VANCOUVER, British Columbia, 06 Oct 2021 (GLOBE NEWSWIRE) – Almadex Minerals Ltd. (“Almadex” or the “Company”) (TSX-V: “DEX”) is pleased to provide a further business update following the Company’s press release of April 6, 2021, which gave an overview of the activities planned by the Company and its partners for 2021 on its mining properties in British Columbia, Nevada and Mexico.
Property of San Pedro, Mexico
The 990 Ha San Pedro project is 100% owned by Almadex and is located in the state of Jalisco, Mexico. It is accessed from Guadalajara, 115 km along a tarmac motorway. The project is prospective for epithermal style gold and silver deposits. Previous work by Almadex and previous operators includes surface sampling, geophysics and drilling. A 55-sample reconnaissance rock chip sampling program conducted by APEX Geoscience Ltd. g / t silver). Historical reports in the possession of the Company indicate that past reverse circulation drilling results (circa 2006) included a drilling width of 6.08 meters with an average of 1.65 g / t gold and 19.5 g / t silver. The actual estimated width of the mineralized zone is unknown and additional drilling will be required to verify the reported results, which appear to have targeted high grades of gold, silver and base metals in soil anomalies. Almadex has conducted IP geophysical work in these areas which identified high chargeability responses that have not been tested by past drilling efforts.
The San Pedro property is fully licensed for drilling and the Company is currently mobilizing a rig crew and rig on site for drill testing before year end.
Willow Property, Nevada
Almadex, through its predecessor company, Azucar Minerals Ltd., purchased up to 75% of the Willow property from Abacus Mining and Exploration Corp. (âAMEâ) in 2017. On July 7, 2021, Abacus announced that it had begun its drilling program, which will consist of four vertical holes, each to a depth of 600 meters. Abacus also said the holes will be approximately 200 to 300 meters from previous Abacus drilling in 2018. Further information on AME’s planned program is available in its press releases dated June 1, 2021 and July 7, 2021.
Willow is located in Yerington Camp, southeast of Reno, NV. The Yerington camp contains four known deposits of copper-molybdenum porphyry (Cu-Mo), all associated with a particular intrusive rock known as Luhr Hill granite. AME’s work from the option on the property has included geological, geochemical and geophysical work, as well as a short core drilling program in 2018. In its press release dated July 7, 2021, AME says its work indicates the existence of a fifth porphyry on the Willow property, the first major discovery in the camp in over 40 years.
Davis / Paradise Valley, Nevada
As previously announced, Almadex owns the rights to acquire 100% of this property, which comprises 302 claims totaling approximately 2,400 hectares with multiple targets, and is located approximately eight miles southeast of Gabbs, Nevada and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994. The property is fully licensed for drilling.
The Company is currently compiling the results of recent work carried out on the property, with a view to starting additional work programs during the current year, weather conditions permitting. The result of this work will be announced once completed.
Drilling procurement activities
The Company is pleased to announce that it has acted as a drilling contractor for arm’s length businesses in North America during the third quarter of 2021. The Company has deployed some of its drilling rigs and its inactive staff in those jobs and expect drilling contracts to end – defining some of the lead development activities it is engaged in this year.
Duane Poliquin, President of Almadex, said: âWe are delighted to see that drilling is underway on the Willow project in Nevada. The Willow project is one of several of our directly owned and optioned properties that could be drilled this year, pending receipt of the necessary permits and budget allocation. We are also excited about the potential of the Davis / Paradise Valley project to add significantly to shareholder value and once again drill another promising property in Mexico. Finally, we are very happy to work with high quality companies as a drilling contractor, and happy to put some of our equipment to work when we are not using it ourselves.
Methodology and QA / QC
The analytical work described in this document was performed by ALS Global (ALS). ALS is an ISO-IEC 17025: 2017 and ISO 9001: 2015 accredited geoanalytical laboratory and is independent from Almadex and QP. Samples of rock chips from San Pedro were subjected to grinding to a minimum of 70% passing 2 mm, followed by spraying from a fraction of 250 grams to 85% passing 75 microns. Gold determination was performed via standard 50 gram atomic absorption (AA) finish fire assay (FA) analysis, in addition to 48-element ICP-MS geochemistry. The PQ relied on the ALS internal quality assurance / quality control (QA / QC) metric which includes inserting standard, blank and duplicate samples into the sample stream to confirm the accuracy of reported results. The PQ did not detect any significant QA / QC issues when reviewing the data and is not aware of any sampling or other factors that could significantly affect the accuracy of the results.
Kristopher J. Raffle, B.Sc., P.Geo. of APEX Geoscience Ltd., and a Qualified Person as defined by National Instrument 43-101 (âNI 43-101â), has reviewed and approved the scientific and technical content of this press release which relates to the property San Pedro. Samples of rock chips from San Pedro have been analyzed by ALS Minerals. Morgan J. Poliquin, Ph.D., P.Eng., President and CEO of Almadex, and Qualified Person as defined in NI 43-101, has reviewed and approved all other scientific and technical content of this Press release.
Almadex Minerals Ltd. is an exploration company that owns a large portfolio of minerals consisting of NSR projects and royalties in Canada, the United States and Mexico. This portfolio is the direct result of many years of prospecting and negotiation by the Almadex management team. The Company owns a number of portable diamond drilling rigs, which enables it to perform cost-effective first-pass exploration drilling in-house.
On behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin, President
Almadex Minerals Ltd.
Technical and third-party information
Unless otherwise indicated, disclosure in this press release regarding the Willow Property is based on information publicly disclosed by the owners or operators of this property and information / data available in the public domain as of the date hereof and none of such information. has not been independently verified by Almadex. Although Almadex does not know that this information may not be accurate, there can be no assurance that this third party information is complete or accurate. Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, including any reference to mineral resources or mineral reserves, has been prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101” ), which differs significantly from the requirements of the United States Securities and Exchange Commission (the âSECâ) applicable to US domestic issuers. Therefore, the scientific and technical information contained or referenced in this press release may not be comparable to similar information made public by US companies subject to the filing and disclosure requirements of the SEC. âInferred mineral resourcesâ involve great uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or part of an Inferred Mineral Resource will ever upgrade to a higher category. Historical results or feasibility models presented here are not guarantees or expectations of future performance.
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.
This press release contains forward-looking statements subject to risks and uncertainties. All statements it contains, other than statements of historical fact, should be considered forward-looking. The forward-looking statements contained in this press release regarding the Company include, among other things, the planned drilling activities on the Willow property; the Company’s future exploration activities; the Company’s ability to advance exploration activities on other properties in its portfolio; and the possibility that contractual drilling activities could offset part of the cost of developing the Company’s outlook in 2021. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements do not constitute guarantees of future performance. and actual results or developments may differ materially from those of forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include market prices, exploitation and exploration successes, permits, continued availability of capital and financing, availability of equipment, third-party customer relationships and their willingness or ability to continue to use the Company’s drills for exploration and general economic, market or commercial conditions. There can be no assurance that these statements will prove to be correct and, therefore, readers are urged to rely on their own assessment of these uncertainties. The Company assumes no obligation to update forward-looking statements, except as required under applicable securities laws.
Almadex Minerals Ltd.
Email: [email protected]