Mining minerals

Almadex Minerals samples 6.0 g/t gold and 2,410 g/t silver in a new high-grade surface trend and defines an extensive high sulphidation alteration system at Davis/Paradise in Nevada

VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — Almadex Minerals Ltd. (“Almadex” or the “Company”) (TSX-V: “DEX”) is pleased to announce that it has received and compiled the mapping and surface sampling results from the Davis/Paradise project in Nevada carried out in April, May and June. of this year. This more detailed sampling and mapping focused on areas identified and sampled during previous work on the project by Almadex and others. Almadex holds the rights to acquire 100% of the Davis/Paradise property, which covers several targets and is located approximately eight miles southeast of Gabbs, Nevada and five miles northeast of the Paradise gold mine Peak, which was active from 1984 to 1994 (Figure 1). Follow-up field work is currently underway to better define these areas.

Several zones of mineralization have now been identified. Extensive areas of encroaching hydrothermal alteration have also been defined. The latest exploration activities had two different objectives; general evaluation of known showings and areas of previous exploration and mining, and to estimate the size of the southern lithocap zone from an alteration characterization study. Highlights of the results are as follows and shown on the attached target cards:

  • West of Peppercorn showing returned surface samples 0.4 meter at 1.9 g/t gold and 1,330 g/t silver, 0.2 meter at 2.0 g/t gold and 415 g/t silver and one grab sample returned 6.0 g/t gold and 2,410 g/t silver;
  • In the Davis North zone, located 540 meters north of the Davis vein zone, three grab samples returned 2.1, 18.5 and 36.3 g/t gold;
  • At the Davidson mine, one more chip sample 0.3 meter returned 54.9 g/t gold and 865 g/t silverand one A 0.2 meter chip sample returned 21.4 g/t gold and 1095 g/t silver;
  • At the Butler mine, a chip sample is returned 0.2 meter at 9.7 g/t gold;
  • At the Twin Shaft showing returned grab samples 38 g/t gold and 261 g/t silver, 9.9 g/t gold and 64.3 g/t silver, 5.2 g/t gold and 122 g/t silver and 3.5 g/t gold and 35.1 g/t silver.
  • South of the Gold-Dyke Zone, mapping has defined a 1.35 kilometer trend of intense high sulphidation alteration with quartz alunite cores surrounded by pyrophyllite and kaolinite-dickite halos. One of the grab samples from this area returned 8.3 g/t gold;
  • In the Sinter zone, 30 surface samples were taken on average 0.2 g/t gold and 2.2 g/t silver including a 30cm chip sample of a banded vein running through the sinter that flipped 1.2 g/t gold and an extract from a silicified breccia that returned 1.5 g/t gold.

J. Duane Poliquin, President of Almadex, said, “The new surface sampling highlights the gold and silver potential of this multi-target project and continues to expand the alteration footprint and associated mineralization. The mapping also better defined the intensity of hydrothermal alteration in the high sulphidation southern target area which remains open. We look forward to further results from this surface program and target definition that will enable future drilling of this exciting multi-target project.

The project appears to cover three main hydrothermal mineralization events:

  1. Gold-silver rich vein style mineralization (intermediate sulphidation epithermal) at Davis, Davidson, Butler, Peppercorn and Twin Shaft in the northern part of the project.
  2. Gold mineralization found in the advanced argillic alteration zone (high sulphidation epithermal and porphyritic lithocap alteration) at Gold-Dyke in the southern Paradise area of ​​the property. This is described in more detail below.
  3. Banded chalcedony-quartz-adularia (low sulphidation epithermal) vein mineralization is associated with paleo groundwater weathering including preserved sinter, suggesting preservation of the high-level part of an epithermal system.

All targets represent distinct exploration opportunities and require different targeting methodologies. Surface sampling and fieldwork in both areas is ongoing.

Mapping of alterations in the Southern Paradise High Sulfuration-Porphyry target area

Spectral alteration mapping of surface outcrops in the southern Paradise portion of the project identified a 1.35 km (EO) core zone of advanced argillic alteration associated with high sulphidation epithermal mineralization and multiple regional indications additional weathering associated with lithocapes. A solid replacement with a bulky silica texture stands in the center of this large alteration zone. This work resolved clear weathering vectors/temperature gradients and defined weathering zoning interpreted to represent a well-preserved lithocape with central alunite zones haloed by pyrophyllite, dickite and then hypogene kaolinite at dominant weathering in muscovite and finally to an outer peripheral propylitic alteration halo. A high temperature diaspore was detected indicating the presence of a potential feeder structure.

Further field mapping work is currently underway to map the presence of potassic alteration associated with porphyry mineralization adjacent to or below the identified lithocap. This new mapping further confirms that the Paradise area represents a large lithocap with potential for both high sulphidation gold-silver mineralization and porphyry copper mineralization at depth, similar to that observed at the adjacent Paradise Peak gold deposit where both styles of mineralization have been observed.

Qualified people and QA/QC

Jocelyn Pelletier, geo. a qualified person as defined by National Instrument 43-101 (“NI 43-101”), has reviewed and approved the scientific and technical content of this press release. Reported analyzes were performed at ALS Chemex Laboratories in Reno, Nevada 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 re-assayed 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 leaching and ICP-AES finish. Of these samples, those that return silver values ​​greater than 1,500 g/t are then fire assayed with a gravimetric finish. Intervals that returned tests below detection were assigned null values. Blanks, field duplicates and certified standards have been inserted into the sample stream as part of Almadex’s quality assurance and control program, which complies with the requirements of National Instrument 43-101 . A total of 119 surface rock and chip samples were collected from the project in May and June, the results of which are reported here. These samples contained an average of 2.2 g/t gold and 84.2 g/t silver. Chip samples ranged in width from 0.05 to 2.0 meters in width. The samples were collected to better understand the distribution of mineralization on the property. True widths for reported surface sampling intervals cannot be determined at this time.

About the Davis/Paradise Property

Almadex consolidated the Davis/Paradise Valley area in 2019 by purchasing from the underlying owners the Davis property, which adjoins the Paradise Valley property that had been staked by Almadex’s predecessor company. The property now comprises 358 claims totaling approximately 2,800 hectares with multiple targets, located approximately eight miles southeast of Gabbs, Nevada and five miles northeast of the Paradise Peak gold mine.

About Almadex

Almadex Minerals Ltd. is an exploration company with a large mining portfolio consisting of exploration projects and NSR royalties in Canada, the United States and Mexico. This portfolio is the direct result of many years of prospecting and negotiation by Almadex’s management team. The Company continues to focus on exploration, acquisition and basic drilling mining projects, alone or in partnership with others, with the goal of creating new mineral resources and royalties. The Company owns several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

On behalf of the Board of Directors,

“J.Duane Poliquin”

J. Duane Poliquin, President
Almadex Minerals Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements subject to risks and uncertainties. All statements contained herein, other than statements of historical fact, should be considered forward-looking. Forward-looking statements in this press release regarding the Company include, among other things, follow-up field work and future exploration activities by the Company on the Davis Paradise property. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, mining and exploration success, permits, the continued availability of capital and financing, the availability of equipment, relationships with third-party customers and their willingness or ability to continue to use the Company’s drill rigs for exploration purposes, and general economic, market or business conditions. There can be no assurance that such statements will prove to be accurate and, therefore, readers are urged to rely on their own assessment of such uncertainties. The Company undertakes no obligation to update forward-looking statements, except as required under applicable securities laws.

Contact information:
Almadex Minerals Ltd.
Such. 604.689.7644
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Davis/Paradise Property

Davis/Paradise Property