Alexandria Minerals Expands Near-Surface Gold Veins to 1,100 Metres in Length at Orenada Zone 4, Intersects 375.00 g/t Gold Over 0.45 Metres

TORONTO, ONTARIO--(Marketwired - Jul 26, 2017) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(ALXDF)(A9D.F) ("AZX" or the "Company") announced assay results from nine step-out holes completed as part of its Winter-Spring drill program at Orenada Zone 4 in Val-d'Or, Quebec. These exploratory holes, which are the first-ever holes to test the area west of the Open Pit at Zone 4, extend the length of the near-surface gold vein system to 1,100 metres.

Highlights

• Results validate the continued upside potential for new discovery as Alexandria's drill program expands;
• Confirmation that this gold vein system continues in the west is provided by the solid assay results from first-pass, widely-spaced holes west of the Zone 4 Open Pit;
• High-grade assays, including 375.00 g/t gold over 0.45 m, 8.91 g/t gold over 0.8 m, 7.87 g/t gold over 1.00 m, were intersected between surface and 250 metres depth in five of the nine holes;
• Near-surface intersections, such as 1.10 g/t gold over 42.15 m, also attest to the continuing expansion of Zone 4 style gold mineralization to the west;
• First-ever positive gold assays, up to 6.76 g/t gold over 1.0 m, in granitic rocks adjacent to the Cadillac Break, identified over 250 metres of length, also show potential in the rock type for new discovery.

Eric Owens, President and CEO of Alexandria, stated, "Ongoing exploration results like these continue to support our belief that the resource expansion potential at Zone 4 is exceptional. We have now significantly increased the footprint of the gold veins at Zone 4 from about 700 metres long at the beginning of this year, to 1,100 metres long. We anticipate further growth with our current 30,000 metre summer drill program, which encompasses both Zone 4 and the west exploration area, as well as Zone 2, some 800 metres east of the Zone 4 Open Pit."

The veins and geology intersected in these widely-spaced, first-pass exploration holes are similar to those veins drilled in the better-defined Open Pit area of Zone 4. At Zone 4, gold occurs in multiple, flat-lying high grade veins and veinlets, locally deformed, surrounded by lower grade alteration haloes ("envelopes").

To date, high-grade gold veins and envelopes have now been intersected over a 1,100 metre strike length at Zone 4, which represents a tripling of the known length of the vein system since drilling first began last fall (Figure 1). Drilling has mostly aimed at the shallow, upper 250 metres of depth, and has been focused on a zone that is 20-50 metres in width across strike within the Cadillac Break shear zone.

Figure 1. Longitudinal Section, Zone 4 2017 Winter-Spring Drill Holes: http://www.marketwire.com/library/20170726-1099799-F1-gr.jpg

West Area Step-Out Drill Results

Selected assay results from the nine drill holes are presented in Table 1 (below), and come from a 400 metre stretch of Cadillac Break west of the Zone 4 Open Pit. The holes are DDH OAX-17-102, OAX-17-103, OAX-17-104, OAX-17-107, OAX-17-109, OAX-17-118, and OAX-17-119, OAX-17-120, and OAX-17-122. The nine holes are located on four lines, or cross sections, as discussed below.

Because bedrock is covered, and no prior drilling has constrained the location of the target Cadillac Break, exploration procedure on each line is to first drill a shallow hole across the zone to identify the target horizon, followed by a second, steeper hole to test the horizon.

Section -1635: DDH OAX-17-118 and OAX-17-120 (Figure 2). Located about 40 m west of the Open Pit, the two holes show wide gold-bearing envelopes enclosing local high-grade veins in the upper 150 m of the holes. OAX-17-118 intersected 7.87 g/t gold over 1.0 m (19.00 to 20.00 m) and an alteration envelope grading 1.05 g/t gold over 27.50 m (11.20 m to 38.70 m), including 4.72 g/t gold over 1.9 m. These veins are clearly related to the shallow gold mineralization in the nearby open pit.

Likewise, OAX-17-120 intersected 1.10 g/t gold over 42.15 m (8.55m to 50.70m), including 3.24 g/t gold over 3.50m, as well as a second, deeper envelope grading 0.90 g/t gold over 45.5 m (95.00 to 140.50 m), including 4.17 g/t gold over 3.20 m. These results lengthen the shallow gold veins another 40 m west of the open pit.

Section -1680: DDH OAX-17-102, OAX-17-103, and OAX-17-104 (Figure 3). Located 100 m west of the Open Pit, the three holes intersected scattered high-grade gold veins hosted within wider, flat-lying envelopes. The best results came from OAX-17-103, which intersected 8.91 g/t gold over 0.8 m, 5.05 g/t gold over 0.8 m, and 4.80 g/t gold over 0.7 m. OAX-17-104 intersected 6.76 g/t gold over 1.0 m, the easternmost gold intersection of a 250 m long gold-bearing zone in a granitic rock adjacent to the Cadillac Break.

Figure 2, Section -1635: DDH OAX-17-118 and OAX-17-120: http://www.marketwire.com/library/20170726-1099799-F2-gr.jpg

Figure 3. Section -1680: DDH OAX-17-102, OAX-17-103, and OAX-17-104: http://www.marketwire.com/library/20170726-1099799-F3gr.jpg

Section -1850: DDH OAX-17-119, and OAX-17-122 (Figure 4). Located 150 m west of the previous section, or 270 m west of the Open Pit, the two drill holes intersected gold veins and envelopes which, in hole OAX-17-122, assayed 0.46 g/t gold over 32.8 m (66.00 to 97.10 m), and 0.5 g/t gold over 27.20 m (185.80-213.00). The first test hole to be drilled on the section, OAX-17-119, intersected two encouraging zones in the granitic rocks to the north of the Cadillac Break Shear Zone, with up to 2.71 g/t gold over 0.8 m.