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Almadex Minerals Provides Update on Exploration and Royalty Portfolio
VANCOUVER, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to provide an updat
About this update from Almadex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, April 06, 2021 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (\"Almadex\" or the \"Company\") (TSX-V: “DEX”) is pleased to provide an update on activities commenced and planned for the coming year at its mineral properties in British Columbia, Nevada, and Mexico. Duane Poliquin, Chairman of Almadex, stated “We expect 2021 to be an exciting year for Almadex. Several of our directly owned and optioned properties could be drilled this year, pending receipt of the necessary permits and allocation of budgets by some of our partners. At the same time, there are some exciting developments in our royalty portfolio, which continues to advance. Almadex has the necessary funds to execute on its 2021 exploration plans.” Additional detail on the Company’s mineral property and royalty assets is provided below. Nevada Optioned Properties Davis/Paradise Valley Almadex optioned 60% of the above properties to Makara Mining Corp. (“MAKA”) in 2020 (see press release dated September 14, 2020). Since that time, preliminary geological mapping and alteration studies have been completed, and MAKA intends to drill the project this year. Almadex is the Operator of the exploration program, and has mobilised one of its drills into Nevada in order to conduct the drilling program. MAKA recently announced that the first phase drilling program (5000 ft, 1500 m) is planned to be underway during April 2021, weather permitting. To date, MAKA has issued 100,000 shares to Almadex as part of the option agreement. Willow Almadex, through its predecessor Company, Azucar Minerals Ltd., optioned up to 75% of the Willow property to Abacus Mining and Exploration Corp. (“AME”) in 2017. AME’s work since this time has included geological, geochemical and geophysical work, as well as a short core drilling program in 2018. Willow is located in the Yerington camp, southeast of Reno, NV. The Yerington camp contains four known porphyry copper-molybdenum (Cu-Mo) deposits, all associated with a particular intrusive rock known as the Luhr Hill Granite. AME states that its work points to the existence of a fifth porphyry on the Willow property, the first major discovery in the camp in over 40 years. Drilling in 2018 identified Cu values in the 0.1% to 0.2% Cu range along with elevated Mo, associated with the Luhr Hill Granite. Abacus is currently pl...