Mr. Duane Poliquin reports

ALMADEX SAMPLES 0.59 per cent COPPER AND 0.18 G/T GOLD IN OUTCROP AT NEWLY-ACQUIRED PORPHYRY TARGET IN NEVADA, USA

Further to its news releases of July 11 and Dec. 14, 2023, describing the identification of new targets, Almadex Minerals Ltd. has acquired by staking a 100-per-cent interest in the Radio porphyry copper-molybdenum-gold exploration target in Mineral county, Nevada, United States.

The Radio project covers a roughly 2.8-kilometre-by-1.3-kilometre area of hydrothermal alteration developed in volcanic and intrusive rocks and crosscut by mafic intrusive dikes. The observed hydrothermal alteration and zoning is characteristic of porphyry copper systems. To date, Almadex has completed a preliminary surface alteration and geologic mapping program, along with surface outcrop rock sampling.

First pass surface rock chip sampling has returned important values of copper, molybdenum and gold. A total of 32 samples were collected and assayed during this field campaign, including 31 outcrop samples and one talus sample. Of 31 outcrop samples, a total of five samples returned greater than 0.05 per cent copper (Cu) and up to 0.59 per cent Cu and 0.18 gram per tonne gold (Au), and three samples returned higher than 100 parts per million (ppm) molybdenum (Mo) and up to 276 ppm Mo. The base and precious metal values occur within malachite-stained mafic dikes and magnetite veined intrusive rocks. Fluid inclusion petrography was carried out on select samples of vein material. This work confirmed the fluid inclusion signature of a porphyry system with one sample displaying the distinctive characteristics of A-type porphyry veins.

The alteration mapping has identified minor zones of pyrophyllite and kaolinite alteration considered representative of an advanced argillic altered zone interpreted to be the remnants of an eroded lithocap. Importantly, a 2.8-kilometre phyllic alteration trend was also defined which is characterised by high crystallinity muscovite and paragonite. The phyllic zone is bordered by propylitic chlorite and epidote alteration. These alteration minerals were identified using a Terraspec mineral spectrometre. This interpretation suggests that a potential porphyry deposit could be located at shallow depths from the current surface.

J. Duane Poliquin, chairman of Almadex, commented: "Radio is the result of first principals based conceptual exploration. We hope to make more additions to our project portfolio in 2024 and to advance Radio towards a drill decision. Our $17-million cash position as of Q3 2023 gives us the luxury of advancing these projects in the manner best suited for shareholders. 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."

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 and or adjacent. Lithocaps can be over 10 by 10 kilometres in surface area and over one kilometres 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 acid and lower temperature stable assemblages generally occur higher up 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 toward potential underlying porphyry systems. If large areas of lithocap alteration are well preserved, they can obscure deep unexposed porphyry and other styles of mineralization. If no mineralization is present at surface, drilling based on vectors provided by geochemical and alteration vectors is the best way to explore for buried deposits.

Qualified persons and technical details

Alfonso Rodriguez, MSc, PGeo (B.C.), senior geologist of Apex Geoscience Ltd. and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release relating to rock geochemical sampling. The analyzes reported were carried out by ALS Chemex Laboratories using industry standard analytical techniques. For gold, samples were analyzed by fire assay and atomic absorption spectroscopy (AAS) at ALS in Reno. Copper and molybdenum were analyzed by ALS in North Vancouver by four-acid digestion with either an inductively coupled plasma-atomic emission spectroscopy (ICP-AES) or inductively coupled plasma-mass spectrometry (ICP-MS) finish. Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex 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 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.

We seek Safe Harbor.