VANCOUVER, British Columbia, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (“Almadex” or the “Company”; TSX-V: DEX) is pleased to provide an update on its exploration activities and results from a prospecting level diamond drilling program in one part of the Yago project (located in Nayarit State, Mexico) called Gallo de Oro where banded epithermal veins crop out at surface.
Prospecting carried out during the drilling program identified a new zone of epithermal veining at surface, north-north-east of the area tested by drilling. In this area 5 or 6 north-south striking, steeply dipping quartz veins over approximately 100m width were identified. Fourteen grab samples were collected from banded and mineralized quartz boulders along the north-south trace returning gold values ranging from below detection to 14.05 g/t and averaging 2.65 g/t. Further prospecting and sampling is planned to better define this new area of veining for first pass drilling.
In 2018 nine holes were drilled at Gallo de Oro for a total of 2,368.90 metres. All of the holes hit epithermal alteration and quartz veining with several intervals for follow-up, highlights of which are provided below. One of the holes, GDO-18-007 hit 0.90 metres of 22.0 g/t gold and 9.70 g/t silver from 315.80 to 316.70 metres depth in a zone of alteration and sparse veining. While the veining is currently considered to likely be subvertical, true widths cannot be calculated at this time with certainty.
Hole GDO-18-001, Azimuth 090 Dip -45
From 123.20 to 123.80m, 0.60 metres @ 0.87 g/t gold and 4.40 g/t silver
Hole GDO-18-002, Azimuth 090 Dip -65
From 258.00 to 258.60m, 0.60 metres @ 0.25 g/t gold and 56.00 g/t silver
And 262.50 to 263.20m, 0.70 metres @ 0.58 g/t gold and 30.10 g/t silver
Hole GDO-18-004, Azimuth 090 Dip -45
From 72.80 to 73.80m, 1.00 metres @ 1.17 g/t gold and 1.90 g/t silver
Hole GDO-18-005, Azimuth 090 Dip -65
From 107.00 to 107.90m, 0.85 metres @ 0.69 g/t gold and 1.40 g/t silver
Hole GDO-18-007, Azimuth 090 Dip -40
From 288.20 to 288.90m, 0.65 metres @ 1.18 g/t gold and 12.40 g/t silver
And 215.80 to 316.70m, 0.90 metres @ 22.00 g/t gold and 9.70 g/t silver
Hole GDO-18-008, Azimuth 090 dip -40
From 232.10 to 233.50m, 1.40 metres @ 0.95 g/t gold and 1.75 g/t silver
During 2019 the Company anticipates further work and drill testing at Yago and other projects in the company portfolio, as well as continued regional exploration and generative work in Mexico and Nevada.
On the Gallo de Oro target area of the Yago project to date, a total of 144 surface rock samples have been collected and analysed with gold values ranging from below detection up to 104 g/t, averaging 2.43 g/t gold. The Yago project covers multiple zones of such epithermal quartz-adularia veining and high-level alteration.
Qualified Person and Quality Assurance/Quality Control
Mr. Norm Dircks, P.Geo., a qualified person (“QP”) under the meaning of NI 43-101 reviewed the technical information in this news release. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Silver is first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy (“ICP-AES”). Samples that return values greater than 100 g/t silver by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that return silver values greater than 1,500 g/t are further analysed by fire assay with a gravimetric finish. Intervals that returned assays below detection were assigned zero values. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden’s quality assurance and control program which complies with National Instrument 43-101 requirements.
Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex's management team. The Company owns a number of portable diamond drill rigs, enabling it to conduct cost effective first pass exploration drilling in house.
On behalf of the Board of Directors,
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, permitting, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b12ac3bb-7197-4848-b7ff-655468593427