expenditure. The diamond drill program will consist
of roughly 1500 meters in five holes and has been designed to
test geochemical and geophysical anomalies identified coincident
with where high-grade surface values of lead, zinc and silver
were retuned from samples taken from in an altered limestone
unit.
The road accessible Santa Isabela property
covers a roughly 14,000 hectare area and is located in Coahuila
State, Mexico. The property covers an area of structurally controlled
jasperoid replacement silicification and calcite veining traceable
over 700 meters in outcrop and developed within a package of
limestones. Silver-lead-zinc mineralization at the Santa Isabela
property is thought to represent the upper levels of a potentially
much larger mineralized carbonate replacement (CRD) system at
depth (see Almaden new release of April 28th, 2005), likely identified by a geophysical induced polarization
("IP") survey conducted which identified elevated chargeability
responses, thought to represent sulphides, at depth. Surface
sampling of mineralization has returned grades consistent with
CRD style mineralization from the districts within the Mexican
CRD Belt. Soil geochemical and induced polarization (IP) geophysical
have defined a zone of coincident elevated zinc, lead and silver
in soil and high chargeability. Drilling will test this area
of Samples were collected under the supervision of Bill Wengzynowsi,
P.Eng., president of the consulting firm Archer Cathro and Associates
(1981) Ltd., and Morgan Poliquin, M.Sc., P.Eng., a director of
Almaden, and the qualified person on the project under the meaning
of National Instrument 43-101. Samples were analysed at ALS Chemex
Labs of North Vancouver, B.C., using conventional fire assay,
and inductively coupled plasma atomic emission spectroscopy (ICP).
Almaden and JOGMEC have also entered into
a regional exploration joint venture in Mexico. The regional
joint venture program will consist of a first phase of spending
over a large region in Mexico focused on grassroots exploration
for base metal deposits. JOGMEC will contribute US$700,000 to
this program which will be operated by Almaden. JOGMEC can acquire
a 60% interest in any mineral property acquired during the course
of this exploration program ("designated property")
by spending an additional US$500,000 on exploration for each
designated property. Any property identified by the regional
joint venture program, but not selected as a designated property,
shall be 100% owned by Almaden. Work will commence immediately
with US$300,000 to be spent by March 31, 2006 and the remainder
by March 31, 2007.
Almaden is very excited to be working with
JOGMEC on this joint venture program and the Santa Isabela property.
The regional joint venture will include areas identified in previous
Almaden work as being highly prospective for copper porphyry,
Cu-Zn-Pb skarn and Pb-Zn-Ag type carbonate replacement style
deposits. Almaden will report the results of future work from
the joint venture project as soon as they are received and reviewed
by a JOGMEC and Almaden Exploration Committee. Almaden currently
has 15 active joint ventures, including 10 in which other companies
are carrying all costs in order to earn an interest in the projects.
Almaden will continue with its successful business model of identifying
exciting new projects through early stage grass roots exploration
and managing risk by forming joint ventures in which partner
companies explore and develop our projects in return for the
right to earn an interest in them.
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. |
