Geodex Minerals Ltd.

Geodex Minerals Ltd.

July 31, 2014 08:00 ET

Geodex Minerals Ltd.: West Gore Vein Rubble Samples Assay Up to 56.9% Antimony and 153 g/tonne Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 31, 2014) - Geodex Minerals Ltd. (TSX VENTURE:GXM) (FRANKFURT:G2W), (the "Company" or "Geodex") is pleased to announce that it has received antimony and gold assays for initial rock samples collected at the West Gore Antimony - Gold Project. 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).

Geodex collected rock grab samples during an initial one-day visit to the Project in early July. Samples WG-R-14-1 to WG-R-14-5 were collected from rubble and apparent waste rock piles in the northern part of the Project. This is the documented area of the Main Vein - Fissure. An old shaft is evident in the area of these samples. Samples WG-R-14-1 to WG-R-14-3 consist of angular quartz - stibnite vein material while samples WG-R-14-4 and WG-R-14-5 consist of sheared meta-sediment with quartz veining, pyrite and stibnite. Sample WG-R-14-6 was from a piece of angular massive stibnite in the area of the documented Brook Vein (north-central region of the Project). This sample was within 20 metres of what appears to be an old Shaft.

The rock samples were assayed by Activation Laboratories Ltd. in Ancaster, Ontario. The antimony assays were performed by Instrumental Neutron Activation Analysis (INAA). The gold assays were initially performed by Fire Assay - Atomic Absorption (FA-AA). Samples exceeding 3000 ppb gold by FA-AA were re-assayed by Fire Assay - Gravimetric (FA-GRA). The assay results of the rock samples are as follows:

Au (ppb) Au ( g/tonne)
Sample Number Sb (%) FA-AA FA-GRA
WG-R-14-1 1.72 >3000 153.00
WG-R-14-2 11.3 >3000 4.28
WG-R-14-3 21.0 >3000 5.97
WG-R-14-4 0.374 >3000 3.15
WG-R-14-5 3.31 2590
WG-R-14-6 56.9 671

David Martin, Vice President New Brunswick Operations, noted "The initial sampling of rubble near the documented location of the Main Vein - Fissure confirmed antimony and gold in variable amounts in both vein material and sheared wall rock. Public documents indicate mineralized rock in the waste dump areas near the shafts at this vein. I expected to find antimony mineralization here. Although our sampling was limited, I was pleased with the levels of gold including some high grade gold as indicated by the first sample. Samples 4 and 5 are especially significant to me as these indicate mineralization in sheared wall rock. Sample 6 indicates a narrow high grade source as I measured the sample to be 16 x 10 x 6 centimetres."

Geodex has compiled previous information for the West Gore Project in preparation for the next phase of exploration. Geodex management is proposing a trenching program for the next phase although a time frame for this work has not been determined. Geodex also plans more detailed study and sampling of the waste rock piles near the Main Vein - Fissure.

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.

The CEO and President of Geodex, Christopher Ecclestone, added "This is a highly promising start to our new strategy of positioning Geodex as a major producer of antimony utilising proven, low-cost technologies thereby providing early cash flow. This is but the first of several proposed acquisitions of past-producing Antimony mines, with several properties in Europe and Australia currently under consideration.

About Geodex

Geodex is a mineral resource company focused on critical metal projects and particularly in the Maritime Provinces of Canada. 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 Projects.



Christopher Ecclestone, President & CEO

Tel: (44) 795 08 53 621

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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