Almadex Confirms Gold-Rich Porphyry System at Norte Target, El Cobre Project, Mexico, Hits 218.00 Meters of 0.70 g/t Gold and 0.28% Copper Including 80.50 Meters of 1.34 g/t Gold and 0.46% Copper

VANCOUVER, BC--(Marketwired - October 24, 2016) - Almadex Minerals Limited ("Almadex" or the "Company") (TSX VENTURE: AMZ) (OTCQB: AXDDF) is pleased to announce that it has completed the second diamond drill hole on the Norte Zone (EC-16-012) at its 100% owned El Cobre porphyry copper-gold project located in Veracruz, Mexico. Hole (EC-16-012) was collared from the same pad as EC-16-010 and drilled at the same azimuth (180 degrees), but at a steeper angle (-65 degrees). Significant porphyry style alteration and mineralisation begins from the collar in EC-16-012 and includes the following copper-gold intersections:

Hole EC-16-012 NORTE ZONE, 180 Az, -65 dip

  • From 9.14 to 19.00, 9.86 meters @ 0.24 g/t gold and 0.16% copper
  • From 117.80 to 145.30, 27.50 meters @ 0.12 g/t gold and 0.19% copper
  • From 162.50 to 595.00 meters, 432.50 meters @ 0.42 g/t gold and 0.17% copper
    • Including 183.00 to 401.00, 218.00 meters @ 0.70 g/t gold and 0.28% copper
    • Including 183.00 to 339.00, 156.00 meters @ 0.90 g/t gold and 0.34% copper
    • Including 216.00 to 296.50, 80.50 meters @ 1.34 g/t gold and 0.46% copper
    • Including 261.00 to 296.50, 35.50 meters @ 1.82 g/t gold and 0.59% copper

In addition, assays have now been received from the bottom portion of Hole EC-16-010. Assays from shallower intersections in this hole were previously announced on August 8th and August 17th, 2016, and included 163.50 meters of 0.68 g/t gold and 0.29% copper and 150.90 meters of 0.55 g/t Gold and 0.22% Copper, to a total depth of 542.70 meters. Below this depth no significant copper or gold values were returned but intense sulphide rich porphyry-style alteration was intersected to the end of the hole.

The Company has now completed a third hole from the EC-16-010/012 pad (EC-16-013) at a 180 degree azimuth and a -80 degree dip and drilling continues in the Norte Zone. The Norte zone is one of four well defined porphyry centres within a very large zone of porphyry related alteration. The Company has also mobilised a second drill and drilling team so that drilling can continue on other targets at El Cobre project while drilling continues on the Norte Zone. Currently this rig is working on the Encinal Zone roughly three kilometers to the south of the Norte Zone.

Almadex Chairman, J. Duane Poliquin commented, "These results further show the potential of the El Cobre project to host a significant gold-rich porphyry system. The Norte zone is one of four well defined porphyry centres within a very large zone of porphyry related alteration. We look forward to following up this exciting intercept with further results from our ongoing aggressive drill program focused on the goal of defining a new gold-copper resource in Mexico."

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