Geodex Minerals Ltd.: Benjamin Copper Project Reports Promising Drill Intercepts
April 02 2014 - 12:11PM
Marketwired
Geodex Minerals Ltd.: Benjamin Copper Project Reports Promising
Drill Intercepts
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 2, 2014) -
Geodex Minerals Ltd. (TSX-VENTURE:GXM)(FRANKFURT:G2W) ("Geodex") is
pleased to announce that it has received the results of its
Benjamin Copper Project drill program in northern New Brunswick.
The limited drill program was the first drill test of targets
developed through Induced Polarization and magnetometer surveys
complemented by earlier geophysical and geochemical work. Two drill
holes successfully intersected:
- Copper mineralization over drill core intervals of up to 16.3
metres;
- Favourable intrusive host rocks with low grade base metal
mineralization in an area where only volcanic rocks had been mapped
previously;
- Extensive propylitic and local potassic alteration,
characteristic of a mineralized porphyry system. Pyrite was locally
abundant with the propylitic alteration.
Geodex completed two angled drill holes for a total of 254
metres. The first drill hole, BN-14-01, was drilled from a magnetic
low to a magnetic high and into a chargeability anomaly. It
intersected variably propylitic altered mafic volcanic rocks with
alteration over much its 99 metre length. The second drill hole,
BN-14-02, tested a magnetic anomaly 625 metres northeast of the
first hole. Significantly it intersected a mineralized and locally
potassic altered felsic porphyry rock over the final 34 metres of
its 155m length.
The assays included the following results. Note there were also
minor amounts of anomalous molybdenum, silver, zinc and
tungsten.
Drill
Hole |
From - To |
Interval |
Copper |
|
(metres) |
(metres) |
(%) |
BN-14-01 |
18.50 - 22.46 |
3.96 |
0.050 |
|
33.63 - 49.95 |
16.32 |
0.038 |
|
60.25 - 65.15 |
4.90 |
0.138 |
|
65.15 - 69.10 |
3.95 |
0.065 |
|
80.86 - 84.11 |
3.25 |
0.101 |
BN-14-02 |
100.83 - 102.26 |
1.43 |
0.082 |
|
118.00 - 121.00 |
3.00 |
0.081 |
|
128.80 - 135.80 |
7.00 |
0.020 |
|
Note the true width of the intersections cannot yet be
determined. |
The Benjamin Project is a porphyry copper (+/-
molybdenum-silver-tungsten-tin) target located approximately 60 km
northwest of Bathurst, New Brunswick. It is an area of extensive
glacial till cover. The glacial till proved to be up to 8 metres
deep, significantly deeper than expected. This will impact Geodex's
modelling of the likely source areas of the geochemical soil
anomalies. Detailed maps of the Benjamin target area and anomalies
will be available shortly on the Geodex website at
www.geodexminerals.com. The drilling targeted areas selected by
recently completed Induced Polarization and magnetometer surveys
complemented by earlier geophysical and geochemical work. Drill
core results will be used to correlate the magnetic and Induced
Polarization geophysical anomalies with mineralization, alteration
and the porphyry system for future drilling.
Mark Fields, President and CEO, said, "The first drill
test of our targets at the Benjamin Project is encouraging. The
drilling intercepted geology which supports the belief that a
significant mineralized porphyry system has occurred under the
extensive glacial till cover. With a limited budget we have been
able to provide the basis for a larger drill program. We will
pursue financing opportunities to undertake a second phase of
drilling targeting the porphyry system Geodex has discovered and to
explore for higher grade mineralization."
David Martin, Vice President, New Brunswick Operations,
described the geological results of the drilling. Mr. Martin
stated: "The drilling was very encouraging, with favourable
alteration evident and associated copper mineralization intersected
in both shallow holes. The propylitic alteration of the mafic
volcanic rocks and associated mineralization intersected in the
first hole was widespread. However this hole only tested to a
vertical depth of approximately 70 metres. The presence of the
mineralized and altered felsic porphyry in the lower part of
BN-14-02 further strengthens this target area."
South Dungarvon Tin Project Drill Results
Geodex also received assays for the South Dungarvon Tin Project
drill program. Three holes and a total of 290 metres were completed
in the western region of the property in December 2013, testing an
area of tin soil anomalies and tin bearing trench rubble in an area
reported as Late Devonian Dungarvon Granite. A major northeast
trending structure is reported in this general area. Earlier
drilling in 2013 intersected tin mineralization along this
structure in the eastern region of the property (Geodex News
Release of August 1, 2013).The best results were from drill
hole SD-13-06 which assayed 0.080% tin from 38.00 to 38.70 metres
and 0.081% tin from 89.76 to 90.50 metres.
Geodex is evaluating results to date to determine appropriate
further work at South Dungarvon, including considering potential
joint venture partners.
Geodex's disclosure of a technical or scientific nature in this
press release has been reviewed and approved by David Martin,
P.Geol., Geodex's Vice President, New Brunswick
Operations, who acts as the qualified person under the
definition of National Instrument 43-101.
About Geodex
Geodex is a mineral resource company focused on New Brunswick,
Canada. Geodex has continued to actively develop its exploration
portfolio focused on the discovery of base and critical metals in
New Brunswick. Geodex has operated for a decade in New Brunswick
where it has had a number of discovery and development successes
including Sisson and Mount Pleasant West.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields, President & CEO
Forward Looking
Statement
Certain information regarding the Company contained in this
press release may constitute forward-looking statements within the
meaning of applicable securities laws. Forward-looking statements
may include estimates, plans, opinions, forecasts, projections or
other statements that are not statements of fact. Although the
Company believes that expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. The Company
cautions that actual performance will be affected by a number of
factors, many of which are beyond the Company's control, and that
future events and results may vary substantially from what the
Company currently foresees.
Neither the
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Geodex Minerals Ltd.Investor Relations(604) 689-7771 or Toll
free 1-888-999-3500(604)
689-5528info@geodexminerals.comwww.geodexminerals.com
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