Almaden Minerals (AAU.NYSE-A; AMM.TO; US$1.37) identified a zone of veining outside of the pit area defined at Ixtaca, the deposithosting portion of its flagship Tuligtic project in Mexico.
Hole 318A hit several areas of mineralization at depth, including 4.30 meters of 1.32 g/t gold and 145.5 g/t silver and 6.41 meters of 1.96 g/t gold and 251.6 g/t silver. Hole 462 intersected several intervals as well, including 1.37 meters of 1.73 g/t gold and 291.7 g/t silver and 7.22 meters of 0.20 g/t gold and 51.1 g/t silver.
Located adjacent to the Ixtaca zone, the veining identified by this drilling indicates that this multi-million-ounce zone has the ability to grow. It also demonstrates that other “Ixtacas” are conceivably elsewhere on Tuligtic.
These results provide some blue sky exploration potential to go with the value already established in the ground at Ixtaca. Almaden is engaged in a prefeasibility study that is steadily de-risking the project.
Like many companies on our list Almaden has surged higher in 2016. And while it’s not likely to make a ton of news of the market-moving variety in the short term, it remains a solid long-term hold on the prospect of an eventual buy-out offer by a major.
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