Almadex Samples 0.59% copper and 0.18 g/t gold in Outcrop at Newly-Acquired Porphyry Target in Nevada, USA
February 22 2024 - 12:55PM
Almadex Minerals Ltd. ("Almadex" or the "Company")
(TSX-V: “DEX”) is pleased to announce that, further to its news
releases of July 11th and December 14th 2023 describing the
identification of new targets, it has acquired by staking a 100%
interest in the Radio porphyry copper-molybdenum-gold exploration
target in Mineral County Nevada, USA.
The Radio project covers a roughly 2.8 by 1.3
kilometre area of hydrothermal alteration developed in volcanic and
intrusive rocks and crosscut by mafic intrusive dykes. The observed
hydrothermal alteration and zoning is characteristic of porphyry
copper systems. To date Almadex has completed a preliminary surface
alteration and geologic mapping program along with surface outcrop
rock sampling.
First pass surface rock chip sampling has
returned important values of copper, molybdenum and gold. A total
of 32 samples were collected and assayed during this field
campaign, including 31 outcrop samples and 1 talus sample. Of 31
outcrop samples, a total of 5 samples returned greater than 0.05%
Cu, and up to 0.59% Cu and 0.18 g/t Au, and three samples returned
higher than 100 ppm Mo, and up to 276 ppm Mo (Table 1). The base
and precious metal values occur within malachite-stained mafic
dykes and magnetite veined intrusive rocks. Fluid inclusion
petrography was carried out on select samples of vein material.
This work confirmed the fluid inclusion signature of a porphyry
system with one sample displaying the distinctive characteristics
of A-type porphyry veins.
Table 1. Significant assays from 32 samples
collected at Radio Project 2023.
Sample ID |
Material |
Lithology |
Cu (%) |
Au (g/t) |
Mo (ppm) |
869212 |
Outcrop |
Mafic Dyke |
0.59 |
0.18 |
- |
781207 |
Outcrop |
Mafic Dyke |
0.44 |
- |
- |
23ARP022 |
Outcrop |
Mafic Dyke |
0.33 |
- |
- |
869213 |
Outcrop |
Quartz vein |
0.02 |
- |
276 |
869214 |
Outcrop |
Rhyolite Porphyry |
- |
- |
149.5 |
23ARP025 |
Outcrop |
Rhyolite |
- |
- |
129 |
|
The alteration mapping has identified minor
zones of pyrophyllite and kaolinite alteration considered
representative of an advanced argillic altered zone interpreted to
be the remnants of an eroded lithocap. Importantly a 2.8 km phyllic
alteration trend was also defined which is characterised by high
crystallinity muscovite and paragonite. The phyllic zone is
bordered by propylitic chlorite and epidote alteration. These
alteration minerals were identified using a Terraspec mineral
spectrometer. This interpretation suggests that a potential
porphyry deposit could be located at shallow depths from the
current surface.
J. Duane Poliquin, Chairman of Almadex
commented, “Radio is the result of first principals based
conceptual exploration. We hope to make more additions to our
project portfolio in 2024 and to advance Radio towards a drill
decision. Our CAD$17 Million cash position as of Q3 2023 gives us
the luxury of advancing these projects in the manner best suited
for shareholders. We have a track record of discoveries, and we
feel the varied and exciting projects in our portfolio have the
potential to add to that record.”
Lithocaps are extensive areas of hydrothermally
altered rocks that occur above or adjacent to intrusive rocks and
related porphyry deposits. The hydrothermal alteration forms when
ascending high temperature magmatic fluids are released from the
source intrusion below and alter permeable and reactive rocks
occurring above and or adjacent. Lithocaps can be over 10 by 10 km
in surface area and over 1 km thick. The alteration mineral
assemblages vary, usually with distance from the intrusive source.
Often more neutral and higher temperature stable alteration mineral
assemblages are seen at depth, closer to the source intrusion and
potential porphyry deposit. More acid and lower temperature stable
assemblages generally occur higher up and farther away. Mapping of
alteration minerals and geochemical analysis using soil and rock
samples can map these changes in mineralogy. This mapping can then
provide a vector towards potential underlying porphyry systems. If
large areas of lithocap alteration are well preserved, they can
obscure deep unexposed porphyry and other styles of mineralisation.
If no mineralisation is present at surface, drilling based on
vectors provided by geochemical and alteration vectors is the best
way to explore for buried deposits.
Qualified Persons and Technical
DetailsAlfonso Rodriguez, M.Sc., P.Geo. (BC), Senior
Geologist of APEX Geoscience Ltd. and a Qualified Person as defined
by National Instrument 43-101 ("NI 43-101"), has reviewed, and
approved the scientific and technical contents of this news release
relating to rock geochemical sampling. The analyses reported were
carried out by ALS Chemex Laboratories (“ALS”) using industry
standard analytical techniques. For gold, samples were analysed by
fire assay and atomic absorption spectroscopy (“AAS”) at ALS in
Reno. Copper and molybdenum were analyzed by ALS in North Vancouver
by 4-acid digestion with either an Inductively Coupled Plasma -
Atomic Emission Spectroscopy (“ICP-AES”) or Inductively Coupled
Plasma – Mass Spectrometry (“ICP-MS”) finish. Morgan J Poliquin,
PhD, PEng, the President and CEO of Almadex and a Qualified Person
as defined by NI 43-101 has reviewed and approved all other
scientific and technical contents of this news release.
About AlmadexAlmadex Minerals
Ltd. is an exploration company that holds a large mineral portfolio
consisting of projects and NSR royalties in Canada, the U.S., and
Mexico. This portfolio is the direct result of many years of
prospecting and deal-making by Almadex's management team. The
Company owns a number of portable diamond drill rigs, enabling it
to conduct cost effective first pass exploration drilling in
house.
On behalf of the Board of Directors,
“J. Duane
Poliquin”
J. Duane Poliquin, ChairmanAlmadex Minerals
Ltd.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This news release includes forward-looking
statements that are subject to risks and uncertainties. All
statements within it, other than statements of historical fact, are
to be considered forward looking. Forward-looking statements in
this news release include, among other things, any work to advance
the Radio project to a drill decision, the addition of more
projects to the portfolio during 2024, and the likelihood of future
discoveries. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, permitting, continued availability of
capital and financing, equipment availability, relationships with
third-party clientele and their willingness or ability to continue
to use the Company’s drills for exploration, and general economic,
market or business conditions. There can be no assurances that such
statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. The Company
does not assume any obligation to update any forward-looking
statements, other than as required pursuant to applicable
securities laws.
Contact Information:Almadex Minerals Ltd.Tel.
604.689.7644Email:
info@almadexminerals.comhttp://www.almadexminerals.com/
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