News Release: February 14th, 2005
Progress Report on the San
Carlos Property
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 informed Almaden that it has carried
out a work program designed to evaluate the potential for Carbonate
Replacement Deposit (CRD) style and copper-gold skarn mineralization
around the 9 km periphery of a Tertiary intrusion emplaced into
a thick section of Cretaceous carbonates during November through
mid December 2004.
CRD's 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.
The San Carlos project area occupies a localized
region of relatively rugged topography; however outcrop exposure
is relatively sparse due to extensive jungle and talus cover.
Hawkeye informed Almaden that the first phase exploration program
consisted of approximately 31 km of line cutting over four square
kilometers around the eastern and northern parts of the property.
Detailed mapping, prospecting and soil geochemical surveys were
almost completely restricted to the grid due to the extensive
peripheral cover. A twenty-one kilometer ground geophysical Induced
Polarization (IP) survey was also completed. An excerpt of Hawkeye's
news release of February 14, 2005 follows:
HAWKEYE is pleased to announce the completion
of its first phase work program on the San Carlos project situated
near the town of San Carlos in the State of Tamaulipas, Mexico.
The Company is very encouraged with the results
obtained to date that have identified six (6) areas of interest
underlain by significant Induced Polarization (IP) anomalies
(chargeability highs and coincident resistivity highs and lows)
and a combination of coincident anomalous soil and rock geochemical
responses. The six targets are outlined in the north and eastern
parts of the project area within the carbonate sequence at various
distances peripheral to the main San Jose monzonite intrusion.
Two of the targets are classified as Au-Cu (Gold-Copper) targets
likely associated with proximal and contact skarn and/or fracture
mineralization whereas the remaining four are believed to represent
more distal carbonate replacement deposit (CRD) style mineralization.
One of the Au-Cu targets is characterized
solely by anomalous IP responses and is proximal to the main
intrusion whereas the other is supported by a strong gold soil
anomaly measuring 900 m by 200 m, talus samples yielding up to
8.33 g/t gold and a series of semi-coincident northeast trending
IP anomalies. The CRD targets are associated with weak to moderately
anomalous zinc responses that define an intermittent linear north
trending band 3 km long and 1.3 km wide. Clusters of moderately
anomalous responses outline northwest trends up to 1 km long
and 100 m wide. The underlying IP anomalies have a projected
surface expression of approximately 650 m by 250 m in size. Vein
mineralization discovered in the vicinity of these anomalies
is of the tenure and metal signature expected in the upper portions
of CRD systems (see previous press release-01/24/05, www.hawkeyegold.com).
HAWKEYE's exploration program has confirmed
that a geological setting favourable to host both Au-Cu skarn
and CRD style mineralization underlies the San Carlos project
area. The metal signature and zoned distribution of anomalous
elements are typical of a mineralized intrusive related system
and most of the mineralization discovered to date is consistant
with that commonly observed in the distal and upper portions
of CRD systems. All IP anomalies characterized by chargeability
highs and coincident resistivity highs and lows are subsurface
which supports the probability of mineral preservation. HAWKEYE
intends to pursue the next phase of exploration with a recommended
aggressive 3,000 metre (9,842 feet) diamond drill campaign to
test the six targets identified to date and to continue its exploration
for these deposit types around the remainder of the San Jose
intrusion.
Samples and geophysical data described above
were collected under the supervision of Mr. Bill Wengzynowski
P.ENG. Samples were analyzed at ALS Chemex Labs of North Vancouver
and IP data was subject to inversion modeling and partial interpretation
by GeoVector Management Inc. in Ottawa. 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's management view these results as
very encouraging and representative of a large magmatic hydrothermal
system with potential to host several mineral deposit types including
replacement Ag-Pb-Zn massive sulphides deposits and Cu-Au skarn
deposits.
old values of 10 ppb to 307 ppb.
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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