Geophysics Defines Two Large Porphyry Drill Targets with Magnetics and IP Chargeability on its Paradise Project, Nevada

Location of the Paradise Project GNW

Article content

Follow-Up Drilling Planned for 2025

Article content

Article content

VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Almadex Minerals Ltd. (“Almadex” or the “Company”) (TSX-V: “DEX”) is pleased to provide an update on recent exploration activity at its porphyry lithocap target on the Paradise Project, Nevada which has helped vector towards a potential porphyry core. Previous work carried out by Almadex includes extensive mapping, soils and the drilling of two holes on the northwest portion of the lithocap in 2024. These two holes confirmed the presence of porphyry veining but were interpreted to have intercepted a more distal part of the porphyry system (see Almadex news release of October 8^th, 2024). Recent work reported here includes prospecting and detailed mapping within the lithocap alteration zone along with drone based (UAV) magnetics and ground IP surveys. The porphyry lithocap has potential for three styles of mineralisation; high sulphidation gold hosted in quartz-alunite alteration, porphyry related mineralisation underlying and adjacent to the high sulphidation system, and gold-silver in epithermal veins that crosscut both. Almadex is currently designing a 2025 drill program to test for both high sulphidation gold and copper-gold porphyry potential. Almadex currently holds an approved drill permit for drill testing at Paradise.

Article content

Article content

The magnetics survey defined two separate areas of magnetic low responses within the mapped lithocap that is hosted by andesitic country rocks. One of these magnetic low zones is part of an asymmetric signature with an adjacent magnetic high. Five new IP lines were surveyed over the lithocap and covered the newly identified magnetic low features and zones of brecciation. This new IP work identified elevated chargeability coincident with the areas of low magnetic responses.

Article content

Article content

Hydrothermal brecciation, boxwork after sulphides and historic workings were recently identified as part of focussed field mapping near these areas of magnetic low responses. Rock chip sampling results have been compiled from all past work on the Paradise project by Almadex including new sampling. To date 238 grab rock samples have been taken from outcrop, subcrop and float (grab samples are selected samples and may not represent true underlying mineralisation). The results are very encouraging as they averaged 0.35 g/t gold, with 48 of these samples returning over 0.1 g/t gold and 16 returning more than 0.5 g/t gold (up to 23.7 g/t gold). Anomalous copper and molybdenum values have also been returned from different parts of the area of lithocap alteration.

Article content

Article content

Combined with the extensive alteration mapping which Almadex has carried out, the surface geochemistry and new geophysics helps prioritise future drilling efforts. It also helps better define the extent of alteration and contextualises past work and drilling. Significant pyrophyllite alteration occurs around the newly identified magnetic low features. Pyrophyllite is a key mineral that can help guide the search for porphyry deposits within the lithocap as it can form due to cooling of magmatic fluids, and occur nearby or above copper mineralisation. The combined work clearly defines the two magnetic low – chargeability high features as high priority drill targets as they are interpreted to represent possible upflow zones underneath the porphyry lithocap mapped at surface. Plan maps showing the magnetic anomalies, location of IP lines and recent mapping along with IP sections illustrating the targets are attached to this news release.

Article content

J Duane Poliquin, Chairman of Almadex commented, “Exploration continues to advance our newly acquired portfolio of high-quality porphyry lithocap targets in the western USA. It was exciting to confirm that the Paradise lithocap hosts a porphyry system with last years drilling program. Now we have a vector towards a potential core of this system which has been enhanced with the geophysical results reported today. We look forward to further advancing the Paradise project in 2025.”