VANCOUVER, BC --(Marketwired - December 13, 2017) - Almadex Minerals Limited
("Almadex" or the "Company") (TSX VENTURE: AMZ) (OTCQX: AXDDF) is
pleased to announce it has received assay results from holes EC-17-036 and 041 from the Raya Tembrillo area which is the very
northern part of the large Villa Rica Zone of the El Cobre property. This area is located approximately two kilometers south of
the Norte Zone where since 2016 most of our drilling on the El Cobre property has been focussed. The holes reported today were
drilled from the same pad as holes EC-17-037, 038 and 039 but at different azimuth and dips. Both holes intersected a chalcocite
dominant enriched copper zone right from surface as well as hypogene mineralisation at depth. At this time the extent and
orientation of both the hypogene and enriched mineralisation are not understood. Further drilling in the area is currently
underway. Highlights include the following intercepts all of which are also shown on the attached plan and section:
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Hole EC-17-036 VILLA RICA ZONE, 330 Az, -75 dip |
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From 53.00 to 153.00, 100.00 m @ 0.15 g/t gold and 0.67% copper |
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ENRICHED ZONE |
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Including 53.00 to 101.00, 48.00 meters @ 0.29 g/t gold and 1.23% copper |
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ENRICHED ZONE |
From 263.60 to 469.00, 205.40 meters @ 0.18 g/t gold and 0.20% copper |
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HYPOGENE PORPHYRY |
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Including 359.00 to 441.00, 82.00 meters @ 0.20 g/t gold and 0.28% copper |
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HYPOGENE PORPHYRY |
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Hole EC-17-041 VILLA RICA ZONE, 270 Az, -50 dip |
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From 36.00 to 56.00, 20.00 meters @ 0.34 g/t gold and 0.04% copper |
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GOLD ZONE |
From 64.00 to 158.00, 94.00 meters @ 0.07 g/t gold and 1.36% copper |
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ENRICHED ZONE |
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Including 71.00 to 114.00, 43.00 meters @ 0.09 g/t gold and 2.45% copper |
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ENRICHED ZONE |
From 158.00 to 216.00, 58.00 meters @ 0.18 g/t gold and 0.22% copper |
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HYPOGENE PORPHYRY |
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J. Duane Poliquin, Chairman of Almadex commented, "We are very pleased to report additional assays from the very northern part
of the large Villa Rica geophysical and geochemical target. We believe that these results further indicate large scale porphyry
potential in this part of the project. While we have demonstrated the potential for a significant deposit with our Norte
drilling, today's results at Raya Tembrillo 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."
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 kilometers
northwest of the major port city of Veracruz, Mexico and has uniquely excellent infrastructure. The project area is situated 200
meters above sea level with extensive road access and is located less than 10 kilometers from a power plant, highway, gas line
and other major infrastructure. Major power lines cross the property area. Almadex has its full drill permits from SEMARNAT and
has land access agreements in place. The land ownership is private over most of the project area, has previously been cleared and
is used for local agricultural purposes.
The four copper-gold porphyry targets currently known within the El Cobre Project, Encinal, El Porvenir, Norte and Villa Rica
are defined by distinct Cu-Au soil anomalies, discrete, positive magnetic features and a large IP 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 RC 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:
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El Porvenir Zone: Drilling has demonstrated that the system persists at least to 400 m depth. Significant
copper and gold grades were intersected such as 0.16% Cu and 0.39 g/t Au over 290 m in hole DDH04CB1. In addition, hole
EC-13-004 intersected 0.23% Cu and 0.36 g/t Au over 106 m, to a depth of 504 m, again indicating potentially significant
mineralization at depth. Drilling at the El Porvenir Zone is currently underway. On December 5, 2017, Almadex announced
results for holes 040 and 042, the first holes drilled on this target since 2013. Intercepts included 108.00 meters grading
0.88 g/t Au and 0.29% Cu, and 80.00 meters grading 1.11 g/t Au and 0.36% Cu (EC-17-040). |
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Encinal Zone: Hole CB5 intersected a highly altered breccia pipe containing fragments of stockwork veining
and porphyry mineralisation across which 18.28 meters returned 1.42 g/t Au and 0.10% Cu. The breccia pipe occurs in a large
alteration zone, IP chargeability high and magnetics 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 mineralisation 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 meters grading 0.73 g/t Au and 0.20% Cu. |
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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% Cu with 0.19
g/t Au over 259 m and 08-CBCN-19 intersected 41.15 meters averaging 0.42 g/t gold and 0.27% copper to the end of the hole
at 187.45 meters. Drilling at the Norte Zone in 2016 and 2017 has resulted in the highest grade intersections to date at
the El Cobre project, including 114.60 meters grading 1.33 g/t Au and 0.48% Cu (Hole EC-17-018, see press release of April
5, 2017), 80.50 meters grading 1.34 g/t Au and 0.46% Cu (Hole EC-16-012, see press release of October 24, 2016), 70.45
meters grading 2.32 g/t Au and 0.59% Cu (Hole EC-17-026, see press release of July 25, 2017), and 534.90 meters grading
0.90 g/t Au and 0.30% Cu (Hole EC-17-029, see press release of August 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. |
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First pass drilling at the Raya Tembrillo area of the Villa Rica Zone is continuing. The Villa Rica Zone is a roughly 2.5
kilometer by 1 kilometer 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 at http://www.almadexminerals.com/ASSETS/PROJECTS/Cobre.html.
Larry Segerstrom, M.Sc. (Geology), P.Geo., A Director of the Company, is a Qualified Person as defined by National Instrument
43-101 ("NI 43-101") and has reviewed and approved the contents of this news release. The porphyry mineralisation 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 analysed by fire assay and atomic absorption spectroscopy ("AAS"). Samples that return
values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. For
copper, samples are first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy ("ICP-AES"), with four acid
digestion. Samples that return values greater than 10000 g/t copper using this technique are then re-analysed 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 National Instrument 43-101 requirements. A
NI 43-101 compliant technical report on the El Cobre project entitled, "Technical Report on the El Cobre Property" was filed in
May 2015 and can be obtained from www.sedar.com.
About Almadex
Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and NSR
royalties in Canada, the U.S., 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% interest, subject to a sliding-scale net smelter returns royalty
("NSR") equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore. This NSR can be
reduced to 0.25% at this production rate through the payment of US$3.0 million.
On behalf of the Board of Directors,
"Morgan Poliquin"
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within
it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation
and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as
required pursuant to applicable securities laws.
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