Almadex intersects 2.9 metres of 7.45 g/t Gold at the San Pedro Silver-Gold Project, Mexico
NEWS RELEASE
January 9, 2023
Trading Symbols:
TSX-V: DEX
www.almadexminerals.com
Almadex intersects 2.9 metres of 7.45 g/t Gold at the San Pedro Silver-Gold Project, Mexico
VANCOUVER, B.C. Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: "DEX") is pleased
to announce that it has received results from the third hole (SP-22-005) drilled in 2022 on its wholly
owned San Pedro Project located in Jalisco, Mexico (Figure 1). This hole was drilled roughly 60m away
from the pad where previously reported holes SP-22-003 and SP-22-004 were drilled from (see
Almadex news releases of December 6 th and December 12 th of 2022). Hole SP-22-005 also intersected
long intervals of brecciated rock and returned two separate mineralised intersections including:
From 1.35 to 3.85 metres (2.50 metres) of 0.42 g/t gold and 106.5 g/t silver
From 141.10 to 144.00 (2.90 metres) of 7.45 g/t gold and 9.5 g/t silver
Including From 142.25 to 143.30 (1.05 metres) of 18.65 g/t gold and 20.5 g/t silver
The hole SP-22-05 intersected two zones where disseminated sulphides were observed to be associated
with silicification in the matrix of the breccia. Vuggy silica texture was recognised in the breccias. With the
information currently available, the breccia body appears to have a subhorizontal distribution. Further
surface mapping is planned to confirm and refine this interpretation in order to optimise the next drilling
program.
The San Pedro project covers a large area of acid sulphate alteration, including zones previously described
as vuggy silica. Recent Terraspec analysis indicates sericitisation superimposed on propylitic alteration in
the mineralised zones with acid sulphate alteration occurring at the north end of the project. Elevated base
metals and silver have been returned from outcrop sampling and previous soil sampling surveys. Previous
RC drilling by past operators, (shown on attached figures) including Cominco, returned anomalous gold,
silver and base metals. Including the hole reported here, four holes have now been completed by Almadex
in this Phase 2 program, following on the two completed in 2021 (Figures 2, 3 and 4). The breccia zone
intersected in the recent drilling by Almadex is likely to be part of this large high sulphidation system as
confirmed by the observation of vuggy silica textures in a breccia fragment. Elevated copper in the form of
chalcopyrite may reflect the potential for an underlying porphyry copper system as well. Further
interpretation including alteration and fluid inclusion studies will be conducted to help better define additional
drilling. The Company plans to recommence drilling when this is complete.
Qualified Persons
Jocelyn Pelletier, P.Geo, a qualified person as defined by 43-101 reviewed and approved the scientific and
technical contents of this news release. The analyses reported were carried out at ALS Chemex
Laboratories of Guadalajara, Mexico using 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 Inductively 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 1,000 g/t
are further analysed by fire assay with a gravimetric 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.
About the San Pedro Project
Almadex acquired the San Pedro project by staking. The property comprises approximately 1,000 hectares
with multiple targets, located approximately 18 kilometers southeast from Juchitlan, 93 kilometers
southwest of Guadalajara and 85km from the Barqueño project (Guachinango) of Agnico-Eagle.
On behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin, Chairman
Almadex 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 relating to the
Company include, among other things, the current geological interpretations and the planned drilling activities at San Pedro. 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. 604.689.7644
Email: [email protected]
http://www.almadexminerals.com/