Almadex Minerals Ltd. has declared that the first two of five holes drilled at the Davis/Paradise project in Nevada have yielded results. This drill program has been delayed to allow for assays, and a second phase program is scheduled for September, when the Company drill is expected to return from third-party contract work.
The Davis/Paradise property, which encompasses various targets and is situated approximately eight miles southeast of Gabbs, Nevada, and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994, is owned by Almadex (Figure 1).
We are very happy to get the first results back from this phase one program. These results confirm the prospectivity of the northern Davis portion of the project. We look forward to follow-up drilling there as well as first pass drilling on the southern Paradise area later this year.
J. Duane Poliquin, Chairman, Almadex Minerals Ltd.
Drilling results from the Davis vein zone help to illustrate the significant widths and grades of the mineralized structure identified earlier in iconic work and drilling for which the Company has minimal data.
The two holes (Figure 3) were drilled in the same section, showing that mineralization persists to depth and should be investigated further down dip. The following are meaningful input intervals from the first two holes:
Hole DP-22-001 from 62.70 to 63.50 (0.80 meters) @ 17.1 g/t gold and 10.3 g/t silver
- From 65.50 to 67.20 (1.70 m) @ 11.8 g/t gold and 68.2 g/t silver
- From 119.00 to 132.70 (13.70* m) @ 2.3 g/t gold and 24.1 g/t silver
- From 119.50 to 122.90 (3.40 m) @ 3.0 g/t gold and 41.2 g/t silver
- From 130.0 to 130.80 (0.80 m) @ 18.1 g/t gold and 39.4 g/t silver
Note: Projected true widths are roughly 73% of the core intersections above.
Hole DP-22-002 from 19.40 to 21.50 (2.10 m) @ 5.7 g/t gold and 22.3 g/t silver
- From 135.20 to 153.00 (17.80* m) @ 1.2 g/t gold and 12.3 g/t silver
- From 135.20 to 139.55 (4.35 m) @ 1.9 g/t gold and 25.9 g/t silver
- From 146.35 to 153.00 (6.65 m @ 1.9 g/t gold and 11.9 g/t silver
- From 152.00 to 153.00 (1.00 m) @ 5.8 g/t gold and 3.5 g/t silver
Note: Projected true widths are roughly 67% of the core intersections above.
The other three holes in this phase one program were located on various targets on the property’s northern half. Two holes were drilled in an area of alteration thought to be a sinter and breccia system that ran adjacent to the Davis zone, and the fifth hole aimed at another different vein with historic mine workings in the Northern area termed Butler.
Exceptional assays from the remaining three holes will be disclosed once they have been obtained and evaluated.
The Southern Paradise portion of the property, in which Almadex expects to focus a phase two drilling program in September, includes high-level acid sulfate quartz alunite alteration as well as a zone of phyllic alteration derived from previous alteration mapping and the latest Worldview remote sensing research.
The Almadex team’s recent mapping indicated the existence of multiple generations of porphyric intermediate intrusive with significant alteration zones, particularly in historical mining excavations.
This new information indicates that the Paradise area is a large lithocap with the potential for both gold-silver high sulfidation mineralization and porphyry mineralization at depth, equivalent to the adjoining Paradise Peak gold deposit, which has both styles of mineralization.