Almadex Minerals Limited ("Almadex" or the "Company") (TSX VENTURE: AMZ) (OTCQB: AXDDF) is pleased to provide a project update. Drilling recommenced on the project in the Norte area in February. A second drill has just been added to the Norte area and has also commenced coring. At the same time systematic mapping and prospecting, which commenced in 2016, has identified copper and gold porphyry style mineralisation cropping out in two separate locations in the Villa Rica target area, located roughly two kilometres south of the Norte Zone.
Results have been returned from 18 rock grab and chip samples of float, subcrop and outcrop taken from the largest of these new zones of weathered and oxidized discontinuous porphyry outcrop, now called Raya Tembrillo. The Raya Tembrillo samples were taken within a roughly 150 by 150 metre area and returned gold values averaging 1.51 g/t (ranging from 0.06 to 5.38 g/t gold, with 13 samples returning greater and 0.40 g/t gold and 6 returning greater than 2.0 g/t gold) and copper values averaging 0.05% (ranging from 0.005 to 0.16%). Channel sampling has now been carried out over specific outcrops in the Raya Tembrillo area and will be reported once results are received. Mapping and prospecting continues throughout the Villa Rica and project area where previous exploration campaigns defined high copper and gold in soils and high chargeability and magnetic responses from geophysical surveys. Once the outcrop mapping is complete drilling is planned for the Villa Rica zone later in 2017.
The identification of an outcropping mineralised porphyry system in the Villa Rica area confirms that the El Cobre project covers a cluster of porphyry systems. There has never been drilling in the Villa Rica area. More prospecting and mapping, both currently underway, will better define this large area of alteration, and it is hoped, identify further surface exposures of mineralisation, prior to drilling getting underway.
J. Duane Poliquin, Chairman of Almadex, commented, "With the completion of the 2016 drill program at the El Norte Zone, a picture is developing of the porphyry system we have intersected. We are now carrying out a systematic drill campaign to follow-up the 2016 Norte Zone results. We are very pleased to have confirmed the presence of high grade porphyry mineralisation in the Villa Rica zone by discovering mineralised surface exposures in this area. As surface work progresses our planned 2017 initial drill program for Villa Rica will be better defined."