Brien Lundin on Almadex Minerals (TSX-V: AMZ): A Safe Bet on Diversified Minerals Exploration in the Americas and a Solid Buy at Current Levels
The drill continues to do good work on Almadex Minerals’ El Cobre copper-gold porphyry project near Veracruz, Mexico.
The latest assays come from two holes drilled on the project’s Norte zone. Hole 21 cut two long intersections grading 0.68 g/t gold and 0.27% copper over 153.5 meters and 0.27 g/t gold and 0.12% copper over 167.0 meters. The shallower, 153.5-meter intersection began at 93.0 meters and included a narrower interval grading 0.96 g/t gold and 0.37% copper over 84.0 meters.
Hole 21 was drilled from a new pad located 285 meters south of the pad used to drill last year’s Hole 16-010. Along with the results from Hole 22 (255.64 meters of 0.26 g/t gold and 0.17% copper), the assays from Hole 21 suggest that the large porphyry system identified on the Norte zone remains open for expansion.
Elsewhere on the property, surface work has uncovered a new area of exposed stockwork quartz veining and gold mineralization on the Encinal zone. Located 3.5kilometers southeast of Norte, Encinal is another prime target within El Cobre. Along with the recently outlined Raya Tembrillo zone, this area of the Encinal zone gives Almadex two highly prospective gold targets to test.
Raya Tembrillo should see drilling later this year, once the company has completed the needed work to fully access the target. Raya Tembrillo is part of the Villa Rica zone, which with Encinal, Norte and El Porvenir, comprise the the four large copper-gold porphyry targets identified at El Cobre.
Well-situated near all needed infrastructure, including at deep water port at Veracruz, El Cobre is clearly the flagship project in Almadex’s large portfolio of properties in Canada, the U.S. and Mexico.
The drillwork on El Norte, combined with the upcoming news flow from Encinal and Raya Tembrillo, should keep Almadex in most resource investors consideration set. A safe bet on diversified minerals exploration in the Americas, Almadex remains a solid buy at current levels.
Almadex Minerals Ltd.
Recent Share Price:...............C$0.97
Shares Outstanding:......47.8 million
Market Cap:..............C$46.4 million
Shares Outstanding Fully Diluted:................53.4 million
Market Cap Fully Diluted:...........C$51.8 million