Alexandria Minerals Corp. [AZX-TSXV;ALDXF-OTC] said it is embarking on a new corporate direction that will feature non-dilutive financings, a re-focus on core assets and a new management team.
The announcement follows the company’s recent decision to terminate Alexandria’s former CEO Eric Owens. In a February 14, 2018, press release the company said Owens’ employment had been terminated “for cause.”
Alexandria is a Canadian exploration and development company with strategic properties located in mining districts located in Val d’Or, Que., Red Lake, Ontario, and Snow Lake-Flin Flon, Manitoba.
Its key focus is a flagship property package along the fabled Cadillac Break in the Val d’Or area, including the Orenada gold project. On June 6, 2018, the Alexandria announced a new resource estimate for the Orenada project (for more details see below).
In a separate press release on June 6, 2018, the company said Owens was terminated for cause after its management committee and board of directors recently learned “that Mr. Owens’ 2017 drilling program, aimed at evidencing a higher grade of gold than disclosed in the original 2009 NI 43-101 resource estimate, was flawed, and did not increase Alexandria’s resource estimates as Owens predicted.’’
“Owens previously communicated to the market that the original resource could contain a medium to high grade deposit,” the company said.
“The results of the 2017 drilling program do not support this conclusion.”
As described in a February 22, 2018 press release, the company said Owens was also terminated for cause following an investigation into his conduct revealed that he had (allegedly) pursued financing efforts after (allegedly) being directed to cease such activities, and after Owens (allegedly) failed to co-operate with the investigation authorized by the board.
Meanwhile, Alexandria was among the most actively traded companies on the TSX Venture Exchange Thursday, after the company released the updated resource estimate for Orenada.
The shares were unchanged at 4.5 cents on volume of 1.73 million shares, and trade in a 52-week range of 4 cents and 11.5 cents.
The company said Orenada Zones 4 is estimated to contain an indicated resource of 194,500 ounces at 1.61 g/t gold, plus and inferred resource of 73,710 ounces at 1.92 g/t gold
Orenada Zones 2 and 4 contain a total inferred resource of 126,259 ounces at 1.89 g/t.
The updated resource was modelled using detailed geological wire frames of mineralized structures and consisted of both an open pit and underground mining scenario.
The company went on to add that the potential exists to extend the resource towards the western extension of the Orenada resource.
“The updated resource will be thoroughly evaluated within the context of the additional 6,500 un-assayed samples and historical results that the company has in its possession before any future drilling decisions are made,’’ the company said in a press release.