Almaden is Working to Identify More Targets at its Ixtaca Project

Almaden Minerals has provided an update on its exploration program at its Ixtaca Project, announcing it had completed a geophysical program. The results of the program are expected to identify more targets for its future drilling program.

The Ixtaca Gold Silver Deposit located in Puebla is one of Mexico’s premier precious metal discoveries. It is located 120 km southeast from the Pachuca Mine, considered one of the largest gold and silver deposits in the country. The deposit hosts a proven and probable reserve of 1.38Moz of gold and 85.1Moz of silver (73.1 million tonnes grading 0.59 g/t Au and 36.3 g/t Ag). According to the company, the Ixtaca project has an outstanding inventory of precious metals that can be increased through drilling programs and a further exploration of the deposit.

In December, Almaden received a notification from the Environment and Natural Resources Ministry (SEMARNAT), saying it had denied the company's initial MIA application for its Ixtaca project. SEMARNAT denied the permit that is necessary for the construction and operation of the project because it did not include sufficient  information on environmental impacts. However, Almaden said SEMARNAT did not consider the company's prevention, mitigation and compensation measures that were part of its MIA request.

Although the company did not receive approval, Almaden decided to resume exploration on the property to identify more targets, while working to re-submit its environmental permit. Almaden announced it is placing greater emphasis on SEMARNAT's reasons for denying the permit and has ensured that the Ixtaca Project can be an example of modern and responsible mining in Mexico.

"We believe the Ixtaca project has many natural advantages which allow it to make a significant net positive contribution to the local and regional area, and to define new ground in the realm of sustainable mining. Our intention moving forward is to seek opportunities to allow for robust dialogue on the nature of these potential contributions, and to submit a new MIA which clearly reflects the current priorities in Mexico,” Said Morgan Poliquin, President and CEO at Almaden Minerals.

The company recently announced that it had completed a surface-induced polarization geophysical program that sought to define drill targets below the Southeast Alteration (SE) and the Ixtaca deposit.  The data collected from the recent geophysical program is being processed and combined with geologic, geochemical and geophysical data from other previous programs. The results are expected to help identify more targets for its future diamond drill program that will see the potential blind zones of veining beneath the SE zone.