overview | geology | past work

 

Option Agreement with Fairmont Resources Inc.
August 20th, 2009: Under the terms of this agreement, Fairmont may earn up to a 60% interest in the property by spending $2,000,000.00 on the property, paying Almaden $25,000.00 and issuing the Company 300,000 shares of Fairmont stock within five years from the listing of the stock on the TSX Venture or other Canadian Stock Exchange. The first year commitment includes a payment of $10,000.00 on signing and $100,000.00 in work on the property.

 

August 20th, 2009: Fairmont Resources begins the first phase of a work program which will consist of geological work, induced polarization and magnetic geophysical surveys.

 

The 100% owned 2,607 hectare Nicoamen River project was identified and staked by Almaden after a Company crew found mineralized gold bearing quartz float with epitermal textures. The property lies over the headwaters of the Nicoamen River which drains west into the Frazer River. The first gold ever found in British Columbia was in this short river where it joins the Fraser River and this discover started what became the Fraser River Gold Rush.

The claims includes the ZAK mineral claims (totalling about 1850 hectares or 18.5 sq. km) and are accessible by good forestry roads which link with the Trans-Canada Highway near the communities of Boston Bar and Lytton, BC.

Detailed prospecting by Almaden personnel found gold bearing float rock near the headwaters of the Nicoamen and also gold values in place ranging in grade from 95 parts per billion (ppb) gold over 0.50 metres to 1828 ppb gold over two metres. Subsequent soil geochemistry surveys located five large, gold in soil anomalies on the property.

low-sulphidation epithermal gold system

The initial ZAK claims (32 units) were staked to cover multi-element silt geochemical anomalies and mineral occurrences located by Almaden personnel in 2003 and 2004, during follow-up of a regional gold stream sediment anomaly. Low sulphidation type epithermal quartz vein float and bedrock occurrences were found near a major fault structure which cuts through volcanics and adjacent altered granitic rocks.

The property is underlain dominantly by the same Cretaceous volcanic belt which hosts similar mineralization on the rest of the Almaden's projects in the Spence's Bridge Gold Belt. Subsequent property work identified a number of significant gold in soil anomalies and these have not yet been investigated.

 

April 2005: An exploration program was completed which consisted of soil sampling, prospecting and reconnaissance rock sampling as well as limited hand trenching and geologic mapping. This work identified a zone of quartz vein float exhibiting epithermal textures. Twelve grab samples of quartz vein float collected in 2004 and 2005 returned gold analyses ranging from 0.25 to 64.87 grams per tonne (g/t) gold.

Six soil samples collected at 25-metre spacing over a 130-metre long alteration zone exposed in an old roadcut have yielded anomalous gold values of 26 to 94 ppb. Five grab samples of angular quartz vein rubble collected along the base of this zone have returned gold analyses ranging from 257 ppb to 1604 ppb, with an average value of 739 ppb (0.74 g/t gold). [more +]