Geodex Minerals Ltd.

TSX VENTURE : GXM
FRANKFURT : G2W


Geodex Minerals Ltd.

April 02, 2014 13:11 ET

Geodex Minerals Ltd.: Benjamin Copper Project Reports Promising Drill Intercepts

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 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.

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