6/19/2017 Release Preview G141377-001
6/19/2017 Release Preview G141377-001
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SOURCE: Almadex Minerals Limited
News Room
June 19, 2017 16:05 ET
Almadex Hits 153.50 Meters of 0.68 g/t Gold and
0.27% Copper Including 84.00 Meters of 0.96 g/t
Gold and 0.37% Copper in Hole EC-17-021 at the
Norte Zone, Identifies New Zone of Mineralised
Outcrop in the Encinal Zone
VANCOUVER, BC--(Marketwired - June 19, 2017) - Almadex Minerals Limited ("Almadex" or
the "Company") (TSX VENTURE: AMZ) (OTCQB: AXDDF) is pleased to announce it has
received assay results from holes EC-17-021 and EC-17-022 of the 2017 Norte Zone drilling
program. EC-17-021 was drilled at an azimuth of 000 from a new pad, located about 285
meters to the south from pad EC-16-010. Hole EC-17-022 was drilled from the same pad as
hole EC-16-020 but to the north at an azimuth of 000 degrees. Hole EC-17-021 intersected
significant mineralisation starting at a depth of 93 meters. Hole EC-17-022 helps define the
mineralised zone along strike and provides a significant stepout from the previous hole drilled
from this collar, EC-17-020. Highlights from holes EC-17-021 and 22 include the following
intercepts which are also shown on the attached plan and sections:
Hole EC-17-021 NORTE ZONE, 000 Az, -60 dip
From 93.00 to 246.50, 153.50 meters @ 0.68 g/t gold and 0.27% copper
Including 95.50 to 179.50, 84.00 meters @ 0.96 g/t gold and 0.37% copper
From 273.00 to 440.00, 167.00 meters @ 0.27 g/t gold and 0.12% copper
Including 337.00 to 401.00, 64.00 meters @ 0.50 g/t gold and 0.21% copper
Hole EC-17-022 NORTE ZONE, 000 Az, -40 dip
From 120.91 to 376.55, 255.64 meters @ 0.26 g/t gold and 0.17% copper
Including 129.91 to 188.55, 58.64 meters @ 0.38 g/t gold and 0.23% copper
And 200.55 to 346.55, 146.00 meters @ 0.27 g/t gold and 0.18% copper
And 262.55 to 294.55, 32.00 meters @ 0.43 g/t gold and 0.24% copper
Almadex is also pleased to announce that a new area of exposed stockwork quartz veining
and gold mineralisation in the Encinal Zone of the project has been identified. The Encinal
Zone is located roughly 3.5 kilometres to the south-southeast of the Norte Zone drilling and
2.5 kilometers southeast of the recently identified Raya Tembrillo Zone of stockwork veining.
Almadex has collared a hole which is currently being drilled to test this new area of veining in
the Encinal Zone.
J. Duane Poliquin, Chairman of Almadex commented, "We are carrying out a systematic drill
campaign to follow-up these results in the Norte Zone. Elsewhere on the project we are
conducting mapping and sampling preparatory to drilling other zones. This work already has
defined previously unknown mineralization in the Villa Rica Zone and now an area of
stockwork veining cropping out in the Encinal Zone. We look forward to reporting further
results in the coming weeks and months as the programs progress."
Work is underway to provide access at the newly discovered Raya Tembrillo target, located in
the Villa Rica Zone, roughly two kilometres to the south of the Norte Zone.
About the El Cobre Project
The El Cobre Project has a total area of 7,456 hectares and is located adjacent to the Gulf of
Mexico, about 75 kilometres northwest of the major port city of Veracruz, Mexico and has
uniquely excellent infrastructure. The project area is situated 200 meters above sea level with
extensive road access and is located less than 10 kilometers from a power plant, highway, gas
line and other major infrastructure. Major power lines cross the property area. Almadex has
MULTIMEDIA
El Cobre Project Exploration Targets
View Image
Norte Target Drill Hole Plan Map
View Image
Hole EC-17-021 Section 763,784E, Looking West
View Image
Hole EC-17-022 Section 763,972E, Looking West
View Image
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its full drill permits from SEMARNAT and has land access agreements in place. The land
ownership is private over most of the project area, has previously been cleared and is used
for local agricultural purposes.
The four copper-gold porphyry targets currently known within the El Cobre Project, Encinal,
El Porvenir, Norte and Villa Rica are defined by distinct Cu-Au soil anomalies, discrete,
positive magnetic features and a large IP chargeability anomaly. The largest target area is the
Villa Rica zone which has not been drill tested. Limited past RC and diamond drill testing at
Encinal, El Porvenir, and Norte has returned wide intercepts of porphyry copper-gold and
narrow zones of intermediate sulphidation epithermal gold-silver vein mineralization, with
selected intercepts as follows:
El Porvenir Zone: Drilling has demonstrated that the system persists at least to 400 m depth.
Significant copper and gold grades were intersected such as 0.16% Cu and 0.39 g/t Au over
290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected 0.23% Cu and 0.36 g/t
Au over 106 m, to a depth of 504 m, again indicating potentially significant mineralization at
depth.
Deep IP Zone: To the north of the El Porvenir Zone a large area of high chargeability
responses located at depth. This zone is interpreted to be a possible core to the entire El
Cobre porphyry system.
Encinal Zone: Hole CB5 intersected a highly altered breccia pipe containing fragments of
stockwork veining and porphyry mineralisation across which 18.28 meters returned 1.42 g/t
Au and 0.10% Cu. The breccia pipe occurs in a large alteration zone, IP chargeability high
and magnetics low which has not been tested to depth. On July 1, 2016, Almadex reported
results of drilling at Encinal, which were consistent with the interpretation that the drilling
was located in a zone marginal to a potential copper-rich portion of the porphyry system.
Norte Zone: All five holes drilled in the Norte Zone prior to 2016 intersected porphyry-style
mineralization. Hole 08-CBCN-022, one of the deepest holes drilled at Norte in 2008,
returned values of 0.14% Cu with 0.19 g/t Au over 259 m and 08-CBCN-19 intersected
41.15 meters averaging 0.42 g/t gold and 0.27% copper to the end of the hole at 187.45
meters. Drilling in 2016 and 2017 has been designed to test this zone to the south and at
depth.
In addition to the above, several anomalous areas remain untested by drilling, including the
Villa Rica Zone, a roughly 2.5 kilometre by 1 kilometre area defined by a strong north-
northwest trending magnetic-chargeability high and associated copper-gold soil geochemical
anomaly. Recently (see Almadex news releases of March 19th, 2017 and April 10th, 2017)
significant new gold porphyry mineralisation was identified in outcrop at the Raya Tembrillo
target within the Villa Rica zone.
More information on El Cobre is available on the Almadex website at
http://www.almadexminerals.com/ASSETS/PROJECTS/Cobre.html.
Larry Segerstrom, M.Sc. (Geology), P.Geo., A Director of the Company, is a Qualified Person
as defined by National Instrument 43-101 ("NI 43-101") and has reviewed and approved the
contents of this news release. The porphyry mineralisation reported in this news release is
associated with broad areas of alteration and stockwork veining. True widths cannot be
determined at this time. The analyses reported were carried out at ALS Chemex Laboratories
of North Vancouver 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. 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. A technical report on the El Cobre
project prepared in accordance with National Instrument 43-101 and entitled "Technical
Report on the El Cobre Property", was filed in May 2015 and can be obtained from
www.sedar.com.
About Almadex
Almadex Minerals Limited 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 over 35 years of prospecting and deal-making by Almadex's predecessor
company, Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre
gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject
to a sliding-scale net smelter returns royalty ("NSR") equivalent to 0.5% in the event that
production from the property exceeds 10,001 tonnes per day of ore. This NSR can be
reduced to 0.25% at this production rate through the payment of US$3.0 million.
6/19/2017 Release Preview G141377-001
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News Room
On behalf of the Board of Directors,
"Morgan Poliquin"
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
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. 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, continued availability of capital and financing, 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. We do not assume any obligation to update any forward-looking statements,
other than as required pursuant to applicable securities laws.
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CONTACT INFORMATION
Contact Information:
Almadex Minerals Limited
Tel. 604.689.7644
Email: [email protected]
http://www.almadexminerals.com/