Almadex hits multiple veins at the Davis Vein Target including
NEWS RELEASE
July 15, 2022
Trading Symbols:
TSX-V: DEX
www.almadexminerals.com
Almadex hits multiple veins at the Davis Vein Target including
1.70 metres of 11.8 g/t gold and 68.2 g/t silver and 13.70 metres of 2.3 g/t gold and 24.1 g/t silver at
the Davis/Paradise Project, Nevada
VANCOUVER, B.C. Almadex Mineral s Ltd. ("Almadex" or the "Compan y") (TSX-V: “DEX”) is pleased to
announce that it has received results from the first two of fiv e holes drilled to date at the Davis/Paradise
project in Nevada. This drill program has now been paused for assays, and a second phase program is
planned for September when the Company drill is expected to ret urn from third party contract work.
Almadex holds the rights to earn 100% of the Davis/Paradise pro perty, which covers 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 (Figure 1).
J. Duane Poliquin, Chairman of Almadex commented, “We are very happy to get the first results back from
this phase one program. These results confirm the prospectivity of the northern Davis portion of the project.
We look forward to follow-up drilling there as well as first pass drilling on the southern Paradise area later
this year.”
Drilling results announced today are from the Davis vein zone and help to demonstrate the important widths
and grades of the mineralised structure identified previously i n historic work and drilling for which the
Company has limited information. The two holes were drilled on the same section (Figure 3) and indicate
that mineralisation continues to depth and should be further ex plored down dip. Significant core intervals
from the first two holes include:
Hole DP-22-001 From 62.70 to 63.50 (0.80 metres) @ 17.1 g/t gold and 10.3 g/t silver
And From 65.50 to 67.20 (1.70 metres) @ 11.8 g/t gold and 68.2 g/t silver
And From 119.00 to 132.70 (13.70* metres) @ 2.3 g/t gold and 24.1 g/t silver
Including From 119.50 to 122.90 (3.40 metres) @ 3.0 g/t gold and 41.2 g/t silver
And From 130.0 to 130.80 (0.8 0 metres) @ 18.1 g/t gold and 39.4 g/t silver
Note: Estimated true widths are approximately 73% of the core intersections above.
Hole DP-22-002 From 19.40 to 21.50 (2.10 metres) @ 5.7 g/t gold and 22.3 g/t silver
And From 135.20 to 153.00 (17.80* metres) @ 1.2 g/t gold and 12.3 g/t silver
Including from 135.20 to 139.55 (4.35 metres) @ 1.9 g/t gold and 25.9 g/t silver
And From 146.35 to 153.00 (6. 65 metres @ 1.9 g/t gold and 11.9 g/t silver
And From 152.00 to 153.00 (1. 00 metre) @ 5.8 g/t gold and 3.5 g/t silver
Note: Estimated true widths are approximately 67% of the core intersections above.
The other three holes of this phase one program were located on different targets on the northern half of
the property. Two holes were drilled in an area of alteration i nterpreted to represent a sinter and breccia
system, extending over 1.5 km in length running parallel to the Davis zone (Figure 2), and the fifth hole
targeted another separate vein with historic mine workings in the Northern area called Butler. Outstanding
assays from these three remaining holes will be reported once received and analysed.
The Southern Paradise portion of the property, where Almadex anticipates a phase two drilling program to
be focussed in September, covers high level acid sulphate quart z alunite alteration as well as a zone of
phyllic alteration identified by past alteration mapping and a recent Worldview remote sensing study. Recent
mapping performed by the Almadex team confirms the presence of multiple generations of porphyric
intermediate intrusive with important alteration zones, especially in the historical mining excavations. This
new data suggests that the Paradise area represents a large lithocap with potential for both gold-silver high
sulphidation mineralisation and po rphyry mineralisation at dept h, similar to that seen at the adjacent
Paradise Peak gold deposit where both styles of mineralisation were observed.
Qualified Persons and QA/QC
Jocelyn Pelletier, P.Geo. a Qualified Person as defined by Nati onal Instrument 43-101 ("NI 43-101"), has
reviewed, and approved the scientific and technical contents of this news release. The analyses reported
were carried out at ALS Chemex Laboratories of Reno, Nevada usi ng industry standard analytical
techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”).
Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay
but with a gravimetric finish. Silver is first analysed by Indu ctively Coupled Plasma - Atomic Emission
Spectroscopy (“ICP-AES”). Samples that return values greater than 100 g/t silver by ICP-AES are then re
analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that
return silver values greater than 1,500 g/t are further analyse d b y f i r e a s s a y w i t h a g r a v i m e t r i c f i n i s h .
Intervals that returned assays below detection were assigned ze ro values. Blanks, field duplicates and
certified standards were inserted into the sample stream as part of Almadex’s quality assurance and control
program which complies with National Instrument 43-101 requirements. Several veins were intersected in
the initial Davis drilling, suggesting 3 sub-parallel mineralised zones. The mineralised structure appears to
strike 350 and dip 68° to the East. While all true widths cannot be accurately calculated at this stage of the
program, it assumed that true widths in hole DP-22-001 are 73.1% of the core intersections reported while
those in DP-22-002 are 66.9% of the core intersections reported.
About the Davis/Paradise Property
Almadex consolidated the Davis/Paradise Valley area during 2019 by optioning from the underlying owners
the Davis property, which adjoins the Paradise Valley property which had been staked by Almadex’s
predecessor company. The property now comprises 358 claims totalling approximately 2,800 hectares with
multiple targets, located approximately eight miles southeast of Gabbs, Nevada and five miles northeast of
the Paradise Peak gold mine.
About Almadex
Almadex Minerals Ltd. is an exploration company that holds a la rge mineral portfolio consisting of
exploration 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 manag ement team. The Company remains
focussed on grassroots exploration, acquisition and drilling mineral projects, on its own and in partnership
with others, with the goal of cr eating new mineral resources an d royalty holdings. The Company owns
several portable diamond drill rigs, enabling it to conduct cos t effective first pass exploration drilling in
house.
On behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin, Chairman
Almadex Minerals Ltd.
Neither the TSX Venture Exchange nor its Regul ation 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, ot her than
statements of historical fact, are to be c onsidered forward looking. Fo rward-looking statements in this news release relating t o 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 explorati on activities on other properties in its portfolio; and the possibility that drill co ntracting
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 forwar d-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, conti nued availability of capital and financing, equipment availability, relationships w ith 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 uncertain ties. 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/