Mr. J. Duane Poliquin reports

ALMADEX PROVIDES UPDATE ON THREE EPITHERMAL GOLD-SILVER PROSPECTS IN NEVADA, USA

Since the press release of Dec. 14, 2023, Almadex Minerals Ltd. has acquired by staking four additional prospects, bringing the total of new prospects staked since early 2023 to 14. As noted in the press release of April 8, 2024, one of these prospects -- New Hope in Arizona -- has been advanced to the project stage, and the company is moving toward a first-phase drill program in 2024.

Today's press release provides an update regarding recent mapping and sampling at three of its new prospects, all of which are located in central Nevada, United States, and are prospective for epithermal gold-silver deposits. The company is planning initial work programs designed to rapidly provide the exploration data set to evaluate whether these targets merit drilling in the summer field season of 2024. The three prospects have only had preliminary exploration mapping and sampling performed on them to date.

Confusion Hills

The Confusion Hills prospect is composed of 237 lode claims that cover a large hydrothermal alteration zone developed in volcanic rocks. Two styles of alteration were identified in the preliminary geologic mapping that has been undertaken. Argillic alteration is found widespread in volcanic rocks and breccias along with local silicification. In one area, high-temperature pyrophyllite and kaolinite were detected, which is indicative of a possible porphyry lithocap environment. Fourteen grab samples of outcrop have been taken to date in the area of silicic and argillic alteration. Results ranged from below detection to 0.182 gram per tonne gold. Significant trace element epithermal pathfinder results were also returned. Detailed prospecting, mapping and sampling are planned for the spring of 2024.

County Line

The County Line prospect is composed of 191 lode claims. Preliminary mapping has identified two styles of alteration. A small area (200 metres by 150 metres) of high-sulphidation-style alteration where hypogene kaolinite, pyrophyllite, dickite and K-alunite occur at the south end of a broader area of silicification, chalcedonic veining and coxcomb veining is representative of a low or intermediate sulphidation environment. Subsequent to staking this area, Almadex received information on limited previous exploration work mainly in the southern portion of County Line, including drilling (three drill holes), with no significant results that have been reported to date; however, details on these exploration campaigns and their reach are unclear. Preliminary rock sampling results on the prospect have returned gold values ranging from below detection to 0.116 gram per tonne. The significant values were returned from the southern high-sulphidation alteration zone. Detailed mapping, sampling and prospecting are planned for the spring of 2024 to focus on the zones of veining to the northeast of the area of past work.

Silverton South hydrothermal cell

This prospect is composed of 50 lode claims, which cover an approximately two-by-two-kilometre area of intense clay alteration with local replacement silicification. A portion of the alteration zone has been mapped using a Terraspec field spectrometer. In this 1.5-by-0.9-kilometre area, high-temperature kaolinite was mapped. Based on the minerals identified, this alteration zone is currently interpreted to represent a steam-heated cap to a possible low-sulphidation vein system concealed beneath. The new Nevada lexicon for describing steam-heated zones is hydrothermal cell. The Silverton South area likely represents such a cell. While no gold results above detection have been returned, the preliminary grab samples of altered rocks taken to date have returned anomalous epithermal pathfinder elements typical of the interpreted level of erosion. Detailed prospecting, mapping and sampling are planned for the spring of 2024 to help define a vector for possible future drilling.

J. Duane Poliquin, chairman of Almadex, commented: "These prospects are excellent new additions to the early-stage portion of our exploration portfolio. Our job is now to advance these and other prospects through mapping, geochemistry and other means to see if they merit further work, including drilling. Their acquisition is the result of first principals based conceptual and regional exploration because that's where discovery starts. 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."

Qualified persons

Alfonso Rodriguez, MSc, PGeo (British Columbia), senior geologist of Apex Geoscience Ltd., 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 at the Confusion Hills and County Line projects. The analyses 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. All other elements were analyzed by four-acid digestion with either an inductively coupled plasma-atomic emission spectroscopy or inductively coupled plasma-mass spectrometry finish. Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Almadex, a qualified person as defined by National Instrument 43-101, has reviewed, and approved, all other scientific and technical contents of this news release.

About Almadex Minerals Ltd.

Almadex is an exploration company that holds a large mineral portfolio consisting of projects and 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.

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