Almaden Minerals Ltd. (AAU), based in Vancouver, British Columbia, Canada, is an exploration company specializing in the generation of new mineral prospects in the Western half of North America. The company currently has over 40 properties in its portfolio at various stages of exploration and development. Using a highly effective and efficient system, Almaden identifies potential high-grade mineral deposits including satellite image analysis, rock, stream, and soil sampling, geological mapping and analysis, geophysical surveys and induced polarization, surface trenching, and – once the target has been identified – drilling.
In December, Almaden announced it signed an option agreement with Zenith Industries Corp., a capital pool company also based in Vancouver that identifies and evaluates businesses or acquisitions with a view to complete a qualifying transaction. Under the terms of the agreement, Zenith can acquire a 60% interest in Almaden’s Nicoamen River project by issuing $1M shares of Zenith stock and spending $4.0M on the project over a five year period, after which time the two parties shall each fund their pro rata share of all costs required in connection with ongoing development and mining operations.
Almaden also announced in December it received a report from Giroux Consultants Ltd. updating the resource for the company’s 100% owned Elk gold project which incorporates the 2006 diamond drilling results. A total of eight mineralized vein systems were discovered on the property.
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