Apr 11 2017
Almadex Minerals Limited ("Almadex" or the "Company") (TSX VENTURE: AMZ) (OTCQB: AXDDF) is pleased to announce it has received assay results from channel samples taken in the newly discovered Raya Tembrillo area of outcropping porphyry gold-copper mineralisation within the Villa Rica target zone which has never been drilled. This area of mineralisation is located roughly 2 kilometres south of the Norte Zone where the company currently is drilling with two rigs. Eight channels were taken over a roughly 90 by 50 metre area along outcrop exposures, in the general area where initial grab sample results were recently reported (see Almadex news release of March 19th, 2017). The exposed mineralisation is oxidised so any copper that had been present has likely been removed through the weathering process. The mineralisation is comprised of quartz stockwork zones developed in a diorite. Photos of the mineralisation are appended to this release along with a map of the sample locations and results. The sampling returned the following results:
Channel 1: 14.0 meters @ 1.22 g/t gold and 0.02% copper
Channel 2: 9.0 meters @ 1.22 g/t gold and 0.04% copper
Channel 3: 1.0 meter @ 0.75 g/t gold and 0.02% copper
Channel 4: 22.0 meters @ 0.18 g/t gold and 0.03% copper
Channel 5: 4.0 meters @ 0.23 g/t gold and 0.02% copper
Channel 6: 6.0 meters @ 1.91 g/t gold and 0.02% copper
Channel 7: 14.0 meters @ 1.57 g/t gold and 0.03% copper
Channel 8: 2.0 meters @ 1.93 g/t gold and 0.04% copper
J. Duane Poliquin, Chairman of Almadex commented, "Drilling continues to expand our Norte target but fieldwork on the Villa Rica zone has been rewarded with these exciting surface samples from recently discovered outcrops. The channel samples along with recently announced outcrop, subcrop, and float sample results upgrade the potential of this zone. Further surface work is underway at Villa Rica preparatory to drilling".
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 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, Villa Rica, Norte, Encinal, and El Porvenir, 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 mineralisation, 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 mineralisation 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 15 meters returned 1.63 g/t Au and 0.12% 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 mineralisation. 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, with previously-announced highlights including hole EC-16-010 which intersected 163.5 metres grading 0.68 g/t Au and 0.29% Cu (see press release of August 8, 2016), hole EC-16-012 which intersected 218.0 metres grading 0.70 g/t Au and 0.28% Cu (see press release of October 24, 2016), and hole EC-17-018 which intersected 342.0 metres grading 0.60 g/t Au and 0.27% Cu (including 193.3 metres grading 0.93 g/t Au and 0.38% Cu, see press release of April 5, 2017).