Mapping at New Hope Outlines Potential Porphyry Centre in Lithocap Alteration
April 08 2024 - 1:33PM
Almadex Minerals Ltd. ("Almadex" or the "Company")
(TSX-V: “DEX”) is pleased to provide a summary of recent
exploration results from the Company’s wholly owned New Hope copper
porphyry project in Arizona. The 958.7 hectare New Hope project
covers a roughly 3.5 by 1.5 kilometre area of intense hydrothermal
alteration developed in volcanic rocks and crosscutting intrusive
dykes. The observed hydrothermal alteration is characteristic of
the upper levels of a porphyry system. The project was acquired in
2023 by staking and broad scale mapping of the lithocap was carried
out prior to the more detailed work reported today (see Almadex
news releases of August 10th and December 14th, 2023).
The results of geologic field work and sampling
carried out in December of 2023 have been compiled. Detailed
mapping has now been conducted over a portion of the alteration
zone in the central area of the project. Previously defined
muscovitic (phyllic) alteration to the northwest remains to be
mapped in detail. Within the area mapped, exposed advanced argillic
alteration was identified to the northeast, and to the southwest an
exposed set of porphyry-related veinlets was defined in limonitic
alteration (see photos attached). This zone of quartz veining is
currently interpreted to represent a potential centre to the
porphyry system at New Hope. The observed zone of veining is an
approximately 600 metre in diameter semi-circular area. The veins
and veinlets are sheeted light to dark grey, semi-translucent
quartz and magnetite with banded textures. Fluid inclusion
petrography on these veinlets indicate that they were formed by
vapour rich fluids. These types of veinlets are interpreted to be
typical of shallow-level emplaced porphyry systems and above the
level at which main stage porphyry-style copper-gold mineralisation
is to be expected. Within this broader area, two inner zones about
200 metres and 100 metres in diameter were mapped where veinlet
densities of greater than 10 per metre were observed. To date 78
rock grab samples have been taken on the property from outcrop,
subcrop and float in the alteration zone. While the area is
weathered and the level of erosion is above that of where main
stage porphyry mineralisation would be expected, elevated gold and
molybdenum results were returned. Several orientation lines of soil
samples were also taken to determine amenability of the area for a
more detailed soil sampling program. This included four lines over
the area of veining and one line over the area of advanced argillic
alteration to the northeast. Anomalous Ag-Mo-Cu-Au and Bi results
were returned for these test lines, aiding the interpretation that
the mapped zone of veining represents a porphyry centre within the
alteration footprint.
Almadex plans to continue detailed mapping and
further soil sampling to better define the entirety of the lithocap
and to develop a complete set of targets for a future exploration
drill program.
J. Duane Poliquin, Chairman of Almadex
commented, “It is thrilling to define a potential porphyry centre
early in our exploration program at New Hope. We look forward to
further exploring the project area and moving the project towards a
first phase drill program in 2024.”
Qualified PersonsMorgan J
Poliquin, PhD, PEng, the President and CEO of Almadex and a
Qualified Person as defined by National Instrument 43-101, has
reviewed and approved the scientific and technical contents of this
news release. 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”). All other elements were analyzed by 4-acid
digestion with an Inductively Coupled Plasma - Atomic Emission
Spectroscopy (“ICP-AES”) finish.
About Almadex
Almadex 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,
“Morgan J.
Poliquin”
Morgan J. Poliquin, PhD, PEngPresident and
CEOAlmadex 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 New Hope project to a drill decision, and any potential
drilling of the New Hope project. 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.com http://www.almadexminerals.com/
Photos accompanying this announcement are available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5e265db9-0f0e-4e47-ae91-189ee3e3b677https://www.globenewswire.com/NewsRoom/AttachmentNg/87b24f23-f29e-4f82-a22a-a500b9d48aaahttps://www.globenewswire.com/NewsRoom/AttachmentNg/4d6ec7a6-096c-4ed4-9dda-f6392e88dbf1
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