Almadex Outlines 2023 Exploration Program and Reports Final 2022 Results for the San Pedro
NEWS RELEASE
January 18 th , 2023
Trading Symbols:
TSX-V: DEX
www.almadexminerals.com
Almadex Outlines 2023 Exploration Program and Reports Final 2022 Results for the San Pedro
Silver-Gold Project, Mexico
VANCOUVER, B.C. Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX) is pleased to
discuss its plans for a 2023 exploration program on its 100% owned San Pedro gold-silver project, Jalisco,
Mexico (see Figure 1). The San Pedro project covers an area of high-sulphidation acid sulphate lithocap
alteration (north area) as well as an area of brecciation and sulphide development with elevated base and
precious metals on the southern portion of the project (Figure 2).
In 2022 the Company drilled four holes, three of which have been reported (holes SP-22-003, 4 and 5).
These three holes all intersected broad zones of brecciation and locally significant base and precious metal
values. Hole SP-22-003 intersected 4.51 metres of 656.8 g/t silver and 0.03 g/t gold (see news release of
December 6 th , 2022), SP-22-004 intersected 1.3 metres of 846.0 g/t silver (see news release of December
12 th , 2022) and hole SP-22-005 intersected 1.05 metres of 18.65 g/t gold and 20.5 g/t silver (see news
release of January 9 th , 2023).
All four holes drilled in 2022 including SP-22-006 (see Figures 3 and 4) reported today help with interpreting
the shape of the breccia body which appears to have a sub horizontal distribution. Hole SP-22-006 is
interpreted to have been drilled underneath the breccia and did not intersect mineralisation and precious
metals values. Further surface mapping is planned to confirm and refine this interpretation in order to
optimise the next drilling program. The elevated base metals and copper seen in the breccia, along with
acid sulphate altered fragments suggests that the breccia and related mineralisation may be a late feature
in the lithocap environment. Acid sulphate altered lithocaps have been seen to form above porphyry copper
deposits around the world and Almadex interprets the San Pedro project to have potential for both high
sulphidation gold mineralisation in the lithocap, late gold-silver mineralisation in the southern breccia and
deep copper porphyry potential beneath the lithocap. A more detailed surface mapping and sampling
program is planned, and geophysical surveys may be undertaken as well. Once this work is complete
Almadex intends to initiate a further round of drilling to test the targets generated. Almadex looks forward
to reporting its progress as exploration work proceeds and results are available.
About the San Pedro Project
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 (Figure 2). 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 fragments. 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 exploration 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/