Almadex Provides Update on its Paradise Project, Nevada
NEWS RELEASE
October 8, 2024
Trading Symbols: TSX-V: DEX
www.almadexminerals.com
Almadex Provides Update on its Paradise Project, Nevada
VANCOUVER, B.C. Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to
provide an update on the recently completed diamond drilling program at its Paradise Project, Nevada as
well as results of recent surface exploration which have enhanced the sinter zone low sulphidation
epithermal gold silver vein target on the project.
Paradise Drilling Program
Almadex completed a two hole 1,679.65 metre exploratory diamond drilling program on its Paradise Project
in Nye County Nevada and complete assay results have now been received. The two drillholes successfully
confirmed that the Paradise lithocap is associated with a porphyry system at depth. Both holes intersected
advanced argillic alteration hosted by andesite, zones of crosscutting hydrothermal brecciation and narrow
porphyry fingers. The advanced argillic alteration includes zones of quartz-pyrophyllite and kaolinite-dickite
which have been identified to the bottom of the holes. The narrow porphyry intrusions are associated with
sodic-calcic and minor potassic alteration overprinted by advanced argillic alteration. While there are no
significant intervals of copper to report, narrow intervals of visible chalcopyrite were seen. The Company is
encouraged by these results since they prove that the alteration seen at surface, without any evidence of
porphyry veining, is the upper expression of a porphyry system at depth. Having confirmed that the lithocap
has porphyry mineralisation associated with it, the Company is considering next steps for how best to vector
towards a porphyry centre within the large alteration zone.
Sinter Zone Exploration Program
The sinter zone is located adjacent and to the north of the porphyry lithocap area (see map attached and
Almadex news release of September 22, 2022) and is interpreted to represent a separate hydrothermal
system. The sinter zone covers an area of subcrop boulders of sinter (surface hotspring silica deposit)
material, hydrothermal brecciation and epithermal quartz veining. Old workings, epithermal alteration and
veining occur over roughly 3 km along a northwest trend. Past sampling in the sinter zone includes 30
surface samples taken in 2022 that averaged 0.2 g/t gold and 2.2 g/t silver including a 30 cm chip sample
of a banded vein crosscutting the sinter which returned 1.2 g/t gold and a grab from a silicified breccia which
returned 1.5 g/t gold (see Almadex new release of September 22, 2022). Recent mapping and prospecting
along this trend have identified banded quartz veins and veinlets along strike and to the south of the sinter
zone. The scale of the vein system and epithermal alteration is encouraging. During the mapping program
samples were taken for analysis. It is hoped that the results when received will help define the best location
for some preliminary drill testing of the recently mapped veins, potentially later in 2024. Almadex drilled
three holes in one area of the sinter zone in 2022 (see Almadex news release of July 15 th , 2022). One
passed through a fault and into older rocks, and the other two are now interpreted to not have been well
placed for intersecting the vein system. Some data is in the Company’s possession from an RC drill program
conducted in the area in the early 1990s. The historic results, while not complete, are encouraging as they
indicate some of the holes returned anomalous gold over short intervals which confirms that the epithermal
system is gold and silver bearing.
J Duane Poliquin, Chairman of Almadex commented, “Exploration continues to advance our newly acquired
portfolio of high-quality porphyry lithocap targets in the western USA. It is exciting to confirm that the
Paradise lithocap hosts a porphyry system. Now we will be evaluating how to vector into a potential core of
this system. At the same time the recently completed field work on the epithermal vein system on the
property has confirmed a high priority drill target which we look forward to testing next.”
About Lithocap Alteration Zones
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. 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 acidic and lower temperature stable assemblages generally occur higher
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
porphyries and other styles of mineralisation. If no mineralisation is present at surface, drilling based on
geochemical and alteration vectors aided by geophysical data is the best way to explore for buried deposits.
Qualified Persons
Morgan J Poliquin, PhD, PEng, the President and CEO of Almadex 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.
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 several 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.
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 further work to advance exploration targets at the Paradise project, including any drilling on the Sinter target. 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 and
general economic, market or business conditions. The foregoing list of assumptions is not exhaustive. There can be no assurances
that forward-looking 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/