Almadex Minerals Ltd. ("Almadex" or the "Company")
(TSX-V: “DEX”) is pleased to provide an update on the 2.0% NSR
royalty the Company holds on the Elk project (“Elk”, or the
“Project”), located near Merritt, B.C.
Gold Mountain Mining Corp. (“GMTN”) continues to
report significant progress on its drilling, mine planning and
permitting work at Elk.
On April 14, 2021, GMTN announced results from the down-dip
portion of its Phase 1 drill program at Elk. Highlights of the
results include the following:
-
SND20-029 intercepted 1.42m averaging 37.00
g/t Au (including 0.42m averaging 124.00 g/t
Au)
- SND20-032
intercepted 1.22m averaging 16.23 g/t Au (including
0.30m averaging 62.20 g/t Au)
- SND20-032
intercepted 1.30m averaging 7.95 g/t Au (including
0.30m averaging 31.30 g/t Au)
Additional information on these intercepts is
included in GMTN’s press release of April 14.
On April 22, 2021, GMTN announced additional drill results
including:
- SND20-033
intercepted 1.3m averaging 13.3 g/t
Au (including 0.30m averaging 56.5 g/t Au)
- SND20-033
intercepted 1.3m averaging 4.5 g/t
Au (including 0.30m averaging 19.2 g/t Au)
Additional information on these intercepts is
included in GMTN’s press release of April 22.
On April 30, GMTN announced that it that it
received its Notice of Departure ("NoD") authorization
allowing GMTN to begin construction and site preparation at Elk
under Gold Mountain's existing M-199 mine permit. GMTN noted that
the NoD was achieved on-time and adheres to GMTN’s schedule of ore
mining and delivery to its ore purchase partner, New Gold Inc., in
Q4 of 2021. Further information regarding this and related matters
is available at GMTN’s press release of April 30, 2021.
On May 14, 2021 GMTN updated its resource
estimate at Elk, and on May 27, 2021 GMTN announced an updated
preliminary economic analysis of the Project, based on the
increased Mineral Resource Estimate announced on May 14, 2021, the
Ore Purchase Agreement with New Gold Inc. ("New Gold") announced on
January 26, 2021 (the "Ore Purchase Agreement") and the Mining
Contract with Nhwelmen-Lake LP announced on January 19, 2021 (the
"Mining Contract").
The PEA update contemplates an initial 19,000
ounce per year mine that ramps up to 65,000 ounces of annual
production by Year 4. The PEA also contemplates that for the life
of mine, the mineralized material from the Project will be mined by
GMTN’s contract mining partner, Nwhelmen-Lake LP ("Nwhelmen-Lake")
and then delivered to New Gold's New Afton Mine located
approximately 130km from the Elk Gold Project (the "New Afton
Mine"). Additional information on the PEA Update is available in
GMTN’s press release of May 27, 2021.
The PEA is preliminary in nature and includes
inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as mineral reserves. There
is no certainty that the PEA will be realized. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability.
On June 8, 2021, GMTN announced that the
Ministry of Energy, Mines & Low Carbon Innovation
Communications Office had released GMTN’s draft Mine Permit (the
"Draft Mine Permit") for review. Once the final Mine Permit is
issued, GMTN anticipates beginning its large scale waste rock
mining operations through July and August. This will allow GMTN to
mine the high-grade 1300 vein for ore delivery in October to its
ore purchase partner, New Gold Inc.
On June 10, 2021, GMTN provided a construction
update, noting that:
- GMTN had received authorization from the Ministry of Mines to
begin construction on April 29th through its NoD;
- Nhwelmen-Lake has
mobilized vehicles and mining equipment to begin construction and
road development;
- Waste rock mining
has begun by utilizing a gravel borrow near the corner of Pit 2;
and,
- GMTN is on schedule for ore delivery in October and revenue in
November 2021.
J. Duane Poliquin, Chairman of Almadex, stated
“It is gratifying to see GMTN make such rapid progress at Elk. We
are very excited by the possibility that our 2% NSR royalty on this
Project will become the first cash-flowing royalty in the Company’s
portfolio.”
Almadex also announces that, pursuant to its
Stock Option Plan, it has granted stock options to certain
directors and officers of the Company to purchase an aggregate
463,000 common shares in the capital of the Company at an exercise
price of $0.27 per share which expire on June 14, 2023.
J. Duane Poliquin, P. Eng., Chairman of Almadex,
and a Qualified Person as defined by National Instrument 43-101
("NI 43-101"), has reviewed and approved the scientific and
technical contents of this news release.
About AlmadexAlmadex Minerals
Ltd. 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 management team. The
Company owns a number of portable diamond drill rigs, enabling it
to conduct cost effective first pass exploration drilling in
house.
On behalf of the Board of Directors,
“J. Duane
Poliquin”
J. Duane Poliquin, ChairmanAlmadex Minerals
Ltd.
Technical and Third-Party
Information
Except where otherwise stated, the disclosure in
this press release relating to the Elk project is based on
information publicly disclosed by the owners or operators of this
property and information/data available in the public domain as at
the date hereof and none of this information has been independently
verified by Almadex. Specifically, as a royalty holder, Almadex has
limited, if any, access to the Project. Although Almadex does not
have any knowledge that such information may not be accurate, there
can be no assurance that such third-party information is complete
or accurate. Some information publicly reported by the operator may
relate to a larger property than the area covered by Almadex’s
royalty interests. Almadex’s royalty interests may cover less than
100% and sometimes only a portion of the publicly reported mineral
reserves, mineral resources and production of a property. Unless
otherwise indicated, the technical and scientific disclosure
contained or referenced in this press release, including any
references to mineral resources or mineral reserves, was prepared
in accordance with Canadian National Instrument 43-101 (“NI
43-101”), which differs significantly from the requirements of the
U.S. Securities and Exchange Commission (the “SEC”) applicable to
U.S. domestic issuers. Accordingly, the scientific and technical
information contained or referenced in this press release may not
be comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of the SEC.
“Inferred mineral resources” have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Historical results or feasibility models presented herein
are not guarantees or expectations of future performance.
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, permitting, 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. The Company does not assume
any obligation to update any forward-looking statements, other than
as required pursuant to applicable securities laws.
Contact Information:Almadex Minerals Ltd.Tel.
604.689.7644Email:
info@almadexminerals.comhttp://www.almadexminerals.com/
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