Almadex Announces Plans for Q4; Drilling Commenced at Willow and Planned at San Pedro
NEWS RELEASE
October 6, 2021
Trading Symbols:
TSX-V: DEX
www.almadexminerals.com
Almadex Announces Plans for Q4; Drilling Commenced at Willow and Planned at San Pedro
VANCOUVER, B.C. Almadex Minerals L td. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to
provide an additional update on activities further to the Company’s news release of April 6, 2021, which
provided an overview of planned activities by the Company and its partners for 2021 at its mineral properties
in British Columbia, Nevada, and Mexico.
San Pedro Property, Mexico
The 990 Ha San Pedro project is 100% owned by Almadex and is located in Jalisco State, Mexico. It is
accessed from Guadalajara, 115 km along a paved highway. The project is prospective for epithermal style
gold and silver deposits. Past 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. for a previous operator returned gold values from below detection to 12.4 g/t gold
(averaging 0.44 g/t gold) and 0.07 to 2 ,490 g/t silver (averaging 71.0 g/t silver). Historical reports in the
Company’s possession indicate that past (ca. 2006) reverse circulation drilling results included 6.08 metres
drilled width averaging 1.65 g/t gold and 19.5 g/t silver. The estimated true width of the mineralized zone is
unknown, and additional drilling will be required to verify the reported results, which appear to have targeted
high gold, silver, and base metals in soil anomalies. Almadex has conducted IP geophysics in these areas
which has identified high chargeability responses that were not tested by the past drilling efforts.
The San Pedro property is fully permitted for drilling and the Company is currently mobilising a team and
rig to site for drill testing prior to year-end.
Willow Property, Nevada
Almadex, through its predecessor Company, Azucar Minerals Ltd., optioned up to 75% of the Willow
property to Abacus Mining and Exploration Corp. (“AME”) in 2017. On July 7, 2021 Abacus announced that
it commenced its drill program, which will comprise four vertical holes, each to a dep th of 600 metres.
Abacus also reported that the holes will be approximate ly 200-300 metre step outs from past drilling by
Abacus in 2018. Further information on the program planned by AME is available in its press release s of
June 1, 2021 and July 7, 2021.
Willow is located in the Yerington camp, southeast of Reno, NV. The Yerington camp contains four known
porphyry copper-molybdenum (Cu-Mo) deposits, all associated with a particular intrusive rock known as
the Luhr Hill Granite. AME’s work since optionin g the property has included geological, geochemical and
geophysical work, as well as a short core drilling program in 2018. In its press release of July 7, 2021, AME
states that its work points to 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 holds the rights to earn 100% of this property , which comprises 302
claims totalling 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 permitted for drilling.
The Company is currently compiling the results of recent work completed on the property , with a view to
commencing additional work programs in the current year, weather permitting. The outcome of this work
will be announced when complete.
Drill Contracting Activities
The Company is pleased to announce that it has been acting as drilling contractor to arms-length
companies in North America during Q3, 2021 . The Company has deployed some of its idle drill rigs and
staff to the se jobs and anticipates that th e drill contracts will off-set some of the prospect development
activities it is engaged in this year.
Duane Poliquin, Chairman of Almadex, stated “We are pleased to see that drilling is underway at the Willow
project, Nevada. The Willow project is one of several of our di rectly owned and optioned properties that
could be drilled this year, pending receipt of the necessary permits and allocation of budgets. We are also
excited by the potential of the Davis/Paradise Valley project to add substantially to shareholder value , and
to once again be drilling another prospective property in Mexico. Finally, we are very pleased to be working
with high quality companies as a drill contractor, and happy to be putting some of our hardware to work
when we are not using it ourselves.”
Methodology and QA/QC
The analytical work reported on herein was performed by ALS Global (ALS). ALS is an ISO-IEC 17025:2017
and ISO 9001:2015 accredited geoanalytical laboratory and is independent of Almadex and the QPs. San
Pedro rock chip samples were subject to crushing at a minimum of 70% passing 2 mm, followed by
pulverizing of a 250-gram split to 85% passing 75 microns. Gold determination was via standard atomic
absorption (AA) finish 50-gram fire-assay (FA) analysis, in addition to 48 element ICP-MS geochemistry.
The QP relied on the internal quality assurance/quality control (QA/QC) measure of ALS which includes the
insertion of standard, blank and duplicate samples into the sample stream to confirm the accuracy of the
reported results. The QP detected no significant QA/QC issues during review of the data, and is not aware
of any sampling, or other factors that could materially affect the accuracy of the results.
Qualified Persons
Kristopher J. Raffle, B.Sc., P.Geo. 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 which relate to the San Pedro property. San Pedro rock chip samples were analyzed by ALS
Minerals. Morgan J. Poliquin, Ph.D., P.Eng., President and CEO of Almade x, 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 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,
“J. Duane Poliquin”
J. Duane Poliquin, Chairman
Almadex Minerals Ltd.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release relating to 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 at the date hereof and none of this information has been independently verified by
Almadex. Although Almadex does not have any knowledge that such information may not be accurate,
there can be no assu rance that such third -party information is complete or accurate. Unless otherwise
indicated, the technical and scientific disclosure contained or referenced in this press release, including any
references to mineral resources or mineral reserves, was prepa red in accordance with Canadian National
Instrument 43-101 (“NI 43-101”), which differs significantly from the requirements of the U.S. Securities and
Exchange Commission (the “SEC”) applicable to U.S. domestic issuers. Accordingly, the scientific and
technical information contained or referenced in this press release may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure requirements of the
SEC. “Inferred mineral resources” have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred
mineral resource will ever be upgraded to a higher category. Historical results or feasibility mode ls
presented herein are not guarantees or expectations of future performance.
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 rel ating to the
Company include, among other things, the planned drilling activities at 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 pos sibility that drill contracting
activities might off -set some of the cost of the Company’s prospect development in 2021. Although the Company believes the
expectations expressed in such forward -looking statements are based on reasonable assumptions, such s tatements 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. 604.689.7644
Email: [email protected]
http://www.almadexminerals.com/