Message #7 From:
NewsBot Date: April 12, 2008 08:24:58 PM
Almaden Options Tropico Project, Mexico
Almaden Minerals Ltd. (TSX: AMM)(AMEX: AAU) ("Almaden") is pleased to
announced that, along with its 60% joint venture partner Santoy
Resources Ltd. (TSX VENTURE: SAN) ("Santoy"), Almaden (which holds a
40% interest in the project) has optioned the Tropico
copper-palladium-platinum-gold project to Skeena Resources Ltd. (TSX
VENTURE: SKE) ("Skeena") under terms whereby Skeena can acquire a 60%
interest from the Almaden-Santoy joint venture ("the JV") by making $3
million in work expenditures ($100,000 in year one) on the project and
issuing to the JV 1,250,000 shares of Skeena (250,000 upon regulatory
approval) over 5 years.
The Tropico copper-platinum-palladium-gold project is located in
Sinaloa State, Mexico and is well located with respect to low-cost
infrastructure, being crossed by a paved highway, a major powerline,
within 10 km of a rail line, and 20 km north of the deep water port of
Mazatlan. The property covers an east-northeast striking, 17 km long by
2 to 3 km wide, Late Jurassic to Early Cretaceous Layered Mafic Igneous
Complex that intrudes Paleozoic schists (metasediments). The Complex is
cored by pyroxenite, or mixed pyroxenite-gabbro, which in turn is
enclosed by gabbro. It is intruded by Late Cretaceous to Early Tertiary
diorite, which is locally cut by quartz diorite to granodiorite
(possibly part of the Sinaloa Batholith). Late stage Oligocene
volcanics overlie much of the Complex.
The primary exploration targets are large tonnage, potentially open
pitable, low-grade zones of disseminated copper sulphide mineralization
with associated platinum, palladium and gold. These would be
preferentially deposited proximal to gabbro-pyroxenite contacts in
stratigraphically controlled zones where there is a change from
predominantly plagioclase cumulate to pyroxene cumulate (both at the
hangingwall and footwall contacts of the pyroxenite or mixed
pyroxenite-gabbro core). There is also potential for massive,
high-grade, copper-nickel-platinum-palladium-gold occurrences in
"feeder-pipe" zones or along major faults or within fold structures.
Historically, the project area has been subjected to considerable
prospecting, soil geochemistry and ground geophysics, originally by BHP
Minerals in the late 1990's, and subsequently, additional geochemistry,
extensive mechanical trenching and drilling during the period 1999 to
2002, by the JV. This latter work was largely financed by Sumitomo
Metal Mining Co. Ltd. of Japan. Expenditures to date are in the order
of $4.5 million.
Nine sulphide occurrences have been identified at Tropico,
consisting of variable amounts of chalcopyrite, cubanite, bornite,
pyrrhotite, pyrite and minor pentlandite. Some of the better
mineralized trenches at the Maricela Occurrence were reported to assay
0.50 to 1.00% copper (Cu) and up to 1 gram/tonne combined platinum (Pt)
+ palladium (Pd) + gold (Au) (generally with a platinum to palladium
ration in the order of 0.75:1) over widths of 15 to 160 metres. Some 39
drill holes totaling approximately 6,550 metres are reported in the JV
summary report (28 core holes by the JV). The best reported drill
intercepts were 0.5% Cu and 0.75 g/t Pt+Pd+Au over 38.9 metres (hole
M-02-08) and 0.39% Cu and 0.55 g/t Pt+Pd+Au over 128.1 metres (hole
M-01-03) at Maricela; and 0.54% Cu and 0.52 g/t Pt+Pd+Au over 47.0
metres and 0.82% Cu and 0.70 g/t Pt+Pd+Au over 15.5 metres at San Pablo
(hole SP-02-01). Generally, most drill intercepts were lower grade than
reported overlying trench sampling, possibly attributable to minor
supergene enrichment (for trench and drill results, the reader is
referred to nine news releases filed by Santoy on the SEDAR website
between Jan. 19/01 and Dec. 20/02.
Work on the project was suspended by the JV in December, 2002 due to
depressed metal prices (copper at $0.75/lb., platinum at $590/oz.,
palladium at $230/oz., and gold at $345/oz.) and a proposed follow-up
drill program was never initiated.
Skeena has contracted Fugro Airborne Surveys to undertake a
helicopter-borne DIGHEM multi-frequency electromagnetic and magnetic
survey (1,100 km of 100 metre spaced lines) of the property. The survey
coverage and orientation are designed to investigate down-dip areas of
known mineralization and those areas covered by a thin mantle of recent
volcanics. The survey has been permitted, and is expected to be flown
in March, 2008.
Morgan J. Poliquin, P.Eng., a qualified person under the meaning of
National Instrument 43-101 and the president, COO and a director of
Almaden has reviewed the technical information in this news release.
About Almaden
Almaden is a mineral exploration and development company with a
track record of making new discoveries in Canada and Mexico. Almaden
currently has an interest in 22 properties that are under active
exploration. Almaden will continue with its successful business model
of identifying new projects through grass roots exploration and
managing risk by forming joint ventures with partner companies which
then carry the cost of exploring and developing our projects. Almaden's
grass roots exploration programs are designed to identify new mineral
exploration projects in mineral terrains geologically permissive for
world-class ore deposits. Almaden is seeking partners with the suitable
business and geological resources to explore and assess the potential
of these projects through drilling.
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 Skeena's filing with the Securities
and Exchange Commission.
The Toronto Stock Exchange and American Stock Exchanges have not
reviewed nor accepted responsibility for the adequacy or accuracy of
the contents of this news release which has been prepared by
management.
