Alexandria Minerals Corporation Drills 8.56 g/t Gold over 17.50 m at 24.8 Metres Depth; Continues to Expand Shallow Gold Mineralization at Orenada Zone 4

TORONTO, Oct.26, 2017(GLOBE NEWSWIRE) -- Alexandria Minerals Corporation (TSX-V:AZX) (OTCQB:ALXDF) (Frankfurt:A9D) ("AZX" or the "Company") is pleased to announce the assay results from 10 holes completed in its detailed summer drill program at Orenada Zone 4 near Val d'Or, Quebec. The reported results further confirm robust gold mineralization east of the Zone 4 open pit over a 250m strike length.These results, once again, expand high grade gold mineralization east beyond the limits of the 2009 resource estimate.

Highlights

• Diamond Drill Hole OAX-17-168, located 330m east of the open pit, intersected two major high grade zones: 8.56 g/t gold over 17.50m from 24.80m to 43.20m downhole (including 31.2 g/t gold over 3.2m, which includes 80.70 g/t gold over 1.00m) and a second intersection of 4.28 g/t gold over 35.70m between 223.30m and 259.00m (including 7.10 g/t gold over 16.20m), expanding high-grade veins well beyond the former 2009 resource limits;
• Together with OAX-17-170, also located on the same section, which intersected 1.65 g/t gold over 95.00m, the results show the potential growth of the gold deposit at Zone 4;
• Hole OAX-17-156, located roughly 250m west of DDH OAX-17-168, but still east of the open pit, intersected 2.65 g/t gold over 47.15m between 189.20m and 236.35m, part of a broader intersection grading 1.65 g/t gold over 131.50m, in-fill results that confirm a robust core below and east of the open pit.
• In-fill holes OAX-17-160 intersected 3.35 g/t gold over 11.00m, and 1.52 g/t gold over 33.45m part of a larger zone grading 0.98 g/t gold over 127.5m; and OAX-17-162 intersected 42.50m grading 1.06 g/t gold: these holes located 60 m west of OAX-17-168 provide confirmation of continuity of gold mineralization.

Eric Owens, President and CEO of Alexandria, stated, "These exciting results emphasize potential for both growth and grade at Zone 4. We are finding a very robust core area that extends 1,100 metres along strike, down to 300 metres at depth and continues to be open in all directions. Our ongoing geologic and resource modelling efforts are being confirmed and strengthened as results come in. With assay results pending for 70 holes, we expect further great results for the rest of the year."

Current Resources compliant with National Instrument 43-101 at Orenada were originally estimated in 2009 for the upper 250 metres, at Zone 4 and Zone 2 (see Press Release, September 16, 2009). Alexandria's 45,000 metre drill program in 2017 has intersected the gold vein system for more than 2.5 km along strike, centered around the Zone 4 open pit, an increase in strike length of more than 300% over the previously known dimensions. A new resource estimate is expected by January 2018.

Gold mineralization remains open along strike - to the east and west - as well as at depth. New drill targets are being evaluated in these directions, in anticipation of an active next phase drill program.

Next Steps:
Focus continues to be on wrapping up the processing of the remaining core from 70 drill holes from the summer program, and ongoing geologic and resource modelling, with the aim of incorporating this information into a new resource estimate by January 2018.

Further details can be viewed in the addendum/appendix to this press release: http://bit.ly/2i5mEWZ

Analytical Procedures and QA/QC
Program design, management, and Quality Control/Quality Assurance (QA/QC) are conducted by Alexandria's exploration group under the supervision of Philippe Berthelot (P. Geo), who is the Company's Qualified Person. Details of sampling procedure can be found in the addendum. Mr. Berthelot has reviewed the contents of this press release.

Further information about the Company is also available on the Company's website, www.azx.ca, or our social media sites listed below:

About Alexandria Minerals Corporation
Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with strategic properties located in the world-class mining districts of Val d'Or, Quebec, Red Lake, Ontario and Snow Lake-Flin Flon, Manitoba. Alexandria's focus is on its flagship property, the large Cadillac Break Property package in Val d'Or, which hosts important, near-surface, gold resources along the prolific, gold-producing Cadillac Break, all of which have significant growth potential.

WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.