Almadex Minerals Ltd. has received assays from the second hole of its initial drill program at the wholly owned New Hope copper-gold porphyry project in Arizona, confirming copper mineralization and expanding the induced polarization (IP) geophysical anomaly by 1.95 kilometers to the east. The company is now compiling results to plan a potential stage II drill program.
Drilling Results and Mineralization
The second hole, NH-26-002, was drilled from the same pad as the first hole to a depth of 926.6 meters. It intersected andesite units affected by phyllic alteration and intruded by late diorite bodies down to 483 meters, followed by a tourmaline-bearing breccia body to the end of the hole. Short zones of copper mineralization with trace chalcopyrite were encountered, including 6.00 meters grading 0.15% copper and 156 ppm molybdenum.
Alteration in the andesite includes phyllic, argillic, and propylitic styles with pyrite content up to 5%. The diorite exhibits potassic to propylitic alteration. The breccia contains clasts of intrusive lithologies with silicification, phyllic, and propylitic alteration, and a matrix of silicified pyrite and abundant tourmaline. Tourmaline and pyrite veins crosscut the breccia.
IP Geophysics and Alteration System
Drone-based magnetics and mapping indicate that the drilling to date is on the western edge of a 2.5 km by 0.75 km area of mapped phyllic and remnant lithocap porphyry alteration. Recent IP lines extended the chargeability anomaly 1.95 km east of the initial drill line, suggesting the alteration system remains open in that direction.
J Duane Poliquin, Chairman of Almadex, commented: “The final results reported today from Almadex’s first ever drill program on the New Hope property confirm the presence of a large alteration system that is copper bearing. We look forward to continuing our first-pass drilling program on our newly generated portfolio of exploration projects.”
Exploration Update
All results from the two-hole program are being compiled to design a potential stage II drill program at New Hope. Additionally, further mapping, sampling, and IP geophysics have been carried out at the Rattlesnake project, another Almadex exploration target. The company continues to advance its portfolio of exploration projects in North America.
