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Almadex Minerals Announces Acquisition of 100% of Logan Zn/Ag Project in Yukon Territory
VANCOUVER, British Columbia, May 26, 2022 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to announce it has ac
About this update from Almadex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, May 26, 2022 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (\"Almadex\" or the \"Company\") (TSX-V: “DEX”) is pleased to announce it has acquired 100% ownership of the Logan Zinc, Silver project (“Logan”, or the “Project”) located in the Yukon, Canada. As fully outlined below, a Company predecessor discovered the Logan Project in 1979. The project was then joint ventured, leaving Almadex’s predecessor a retained 40% interest carried to “Positive Production Decision”. The majority interest subsequently changed ownership, but the property was never the focus for the various operators. Almadex has been able to acquire 100% of the Logan project legally through a bankruptcy receivership, finally allowing for the project to be advanced. Key take aways for the Logan Project include: Located 38 km north of the Alaska Highway, accessed historically by 52 km long winter road; Historic inferred resource prepared in 2012 for the Logan Main Zone reporting 42.7 Mt with average grades of 2.76% zinc and 12.89 ppm silver at a 1% zinc cut-off grade (see below for details and disclosure); Deposit remains open along strike and down dip. Duane Poliquin, Chairman of Almadex, stated, “We have long been pushing to advance the Logan project but have been constrained by the joint venture agreement and the unresponsive nature of the prior majority owners. With this transaction we are now finally able to start the work necessary to surface the tremendous potential which exists at this project. We look forward to meeting and consulting with all rightsholders including the Ross River Dena Council and Liard First Nation to discuss exploration and development approaches that can meet the expectations of local people, the Indigenous owners, the Yukon government and other Company stakeholders.” Logan Project Details and Historic Mineral Resource Estimate The Logan Project is located 108 km northwest of Watson Lake in south central Yukon. The Project consists of 156 contiguous quartz mining claims located in the Watson Lake Mining District, covering over 3,200 hectares. The Project is located on the traditional territory of the Ross River Dena Council and Liard First Nation, 38 km north of the Alaska Highway. Access for past major work programs was facilitated with a 52 km long winter road from the Alaska Highway. In 1987, a 70...