VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 27, 2013) - Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W) (the "Company" or "Geodex")is pleased to provide an update on its plans to complete drill programs on the South Dungarvon Tin and Benjamin Copper-Molybdenum Projects. In October Geodex announced a proposed financing for which the proceeds would be used for the drill program. The Company expects to proceed with a first tranche closing of the financing shortly.
South Dungarvon Tin Project
Geodex undertook a first phase drill program at South Dungarvon, located 80 km north of Fredericton, in June this year. The drill holes tested a zone of tin soil anomalies and an interpreted major fault in the eastern region of the Late Devonian Dungarvon Granite. Two of the drill holes, SD-13-01 and SD-13-03, intersected near-surface tin mineralization, establishing a new tin occurrence in the eastern part of the property (see Geodex news release August 1, 2013). Importantly these two drill holes also successfully intersected the interpreted major structure within the Dungarvon Granite which Geodex believes is a key regional control for the tin mineralization. Tin soil anomalies and the reported structure continue east and west of these two drill holes. The property is covered by a blanket of glacial till, approximately 5 metres thick and masking the underlying bedrock. The drill program was the first program to test the character of the bedrock in this area of the property.
Having identified the structure and coincident tin mineralization in the eastern part of the property during the June drill program, Geodex plans to test an area of the interpreted structure in the western region of the property. This planned work will test an area of tin soil anomalies and previously reported tin mineralization in the western region of the property near the interpreted regional structure. Previous explorers reported up to 3.48% tin from trench samples in this target area. Limited previous prospecting by Geodex resulted in the discovery of tin bearing rubble near this previous trench with one sample returning 21,300 ppm tin. Geodex will conduct a VLF survey to map the western extension and orientation of the structure that appears to control the mineralization.
Geodex plans to drill test the western extension of the major structure in the area where the tin samples in excess of 2% have been located. A map of the South Dungarvon target area and anomalies are available on the Geodex website at www.geodexminerals.com.
Benjamin Copper-Molybdenum Project
The Benjamin Project is a porphyry copper-molybdenum target located approximately 60 km northwest of Bathurst, New Brunswick. It is an area of extensive glacial till cover. Previous exploration has partially defined an induced polarization ("IP") anomaly and soil copper-molybdenum -silver geochemical anomalies within the project area. The IP chargeability high is a strong anomaly which is partially coincident with the copper-molybdenum-silver soil anomalies.
Geodex has integrated glacial ice direction data, local geology, and data from prospecting, soil sampling and geophysical surveys to identify drill hole locations at the Benjamin Project. Geodex has previously used similar combinations of exploration tools on other New Brunswick projects to define attractive drill targets which then successfully discovered significant mineralization.
The primary target area within the Benjamin Project is approximately 1.5 square kilometers.
The IP anomalies are open in several directions and Geodex plans a work program which will include extending the IP survey area followed by drilling. Detailed maps of the Benjamin target area and anomalies are available on the Geodex website at www.geodexminerals.com.
Geodex's disclosure of a technical or scientific nature in this press release has been reviewed and approved by David Martin, P. Geol., Geodex's Vice President New Brunswick Operations, who acts as the qualified person under the definition of National Instrument 43-101.
New Brunswick Government Grant
Geodex was pleased to receive notification it is receiving a grant of $40,000 from the New Brunswick Department of Energy and Mines towards the cost of the South Dungarvon and Benjamin drill programs. The grant is through the Junior Mining Assistance Program. The provincial government support for exploration and mining is one of the reasons New Brunswick consistently ranks as one of the most favourable mining jurisdictions world-wide as per the annual Fraser Institute rankings. Geodex appreciates the support from the New Brunswick government, which has contributed towards Geodex's capacity to conduct continued exploration work this year during difficult market conditions.
About Geodex
Geodex is a mineral resource company focused on New Brunswick, Canada. Geodex has continued to actively develop its exploration portfolio focused on the discovery of base and critical metals in New Brunswick. Geodex has operated for a decade in New Brunswick where it has had a number of discovery and development successes including Sisson and Mount Pleasant West.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields, President & CEO
Forward Looking Statement
Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.
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