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Almaden Confirms Ixtaca Discovery, Intersects 94.65 Meters of 1.33 g/t Au and 79.9 g/t Ag Including Multiple High Grade Intervals


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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/10 -- Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE: AAU) is pleased to report the first results from the second phase drilling now underway at its 100% owned Ixtaca zone, located in Puebla State, Mexico. Drilling is on-going and a second rig has been added to the exploration program.

Reported today are the results of Hole TU-10-4 and TU-10-5. Results from TU-10-6 will be reported later this week while assay data from holes TU-10-7, TU-10-8 and TU-10-9 are awaited and drilling is currently underway on holes TU-10-10 and TU-10-11. The attached plan map shows the locations of all holes drilled or underway. Holes TU-10-4 and TU-10-5 were collared at azimuth 150 degrees and dips of -48 and -55 respectively. The holes were designed to cross the veins intersected in hole TU-10-1, the discovery hole reported in an Almaden news release of August 9th 2010 and were drilled at right angles to at what was interpreted to be the strike of the vein system (50 degrees azimuth). Both holes intersected multiple quartz-carbonate-sulphide vein zones over significant widths. Hole TU-10-4 intersected 158.0 meters (from 189.10 to 347.10 meters) averaging 0.94 g/t gold and 61.1 g/t silver (2.2 g/t AuEq and 108 g/t AgEq). Hole TU-10-5 intersected 230.43 meters (from 146.40 to 379.13 meters) averaging 0.51 g/t gold and 42.0 g/t silver (1.3 g/t AuEq and 67 g/t AgEq). Multiple higher grade intervals were also intersected in both holes (including 0.85 m of 8.83 g/t gold and 1337.0 g/t Ag in hole TU-10-4 and 0.52 m of 37.4 g/t Au and 466 g/t Ag in hole TU-10-5). The broad intervals of veining and high grade gold-silver zones are tabularised below.

J.D. Poliquin, Chairman of Almaden, commented, "We are very pleased to have confirmed the broad zone of veining at Ixtaca with the two holes reported today. We have yet to test the deeper portions of this vein system where high grade feeder zones are interpreted to likely exist. Nevertheless the more shallow portions of the vein system that have been tested have returned some high grade intervals as reported in the tables of this news release. Further holes are necessary to be confident with the orientation of the veins in this blind discovery but we are very encouraged with the results received to date."

Project Details

The property lies within the Trans Mexican Volcanic Belt about 120 kilometres southeast of the Pachuca gold/silver deposit which has reported historic production of 1.4 billion ounces of silver and 7 million ounces of gold. The Ixtaca vein zone is a blind discovery with little surface manifestation. Based upon observations at surface and of core as drilling progresses, there is now thought to be at least two major sets of veins; one along bedding striking roughly 150 to 170 degrees and one perpendicular to bedding striking roughly 50 to 70 degrees The overall vein zone is still thought to have a north-easterly trend but true widths cannot be calculated with confidence at this time. Drilling has resumed at 100 degrees, an orientation currently thought to best intersect both sets of veining as well as mineralised dikes, the orientation of which is not currently understood.

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Gold Silver
Inter- Gold Silver Eq Eq
Hole # From (m) To (m) val (m) (g/t) (g/t) (g/t) (g/t)
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TU-10-4 38.00 59.30 21.30 0.66 25.2 1.2 58
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TU-10-4 including 38.00 47.20 9.20 1.10 41.2 1.9 96
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TU-10-4 and 38.00 40.40 2.40 3.09 33.9 3.8 189
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TU-10-4 189.10 211.80 22.70 0.83 79.6 2.4 121
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TU-10-4 including 195.00 203.85 8.85 1.44 154.5 4.5 226
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TU-10-4 and 202.90 203.85 0.95 7.57 882.3 25.2 1261
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TU-10-4 229.70 233.80 4.10 0.75 44.1 1.6 82
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TU-10-4 240.80 246.80 6.00 0.19 13.1 0.4 22
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TU-10-4 252.45 347.10 94.65 1.33 79.9 2.9 146
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TU-10-4 including 252.45 287.60 35.15 1.08 82.9 2.7 137
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TU-10-4 and 262.90 263.75 0.85 8.83 1337.0 35.6 1778
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TU-10-4 and 272.70 277.00 4.30 2.70 151.3 5.7 286
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TU-10-4 and 282.50 287.60 5.10 2.44 60.3 3.6 182
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TU-10-4 and 293.45 347.10 53.65 1.63 86.4 3.4 168
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TU-10-4 and 296.20 310.70 14.50 2.97 158.8 6.1 307
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TU-10-4 and 322.10 325.30 3.20 4.21 97.3 6.2 308
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TU-10-4 and 328.30 329.50 1.20 2.68 198.0 6.6 332
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TU-10-4 and 335.50 340.20 4.70 2.53 198.7 6.5 325
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TU-10-4 and 343.35 344.70 1.35 2.01 35.6 2.7 136
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TU-10-4 367.90 379.00 11.10 0.30 38.1 1.1 53
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Table 1: Intervals Hole TU-10-4


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Gold Silver
Inter- Gold Silver Eq Eq
Hole # From (m) To (m) val (m) (g/t) (g/t) (g/t) (g/t)
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TU-10-5 34.40 45.00 10.60 1.27 26.3 1.8 90
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TU-10-5 63.20 73.30 10.10 0.68 41.6 1.5 76
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TU-10-5 146.40 159.79 13.39 0.37 100.1 2.4 118
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TU-10-5 including 149.15 150.40 1.25 2.80 706.0 16.9 846
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TU-10-5 178.20 178.45 0.25 0.65 501.0 10.7 533
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TU-10-5 183.76 185.05 1.29 0.21 614.7 12.5 625
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TU-10-5 199.25 204.66 5.41 0.18 57.4 1.3 67
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TU-10-5 213.81 335.91 122.10 0.74 40.9 1.6 78
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TU-10-5 including 213.81 234.99 21.18 1.00 57.1 2.1 107
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TU-10-5 and 227.16 230.06 2.90 3.78 230.2 8.4 419
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TU-10-5 and 244.74 250.10 5.36 0.64 41.1 1.5 73
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TU-10-5 and 261.26 276.46 15.20 0.71 53.1 1.8 89
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TU-10-5 and 261.26 264.15 2.89 3.04 185.1 6.7 337
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TU-10-5 and 283.45 335.91 52.46 1.04 51.2 2.1 103
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TU-10-5 and 283.45 307.02 23.57 1.05 52.7 2.1 105
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TU-10-5 and 295.00 299.74 4.74 3.50 128.1 6.1 303
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TU-10-5 and 295.00 295.45 0.45 14.04 366.1 21.4 1068
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TU-10-5 and 312.12 335.91 23.79 1.24 59.6 2.4 122
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TU-10-5 and 319.16 323.81 4.65 4.24 127.3 6.8 339
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TU-10-5 and 321.70 322.53 0.83 14.30 150.0 17.3 865
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TU-10-5 and 332.50 334.76 2.26 2.07 197.6 6.0 301
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TU-10-5 342.46 371.03 28.57 0.56 53.7 1.6 82
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TU-10-5 including 368.84 369.77 0.93 3.60 476.2 13.1 656
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TU-10-5 402.62 403.14 0.52 37.40 466.0 46.7 2336
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Table 2: Intervals Hole TU-10-5


Morgan J. Poliquin, Ph. D., P. Eng., the President and CEO of Almaden, and a qualified person under the meaning of National Instrument 43-101, reviewed the technical information in this news release. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard aqua regia, ICP and fire assay techniques. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden's quality assurance and control program which complies with National Instrument 43-101 requirements. Gold equivalent ("AuEq" or "Gold Eq.") and silver equivalent ("AgEq" or "Silver Eq.") values were calculated using silver to gold ratios of 50 to 1. Previous news releases used silver to gold ratios of 65 to 1. Intervals that returned assays below detection were assigned zero values. Metallurgical recoveries and net smelter returns are assumed to be 100% for these calculations. Intervals that returned assays below detection were assigned zero values.
 
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