Business
Almadex Minerals Outlines Plans for New Nevada Gold Project and Provides General Exploration and Asset Update
VANCOUVER, British Columbia, July 27, 2020 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: DEX) is pleased to provide an update o
About this update from Almadex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, July 27, 2020 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (\"Almadex\" or the \"Company\") (TSX-V: DEX) is pleased to provide an update on some of its exploration activities. Acquisition of New Project in Nevada In 2019 the Company acquired an option to purchase 100% (subject to royalty provisions) of 34 claims covering the Davis project area of alteration and gold-silver veining north of the Company’s existing Paradise claim block in Nye County Nevada. Almadex subsequently acquired through staking an additional 79 claims which are subject to the Davis Agreement due to their proximity to the claims covered by such agreement. Collectively these 113 claims totalling almost 900 hectares with multiple targets will be referred to as the Davis property, which is situated immediately north of the Company’s existing Paradise Valley property. The property is located approximately eight miles southeast of Gabbs, Nevada and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994. Geologically-speaking, it is located in the Walker Lane, a structural zone of mainly northwest-trending, strike-slip faults along the western edge of the Great Basin that hosts significant, historic and currently producing, epithermal precious metal deposits including the Comstock Lode at Virginia City, the Round Mountain gold deposit, Paradise Peak, Tonopah and Goldfield. The Davis property covers an area of hydrothermal alteration hosting gold-silver zones and veins on which there has been historic mining and exploration drilling. The property has been explored historically with various targets drilled by several operators. The property was held by USSRAM Exploration and from 1979 to around 2004 during which time various exploration and drilling programs were carried out on the property. One of the targets tested during this time was the Davis Mine area with a total of eleven drill holes to investigate mineralisation in the vicinity of the shaft of the historic Davis mine. More recently another operator drilled additional holes in the same general area of the previous drilling. While this historic Davis Mine area drilling cannot be verified by the Company, was not completed in accordance with N.I. 43-101 and therefore should not be relied upon, it provides clear exploration focus. One of...