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Almaden Resources and Fairfield Minerals Ltd. merged into Almaden Minerals Ltd. in February, 2002. Combined companies have at least four bulk-tonnage copper-precious metal project acquired by in Mexico. These include: Caballo Blanco, Tropico, San Carlos and El Pulpo.  

 

Almaden Minerals Ltd.            [AMM:TSE] 

Two 100% owned Mexican subsidiaries are Minera Gavilan S.A. de C.V. and Almaden de Mexico S.A. de C.V.

Teamed up with BHP-Billiton in generative exploration JV program in Mexico May, 2002. 

Caballo Blanco Au-Ag skarn property near Vera Cruz. Optioned a 75% interest to Noranda in 2001. After they wrapped-up a 2100 m drill program Noranda dropped property back to Almaden. Noranda had focused on the property's copper-gold porphyry potential in the Central Grid area.

NMN V88#14, Oct 7-13, 2002
 Press Release 2Oct01

Drilled 17 RC holes totaling 2,390m in first half of 1998. Found highly anomalous Au, Ag and Cu. All RC holes were relatively shallow due to groundwater problems. Will need Diamond Drilling to evaluate deeper IP anomaly which remains untested. Best results in CB-4 with 39.6 m averaging 1.44 grams Au and 9 grams Ag. This includes a 12 m interval at 3.8 grams Au and 23 grams Ag. Can earn in at 100% subject to a 2% nsr by paying $1M by 2002. Mobilized geological team to resume exploration in March, 1999. Issued fourth tranch of shares to owners to acquire property. Optioned this target out to Noranda.

A final report on last years work by M.J. Poliquin, M.Sc., includes results of fluid inclusion work by Jim Reynolds on drill cuttings from the reverse circulation drilling program in the main grid, several km west of the highway grid. This work identified three stages of quartz with several types of inclusions. The early and late stages of quartz and the inclusion characteristics are diagnostic of a classic phyllic copper-gold-porphyry system. The intermediate banded quartz is common only in the shallow porphyry systems of the Maricunga Au belt. Reynolds concludes that it is probable that the main grid area represents an erosional level immediately above the top of a porphyry pluton, in the upper reaches of a shallow porphyry system. This part of the property has another important characteristic common in some other copper-gold-porphyry systems; significant copper mineralization is associated with chlorite and sericite alteration. Last year's drilling identified two distinct areas of copper gold mineralization associated with K silicate and sericite pyrite alteration. CB-1 intersected 107 m averaging 0.18% Cu and 0.25 grams/tonne Au and 250 m east, hole CB-2 intersected 40 m averaging 0.15% Cu and 0.39g/t Au at the bottom of the hole. Between 800 m and 1.6 km south are holes CB-5 which intersected 20 m averaging 0.11% Cu and 0.45g/t Au in a breccia pipe and CB-12 which intersected 15 m of 0.16%Cu and 0.23 g/t Au at the end of the hole. Drilling also intersected several zones of quartz barite veining and gold silver mineralization. The most significant in CB-4 averaged 1.4 g/t Au and 9 g/t Ag over 40 m including 3.8 g/t Au and 23 g/t Ag over 12.2 m. Another section of the breccia pipe in CB-5 intersected 14 m averaging 1.8 g/t Au and 31 g/t Ag. Clearly a program of deeper drilling is warranted to test the depth extension of these highly potential zones.

GCN #53 17Mar99

HISTORY: Initially optioned a 60% interest in a property consisting of 5 titled claims totaling 13,300 ha with a 6th claim initially still waiting for title. Staked a bunch more to bring total to around 40,000 ha. (150 sq km). Located 75 km NW of Vera Cruz. Exploration began early 1997. Prelim results averaged 0.07 opt Au and 2.1 opt Ag. A 2,829 sample soil 100m survey grid covering 3km by 3km was completed in the Cerro Encinal Area.   Background Au was determined as 12 ppb and 985 samples were >25 ppb, 113 were >100 ppb and 47 were >200 ppb including spikes above 1 gram and up to 9.972 grams. Correlation with Cu, As, Sb is not readily apparent. Grab samples of qtz-barite vein material averaged 2.4 gpt Au and 60 gpt Ag. Largest coherent anomaly is an irregular arcuate shape with dimensions 1km by 1 km. Acid sulfate alteration was identified and detailed color air photos were taken. Trenching and pit-verification completed. Mapping showed to a first approximation Au seems to correlate with areas of K-silicate alteration and Cu-staining. This mapping phase included using a portable PIMA spectrometer.

Subsequent to IP and ground magnetics run in August, 1997, Almaden completed a second phase of IP and magnetic surveying in order to detail the anomalies and to extend the coverage. This program was carried out with additional soil sampling and geologic mapping which is ongoing at the time of writing. The additional IP work and detailing defined a large very strong chargeability anomaly the centre of which is the porphyry-style and Cu-Au mineralization previously reported. The additional IP detail work has also better defined the linear chargeability highs previously interpreted to represent veins. This detail work clearly indicated the relationship of the chargeability- resistivity highs to zones of vein float and outcrop previously sampled and reported. Trenching completed over the areas of coincident anomalous Au-Cu soil geochemistry and the surface projections of IP anomalies to better define targets prior to diamond drilling. Slated for $700,000 exploration in 1997 and as of 11/27/97 $624,672 has been spent (including a deemed $145,000 share issuance).

GCN #128 6Jul98 (assays for remaining holes CB-7 to CB17)
GCN #113 12Jun98 (assays first 6 holes)
LAMR Jan, Apr, May, and Jul, 1998
News Release 27Nov97
GCN #208 29Oct97
News release 09Jul97
GCN 3114 13Jun97
GCN #107 4June97
LAMR April, 1997
CSW 21Mar397
News Release 17Mar97
CSW 14Feb97
News Release 12Feb97

Yago District, Nayarit. Optioned to Ascot Resources Ltd as of May 8, 2002. Minera Galivan assembled claims near Santiago Ixcuintla from at least three separate land owners over large high-level epithermal district. Most recent acquisitions include 8 concessions from Minera Nueva Vizcaya S.A. de C.V. (Alfredo Parra Davila). This includes an operating UG vein mine on the La Sarda Vein and a 300 tpd mill. Total land package optioned now over 15,637 Ha. Almost 70,000 acres have been staked directly. Almaden Resources flipped 51% of this property to Santoy Resources Ltd. and VSE accepted agreement on 12June98. Santoy had to dish out some shares and incur 300,000 in work prior to 1Oct98. It got drilled with 7 holes which "unfortunately only encountered widespread anomalous Au, Ag, and base-metal mineralization" and according to Santoy the prospect "bears very little resemblance to a mine". This previous exploration was 7 km south of the recent acquisition of the La Sarda Mine. 

Subsequently Almaden Resources Corporation has entered into an agreement with Fairfield Minerals Ltd. to explore Almaden's Yago gold-silver project in Nayarit, Mexico. Under terms of the agreement, Fairfield will spend $300,000 on an initial drill program and can earn 51% by spending $2,000,000 on exploration and making the property payments due during its earn-in period, after which a joint venture will commence with Fairfield as operator. hey will start drilling as soon as they straightened things out with the previous drill contractor. The drill is still on the property and the companies wish to use this equipment with another contractor. If the issues are resolved shortly drilling will proceed. If there is further delay, the program will not start until the new year.

Press Release 8May02
Press Release 18Oct00
Press Release 1May00
Press Release 10Feb00
Press Release 23Nov99
CSW 5Feb99
CSW 22Jan99

Hydrothermal alteration mapping and fluid inclusion studies support the conclusion that the present erosion surface represents shallow depths beneath the paleo-water table of the hydrothermal system. The potential for high-grade gold-silver mineralization is expected to extend from surface to great depths beneath the present surface. Seven widely-spaced reverse circulation drill holes tested approximately 100 m below surface under some of the known veins. The drilling tested the Creek Zone over a distance of 500 m as well as the Guadalupe/Vein X systems over 700 metres. Unfortunately only widespread anomalous Au, Ag and base-metal values were obtained from the drilling. We are talking + 0.5 gpt Au and 0.5-3 opt Ag for highlights. (Old Prospector saw paleo-surface sinter deposits everywhere back in '93. This must be a young puppy)

GCN #15 22Jan99
News Release 10Dec98
LAMR December, 1998
News Release 12Jun98
CSW 11Apr97
GCN #76 21Apr97
CSW 18Apr97


El Pulpo Project, Sinaloa. Acquired property by staking a porphyry copper prospect roughly sixty kilometres from Mazatlan, Mexico. The prospect, locally known as El Pulpo, was discovered by a major company in the early 1970's at the time of it's withdrawal from Mexico. A soil and rock  geochemical sampling program was carried out at that time and  produced a significant copper anomaly associated with a K-silicate altered and stockwork veined intrusive body. A prominent  consultant visited the property at that time and wrote a report,  now in Almaden's possession, recommending work including exploration tunnelling. Almaden believes that due to political  circumstances no other work has ever been performed on the  property. The property was staked as soon as previous claims, unrelated to the El Pulpo prospect lapsed.

Press Release 13Feb02

San Carlos Project, Staked 11,189 ha claim block in east-central Mexico where an alkalic intrusive complex intrudes bedded and massive limestones. Skarn development is present. Optioned a 60% interest to Arcuana Corporation.

Press Release 8Aug01

Fairfield Minerals Ltd. has compiled results from recently completed airborne magnetic and stream sediment geochemical surveys on the San Carlos copper-gold project, Mexico. The San Carlos project covers an area of Tertiary alkalic intrusions occurring in limestone country rock. The geologic setting is believed to be similar to that of several major alkalic copper-gold porphyries in the South Pacific and elsewhere. The survey covered a rugged area of high relief, roughly 25 x 12 kilometers in size, which is underlain by monzonite intrusive bodies that have intruded deformed limestone country rocks. This area includes the optioned San Jose zone, where historic production of high-grade direct shipping copper gold ore was carried out on several garnet-magnetite dominant skarn bodies hosted in both limestone and monzonite intrusive. In the San Jose zone prospecting has defined a large area over which the monzonite porphyry is altered and mineralized. The San Jose area was reflected by a roughly 4 by 8 kilometers in size, oblong shaped high magnetic response feature and is associated with elevated copper and gold stream sediment geochemistry. The best copper-gold stream sediment geochemistry occurs over 12 kilometers to the south of the San Jose zone. However, this stream sediment sampling has defined an area 8 by 10 kilometers in several drainages with highly anomalous copper and gold values. The geochemical anomaly is coincident with the most important magnetic high resulting from the airborne survey. This new target, called the Magnum zone, is entirely within the wholly owned Fairfield Minerals claim block. Rock-grab samples of mineralized skarn float taken from these drainages has returned values as high as 0.7 % copper and 2 g/t gold. This work also defined a separate area of high gold stream sediment geochemistry located roughly 20 kilometers northeast of the Magnum zone. In this area, called the El Huatero zone, stream sediment samples returned anomalous values in gold, lead and zinc over a 2.5 by 2.5 kilometer area. The elevated geochemistry is spatially associated with an argillic altered diorite which has intruded the sediments. Fairfield is planning a follow up program consisting of additional stream sediment sampling to better define the sources of the anomalous stream sediment and a program of prospecting, mapping and sampling over the Magnum, El Huatero and San Jose zones.

Press Release 16Feb00
GCN#120 23Jun98

Tropico Project, Sinaloa. Fairfield Minerals Ltd. has acquired the Tropico Pt-Pd-Au-Cu prospect from BHP Minerals Inc. for a small cash consideration and a 2 1/4% NSR royalty. Subsequently optioned it to Sumitomo Minerals of Japan. The property covers 51,000 acres with limited outcrop in isolated hills surrounded by farm and pasture land, about 20 kilometers from Mazatlan, Sinoloa Mexico. Infrastructure is excellent.  BHP initially staked the Tropico property to cover abundant copper oxides on hills over a 9 km long belt. Follow up work found values are associated with a layered mafic plutonic sequence. Anomalous platinum group elements and gold were detected in initial samples and confirmed in all subsequent sampling.  Fairfield has conducted sampling, a remote sensing study and, shortly after acquisition, a limited (4 holes) reverse circulation drill program, carried out as assessment work in areas accessible without road or drill pad construction. This drilling intersected several significant mineralized zones with platinum-palladium-gold and copper values. 

June 1999: 
The Property has been optioned to Santoy Resources Ltd. who are committed to spending $150,000 on exploration and paying 100,000 shares of stock to Fairfield during year one of the option period. In a report for Santoy, H.L. King, P.Eng. states the relatively high copper values associated with significant combined gold-platinum-palladium values ranging up to over 1 gram per tonne indicate that the mafic igneous complex is an attractive exploration target size in the order of 100 million tonnes of 0.5% copper and 0.5 to 1g/t combined gold, platinum and palladium is considered possible given the wide distribution of significant metal values. 

WWWinfo

La Gitana, Oaxaca. Almaden has acquired an option on this property which hosts an epithermal vein system with the potential to develop a significant tonnage of bonanza-grade gold-silver mineralization. The property has seen very little exploration to date and lies at an elevation of 1200 to 1500m, 11 km from a paved highway. Early in 2001 it was optioned to Copper Ridge Exploration who can earn a 60% interest by spending U.S. $500,000 with the issuance of 200,000 shares to your company and by making all payments to the underlying vendors. Copper Ridge can then earn an 85% interest by spending an additional $500,000 over two years. Recent sampling by a major mining company reported 2,560 grams per tonne (gpt) silver (82.3 oz/ton) and 21.4 gold (0.69oz/ton) over 2 m, within a 21 m sample across 3.5 m and 983 gpt silver and 0.45 gold. Other parts of the vein are largely covered with overburden. A second area of mineralization associated with opaline silicification has been identified. Sampling by the same major company in this area has returned broad zones of low grade gold and silver values (38 gpt silver and 0.5 gpt gold over 168m; 30 gpt silver and 0.65 gpt gold over 153.5 m ), indicating that this area may be the upper portion of a second epithermal vein system. 

El Encuentro, Sinaloa. Large rhyolite breccia zone near Guamuchil. 100% optioned 1,036 ha property in 1992 subject to sliding scale nsr with Eldorado holding option to earn in at 60%. to be returned 100% to Almaden as part of divestment in La Trinidad (see above). Values up to 0.06 opt over 160 ft have been obtained from surface trenching. Several higher grade epithermal vein stockwork zones with localized epithermal breccias also identified. One sample assayed 0.44 opt across 12 feet.

News Release 27Nov97
GCN #134 14Jul97
GCN #113 13Jun97
News Release 6Jun97
CSW 11Apr97
LAMR May, 1997
GCN #66 7Apr97
WWW info 6Dec96
Corporate News Release
Randol at Vancouver '96 exhibitor
GCN #173 6Sep96
MBD March, 1996
CMH 1995-1996

La Trinidad Mine, around 50 mi SE of Mazatlan in southern Sinaloa is 49/51 JV w/ Eldorado. Property position 233 sq km. Reserves at 2.3 MM tons at 0.058 opt Au (177,000 oz). Expected mine life of four years starting in Oct. 96 Production in 1Q97 was 7,827 oz at cash cost of $207/oz. forcst to produce 30,000 oz at cash cost of $225/oz in 1997. Proven, probable, measured, indicated and inferred reserves total 4,640.000 tonnes at 0.048 opt - containing 226,000 oz. The mine interest is in the process of being sold to Eldorado Corp. for cash plus royalty. .

GCN #113 13Jun97

Erika Au property near Coacoyula, Guerrero lies along major N-S structural trend that includes Teck's Nukay property about 15 km to the south, Bermejal and the Taxco Ag district. Area covers 16, 000 acres. Drilling completed 6Jun97 assays received 14July97 and were disappointing. Several holes contain anomalous Au and/or very anomalous pathfinder elements; however, the best Au intersection was 5 m of 0.5 gpt. Geochem was done by Bondar-Clegg on cut-core samples. Visually holes 4, 5 and 8 are most interesting. Hole 4 cut breccia from 217 to 320 m. Hole 5 cut quartz-veined pyritized crystal tuff and entered silicified limestone at 239m. Reported as very-high level low sulfidation epithermal system. 75 line-km of gradient array IP and resistivity along with soil/rock geochemistry have been used to generate drill targets. Localized poly-phase silicification including jasperoids has a high Hg, Te, Sb As geochemical signature. Coincident linear chargeability resistivy and geochem anomalies were targeted in a 7000 ft Phase I drill program. Slated for $500,000 exploration in 1997. Based on first pass drilling, Almaden's exploration focus will turn towards Yago and Caballo Blanco. Summary of drilling given below:

Almaden has completed a diamond drill program of 8 holes totaling 2,078 m on its 100% owned Erika gold prospect in Guerrero, Mexico. The program was designed to test several geological, geochemical, and geophysical (I.P. and resistivity) targets scattered around an area 4 by 3 km within the property. Core is still being logged and cut with one half being sent for assay. This process will not be complete for another 10 days. Vancouver based assayer Bondar Clegg has a truck that picks up the samples splits at the property on a regular basis. Samples are then under their control until analyzed in Vancouver. All anomalies were explained. Visually, holes 4, 5 and 8 appear the most interesting. Hole 4 intercepted a broad breccia zone, from 217.0 to 319.6 m. This contains fragments of vein material, silicified sediments and volcanics, with late stage silicification and pyrite in a clay altered matrix. Some fragments are partially replaced by pyrite. The hole was lost at 330 m. Hole 5 started in a pyritized crystal tuff which is cut by a number of narrow quartz veins between 90 and 170 m. At 239 m the hole entered limey mudstones that have been clay altered and silicified. Hole 8 started in a lithic to crystal tuff and from 96 m to 140.3 m the tuff is clay altered and silicified. This material is cut between 112 m and 125 m by sometimes intense silicification and quartz veining with pyrite. After 140.3 m, the hole enters silicified limestone with clay alteration along fractures. The hole ended at 278 m. Almaden considers visual results confirm that the Erika prospect represents the upper levels of a preserved low sulphidation epithermal system and that holes 4, 5 and 8 have intersected broad zones of favorable alteration mineralogy . This is encouraging, but there is, of course, no indication whether any of this material will contain any gold values. The best gold intersection was 5 m of 0.5 grams gold/tonne. Several other targets on the property have not been tested and further work will be considered later. The company's focus will now shift to the Caballo Blanco gold-silver-copper and Yago gold properties.

News Release 9Jul97
News Release 6Jun97