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Option Agreement with Antofagasta Minerals S.A.
March 2009: Antofagasta Minerals (AM) can acquire a 60% interest in Almaden's Tuligtic Project by making the following expenditures and payments:
Expenditures:
(i) not less than US$1,000,000 on or before the first anniversary date from the Effective Date (the “Committed Expenditures”);
(ii) not less than an additional US$2,500,000 on or before the third anniversary date from the Effective Date, (for accumulated Expenditures of US$3,500,000); and
(iii) not less than an additional US$3,500,000 on or before the fifth anniversary date from the Effective Date, (for accumulated Expenditures of US$7,000,000); and
Payments:
US$50,000 on or before the first anniversary date from the Effective Date;
US$100,000 on or before the second anniversary date from the Effective Date (for accumulated cash payments of US$150,000);
US$150,000 on or before the third anniversary date from the Effective Date (for accumulated cash payments of US$300,000); and
US$700,000 on or before the fifth anniversary date from the Effective Date (for accumulated cash payments of US$1,000,000).

 

June 30th, 2009

A 3,000 meter preliminary diamond drilling program is now underway at the Tuligtic copper-molybdenum project, Mexico. read more +

** NEW PICTURES from Tuligtic posed on Almaden's blog August 14th, 2009 +

 

The Tuligtic project was recognised during a helicopter reconnaissance program in 2005. The property is located approximately 100 kilometres north of Puebla and 150 kilometres west of Mexico City and is covered by a 5,000 hectare claim staked and held 100% by Almaden.

The Tuligtic project covers an area of intensely altered rocks roughly 5 by 5 kilometers in size. Within this area a field program consisting of IP geophysical, rock and soil sample sampling, and geological surveys carried out by Almaden identified both a porphyry copper and an epithermal gold target.

 

epithermal gold-silver system & porphyry copper-gold

Almaden feels that the Tuligtic project has the potential for both a porphyry copper gold system and an epithermal gold-silver vein system. Such mineralising environments are commonly closely associated with one another.

Epithermal gold-silver target area, which is exposed roughly one kilometre to the south of the outcropping intrusive, is also characterised by extensively clay altered and silicified volcanic rocks. The alteration is indicative of the upper parts of an epithermal system and includes replacement silicification and sinter, the precipitate or sediment that was deposited from a hot spring. Quartz-calcite veins with textural evidence of boiling have been identified outcropping in limestone roughly 100 meters beneath the exposed sinter. Initial sampling of these veins and from float boulders of breccia containing quartz vein fragments have returned anomalous values in gold and silver as high as 600 g/t Ag and 6.1 g/t Au. The sinter and the overlying altered volcanic rocks are highly anomalous in Hg, As and Sb. [more about epithermal systems +]

Copper porphyry target occurs within altered intrusive rocks that have intruded and deformed the surrounding limestone. The area is overlain by intensely altered volcanic rock and ash. Stockwork quartz pyrite veining dominates the alteration and is associated with minor copper mineralization while the altered limestone is associated with skarn-type copper mineralization. [more about porphyry deposits +]

2008:

Geochemistry & Induced Polarization (Chargeability) at 300m
	Ranges by Au   Ranges by Ag   Ranges by Cu   Ranges by Mo

Induced Polarization Sections with Soil Geochemistry
	Line 2,179,850 Line 2,179,250 Line 2,179,650 Line 2,179,050 Line 2,179,450 Line 2,178,650

2006:

Soil, Rock, and Stream Geochemistry
	Ranges by Au   Ranges by Ag   Ranges by Cu   Ranges by Mo

Induced Polarization Sections with Soil Geochemistry
	Line 2,176,050 Line 2,177,850 Line 2,177,050 Line 2,178,050 Line 2,177,450 Line 2,178,250 Line 2,177,650 Line 2,178,450

 

 

Feb. 2006: Almaden has completed a program of geologic mapping, rock and soil sampling and induced polarization and magnetics geophysical surveys on Tuligtic.

The IP geophysical survey was carried out on eight lines, three kilometres in length, spaced 200 meters apart, and centred over the gullies in which the stockwork veined and copper-gold mineralized intrusive rocks have been exposed.

This IP survey indicated that the exposed mineralization represents a portion of a much larger intrusive system characterised by an elevated chargeability response anomaly which is open in three directions and increasing in tenor with depth.

Soil sampling has returned highly anomalous copper, molybdenum, silver and gold in soil samples over areas where the altered and mineralised intrusive rocks are exposed, and elevated chargeability responses have been recorded at surface. On one line, 78050 north, 7 samples, spaced at 50 meter intervals averaged 310 ppm copper over 350 meters, and included 3 samples taken over 150 meters that averaged 636 ppm copper.

To date 198 chip and grab rock samples have been taken from surface exposures over the entire property, including both the porphyry copper-gold and epithermal gold-silver target areas. Of these samples, 12 returned copper values greater than 0.1 %, with a high of 0.8%, and averaging 0.3% copper. [read more +]

Additional surveys are currently underway in order to better define targets for diamond drilling.