Almadex Minerals Limited is pleased to announce it has received assay results from holes EC-17-021 and EC-17-022 of the 2017 Norte Zone drilling program.
EC-17-021 was drilled at an azimuth of 000 from a new pad, located about 285 meters to the south from pad EC-16-010. Hole EC-17-022 was drilled from the same pad as hole EC-16-020 but to the north at an azimuth of 000 degrees. Hole EC-17-021 intersected significant mineralisation starting at a depth of 93 meters. Hole EC-17-022 helps define the mineralised zone along strike and provides a significant stepout from the previous hole drilled from this collar, EC-17-020. Highlights from holes EC-17-021 and 22 include the following intercepts which are also shown on the attached plan and sections:
Almadex is also pleased to announce that a new area of exposed stockwork quartz veining and gold mineralisation in the Encinal Zone of the project has been identified. The Encinal Zone is located roughly 3.5 kilometres to the south-southeast of the Norte Zone drilling and 2.5 kilometers southeast of the recently identified Raya Tembrillo Zone of stockwork veining. Almadex has collared a hole which is currently being drilled to test this new area of veining in the Encinal Zone.
J. Duane Poliquin, Chairman of Almadex commented, "We are carrying out a systematic drill campaign to follow-up these results in the Norte Zone. Elsewhere on the project we are conducting mapping and sampling preparatory to drilling other zones. This work already has defined previously unknown mineralization in the Villa Rica Zone and now an area of stockwork veining cropping out in the Encinal Zone. We look forward to reporting further results in the coming weeks and months as the programs progress."
Work is underway to provide access at the newly discovered Raya Tembrillo target, located in the Villa Rica Zone, roughly two kilometres to the south of the Norte Zone.
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, Encinal, El Porvenir, Norte and Villa Rica 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 mineralization, with selected intercepts as follows:
In addition to the above, several anomalous areas remain untested by drilling, including the Villa Rica Zone, a roughly 2.5 kilometre by 1 kilometre area defined by a strong north-northwest trending magnetic-chargeability high and associated copper-gold soil geochemical anomaly. Recently (see Almadex news releases of March 19th, 2017 and April 10th, 2017) significant new gold porphyry mineralisation was identified in outcrop at the Raya Tembrillo target within the Villa Rica zone.
More information on El Cobre is available on the Almadex website at http://www.almadexminerals.com/ASSETS/PROJECTS/Cobre.html.
Larry Segerstrom, M.Sc. (Geology), P.Geo., A Director of the Company, is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") and has reviewed and approved the contents of this news release. The porphyry mineralisation reported in this news release is associated with broad areas of alteration and stockwork veining. True widths cannot be determined at this time. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy ("AAS"). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program which complies with National Instrument 43-101 requirements. A technical report on the El Cobre project prepared in accordance with National Instrument 43-101 and entitled "Technical Report on the El Cobre Property", was filed in May 2015 and can be obtained from www.sedar.com.
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