Alexandria Minerals Corporation is a Canadian gold exploration company focused on exploring and developing one of the largest properties in the prolific Val d'Or, Quebec, gold mining district.

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The Golden Valley
Alexandria Goes for Gold in the Underexploited Cadillac Region
~ By Greg Klein - June 28, 2011
In the early part of this decade, during what he calls “the deep dark years earlier. The most advanced of Alexandria’s projects, Orenada has a
ages of the mining downturn,” Eric Owens was consulting for people he 2009 resource estimate of 446,890 gold ounces measured and indicated
didn’t always agree with. “I’d done a lot of exploration geology over the and 302,469 ounces inferred. “It’s still open and still has room to grow, but
years, and I knew I could do better,” he explains. “So Eddie Canova and I it will take some fairly deep pockets to increase the size,” Owens says. To
co-founded Alexandria Minerals. Then we spent the next couple of years accomplish that, Alexandria is searching for a joint-venture partner.
picking up properties in the Abitibi belt of Ontario and Quebec.”
“We think there’s an opportunity for production in the near term via
He’s in good company there. The Abitibi Greenstone Belt has produced outsourced milling,” Owens says. “If we had to build our own mill, it would
200 million gold ounces. Alexandria’s three advanced-stage projects take a good five years. But if all we have to do is start digging and ship the
lie within the 35-kilometre-long Cadillac Break Property, straddling the ore to one of the four nearby mills, we can capitalize on the current prices
Quebec-Ontario border, which has produced 100 million gold ounces. of gold not only for Alexandria but for whoever partners up with us.” The
The flagship is the Akasaba Property. Less advanced than the others, company hopes to have an economic assessment completed this fall.
it nevertheless inspires Owens’ strongest enthusiasm. A former mine, it
produced 40,000 gold ounces and 13,000 silver ounces. Alexandria has The Sleepy Property has a 2009 resource estimate of 150,400 ounces
been drilling there since 2009. inferred. The company hopes to update the estimate, possibly by year’s
end. “The two or three holes that we’ve intersected at depth have probably
enlarged that deposit a fair bit,” Owens contends.
An early-stage project, Siscoe East, borders the city of Val-d’Or, in close
proximity to the old Siscoe Mine, which produced about 880,000 gold
ounces, and the Sullivan Mine, which produced about 1.2 million ounces.
“Siscoe East is a good location,” Owens says. “It’s just going to take a little
picky work drilling-wise.” NioGold Mining Corp has an option to earn 50%
of Siscoe.
Another early-stage project, the Matachewan Property, straddles the
Cadillac-Larder Lake Break in Ontario. It’s about three kilometers from
Northgate’s Young-Davidson Project which hosts four million ounces gold.
Alexandria has $5.5 million in working capital and a burn rate of $800,000
Its most recent assays, released June 15, show 6.73 grams per tonne per month. The company has 120.1 million shares outstanding, last trad-
gold and 2.6 g/t silver over 10.5 metres (including 26.65 g/t gold and 3.1 ing at $0.16, with a market cap of $19.2 million. Insiders own about 15%.
g/t silver over 1.5 metres), 1.22 g/t gold over 32.5 metres (including 4.54 Agnico-Eagle owns 10%, while Teck and IAMGOLD own another 3% to
g/t gold and 1.49 g/t silver over 7 metres), 16.57 g/t gold and 2.28 g/t 3.5% each. One of Alexandria’s directors, Charles Page, is President and
silver over 2.5 metres and 2.24 g/t gold over 11.4 metres (including 9.2 g/t CEO of Queenston Mining, which has recently reported excellent gold
gold over 0.9 metres). assays from the Cadillac region.
Owens comments, “There were some great drill results from a near-sur- Owens argues that given Alexandria’s published resources, “Our market
face vault tonnage potential, as well as from a deep level with high-grade cap should be a lot higher.” He concludes, “I’d like to see us with well
gold. We’ve barely scratched the surface. We drilled down just shy of over a million ounces, maybe a million and a half or more ounces by the
500 metres, but many of the larger gold deposits in the region go down a time we get these next 43-101 studies done. I’d like to see a pipeline of
“
kilometre or two. We also think there’s a lot of growth potential because projects, at least one of them producing, so we’re earning money while
the geology is similar to other gold-rich type VMS [volcanogenic massive building other deposits.”
sulfide] targets in the region. Some examples of that would be Agnico-
Eagle’s LaRonde mine, which is a nine-million-ounce gold mine.”
If all we have to do is start digging and
The infrastructure is top notch. Owens reports, “The roads are in place;
the hydro is there; the mining people and all the associated contract ship the ore to one of the four nearby
services are there.” Two mills are situated within five kilometres and two mills, we can capitalize on the current
more within 15. Alexandria currently has two rigs at Akasaba and hopes
to add a third. The project’s first resource estimate is scheduled for fall of
prices of gold not only for Alexandria but
this year. for whoever partners up with us
Proximity to mills could get the Orenada Project into operation a full five – Eric Owens
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