GXM Second Phase West Gore Rubble Samples Assay Up to 27.1% Antimony and 72.5 G/T Gold. Update on Near-Term Work Program
September 15, 2014 (Source: Marketwired) — Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W), (the “Company” or “Geodex”) is pleased to announce that it has received antimony, gold and silver assays for additional rock grab samples collected at the West Gore Antimony – Gold Project. Assays confirm significant antimony and gold content for multiple samples with assays up to 27.1% Sb and 72.5 g/t Au.
The West Gore Project is located in west-central Nova Scotia, approximately 50 km northwest of Halifax. The Project was recently acquired by Geodex through an option agreement with Elk Exploration Ltd. Previous antimony and gold mining was conducted within the Project area during 1884 to 1917 with most production reported from the Main Vein – Fissure (Geodex News Release of June 25, 2014).
Previous limited rock grab sampling by Geodex confirmed gold and antimony mineralization in the waste rock dumps near the Main Vein (including assays of 153 g/t Au and 21% Sb) and antimony bearing rubble in the reported area of the Brook Vein with a sample returning 56.9 % Sb (Geodex News Release of July 31, 2014). Geodex personnel re-visited the property in August to conduct more thorough prospecting and rock sampling in the Brook Vein area and to collect additional rock samples in the Main Vein area, mainly from the waste dumps. Eighteen rock grab samples were collected and submitted to Activation Laboratories (Ancaster, Ontario) for antimony assay by Instrumental Neutron Activation Analysis (INAA) and gold and silver assay by Fire Assay – Gravimetric (FA-GRA).
Brook Vein Area: Prospecting was conducted in the area of the reported Brook Vein with eight rock grab samples of vein and meta-sediment being collected. The samples were collected within and immediately adjacent to a brook cutting through this area, being within a 300 metre east-west stretch along the brook. Samples WG-R-14-7 and WG-R-14-8 were outcrop samples. The other samples were of rubble within or adjacent to the brook. Sample WG-R-14-15 returned the most significant results, assaying 24.4% Sb and 53.4 g/t Au. Antimony and gold assays for all rock samples are as follows:
|Sb (%)||Au(g/ tonne)|
|WG-R-14-10||23.7||19.7||Quartz – stibnite – pyrrhotite vein material (sample approximately 8 x 7 x 5cm)|
|WG-R-14-11||0.191||<0.03||Meta-sediment with quartz veins.|
|WG-R-14-12||0.742||<0.03||Meta-sediment with quartz and stibnite veins.|
|WG-R-14-13||0.455||32.7||Meta-sediment with quartz – stibnite veins.|
|WG-R-14-14||0.363||<0.03||Meta-sediment with stibnite veins.|
|WG-R-14-15||24.4||53.4||Quartz – stibnite – pyrite veins and altered meta-sediment (sample approximately 30 x 8 x 5 cm).|
Sample WG-R-14-15 returned 13 g/t Ag, being the highest silver assay.
Main Vein Area: Additional rock grab samples were collected from the general area of the Main Vein shafts. These were samples WG-R-14-16 to WG-R-14-25. Samples included both vein dominant material (quartz – stibnite) and a variety of meta-sediments (variably altered, with and without veining and sulfide mineralization). All but one sample were from the waste dumps. Of note, sample WG-R-14-21 returned 27.1% Sb and 53.9 g/t Au while WG-R-14-25 returned 8.08% Sb and 72.5 g/t Au. Sample WG-R-14-18 was a piece of rubble, being adjacent to a trench outside of the waste dumps. Antimony and gold assays for all samples are as follows:
|Sb (%)||Au (g/ tonne)|
|WG-R-14-16||2.30||4.5||Quartz – stibnite vein material.|
|WG-R-14-18||1.42||<0.03||Sheared meta-sediment with quartz – stibnite veining.|
|WG-R-14-21||27.1||53.9||Quartz – stibnite vein material and meta-sediment (sample approximately 20 x 7 x 6 cm).|
|WG-R-14-22||2.78||<0.03||Quartz – stibnite vein material.|
|WG-R-14-23||0.148||<0.03||Quartz vein material with minor stibnite.|
|WG-R-14-24||1.57||11.7||Quartz – stibnite – pyrrhotite vein material (sample approximately 15 x 10 x 8 cm).|
|WG-R-14-25||8.08||72.5||Meta-sediment with pyrite and minor quartz – antimony veins.|
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Christopher Ecclestone, CEO of Geodex, commented “It is interesting to reflect that the exigencies of wartime Antimony production in the period of 1914-18 seem to have resulted in West Gore’s potential as a gold deposit, in addition to it being a rich Antimony deposit, being pushed into the background, with high-grade gold ending up in the dumps. This raises the opportunity for Geodex to exploit West Gore for two high-value metals instead of just one.”
Geodex is planning trenching / pitting and geophysics programs for the next phase of work over coming months. Trenching is planned for multiple areas. This includes the Brook Vein area. Geodex personnel have closely examined previous drill core from this area. This information will be used to spot trench sites. Trenching is planned for the Main Vein in the area of sample WG-R-14-18. Geodex management intends to test its thesis that the Main Vein may be exposed near surface in this location. Trenches and pits are planned for the waste dumps in this area to further evaluate and more thoroughly sample. Other trenches are planned elsewhere to test antimony soil anomalies. An induced polarization (IP) survey is planned for the Main Vein area, including deeper penetrating IP. Historical assessment reports indicate the potential for the Main Vein to continue at depth below the previous mine levels and possibly plunge to the southeast.
Geodex’s disclosure of a technical or scientific nature in this press release has been reviewed and approved by David Martin, P.Geo., Geodex’s Vice President New Brunswick Operations, who acts as the qualified person under the definition of National Instrument 43-101.
Geodex is a mineral resource company focused on critical metal projects, particularly Antimony and Tin. Projecting from its traditional base in Canada’s Maritime Provinces the company intends on pursuing opportunities in these metals both there and in Spain, around the Mediterranean Basin and in other traditional mining regions by aggregating past-producing and producing mines in these metals.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Christopher Ecclestone, 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.
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