Geodex Minerals Ltd. is pleased to provide an update on its plans to complete drill programs on the South Dungarvon Tin and Benjamin Copper-Molybdenum Projects.
In October Geodex announced a proposed financing for which the proceeds would be used for the drill program. The Company expects to proceed with a first tranche closing of the financing shortly.
South Dungarvon Tin Project
Geodex undertook a first phase drill program at South Dungarvon, located 80 km north of Fredericton, in June this year. The drill holes tested a zone of tin soil anomalies and an interpreted major fault in the eastern region of the Late Devonian Dungarvon Granite. Two of the drill holes, SD-13-01 and SD-13-03, intersected near-surface tin mineralization, establishing a new tin occurrence in the eastern part of the property (see Geodex news release August 1, 2013). Importantly these two drill holes also successfully intersected the interpreted major structure within the Dungarvon Granite which Geodex believes is a key regional control for the tin mineralization. Tin soil anomalies and the reported structure continue east and west of these two drill holes. The property is covered by a blanket of glacial till, approximately 5 metres thick and masking the underlying bedrock. The drill program was the first program to test the character of the bedrock in this area of the property.
Having identified the structure and coincident tin mineralization in the eastern part of the property during the June drill program, Geodex plans to test an area of the interpreted structure in the western region of the property. This planned work will test an area of tin soil anomalies and previously reported tin mineralization in the western region of the property near the interpreted regional structure. Previous explorers reported up to 3.48% tin from trench samples in this target area. Limited previous prospecting by Geodex resulted in the discovery of tin bearing rubble near this previous trench with one sample returning 21,300 ppm tin. Geodex will conduct a VLF survey to map the western extension and orientation of the structure that appears to control the mineralization.