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02.11.2009
GEODEX REPORTS ENCOURAGING EXPLORATION RESULTS ON ITS FLUME RIDGE TUNGSTEN PROPERTY IN NEW BRUNSWICK – DRILL PROGRAM UNDERWAY
GEODEX REPORTS ENCOURAGING EXPLORATION RESULTS ON ITS FLUME RIDGE TUNGSTEN PROPERTY IN NEW BRUNSWICK – DRILL PROGRAM UNDERWAY
Geodex Minerals Ltd. (the “Company” or ‘Geodex’) reports that it has begun a diamond drilling program on its Flume Ridge tungsten property in southwestern New Brunswick. Geodex’s business plan remains focused on advancing its flagship Sisson Brook tungsten-molybdenum project towards production while maintaining an aggressive portfolio of prospective exploration properties in New Brunswick. Flume Ridge is part of a group of properties in addition to Sisson Brook with potential for granite-related deposits of tungsten, molybdenum, tin and related metals.
The Flume Ridge property, comprising 121 claims, is located immediately west of the Company’s Mount Pleasant West project, and approximately 20 kilometres west of the formerly-producing Mount Pleasant tungsten-molybdenum mine, owned by Adex Mining Inc. Geodex can earn a 90% interest in the property by way of an April, 2009 option agreement with two New Brunswick companies. (Geodex News Release, April 21, 2009).
Claims were originally staked at Flume Ridge to cover an area of government tungsten soil and stream sediment anomalies, and scheelite-bearing float discoveries. Geodex’s initial 2009 exploration included a soil survey followed by a basal till sampling program which outlined a tungsten anomaly approximately 2,500m by 2,000m in area, as well as scattered anomalous tin values. The soil anomaly has a strong correlation with an isolated magnetic high identified by a government airborne survey and confirmed by a Geodex ground survey.
Four shallow trenches, spaced over a distance of approximately 200 metres, were dug to expose bedrock within the soil anomaly. Trench mapping shows that scheelite mineralization is found in all trenches and is controlled mainly by two sets of near-vertical, cross-cutting quartz veins. The veins are hosted by metasedimentary rocks displaying strong silicification and pyrrhotite mineralization.
As a result of the encouraging results in the 2009 exploration program at Flume Ridge, Geodex has begun a Stage I six hole drill program of 600 metres to test the tungsten-tin soil anomaly. It is anticipated that the drilling program will be completed in early November with assay results available in December, 2009.
Neil Humphreys, M.Sc., P.Geo., Geodex’s Chief Geologist, is a qualified person under NI43-101 and is responsible for the design and conduct of the programs carried out by the Company on the Sisson Brook project. Mr. Humphreys has reviewed this release and approves its contents.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields,
President & CEO
For further information, please contact:
Investor Relations
Liana Shahinian, BBA
ir@geodexminerals.com
Erick Bertsch
bertsch@geodexminerals.com
(604) 689-7771, Toll free 1-888-999-3500
Visit our website at www.geodexminerals.com
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.
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Geodex Minerals Ltd. (the “Company” or ‘Geodex’) reports that it has begun a diamond drilling program on its Flume Ridge tungsten property in southwestern New Brunswick. Geodex’s business plan remains focused on advancing its flagship Sisson Brook tungsten-molybdenum project towards production while maintaining an aggressive portfolio of prospective exploration properties in New Brunswick. Flume Ridge is part of a group of properties in addition to Sisson Brook with potential for granite-related deposits of tungsten, molybdenum, tin and related metals.
The Flume Ridge property, comprising 121 claims, is located immediately west of the Company’s Mount Pleasant West project, and approximately 20 kilometres west of the formerly-producing Mount Pleasant tungsten-molybdenum mine, owned by Adex Mining Inc. Geodex can earn a 90% interest in the property by way of an April, 2009 option agreement with two New Brunswick companies. (Geodex News Release, April 21, 2009).
Claims were originally staked at Flume Ridge to cover an area of government tungsten soil and stream sediment anomalies, and scheelite-bearing float discoveries. Geodex’s initial 2009 exploration included a soil survey followed by a basal till sampling program which outlined a tungsten anomaly approximately 2,500m by 2,000m in area, as well as scattered anomalous tin values. The soil anomaly has a strong correlation with an isolated magnetic high identified by a government airborne survey and confirmed by a Geodex ground survey.
Four shallow trenches, spaced over a distance of approximately 200 metres, were dug to expose bedrock within the soil anomaly. Trench mapping shows that scheelite mineralization is found in all trenches and is controlled mainly by two sets of near-vertical, cross-cutting quartz veins. The veins are hosted by metasedimentary rocks displaying strong silicification and pyrrhotite mineralization.
As a result of the encouraging results in the 2009 exploration program at Flume Ridge, Geodex has begun a Stage I six hole drill program of 600 metres to test the tungsten-tin soil anomaly. It is anticipated that the drilling program will be completed in early November with assay results available in December, 2009.
Neil Humphreys, M.Sc., P.Geo., Geodex’s Chief Geologist, is a qualified person under NI43-101 and is responsible for the design and conduct of the programs carried out by the Company on the Sisson Brook project. Mr. Humphreys has reviewed this release and approves its contents.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Mark Fields,
President & CEO
For further information, please contact:
Investor Relations
Liana Shahinian, BBA
ir@geodexminerals.com
Erick Bertsch
bertsch@geodexminerals.com
(604) 689-7771, Toll free 1-888-999-3500
Visit our website at www.geodexminerals.com
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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3719371039
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.