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Almaden Minerals lifted by Ixtaca zone drill results

Last updated: 10:52 28 Nov 2013 EST, First published: 11:52 28 Nov 2013 EST

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Almaden Minerals (TSE:AMM)(NYSE MKT:AAU) shares are rising after the company unveiled results from its Ixtaca zone drill program at its Tuligtic project in Mexico.

The program, which is designed to upgrade resources to the higher confidence measured and indicated categories, showed continuity and high grades of the main and northern zones seen with previous drilling.

Notable drill holes include 101 metres of 1.92 grams per tonne (g/t) gold and 113.2 g/t silver, for 4.2 g/t gold equivalent. This intercept included 12.6 metres at 4.32 g/t gold and 346.3 g/t silver, for 11.2 g/t gold equivalent. 

Shares jumped 2.6% to $1.17 in Toronto on Thursday morning, earlier rising to as high as $1.21.

"Today's holes show the continuity of this part of the Main Zone and highlights the high grades that core it," said chairman J.D. Poliquin in a statement Thursday. 

"The infill drilling program underway was designed to upgrade the confidence of our resource base. It also provides an opportunity to remind our shareholders that the Ixtaca zone of veining is cored by several well defined and intensely mineralised high grade gold silver zones that have good continuity along strike."

Earlier this year, Almaden announced a maiden resource on the 100% owned Ixtaca zone, which is a blind discovery made by the company in 2010. Since that time, it has been focused on expanding the resource for the next stage of development. The company has already retained consulting and engineering firms to conduct a preliminary economic assessment on the deposit.

Once all the results from the drilling program have been received, expected early next year, Almaden is planning to report a new resource estimate, which will form the basis of the economic report.

Apart from drilling, the company is also working on metallurgical studies, environmental reports and scoping level engineering studies. 

Next year, the Canadian explorer is expecting to drill targets outside of the Ixtaca zone at the project. 

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