Almadex Minerals (TSX-V: AMZ) CEO Morgan Poliquin’s Latest Assay Results Add a New High-Grade Component to El Cobre Project
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is President and CEO of Almadex Minerals (TSX-V: AMZ)(OTC: AXDDF), Mr. Morgan Poliquin. Morgan, how are you this morning?
Morgan Poliquin: I'm excellent, thank you. And yourself?
Gerardo Del Real: I'm doing great, I'm doing great. Thank you so much for asking. You had some exciting news this morning. The headline reads, "Almadex Cuts 70.45 Meters of 2.32 Grams Per Tonne Gold and 0.59% Copper," which of course is 3.13 grams per tonne gold equivalent, or 2.28 copper equivalent. Now, 40.45 meters of 1.38 grams per tonne gold and 0.43% copper within 431.9 meters of 0.86 grams per tonne gold and 0.27% copper. Now, that's a lot of numbers, Morgan, obviously it's exciting news, it adds a new dimension to this deposit. Can we talk a bit about the results today?
Morgan Poliquin: Delighted to do so, thank you for opportunity again. Well, we obviously have some pretty high-grade intercepts there. It's at our Norte Zone which is one of, we think, a number of different porphyry centers on the property. We're currently also drilling about over two kilometers away at another target, but basically this Norte Zone discovered last year in August was the first hole we announced from this area. We have been focused on trying to understand how big it can be and this hole, I think, shows the potential for higher grades to be quite cohesive. That means that they hang together. So our targeting right now is to focus on some of these higher grade zones, understand their orientation, and to the end of trying to develop a resource around them, of course. It's been a year of drilling. We think that these holes, to summarize, are defining a higher grade potential core to a system that remains open, is our view.
Gerardo Del Real: Well, this hole seems to be a game changer for the company. We've had broad intercepts of lower grade mineralization, but the high-grade, we haven't seen it to this extent. Is it open, Morgan? Do you see that?
Morgan Poliquin: We don't think we've tested the limits of the high-grade mineralization. We started the drill campaign around hole 10, which was the initial discovery announced nearly a year ago. That was a very large step out, broad based program and that was successful in what ultimately we think is defining kind of the broad halo around these higher grades. We think that the broad halo, there's significant mineralization in that broad halo, and the broad halo remains open and there's possibility of expanding it. But these high-grades are really important for sweetening the potential economics. That's what you want to see in a porphyry system is that they are large, generally low-grade copper gold deposits. The better ones in the world in terms of economics, generally, have a sweetener, have a high-grade area within them. If that's near surface and accessible by open pit mining, then you really have a great situation to get a deposit up and running.
So that's what we see. In past holes we traced high-grade right up to surface, hole 18 and 21 showed that. This hole is a deeper cut of the high-grade but we think that this will also connect up to surface. In terms of defining the high-grade, its limits, its distribution, it's still early days and yes, we believe it's open. We have two drills on the Norte Zone testing just for that right now.
Gerardo Del Real: Excellent. Now you mentioned large step outs. You actually, you just established a drill pad at the Raya Tembrillo target which is within the Villa Rica Zone. How are things coming along there?
Morgan Poliquin: On the way to moving the drill up there, we stopped at the Encinal Zone, where we found a new outcrop of really high-grade in terms of surface outcrop for a porphyry, 1 gram per tonne at surface. So we decided to put a drill on that. Low and behold, we announced in hole 25, right at the top of that hole, some 1 gram material which we released recently. The drill that's destined for Raya Tembrillo is on that path, we've had a rainy season in that part of Mexico and those two reasons combined, the good reason of having some interesting intercepts to follow up on at this Encinal Zone has delayed when we'll get the drill there. But the drill will be there shortly, and we'll start that initial drill program on what are really interesting trenches we released earlier this year. Off the top of my head, we had trenches in the realms of about 15 meters of 1 gram per tonne, but that's by memory here, I don't have it in front of me. It's an exciting surface anomaly, and really, the best surface anomaly we have at El Cobre.
So the Raya Tembrillo target is high on our list, and again, it's two kilometers south of the drill results we put out today, so it speaks to the potential scale of this system. It's very early days, our exploration program here.
Gerardo Del Real: Excellent. Well, I encourage everybody to go to the Almadex website, that's almadexminerals.com. You and your team, Morgan, do, I think, if not the best, well, I'll say it. I think you do the best job of putting out maps and cross sections of any junior in the space. A lot of news releases aren't accompanied by something as simple as a detailed cross section. You do an amazing job at it and I encourage everybody to go to almadexminerals.com.
Hopefully I can have you back on soon, Morgan. I know you're on your way to the Sprott Conference, you're probably pretty excited to speak there. I understand that you're giving a keynote, if I'm not mistaken, is that accurate?
Morgan Poliquin: I'm not sure if I'm a keynote or not, but luckily I'm in the big forum there and delighted to be speaking about all that we're doing, so thank you for that.
Gerardo Del Real: Excellent. Well, lots to talk about. Morgan Poliquin, Almadex Minerals. Thank you and congratulations again, Morgan.
Morgan Poliquin: Thank you so much, Gerardo, appreciate being on your show again.