Adex Reports High-Grade Drill Results at Mount Pleasant
January 31 2012 - 6:00AM
Marketwired Canada
Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE:ADE) is pleased to
announce the completion of its 2011 diamond drilling program at its Mount
Pleasant Mine property in southwestern New Brunswick, Canada, and the return of
analytical results. New, high-grade intercepts containing tungsten (WO3),
molybdenum (MoS2) and bismuth (Bi) were discovered within both the North Zone
and Saddle Zone.
Results from the North Zone include 30 meters of 0.47% WO3, 0.28% MoS2 and 0.21%
Bi from Hole AM-11-04 and 30 meters of 0.26% WO3, 0.45% MoS2 and 0.12% Bi in
Hole AM-11-14. Results from the Saddle Zone include 30 meters of 0.40% WO3,
0.19% MoS2 and 0.20% Bi in Hole AM-11-17a.
"We are excited by the high-grade North Zone results because they extend known
tungsten-molybdenum-bismuth mineralized bodies to the east and southeast, yet
with even higher grades and lower levels of arsenic, which is advantageous from
a production standpoint. The grades are comparable to those found within our
Fire Tower Zone, located one kilometer to the south," said Patrick Merrin, Chief
Operating Officer of Adex. "The high-grade Saddle Zone intervals could be
continuous with similar mineralization to the south in the adjacent Fire Tower
Zone. As well, they show potential to increase the overall size of the
tungsten-molybdenum-bismuth resource on the Mount Pleasant Mine property."
Highlights from the drill results are:
------------------------------------------------------------------
Hole From To Length Sn In Zn
Identification (m) (m) (m) (wt.%) (g/t) (wt.%)
------------------------------------------------------------------
North
Zone
------------------------------------------------------------------
AM-11-01 162 237 75 0.24 107 0.59
------------------------------------------------------------------
AM-11-02 171 177 6 0.33 73 1.34
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351 357 6 1.73 38 0.10
------------------------------------------------------------------
AM-11-04 114 132 18 0.78 29 0.25
------------------------------------------------------------------
270 273 3 2.01 31 0.54
------------------------------------------------------------------
318 330 12 0.25 42 0.27
------------------------------------------------------------------
342 372 30 0.01 10 0.06
------------------------------------------------------------------
AM-11-09 171 204 33 0.01 19 0.47
------------------------------------------------------------------
357 360 3 0.02 1.0 0.03
------------------------------------------------------------------
378 381 3 0.86 nd 0.01
------------------------------------------------------------------
AM-11-14 186 189 3 0.759 1480 6.32
------------------------------------------------------------------
234 236 12 0.58 35 0.18
------------------------------------------------------------------
267 279 12 0.91 68 0.78
------------------------------------------------------------------
279 309 30 0.04 5 0.11
------------------------------------------------------------------
AM-11-15 24 27 3 0.50 335 4.92
------------------------------------------------------------------
363 369 6 0.88 nd 0.04
------------------------------------------------------------------
Saddle Zone
------------------------------------------------------------------
AM-11-03 159 165 6 0.31 171 1.82
------------------------------------------------------------------
222 225 3 0.36 354 19.2
------------------------------------------------------------------
294 306 12 0.13 191 3.65
------------------------------------------------------------------
AM-11-07 290 323 33 0.34 6 0.01
------------------------------------------------------------------
371 383 12 0.80 35 0.45
------------------------------------------------------------------
AM-11-08 353 362 9 0.36 231 1.09
------------------------------------------------------------------
AM-11-13 296 317 21 0.30 24 0.25
------------------------------------------------------------------
AM-11-16 246 261 15 0.24 110 1.04
------------------------------------------------------------------
AM-11-17a 227 230 3 0.38 179 6.51
------------------------------------------------------------------
308 338 30 0.03 1 0.23
------------------------------------------------------------------
-------------------------------------------------------------------------
Hole Cu W03 MoS2 Bi As
Identification (wt.%) (wt.%) (wt.%) (wt.%) (wt.%)
-------------------------------------------------------------------------
North
Zone
-------------------------------------------------------------------------
AM-11-01 0.22 0.05 0.07 0.07 1.13
-------------------------------------------------------------------------
AM-11-02 0.05 0.01 0.00 0.02 0.09
-------------------------------------------------------------------------
0.24 0.05 0.02 0.03 0.02
-------------------------------------------------------------------------
AM-11-04 0.19 0.02 0.04 0.05 6.51
-------------------------------------------------------------------------
0.03 0.04 0.05 0.02 0.16
-------------------------------------------------------------------------
0.54 0.11 0.07 0.11 0.64
-------------------------------------------------------------------------
0.01 0.47 0.28 0.21 0.66
-------------------------------------------------------------------------
AM-11-09 0.09 0.03 0.21 0.05 0.08
-------------------------------------------------------------------------
nd 0.25 0.22 0.15 0.29
-------------------------------------------------------------------------
0.34 0.03 0.02 0.02 nd
-------------------------------------------------------------------------
AM-11-14 0.35 0.07 0.01 0.02 0.92
-------------------------------------------------------------------------
0.10 0.27 0.23 0.47 1.28
-------------------------------------------------------------------------
0.28 0.07 0.21 0.14 1.67
-------------------------------------------------------------------------
0.06 0.26 0.46 0.12 0.38
-------------------------------------------------------------------------
AM-11-15 0.48 nd nd 0.05 0.55
-------------------------------------------------------------------------
0.01 0.07 0.03 0.07 0.07
-------------------------------------------------------------------------
Saddle Zone
-------------------------------------------------------------------------
AM-11-03 0.05 0.03 0.02 0.05 1.10
-------------------------------------------------------------------------
0.89 0.02 0.03 0.05 0.17
-------------------------------------------------------------------------
0.11 0.03 0.03 0.03 0.79
-------------------------------------------------------------------------
AM-11-07 0.03 0.02 0.04 0.11 1.35
-------------------------------------------------------------------------
0.09 0.05 0.03 0.02 0.32
-------------------------------------------------------------------------
AM-11-08 0.10 0.01 0.01 0.04 0.15
-------------------------------------------------------------------------
AM-11-13 0.07 0.01 0.04 0.02 0.18
-------------------------------------------------------------------------
AM-11-16 0.39 0.01 0.11 0.14 0.50
-------------------------------------------------------------------------
AM-11-17a 0.08 0.04 0.04 0.02 0.48
-------------------------------------------------------------------------
0.02 0.40 0.19 0.20 4.14
-------------------------------------------------------------------------
The main purpose of the 17-hole, 7,000-metre program was to conduct definition
drilling of the known tin (Sn), indium (In), and zinc (Zn) resources in order to
update the 2009 National Instrument 43-101 ("NI-43-101") resource estimate for
the North Zone, and to support further metallurgical testing. The open, east
side of the North Zone was also drill tested to follow-up on positive
exploration results from the 2010 drill program. In addition, five holes were
drilled in the Saddle Zone located 0.5 km to the south southeast of the North
Zone. This was the first drilling conducted on the Saddle Zone since 1990. All
of the holes were oriented vertically and varied in length from 75 to 570
metres. Core recovery was over 99%. Holes AM-11-05 and 06 reported no
significant assay results. Holes AM-11-10, 11 and 12 were drilled to acquire
mineralized material for metallurgical testing and are not being sampled at this
stage. A map indicating the location of the drill holes is available on the
company website.
Due to the variable thicknesses and irregular shape of the mineralized bodies
that make up the zones, no assessment of true thickness can be made from these
individual intersections at this time.
The new results are currently being compiled and incorporated into Adex's GEMCOM
database with the purpose of revising and upgrading the NI 43-101 resource
estimates and deposit model for the mineralized bodies. Follow-up drilling is
planned for both the North and Saddle zones during 2012.
The update of the North Zone NI 43-101 technical report is well underway and the
Company expects to release the results in February 2012.
The total NI 43-101 resource estimate for the Fire Tower Zone presently includes
an Indicated resource of 13,489,000 tonnes at 0.33% WO3 and 0.21% MoS2, as well
as an Inferred resource of 841,700 tonnes at 0.26% WO3 and 0.20% MoS2. Details
of this resource estimate are described in the NI 43-101 Technical Report
entitled: "A Technical Review of the Mount Pleasant Property, Including an
updated Mineral Resource Estimate on the Fire Tower Zone Southwestern New
Brunswick for Adex Mining Inc." dated December 8, 2008, which was completed by
Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers.
The total NI 43-101 resource estimate for the North Zone presently includes an
Indicated resource of 10,882,700 tonnes grading 0.43% Sn, 67.8 g/t In and 0.67%
Zn plus an Inferred resource of 7,602,800 tonnes grading 0.22% Sn, 74.6 g/t In
and 0.99% Zn. Details of this resource estimate are described in the NI 43-101
Technical Report, entitled: "A Technical Review of the Mount Pleasant Property,
Including a Mineral Resource Estimate on the North Zone, Southwestern New
Brunswick for Adex Mining Inc.", dated May 6, 2009, which was completed by
Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, and SGS
Geostat Limited. Both reports are available on SEDAR at www.sedar.com.
Quality Assurance/Quality Control
Adex has implemented an industry standard QA/QC program. NQ Core is split in
half using a hydraulic core splitter, sampled in three meter intervals, sealed
in secure packages and transported directly by Adex personnel to the Activation
Laboratories preparation facility in Fredericton, New Brunswick. Pulps are sent
by bonded carrier from the facility to Activation Laboratories in Ancaster,
Ontario for analysis of tin and tungsten using Fusion XRF, and of indium,
molybdenum, bismuth, arsenic, zinc, copper and lead using sodium peroxide fusion
with either ICP-MS or ICP-OES finish. Some samples were analyzed for tungsten
and tin by ICP-OES method and comparative analyses showed no significant
differences with the Fusion XRF results. A pulp duplicate unknown to the
laboratory is submitted per batch of 10 samples, and sent to S.G.S. Laboratories
in Toronto for analysis of indium using sodium peroxide fusion with ICP-MS
finish and of tungsten, molybdenum, tin, bismuth, arsenic, zinc, copper and lead
by ICP-OES finish. A polymetallic standard unknown to the laboratory is included
with each batch of duplicate samples. Both S.G.S. and Activation Laboratories
comply with standard QA/QC protocols and are ISO 9002 accredited laboratories.
Qualified Person
The Mount Pleasant exploration program is being conducted under the direction of
Dr. Steve McCutcheon, P.Geo., the company's independent Geological Consultant
and a qualified person as defined by National Instrument 43-101. Dr. McCutcheon
approved the disclosure of the technical information contained in this press
release.
ABOUT ADEX
Adex Mining Inc. is a Canadian junior mining company with an experienced
management team. The Company is focused on developing its flagship Mount
Pleasant Mine property, a multi-metal project that is host to promising
tungsten-molybdenum and tin-indium-zinc mineralization. Located in Charlotte
County, New Brunswick, the property is situated approximately 80 km south of
Fredericton, the provincial capital, and 65 km from the United States border.
The common shares of Adex trade on the TSX Venture Exchange under the stock
symbol "ADE."
No securities commission or regulatory authority has approved or disapproved the
contents of this press release.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of Adex, its
subsidiary or the industry in which they operate to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the words
"estimate", "believe", "anticipate", "intend", "expect", "plan", "may",
"should", "will", the negative thereof or other variations thereon or comparable
terminology are intended to identify forward-looking statements. Such statements
reflect the current expectations of the management of Adex with respect to
future events based on currently available information and are subject to risks
and uncertainties that could cause actual results, performance or achievements
to differ materially from those expressed or implied by those forward-looking
statements. These risks and uncertainties are detailed from time to time,
including, without limitation, under the heading "Risk Factors", in reports
filed by Adex with the Alberta, British Columbia and Ontario Securities
Commissions which are available at www.sedar.com and to which readers of this
press release are referred for additional information concerning Adex, its
prospects and the risks and uncertainties relating to Adex and its prospects.
New risk factors may arise from time to time and it is not possible for
management to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results, performance and
achievements of Adex to be materially different from those contained in
forward-looking statements. Although the forward-looking statements contained in
this press release are based upon what management believes to be reasonable
assumptions, Adex cannot assure investors that actual results will be consistent
with these forward-looking statements. Given these risks and uncertainties,
investors should not place undue reliance on forward-looking statements as a
prediction of actual results.
The forward-looking information contained in this press release is current only
as of the date of the press release. Adex does not undertake or assume any
obligation to release publicly any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, except as required by law.
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