Drilling Underway at San Pedro, Exploration Program Update
NEWS RELEASE
November 4, 2021
Trading Symbols:
TSX-V: DEX
www.almadexminerals.com
Drilling Underway at San Pedro, Exploration Program Update
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. A summary of the work underway or planned for each project is
provided below, including information on the San Pedro drill program currently underway.
San Pedro, Mexico
Drilling is now underway at the Company’s wholly owned 990 hectare San Pedro Project in Jalisco Mexico.
The project 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.
Lajas, Mexico
At the Lajas Project located in Zacatecas State, a field program was just completed. This program was
implemented to refine drill targets prior to a first pass diamond drill program planned for later this year. The
100% Almadex owned 2113 hectare property covers a low -lying area with exposed banded epithermal
veins. Veining was first identified by the company during a regional exploration program and the property
was acquired by staking . In the past the company completed mapping, sampling and IP geophysici al
surveys. Work identified old drill collars from a previous operator but results from this program are unknown.
Further details on the project will be provided once the field program is complete.
Willow Property, Nevada
On October 28, 2021 Abacus announ ced that its third drill hole at Willow has now been terminated, with
approximately 1700 metres drilled during the program. Abacus stated that all holes to date intersected the
Luhr Hill porphyry, which is the host rock of the four known porphyry copper -molybdenum deposits in the
Yerington camp. Abacus decided to defer drilling the fourth and final hole of the program, as it could not be
completed prior to the onset of winter conditions on the property.
Abacus also noted that copper porphyry-molybdenum deposits at Yerington occur at the contact of the Luhr
Hill porphyry and surrounding volcanic rocks, or further into the volcanic package. Because the target at
Willow is covered, prospecting by drill is the only effective means of trying to locate a porphyry centre, and
this often takes several drill campaigns to achieve. Abacus noted that each of the new 2021 drill holes have
intersected the host Luhr Hill porphyry, and each will be extensively sampled to provide geochemical
vectors to guide further drilling.
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 continues to compile the results of recent work completed on the property but the results of
a satellite remote sensing alteration study carried out in 2020 clearly indicate the presence of two significant
areas of alteration on the property associated with known mineralisation. Targets are current ly being
selected for a follow-up field program.
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 past work at 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 accu rate,
there can be no assurance 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 m ineral reserves, was prepared 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. Accordingl y, 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 resource s” 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 r esults or feasibility models
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 looki ng. Forward-looking statements in this news release relating 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 activ ities on other properties in its portfolio; and the possibility 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 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/