Toronto, Ontario, February 22, 2018 – Alexandria Minerals Corporation (TSX-V: AZX; OTCQB: ALXDF; Frankfurt: A9D) (“AZX” or the “Company”) is pleased to announce the assay results from the last seventeen shallow diamond drill holes from its 2017 program at Zone 4 on the Company’s Orenada property in Val D’Or, Quebec. The eight in-fill drill holes and nine step-out drill holes cover more than 1,400 metres of strike length at Zone 4, and have resulted in the new discovery of shallow gold mineralization 900 metres to the west of Zone 4.
Highlights
- The results from eight shallow in-fill drill holes confirmed gold mineralization continuity for the Company’s upcoming Orenada resource update with intersections of up to: 45.90 metres (m) @ 2.04 g/t Au (DDH OAX-17-229), 40.95 m @ 1.73 g/t Gold (OAX-17-202), and 7.16 m @ 3.16 g/t Gold (OAX-17-196), all within 250 m of the surface;
- Assay results from nine step-out drill holes west of Zone 4 showed that the gold system extends for at least 900 m west of the Zone 4 area, which is currently the focus of a resource estimate update, returning results of; 11.80 m @ 3.99 g/t Gold, including 4.60 m @ 6.66 g/t Gold within 20 m of surface (OAX-17-218), 0.50 m @ 20.80 g/t Gold and 0.75 m @ 13.50 g/t Gold (OAX-17-190A), and 14.30 m grading 2.33 g/t Gold (OAX-17-191);
- The eight in-fill holes at Zone 4 will be included in the Company’s upcoming resource estimate update. The nine step-out holes to the west will not be part of the resource update but have provided a starting point for the Company’s 2018 planned drill program which had begun with 4 drill rigs.
Alexandria completed 43,500 m of drilling over the past 14 months in 170 drill holes for the new updated resource estimate, focusing on the stacked vein sets at Zone 4 and nearby Zone 2. The drill program has now successfully enlarged the footprint of gold mineralization to more than 2,400 m in length.
Next Steps
The Company’s technical team is working with an independent Qualified Person to update the National Instrument (NI) 43-101 compliant resource estimate for the Orenada Zone 4 and Zone 2 gold deposits. This updated estimate is progressing well and is expected to be completed before the end of the first week of March 2018.
Four drill rigs had started drilling on the western extensions of the Orenada Project as part of the 2016 exploration program. The drill program is the Near-West area, consisting of follow-up drilling within 1 km of Zone 4, designed to add near-surface resources adjacent to the Zone 4 resource, and, 2) the Far-West, more than 4 km west of Zone 4, where encouraging geophysical anomalies and geological targets, together with reported historic high-grade gold veins, indicate a continuation of Zone 4-style gold mineralization along the Cadillac Break.
Near-West Step-Out Drilling: Results up to 900 m West of Zone 4
The results of nine step-out drill holes to the west of the open pit have confirmed the extension of gold mineralization up to 900 m west of the new resource estimate. The results of this drilling will not be included in the new updated resource estimate currently underway.
Table 1: Step-Out Drill Hole Assay Results, Near West Area
| Drill Hole | From (m) | To (m) | Length (m) | Au (g/t) | Location |
| OAX-17-190A | 127.50 | 128.00 | 0.50 | 20.80 | 75 m west of Open Pit |
| OAX-17-190A | 328.00 | 329.90 | 1.90 | 5.95 | 75 m west of Open Pit |
| including | 329.15 | 329.90 | 0.75 | 13.50 | 75 m west of Open Pit |
| OAX-17-191 | 47.55 | 106.85 | 59.30 | 0.76 | 75 m west of Open Pit |
| OAX-17-191 | 47.55 | 48.95 | 1.40 | 3.32 | 75 m west of Open Pit |
| OAX-17-191 | 59.70 | 60.30 | 0.60 | 6.24 | 75 m west of Open Pit |
| OAX-17-191 | 79.10 | 93.40 | 14.30 | 2.33 | 75 m west of Open Pit |
| including | 79.10 | 85.50 | 6.40 | 3.90 | 75 m west of Open Pit |
| OAX-17-191 | 105.00 | 113.50 | 8.50 | 0.72 | 75 m west of Open Pit |
| OAX-17-200 | 11.00 | 19.60 | 8.60 | 2.39 | 900 m west of Open pit |
| including | 12.00 | 15.30 | 3.30 | 4.27 | 900 m west of Open pit |
| OAX-17-200 | 128.00 | 129.50 | 1.50 | 2.77 | 900 m west of Open pit |
| OAX-17-204A | 148.55 | 154.00 | 5.45 | 0.95 | 135 m west of Open Pit |
| OAX-17-204A | 161.20 | 163.10 | 1.90 | 2.05 | 135 m west of Open Pit |
| OAX-17-218 | 14.50 | 26.30 | 11.80 | 3.99 | 200 m west of Open Pit |
| including | 16.80 | 21.40 | 4.60 | 6.66 | 200 m west of Open Pit |
| OAX-17-218 | 203.30 | 210.00 | 6.70 | 3.13 | 200 m west of Open Pit |
| including | 206.60 | 210.00 | 3.40 | 5.28 | 200 m west of Open Pit |
| OAX-17-220 | 25.60 | 27.00 | 1.40 | 2.80 | 250 m west of Open Pit |
| OAX-17-220 | 172.65 | 204.45 | 31.80 | 0.49 | 250 m west of Open Pit |
| OAX-17-220 | 203.75 | 204.45 | 0.70 | 5.09 | 250 m west of Open Pit |
| OAX-17-231 | 130.50 | 134.25 | 3.75 | 0.85 | 250 m west of Open Pit |
| OAX-17-231 | 158.90 | 162.35 | 3.45 | 5.89 | 250 m west of Open Pit |
| OAX-17-234A | 85.30 | 93.00 | 7.70 | 0.54 | 420 m west of Open Pit |
| OAX-17-234A | 193.40 | 196.50 | 3.10 | 1.06 | 420 m west of Open Pit |
| OAX-17-235 | 91.40 | 95.30 | 3.90 | 2.30 | 350 m west of open pit |
| OAX-17-235 | 177.00 | 180.00 | 3.00 | 1.17 | 350 m west of open pit |
Zone 4 In-Fill Drilling
The eight infill drill holes were drilled within the area currently forming the basis for a resource estimate. The drill holes confirmed the continuity of mineralization and will be used in the resource update.
Table 2: In-Fill Drill Hole Assay Results, Zone 4
| Drill Hole | From (m) | To (m) | Length (m) | Au (g/t) | Location |
| OAX-17-192 | 167.50 | 173.40 | 5.90 | 0.83 | 20 m west of Open Pit |
| OAX-17-192 | 192.90 | 214.45 | 21.55 | 0.94 | 20 m west of Open Pit |
| including | 192.90 | 200.55 | 7.65 | 1.12 | 20 m west of Open Pit |
| OAX-17-192 | 211.85 | 214.45 | 2.60 | 4.28 | 20 m west of Open Pit |
| OAX-17-193 | 96.50 | 99.25 | 2.75 | 3.25 | 20 m west of Open Pit |
| OAX-17-193 | 237.70 | 238.20 | 0.50 | 16.40 | 20 m west of Open Pit |
| OAX-17-193 | 328.10 | 331.00 | 2.90 | 3.12 | 20 m west of Open Pit |
| OAX-17-193 | 340.45 | 353.50 | 13.05 | 1.44 | 20 m west of Open Pit |
| including | 348.60 | 353.50 | 4.90 | 2.19 | 20 m west of Open Pit |
| OAX-17-194 | 206.30 | 220.60 | 14.30 | 1.78 | 20 m west of Open Pit |
| OAX-17-194 | 206.30 | 208.60 | 2.30 | 3.26 | 20 m west of Open Pit |
| OAX-17-194 | 216.60 | 220.60 | 4.00 | 4.06 | 20 m west of Open Pit |
| OAX-17-196 | 95.25 | 102.35 | 7.10 | 3.16 | Below Open Pit |
| OAX-17-196 | 140.20 | 174.30 | 34.10 | 1.51 | Below Open Pit |
| including | 140.20 | 144.00 | 3.80 | 3.17 | Below Open Pit |
| including | 158.00 | 165.15 | 7.15 | 2.49 | Below Open Pit |
| including | 169.90 | 174.30 | 4.40 | 2.87 | Below Open Pit |
| OAX-17-202 | 137.80 | 178.75 | 40.95 | 1.73 | 80 m east of Open Pit |
| including | 137.80 | 146.85 | 9.05 | 2.69 | 80 m east of Open Pit |
| including | 173.05 | 178.75 | 5.70 | 4.34 | 80 m east of Open Pit |
| OAX-17-202 | 209.05 | 210.95 | 1.90 | 5.79 | 80 m east of Open Pit |
| OAX-17-202 | 244.30 | 274.50 | 30.20 | 1.60 | 80 m east of Open Pit |
| including | 246.75 | 248.90 | 2.15 | 3.47 | 80 m east of Open Pit |
| including | 253.70 | 261.80 | 8.10 | 2.32 | 80 m east of Open Pit |
| OAX-17-212 | 198.95 | 213.15 | 14.20 | 1.50 | 40 m east of Open Pit |
| including | 206.65 | 213.15 | 6.50 | 2.16 | 40 m east of Open Pit |
| OAX-17-212 | 300.55 | 304.75 | 4.20 | 2.31 | 40 m east of Open Pit |
| including | 302.60 | 304.25 | 1.65 | 4.35 | 40 m east of Open Pit |
| OAX-17-229 | 168.85 | 258.50 | 89.65 | 1.32 | 340 m east of Open Pit |
| including | 212.60 | 258.50 | 45.90 | 2.04 | 340 m east of Open Pit |
| including | 212.60 | 227.00 | 14.40 | 3.62 | 340 m east of Open Pit |
| including | 255.30 | 258.50 | 3.20 | 5.60 | 340 m east of Open Pit |
| OAX-17-238 | 22.80 | 34.30 | 11.50 | 1.92 | 340 m east of Open Pit |
| including | 22.80 | 27.90 | 5.10 | 2.74 | 340 m east of Open Pit |
| OAX-17-238 | 285.95 | 303.80 | 17.85 | 1.62 | 340 m east of Open Pit |
| including | 298.00 | 303.80 | 5.80 | 3.35 | 340 m east of Open Pit |
Analytical Procedures and QA/QC
Program design, management, and Quality Control/Quality Assurance (QA/QC) are conducted by Alexandria’s exploration group under the supervision of Philippe Berthelot (P. Geo), who is the Company’s Qualified Person. Mr. Berthelot has reviewed and approved the contents of this press release.
Drill core sampling protocol is conducted according to industry standards, and has been reviewed by the Company’s independent Qualified Person. Half-core samples are shipped to AGAT, Bureau Veritas Minerals, or SGS Canada laboratories for assaying. For visibly mineralized core, the entire core sample is crushed to 75% passing -2mm (10 mesh); a split of 1 kg of crushed material is then pulverized to more than 85% passing 75 microns (200 mesh). Two pulp samples, 50 g each, are analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish. Samples assaying >10.0 g/t Au are re-analyzed with a gravimetric finish on two 50 g charges for each sample.
For core samples located between mineralized intersections, the core is crushed to 75% passing -2 mm (10 mesh). A 250 g split of this material is pulverized with 85% passing 75 microns (200 mesh); one pulp sample (50 g) is analyzed by Fire Assay (FA) with an Atomic Absorption Spectrometry (AAS) finish.
Commercial certified standard materials and blanks are systematically inserted by Alexandria’s geologists into the sample chain after every 17 core samples as part of the QA/QC program. Duplicate samples are systematically analyzed by the laboratories after every 17 core samples. Third party assays are submitted to other designated laboratories for 5% of all samples.
Further information about the Company is also available on the Company’s website, www.azx.ca, or our social media sites listed below:
Facebook: https://www.facebook.com/AlexandriaMinerals
Twitter: https://twitter.com/azxmineralscorp
YouTube: http://www.youtube.com/AlexandriaMinerals
Flickr: http://www.flickr.com/alexandriaminerals/
LinkedIn: http://www.linkedin.com/company/alexandriaminerals
About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with strategic properties located in the world-class mining districts of Val d’Or, Quebec, Red Lake, Ontario and Snow Lake-Flin Flon, Manitoba. Alexandria’s focus is on its flagship property, the large Cadillac Break Property package in Val d’Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.
WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PLEASE CONTACT
www.azx.ca
info@azx.ca
Walter Henry
Chair, Special Committee
(416) 414-5825