11:31:42 EST Sun 05 Feb 2023
Enter Symbol
or Name

Almadex Minerals Ltd (2)
Symbol DEX
Shares Issued 60,609,969
Close 2022-12-06 C$ 0.39
Recent Sedar Documents

Almadex drills 4.51 m of 656.8 g/t Ag at San Pedro

2022-12-06 13:54 ET - News Release

Mr. Duane Poliquin reports


Almadex Minerals Ltd. has intersected significant silver mineralization in the first hole (SP-22-003) drilled in 2022 on its wholly owned San Pedro project located in Jalisco, Mexico. This hole intersected long intervals of brecciated rock from the collar. The mineralized zone was encountered close to surface, in the vicinity of historic mine workings at surface. The mineralized breccia units locally contain silicified fragments, found in a sericitic alteration. Base metal sulphides, including galena and sphalerite, occur in the matrix and in fragments of the breccia. Highlights of this intersection are:

  • From 5.49 metres (m) to 10.00 m (4.51 m) of 656.8 grams per tonne (g/t) silver and 0.03 g/t gold:
    • Includes from eight m to 10.00 m (two m) of 1,090.0 g/t silver and 0.07 g/t gold.

J. Duane Poliquin, chairman of Almadex, commented: "Our projects portfolio is the result of years of effort and invested intellectual capital. We have a track record of discoveries and we feel the varied and exciting projects in our portfolio have the potential to add to that record. We are following up these exciting results with further drilling which we look forward to reporting on."

The San Pedro project covers a large area of acid sulphate alteration, including zones previous described as vuggy silica. Recent Terraspec analysis indicates sericitisation superposed on propylitic alteration in the mineralized 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 (reverse circulation) drilling by past operators, including Cominco, returned anomalous gold, silver and base metals. The intersection reported today provides a focus for further exploration on the property. Two additional holes have now been completed subsequent to completing hole SP-22-003 and assays are pending. Drilling is continuing at present with one drill crew.

Qualified persons

Jocelyn Pelletier, PGeo, a qualified person as defined by National Instrument 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 analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. Silver is first analyzed by inductively coupled plasma atomic emission spectroscopy (ICP-AES). Samples that return values greater than 100 g/t silver by ICP-AES are then reanalyzed by HF-HNO3-HCLO4 digestion with HCl (hydrogen chloride) leach and ICP-AES finish. Of these samples, those that return silver values greater than 1,000 g/t are further analyzed by fire assay with a gravimetric finish.

About Almadex Minerals Ltd.

Almadex Minerals is an exploration company that holds a large mineral portfolio consisting of projects and NSR (net smelter return) royalties in Canada, the United States 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 kilometres southeast of Juchitlan, 93 kilometres southwest of Guadalajara and 85 kilometres from the Barqueno project (Guachinango) of Agnico-Eagle.

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