Post by Franko10 ™ on Oct 14, 2004 11:21:53 GMT -5
FEBRUARY 17, 2004 - 13:23 ET
Almaden Minerals Ltd.: Fuego Project Optioned to
Horseshoe Gold Mining Inc.
VANCOUVER, BRITISH COLUMBIA--Almaden is pleased to announce that
it has signed an agreement with Horseshoe Gold Mining Inc.
(Horseshoe) whereby Horseshoe would have the option to earn a 60%
interest in the Almaden's wholly owned Fuego gold silver project
in Mexico. The terms of the agreement, which are subject to
regulatory approval, require Horseshoe to spend US$2 Million
exploring the Fuego project and issuing 1,000,000 shares of
Horseshoe to Almaden in order to earn a 50% interest in the
property. This would include a firm commitment to spend
US$200,000 by June 30, 2004 and issuing 200,000 shares of
Horseshoe upon regulatory approval. Horseshoe has the option to
acquire a further 10% interest in the property, for a total of
60%, by spending an additional US$1 Million on exploration. Upon
earning a 60% interest in the property, Horseshoe would have 120
days to acquire Almaden's remaining 40% interest in the property
in return for a 40% interest in the issued capital of Horseshoe,
to be issued by Horseshoe to Almaden at that time.
The Fuego property is a high-level, classic quartz-adularia
epithermal vein system. The textures identified, including fine
grained silica and electrum banding and bladed calcite, are
typical of that associated with bonanza grade epithermal vein
systems worldwide. Some very limited surficial historic workings
exist on one of several banded veins identified within a more
than 20 meter wide zone of veining and silicification in volcanic
rocks. Banded quartz-adularia veins within the vein system
generally dip shallowly and are up to at least 5 meters wide. In
the initial work the parallel vein system has been traced nearly
a kilometre along strike. To date 16 grab and chip rock samples
have been taken on the property by Almaden, of both banded quartz
adularia vein material and silicified volcanic wall rock. Of
these samples of banded quartz vein material averaged 7.7 grams
per tonne (g/t) gold and 300 g/t Ag, with a high of 29.9 g/t gold
and 764 g/t Ag. Samples from silicified volcanic rock within the
zone of veining averaged 1 g/t gold and 162 g/t Ag, with a high
of 2.4 g/t gold and 953 g/t Ag. Visible gold was recognised in
several hand specimens collected on the property which were not
sent for analysis. Mr. H.L. King, M.A., P.Geo., the independent
qualified person on the project under the meaning of National
Instrument 43-101, reviewed this sampling during a recent site
visit. Seven one meter chip samples and one grab sample were
taken by Mr. King of quartz-adularia veining and silicified
wallrock. Analyses of these samples ranged from 0.14 g/t Au and
26 g/t Ag to 10 g/t Au and 381 g/t Ag, and averaged 4.6 g/t Au
and 123 g/t Ag. This sampling included 3 continuous 1 meter
samples taken roughly across the dip of the accessible portion of
an exposed vein, and averaged 7.8 g/t Au and 191 g/t Ag over the
3 meters.
The Fuego property has excellent infrastructure and represents an
entirely unexplored epithermal vein system. Geologic mapping,
geochemical rock and soil sampling and geophysical surveys are
planned to define the extent of the vein system and the
distribution of gold and silver. Fluid inclusion analyses were
carried on several samples collected from exposed veins and
confirmed the field interpretation that the veins are shallowly
eroded.
Analyses were carried out by ALS Chemex Laboratories of
Vancouver.
Almaden currently has eleven active joint ventures covering 12
properties, including nine properties in which partners are
spending to earn an interest in the project and a regional
exploration program with partner BHP Billiton underway to explore
for copper-gold deposits in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Morgan J. Poliquin, M.Sc., P.Eng., Director
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Almaden Minerals Ltd.
Morgan J. Poliquin, M.Sc., P.Eng.
Director
(604) 689-7644
(604) 689-7645 (FAX)
Email: info@almadenminerals.com
Website: www.almadenminerals.com
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.
Almaden Minerals Ltd.: Fuego Project Optioned to
Horseshoe Gold Mining Inc.
VANCOUVER, BRITISH COLUMBIA--Almaden is pleased to announce that
it has signed an agreement with Horseshoe Gold Mining Inc.
(Horseshoe) whereby Horseshoe would have the option to earn a 60%
interest in the Almaden's wholly owned Fuego gold silver project
in Mexico. The terms of the agreement, which are subject to
regulatory approval, require Horseshoe to spend US$2 Million
exploring the Fuego project and issuing 1,000,000 shares of
Horseshoe to Almaden in order to earn a 50% interest in the
property. This would include a firm commitment to spend
US$200,000 by June 30, 2004 and issuing 200,000 shares of
Horseshoe upon regulatory approval. Horseshoe has the option to
acquire a further 10% interest in the property, for a total of
60%, by spending an additional US$1 Million on exploration. Upon
earning a 60% interest in the property, Horseshoe would have 120
days to acquire Almaden's remaining 40% interest in the property
in return for a 40% interest in the issued capital of Horseshoe,
to be issued by Horseshoe to Almaden at that time.
The Fuego property is a high-level, classic quartz-adularia
epithermal vein system. The textures identified, including fine
grained silica and electrum banding and bladed calcite, are
typical of that associated with bonanza grade epithermal vein
systems worldwide. Some very limited surficial historic workings
exist on one of several banded veins identified within a more
than 20 meter wide zone of veining and silicification in volcanic
rocks. Banded quartz-adularia veins within the vein system
generally dip shallowly and are up to at least 5 meters wide. In
the initial work the parallel vein system has been traced nearly
a kilometre along strike. To date 16 grab and chip rock samples
have been taken on the property by Almaden, of both banded quartz
adularia vein material and silicified volcanic wall rock. Of
these samples of banded quartz vein material averaged 7.7 grams
per tonne (g/t) gold and 300 g/t Ag, with a high of 29.9 g/t gold
and 764 g/t Ag. Samples from silicified volcanic rock within the
zone of veining averaged 1 g/t gold and 162 g/t Ag, with a high
of 2.4 g/t gold and 953 g/t Ag. Visible gold was recognised in
several hand specimens collected on the property which were not
sent for analysis. Mr. H.L. King, M.A., P.Geo., the independent
qualified person on the project under the meaning of National
Instrument 43-101, reviewed this sampling during a recent site
visit. Seven one meter chip samples and one grab sample were
taken by Mr. King of quartz-adularia veining and silicified
wallrock. Analyses of these samples ranged from 0.14 g/t Au and
26 g/t Ag to 10 g/t Au and 381 g/t Ag, and averaged 4.6 g/t Au
and 123 g/t Ag. This sampling included 3 continuous 1 meter
samples taken roughly across the dip of the accessible portion of
an exposed vein, and averaged 7.8 g/t Au and 191 g/t Ag over the
3 meters.
The Fuego property has excellent infrastructure and represents an
entirely unexplored epithermal vein system. Geologic mapping,
geochemical rock and soil sampling and geophysical surveys are
planned to define the extent of the vein system and the
distribution of gold and silver. Fluid inclusion analyses were
carried on several samples collected from exposed veins and
confirmed the field interpretation that the veins are shallowly
eroded.
Analyses were carried out by ALS Chemex Laboratories of
Vancouver.
Almaden currently has eleven active joint ventures covering 12
properties, including nine properties in which partners are
spending to earn an interest in the project and a regional
exploration program with partner BHP Billiton underway to explore
for copper-gold deposits in Mexico.
ON BEHALF OF THE BOARD OF DIRECTORS
Morgan J. Poliquin, M.Sc., P.Eng., Director
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.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Almaden Minerals Ltd.
Morgan J. Poliquin, M.Sc., P.Eng.
Director
(604) 689-7644
(604) 689-7645 (FAX)
Email: info@almadenminerals.com
Website: www.almadenminerals.com
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.