Dr. Morgan Poliquin reports
ALMADEX RECEIVES FINAL EL COBRE ASSAYS FROM 2017
Almadex Minerals Ltd.has received the final assay results from the final 2017 drill holes EC-17-043 (Raya Tembrillo) and EC-17-044 (El Porvenir). The Raya Tembrillo area is the very northern part of the large Villa Rica zone of the El Cobre property and is located approximately two kilometres south of the Norte zone, where most of the previous drilling since 2016 on the El Cobre property has been carried out. The Porvenir zone is located roughly three kilometres to the southeast of the Norte zone and 1.8 kilometres southeast of the Raya Tembrillo area of the Villa Rica zone. Highlights from these holes include the intercepts as follows:
Hole EC-17-043 -- Villa Rica zone (240 degrees azimuth, minus 50 degrees dip):From 2.43 metres to 22.50 metres -- 20.07 metres of 0.31 gram per tonne gold and 0.03 per cent copper(gold zone);From 34.50 metresto 154.00metres-- 120.00 metres of 0.08 gram per tonne gold and 0.37 per cent copper (enriched zone); Including 34.50 metres to 92.50 metres -- 58.00 metres of 0.15 gram per tonne gold and 0.64 per centcopper (enriched zone);Including 50.50 metres to 88.50 metres-- 38.00 metres of 0.16 gram per tonne gold and 0.93 per cent copper (enriched zone); Hole EC-17-044-- Porvenir zone (210 degrees azimuth, minus 45 degrees dip):From 118.50 metres to 183.00 metres --64.50 metres of 0.37 gram per tonne gold and 0.21 per centcopper (hypogene porphyry); Including 140.50 metres to 180.75 metres -- 40.25 metresof 0.50 gram per tonne gold and 0.25 per centcopper (hypogene porphyry); From 291.00 metres to 317.00 metres -- 26.00 metres of 0.85 gram per tonne gold and 0.27 per centcopper (hypogene porphyry).
J. Duane Poliquin, chairman of Almadex, commented: "We are very excited to report these final assays from the very successful 2017 drill program. In 2017, we stepped out roughly two kilometres to the south of the Norte zone and hit significant mineralization in first-pass drilling in the northern part of the large Villa Rica zone. We believe that the results from Raya Tembrillo are proof of large-scale porphyry potential in this part of the project. The drill results from 2016 and 2017 clearly show that we are dealing with a large cluster of porphyry systems, all of which hold the potential to be important porphyry copper-gold deposits. We are currently defining a large 2018 drill program and look forward to reporting that shortly."
About the El Cobre project
The El Cobre project has a total area of 7,456 hectares and is located adjacent to the Gulf of Mexico, about 75 kilometres northwest of the major port city of Veracruz, Mexico, and has uniquely excellent infrastructure. The project area is situated 200 metres above sea level with extensive road access and is located less than 10 kilometres from a power plant, highway, gas line and other major infrastructure. Major power lines cross the property area. Almadex recently received new drill permits from Semarnat, which have a five-year duration and permit the construction of up to a total of 640 drill pads across areas covering the Norte, Villa Rica and Porvenir zones.
The four copper-gold porphyry targets currently known within the El Cobre project -- Encinal, El Porvenir, Norte and Villa Rica -- are defined by distinct copper-gold soil anomalies, discrete, positive magnetic features and a large IP (induced polarization) chargeability anomaly. The largest target area is the Villa Rica zone and apart from the current drilling has never been drill tested in past programs. Limited past reverse circulation and diamond drill testing at Encinal, El Porvenir and Norte has returned wide intercepts of porphyry copper/gold and narrow zones of intermediate sulphidation epithermal gold-silver vein mineralization, with selected intercepts as follows.
El Porvenir zone
Since 1998, the El Porvenir area has seen 19 past diamond and reverse circulation drill holes, many of which intersected important porphyry mineralization. Drilling has demonstrated that the system persists at least to a depth of 400 metres. Significant copper and gold grades were intersected such as 0.16 per cent copper and 0.39 gram per tonne gold over 290 metres in hole DDH04CB1. In addition, hole EC-13-004 intersected 0.23 per cent copper and 0.36 gram per tonne gold over 106 metres, to a depth of 504 metres, again indicating potentially significant mineralization at depth.
Encinal zone
Hole CB5 intersected a highly altered breccia pipe containing fragments of stockwork veining and porphyry mineralization, across which 18.28 metres returned 1.42 grams per tonne gold and 0.1 per cent copper. The breccia pipe occurs in a large alteration zone (IP chargeability high and magnetic low), which has not been tested to depth. On June 19, 2017, Almadex announced that a new area of exposed stockwork quartz veining and gold mineralization had been identified in the Encinal zone. On June 29, 2017, Almadex announced the results of initial drilling on this exposed stockwork (hole EC-17-025), which returned results including 34.47 metres grading 0.73 gram per tonne gold and 0.2 per cent copper.
Norte zone
All five holes drilled in the Norte zone prior to 2016 intersected porphyry-style mineralization. Hole 08-CBCN-022, one of the deepest holes drilled at Norte in 2008, returned values of 0.14 per cent copper with 0.19 gram per tonne gold over 259 metres and 08-CBCN-19 intersected 41.15 metres averaging 0.42 gram per tonne gold and 0.27 per cent copper to the end of the hole at 187.45 metres. Drilling at the Norte zone in 2016 and 2017 has resulted in the highest-grade intersections to date at Norte, including 114.60 metres grading 1.33 grams per tonne gold and 0.48 per cent copper (hole EC-17-018; see press release of April 5, 2017), 80.50 metres grading 1.34 grams per tonne gold and 0.46 per cent copper (hole EC-16-012; see press release of Oct. 24, 2016), 70.45 metres grading 2.32 grams per tonne gold and 0.59 per cent copper (hole EC-17-026; see press release of July 25, 2017), and 534.90 metres grading 0.90 gram per tonne gold and 0.3 per cent copper (hole EC-17-029; see press release of Aug. 15, 2017). Since the Norte zone discovery, Almadex has been carrying out a systematic drill campaign to define this target. Future Norte drilling will focus on defining the high-grade zone now emerging from the Norte drill program.
First-pass drilling at the Raya Tembrillo area of the Villa Rica zone is continuing. The Villa Rica zone is a roughly 2.5-kilometre-by-one-kilometre area defined by a strong north-northwest-trending magnetic-chargeability high and associated copper-gold soil geochemical anomaly.
More information on El Cobre is available on the Almadex website.
Larry Segerstrom, MSc (geology), PGeo, a director of the company, is a qualified person as defined by National Instrument 43-101and has reviewed and approved the contents of this news release. The porphyry mineralization reported in this news release is associated with broad areas of alteration and stockwork veining. True widths cannot be determined at this time. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 grams per tonne gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. For copper, samples are first analyzed by inductively coupled plasma -- atomic emission spectroscopy (ICP-AES), with four-acid digestion. Samples that return values greater than 10,000 grams per tonne copper using this technique are then reanalyzed by HF-HNO3-HCLO4 digestion with HCl leach and ICP-AES finish.Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program, which complies with NI 43-101 requirements. An NI 43-101-compliant technical report on the El Cobre project, titled "Technical Report on the El Cobre Property," was filed in May, 2015, and can be obtained from SEDAR.
About Almadex Minerals Ltd.
Almadex Minerals is an exploration company that holds a large mineral portfolio consisting of projects and net smelter return royalties in Canada, the United States and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal making by Almadex's predecessor company, Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100-per-cent interest, subject to a sliding-scale net smelter return royalty equivalent to 0.5 per centin the event that production from the property exceeds 10,001 tonnes per day of ore. This net smelter return royalty can be reduced to 0.25 per centat this production rate through the payment of $3-million (U.S.).
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