Alexandria Minerals (AZX-V) has resumed a 15,000-metre drilling program in Val d’Or, Que., which it started just before Christmas.
The junior’s share price was up 12.5% to 22.5 apiece on a volume of 55,500 today.
Alexandria began the drill program at the Oramaque gold property, which has been drilled by Alexis Minerals (AMC-V) in the past. Alexandria is testing gold targets in the Hogg Zone, a skarn-like style of gold-copper mineralization north of the Cadillac Larder Lake Break.
The Cadillac Break is a major fault zone that extends for more than 300 km from Matachewan, Ont. eastward into the Val d’Or mining camp. More than 100 million oz. of gold have been produced from mines located near it.
The first hole that Alexandria drilled twinned an Alexis hole that had yielded 1.67 grams gold per tonne over 27 metres, including 17 grams gold over 1.7 metres.
The second hole was drilled to the west along strike from the first hole to test the down dip extension of an Alexis drill hole grading 3.04 grams gold per tonne over 16.2 metres, including 7.57 grams gold over 4.5 metres.
Results from Alexandria’s drill holes have yet to be released.
In late February, the company will also begin drilling at the Bloc Sud West property, which Alexandria has an option to earn 50% from Iamgold (IMG-T, IAG-N, IGD-A). The first six holes will test the geophysical and geochemical anomalies near the Cadillac Break, identified from magnetic and induced polarization surveys in 2006.
Alexandria was listed on the TSX Venture Exchange in March 2006. Due to recent agreements with Xtrata (XTA-L, XSRAF-O), Aur Resources (AUR-T) and Iamgold, Alexandria’s portfolio has grown from 45 claims to 529 claims along the Cadillac Break near Val d’Or.
Other Alexandria properties along the Cadillac Break include Matachewan, Joannes Township, Siscoe East, and the Cambior JV.
The company’s remaining two properties, Quevillon, 120 km northeast of Val d’Or, and Gwillim, near Chibougamau, Que., are located on or near regional fault structures in the northeastern Abitibi belt.