Alexandria Minerals Now Has 1.4 Million Ounces Gold
With this morning's release of the initial resource estimate for its Akasaba property, Alexandria Minerals' global gold resource just surged 56% to top 1.4 MILLION OUNCES!
70% of the newly added gold, moreover, corresponds to a high-grade underground resource with an average grade above 5 grams per ton.
Eric Owens, President of Alexandria Minerals, said, "These results are an exciting first step for a deposit with significant potential for further growth. Our exploration during the past year has demonstrated to us several favorable zones which we will be aggressively drilling with additional drill rigs. These new resources at Akasaba have added considerably to our global resources in Val d'Or where we now have one of the largest total resources in the camp. We are favourably positioned to exploit our strategic land package with an enviable discovery cost of roughly $13 per ounce of gold discovered."
Incredibly, the current market capitalization of CAD$16.33m equates to a valuation of only $11.62 for each ounce of gold discovered to date. That's less than the company's discovery cost, which illustrates the remarkable value proposition in these excessively discounted shares.
I am LONG shares of Alexandria Minerals.