Almadex Minerals Ltd. [DEX-TSXV; AAMMF-OTC] reported results from the first two of five holes drilled to date at the Davis/Paradise project in Nevada. This drill program has now been paused for assays, and a second phase program is planned for September when the company drill is expected to return from third party contract work. Almadex holds the rights to earn 100% of the Davis/Paradise property, which covers multiple targets, and 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.
Duane Poliquin, chairman of Almadex, commented: “We are very happy to get the first results back from this phase 1 program. These results confirm the prospectivity of the northern Davis portion of the project. We look forward to follow-up drilling there as well as first-pass drilling on the southern Paradise area later this year.”
Drilling results announced today are from the Davis vein zone and help to demonstrate the important widths and grades of the mineralized structure identified previously in historic work and drilling for which the company has limited information. The two holes were drilled on the same section and indicate that mineralization continues to depth and should be further explored down dip. Significant core intervals from the first two holes include:
Hole DP-22-001 returned from 62.70 to 63.50 (0.80 metre) at 17.1 g/t gold and 10.3 g/t silver; from 65.50 to 67.20 (1.70 metres) at 11.8 g/t gold and 68.2 g/t silver; from 119 to 132.70 (13.70 metres) at 2.3 g/t gold and 24.1 g/t silver, including from 119.50 to 122.90 (3.40 metres) at three g/t gold and 41.2 g/t silver; and from 130 to 130.80 (0.80 metre) at 18.1 g/t gold and 39.4 g/t silver. Estimated true widths are approximately 73% of the core intersections above.
Hole DP-22-002 returned from 19.40 to 21.50 (2.10 metres) at 5.7 g/t gold and 22.3 g/t silver; from 135.20 to 153 (17.80 metres) at 1.2 g/t gold and 12.3 g/t silver, including from 135.20 to 139.55 (4.35 metres) at 1.9 g/t gold and 25.9 g/t silver; from 146.35 to 153 (6.65 metres) at 1.9 g/t gold and 11.9 g/t silver; and from 152 to 153 (one metre) at 5.8 g/t gold and 3.5 g/t silver. Estimated true widths are approximately 67% of the core intersections above.
The other three holes of this phase 1 program were located on different targets on the northern half of the property. Two holes were drilled in an area of alteration interpreted to represent a sinter and breccia system, extending over 1.5 km in length running parallel to the Davis zone, and the fifth hole targeted another separate vein with historic mine workings in the northern area called Butler. Outstanding assays from these three remaining holes will be reported once received and analyzed.
The Southern Paradise portion of the property, where Almadex anticipates a phase 2 drilling program to be focused in September, covers high-level acid sulphate quartz alunite alteration as well as a zone of phyllic alteration identified by past alteration mapping and a recent WorldView remote sensing study. Recent mapping performed by the Almadex team confirms the presence of multiple generations of porphyric intermediate intrusive with important alteration zones, especially in the historical mining excavations. These new data suggest that the Paradise area represents a large lithocap with potential for both gold-silver high-sulphidation mineralization and porphyry mineralization at depth, similar to that seen at the adjacent Paradise Peak gold deposit where both styles of mineralization were observed.
Almadex consolidated the Davis/Paradise Valley area during 2019 by optioning from the underlying owners the Davis property, which adjoins the Paradise Valley property which had been staked by Almadex’s predecessor company. The property now comprises 358 claims totalling approximately 2,800 hectares with multiple targets.