Almaden Minerals (TSX: AMM)(NYSE: AAU) announced some drill results from ongoing exploration work around and outside the conceptual pit area at Ixtaca.
The assays have identified a shallow dipping zone below the pit area envisioned in the most recent PEA for the project. Highlights include Hole 463 (22.5 meters of 1.14 g/t gold and 19.3 g/t silver), Hole 464 (5.10 meters of 2.45 g/t gold and 274.4 g/t silver) and Hole 465 (12.0 meters of 2.7 g/t gold and 114.8 g/t silver, including 5.5 meters of 5.06 g/t gold and 219.6 g/t silver).
The results demonstrate that Ixtaca has room to grow and that the Tuligtic property as a whole has the potential to host more significant deposits of gold and silver.
Almaden’s share price is down a bit so far this month, but remains up strongly for the year. The drilling at Ixtaca reminds us of the project’s substantial upside. As the company moves the project along the development curve, Almaden Minerals remains a key hold in our portfolio.
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