Golden Cross
5年前
News out - Azucar Discovers Another New Porphyry Centre
Link:
http://www.globenewswire.com/news-release/2019/10/16/1930830/0/en/Azucar-Discovers-Another-New-Porphyry-Centre.html
October 16, 2019 16:00 ET | Source: Azucar Minerals Ltd.
photo-release
El Cobre Property
Overview
Exploration Targets
Azucar Minerals Ltd.
Primo Target, El Cobre Property
Plan_Final
Drill Plan Map
Azucar Minerals Ltd.
Primo Target, El Cobre Property
Section_086_Geology
Section EC-19-086+/- 50m, looking 90 degrees
Azucar Minerals Ltd.
Hits 86.50 m of 0.70 g/t Au and 0.42% Cu on the “Primo” Target at the El Cobre Project, Mexico
VANCOUVER, British Columbia, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Azucar Minerals Ltd. ("Azucar" or the "Company") (TSX-V: AMZ; OTCQX: AXDDF) is pleased to announce a new discovery at the El Cobre porphyry copper-gold project in Veracruz State, Mexico.
The two holes reported today were designed to test the blind “Primo” target area, which is defined by coincident anomalous gold, copper and molybdenum in soils. The Primo target is located approximately 1km southeast of the Raya Tembrillo target and almost 1 km west of the Porvenir target area in a previously unexplored portion of the large Villa Rica magnetic anomaly.
This new mineralised intrusive was intersected in both holes including sections of high gold and copper grades in classic porphyry style disseminated and vein controlled chalcopyrite and stockwork veining. The upper hole (EC-19-085) intersected roughly 20 metres of mineralised intrusive, currently interpreted to be the apex of the intrusive body. The steeper hole (EC-19-086) was lost in a clay altered intrusive at 975 metres depth. A section and plans are provided with this news release. Highlights include the following intervals:
Hole EC-19-085 PRIMO TARGET, 360 Az, -45 dip
From 205.00 to 210.25, 5.25 metres @ 0.60 g/t gold and 0.26% copper
Including 205.00 to 205.50, 0.50 metres @ 2.12 g/t gold and 1.61% copper
From 393.00 to 401.45, 8.45 metres @ 0.20 g/t gold and 0.29% copper
Including 400.70 to 401.45, 0.75 metres @ 0.99 g/t gold and 1.79% copper
Hole EC-19-086 PRIMO TARGET, 360 Az, -60 dip
From 718.00 to 918.00, 200.00 metres @ 0.40 g/t gold and 0.24% copper
Including 831.50 to 918.00, 86.50 metres @ 0.70 g/t gold and 0.42% copper
Including 862.40 to 918.00, 55.60 metres @ 0.94 g/t gold and 0.56% copper
Including 874.40 to 918.00, 43.60 metres @ 1.04 g/t gold and 0.63% copper
Including 878.40 to 892.40, 14.00 metres @ 1.26 g/t gold and 0.76% copper
Including 904.40 to 914.40, 10.00 metres @ 1.44 g/t gold and 0.85% copper
J. Duane Poliquin, Chairman of Azucar commented, “The high potential of the El Cobre project to host large porphyry centres is highlighted again by this new discovery. We look forward to reporting the results of our follow-up drilling as they become available.”
About the El Cobre Project
The El Cobre Project has a total area of approximately 7,000 hectares and is located adjacent to the Gulf of Mexico, about 75 kilometres northwest of the major port city of Veracruz, Mexico in an area of excellent infrastructure. The project is situated 200 metres above sea level with extensive road access and is located less than 10 kilometres from a power plant, highway, gas line and other major infrastructure. Major power lines cross the property area.
The four copper-gold porphyry zones within the El Cobre Project are known as Norte, Villa Rica, El Porvenir and Encinal, and are defined by distinct Cu-Au soil anomalies, discrete, positive magnetic features and a large IP chargeability anomaly. The largest zone is the Villa Rica Zone which has only seen limited initial exploration drilling. An overview of drilling to date in the various zones is provided below.
Norte Zone: All five holes drilled in the Norte Zone prior to 2016 intersected porphyry-style mineralisation. Hole 08-CBCN-022, one of the deepest holes drilled at Norte in 2008, returned values of 0.14% Cu with 0.19 g/t Au over 259 m and 08-CBCN-19 intersected 41.15 metres averaging 0.42 g/t gold and 0.27% copper to the end of the hole at 187.45 metres. Drilling at the Norte Zone in 2016 and 2017 resulted in the highest grade intersections to date at the El Cobre project, including 114.60 metres grading 1.33 g/t Au and 0.48% Cu (Hole EC-17-018, see press release of April 5, 2017), 80.50 metres grading 1.34 g/t Au and 0.46% Cu (Hole EC-16-012, see press release of October 24, 2016), 70.45 metres grading 2.32 g/t Au and 0.59% Cu (Hole EC-17-026, see press release of July 25, 2017), and 534.90 metres grading 0.90 g/t Au and 0.30% Cu (Hole EC-17-029, see press release of August 15, 2017). Since the Norte Zone discovery, Azucar has been carrying out a systematic drill campaign to define this target. The Norte drillhole database is available on the Company website at www.azucarminerals.com.
Villa Rica Zone: The Villa Rica Zone is a roughly 2.5 kilometre by 1 kilometre area of hydrothermal alteration defined also by a strong north-northwest trending magnetic-chargeability high and associated copper-gold soil geochemical anomalies. Past mapping and sampling defined several areas of exposed porphyry mineralisation within the Villa Rica zone, including the Raya Tembrillo target and the Naranjo target, both at the north end of the Villa Rica zone. Initial drilling in 2017 on the Raya Tembrillo target intersected two styles of mineralisation; hypogene copper-gold porphyry mineralisation (115.00 metres of 0.57 g/t gold and 0.27% copper, see press release of November 28, 2017) and near surface exotic enriched copper mineralisation with an apparent tabular distribution (94.00 metres of 1.36% copper; see press release of December 13, 2017). Today’s press release highlights the discovery at the Primo target area, approximately 1km from Raya Tembrillo.
El Porvenir Zone: Drilling has demonstrated that the system persists at least to 400 m depth. Significant copper and gold grades were intersected such as 0.16% Cu and 0.39 g/t Au over 290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected 0.23% Cu and 0.36 g/t Au over 106 m, to a depth of 504 m, again indicating potentially significant mineralisation at depth. Results from minimal drilling in 2017 include hole EC-17-040 which intersected 108.00 metres grading 0.88 g/t Au and 0.29% Cu, and hole EC-17-044 which intersected 40.25 metres grading 0.50 g/t Au and 0.25% Cu.
Encinal Zone: Hole CB5 intersected a highly altered breccia pipe containing fragments of stockwork veining and porphyry mineralisation across which 18.28 metres returned 1.42 g/t Au and 0.10% Cu. The breccia pipe occurs in a large alteration zone, IP chargeability high and magnetics low which has not been tested to depth. On June 19, 2017 Azucar announced that a new area of exposed stockwork quartz veining and gold mineralisation had been identified in the Encinal Zone. On June 29, 2017 Azucar announced the results of initial drilling on this exposed stockwork (Hole EC-17-025) which returned results including 34.47 metres grading 0.73 g/t Au and 0.20% Cu.
More information on El Cobre is available on the Azucar website at http://www.azucarminerals.com.
Mr. Norm Dircks, P.Geo., is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") and has reviewed and approved the contents of this news release. The porphyry mineralisation reported in this news release is associated with broad areas of alteration and stockwork veining. True widths cannot be determined at this time. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry standard analytical techniques. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. For copper, samples are first analysed by Inductively Coupled Plasma – Atomic Emission Spectroscopy (“ICP-AES”), with four acid digestion. Samples that return values greater than 10000 g/t copper using this technique are then re-analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Azucar’s quality assurance and control program which complies with National Instrument 43-101 requirements. A NI 43-101 compliant technical report on the El Cobre project entitled, "Technical Report on the El Cobre Property” was filed in May 2015 and can be obtained from www.sedar.com.
About Azucar
Azucar is an exploration company with a mandate to thoroughly explore the El Cobre project in Veracruz, Mexico, which covers multiple gold-rich porphyry targets, as demonstrated by recent drilling. Azucar is permitted and funded for an active drill campaign in 2019. Azucar holds a 100% interest in the El Cobre project, subject to net smelter returns (“NSR”) royalty interests, assuming production from the property exceeds 10,001 tonnes per day of ore, totaling 2.25% which can be reduced to 2.0% though the payment of US$3.0 million.
On behalf of the Board of Directors,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Azucar Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.
Contact Information:
Azucar Minerals Ltd.
Tel. 604.689.7644
Email: info@azucarminerals.com
http://www.azucarminerals.com/
GreenBackClub
7年前
Almadex Minerals Ltd. and Azucar Minerals Ltd. Announce Closing of Arrangement
GlobeNewswireMay 18, 2018
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Almadex Minerals Limited (“Old Almadex”) is pleased to announce that it has closed the previously announced statutory plan of arrangement (the “Plan of Arrangement”) under Section 288 of the Business Corporations Act (British Columbia) to spin-out Old Almadex’s early stage exploration projects, royalty interests, and certain other assets into Almadex Minerals Ltd. (formerly 1154229 B.C. Ltd.) (“New Almadex”) effective at 12:01 a.m. on May 18, 2018 (the “Effective Time”). At the Effective Time, Old Almadex changed its name from Almadex Minerals Limited to Azucar Minerals Ltd. (“Azucar”) (AMZ.V) (AXDDF), and New Almadex changed its name from 1154229 B.C. Ltd. to Almadex Minerals Ltd.
Arrangement
Under the terms of the Plan of Arrangement, the shareholders of Old Almadex will receive common shares in New Almadex (“New Almadex Shares”) by way of a share exchange, pursuant to which each existing share of Old Almadex (an “Old Almadex Share”) held at the Effective Time will be exchanged for one “new” share of Azucar (an “Azucar Share”) and one New Almadex Share. Optionholders of Old Almadex received replacement options of Azucar and options of New Almadex which are proportionate to, and reflective of the terms of, their existing options of Old Almadex. Warrantholders of Old Almadex have their existing warrants remain outstanding in accordance with their terms, and are, in lieu of being exercisable for one Old Almadex Share, exercisable for one Azucar Share and one New Almadex Share.
The Arrangement remains subject to final acceptance from the TSX Venture Exchange (the “TSXV”). The TSXV has conditionally approved the listing of the New Almadex Shares under the trading symbol “DEX”.
Name Change and Stock Symbols
At the Effective Time, Old Almadex changed its name from Almadex Minerals Limited to Azucar Minerals Ltd., and Azucar will continue to trade under its ticker symbol of “AMZ” on the TSXV and “AXDDF” on the OTCQX. The CUSIP number assigned following the name is change is 05501V104 (ISIN:CA05501V1040).
At the Effective Time, New Almadex changed its name from 1154229 B.C. Ltd. to Almadex Minerals Ltd. Once listed, New Almadex will trade under the ticker symbol “DEX” on the TSXV. The CUSIP number assigned to the New Almadex Shares is 02028L107 (ISIN:CA02028L1076).
Trading Information
On or about Tuesday, May 22, 2018, it is anticipated the TSXV will issue a bulletin in respect of the commencement of trading of the New Almadex Shares, under the symbol “DEX”. Within two business days of the TSXV bulletin, the Azucar Shares and the New Almadex Shares will commence trading on the TSXV. An Old Almadex Share purchased prior to the commencement of trading of Azucar Shares and New Almadex Shares will be settled for one Azucar Share and one New Almadex Share.
Where Old Almadex Shares are held through a broker, such broker, or the depositary with which the broker holds such Old Almadex Shares, will be responsible for dealing with the exchange of the Old Almadex Shares for Azucar Shares and the distribution of the New Almadex Shares on the shareholders’ behalf.
Old Almadex has mailed letters of transmittal to all eligible registered shareholders. To receive Direct Registration System (“DRS”) statements representing Azucar Shares and New Almadex Shares, registered shareholders must duly complete the letter of transmittal and either provide their DRS account number or surrender their existing certificates for Old Almadex Shares, as applicable, and deliver them to Computershare Investor Services Inc. (the “Exchange Agent”) at the address shown on the letter of transmittal. Upon surrender to the Exchange Agent for cancellation of a certificate representing Old Almadex Shares, together with a properly executed letter of transmittal, the registered shareholder will be entitled to receive, and the Exchange Agent will deliver to such holder, a DRS statement representing that number of Azucar Shares and New Almadex Shares that such holder has a right to receive pursuant to the Plan of Arrangement and the surrendered certificate will be cancelled. The letter of transmittal was filed on Old Almadex’s SEDAR profile on April 6, 2018, and is available at www.sedar.com.
Investment by Newcrest Mining Limited
Concurrently with the Effective Time, Azucar is pleased to announce the closing of non-brokered private placement (the “Private Placement”) with Newcrest Canada Holdings Inc. (“Newcrest SubCo”), a wholly-owned subsidiary of Newcrest International Pty Ltd. (“Newcrest International”). Newcrest International is itself a wholly-owned subsidiary of Newcrest Mining Limited (“Newcrest”) (ASX:NCM). Pursuant to a subscription agreement between Old Almadex and Newcrest International, as assigned by Newcrest International to Newcrest Subco, and the Plan of Arrangement, Newcrest SubCo acquired 14,391,568 Azucar Shares at a price of approximately CAD$1.33 per share for aggregate gross proceeds of $19,074,425 (the “Private Placement”). The Azucar Shares issued to Newcrest SubCo will be subject to a hold period until September 19, 2018. Upon closing of the Private Placement, Newcrest SubCo holds 19.9% of the issued and outstanding Azucar Shares, and has no ownership interest in New Almadex.
Newcrest is one of the world’s largest gold mining companies, operating mines in Australia and the Asia-Pacific regions. Newcrest has extensive experience developing and operating successful mines in culturally and geographically diverse environments, and also seeks to identify and secure large mineral districts, or provinces, in order to establish long term mining operations. Newcrest has extensive experience in exploring and operating gold and copper porphyry deposits through its ownership of the Cadia Hill operation in NSW, Australia, and its interest in the Wafi-Golpu project in Papua New Guinea. Newcrest and Azucar have entered into an investor rights agreement providing, among other things, a standstill and lock-up on customary terms and conditions, participation rights in favour of Newcrest SubCo to maintain its pro-rata interest in Azucar, and the right of Newcrest SubCo to designate one nominee to the Board of Directors of Azucar.
About Azucar
Azucar is an exploration company that is focused on exploration of its El Cobre gold/copper porphyry project in Veracruz, Mexico (the “El Cobre Project”), in which it holds a 100% interest, subject to net smelter returns (“NSR”) royalty interests, assuming production from the property exceeds 10,001 tonnes per day of ore, totaling 2.25% which can be reduced to 2.0% though the payment of US$3.0 million. Azucar also holds approximately CAD$17.5 million in cash, and has 72.3 million shares issued and outstanding.
About New Almadex
New Almadex holds a portfolio consisting of interests in 19 exploration projects, a 1.75% NSR royalty on the El Cobre Project, a 2% NSR royalty on the Tuligtic property in Mexico, a portfolio of 16 additional NSR royalties on exploration projects in Mexico, Canada and the United States, 4,000,000 Azucar Shares, 1,597 ounces of gold bullion, and approximately CAD$6 million in cash. New Almadex has 53.9 million shares issued and outstanding.
On behalf of the Board of Directors of Azucar,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Azucar Minerals Ltd.
On behalf of the Board of Directors of New Almadex,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Ltd.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although Azucar and New Almadex believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Such forward-looking statements include but are not limited to, obtaining final TSXV approval of the Plan of Arrangement and the timing for the commencement of trading of the Azucar Shares and the New Almadex Shares on the TSXV. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Azucar or New Almadex to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk of Azucar not obtaining final TSXV for the Plan of Arrangement, the risk that the commencement of trading of the Azucar Shares and the New Almadex Shares may be delayed, the risk of unexpected tax consequences to the Plan of Arrangement, risks of the market valuing Azucar and New Almadex in a manner not anticipated by Azucar and New Almadex, as well as those factors discussed in the section entitled "Risk Factors" in Azucar’s most recent financial statements filed on SEDAR. Although Azucar and New Almadex have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Azucar and New Almadex disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.
Contact Information:
Azucar Minerals Ltd.
Tel. 604.689.7644
Email: info@azucarminerals.com
http://www.azucarminerals.com/
Almadex Minerals Ltd.
Tel. 604.689.7644
Email: info@almadexminerals.com
http://www.almadexminerals.com/
GreenBackClub
7年前
Almadex Shareholders Approve Spinout Transaction; Almadex Updates Transaction Timing
GlobeNewswireMay 8, 2018
VANCOUVER, British Columbia, May 08, 2018 (GLOBE NEWSWIRE) -- Almadex Minerals Limited (“Almadex” or the “Company”); (AMZ.V); (AXDDF) is pleased to announce that shareholders at its Special Meeting of shareholders held today in Vancouver have voted 99.97% in favour of a special resolution approving a statutory plan of arrangement (the “Plan of Arrangement”) under Section 288 of the Business Corporations Act (British Columbia) to spin-out Almadex’s early stage exploration projects, royalty interests, and certain other assets into 1154229 B.C. Ltd. ("Spinco") as described in Almadex’s management information circular (the “Circular”) dated April 6, 2018 (the “Transaction”).
The Transaction remains subject to final Court approval and acceptance from the TSX Venture Exchange, and is expected to be completed on or about May 18 (the “Effective Date”). Shareholders at the end of the day prior to the Effective Date will be subject to the terms of the Plan of Arrangement as detailed below.
By way of background, under the terms of the Plan of Arrangement, the shareholders of Almadex (which will be renamed Azucar Minerals Ltd. upon closing of the Transaction) will receive common shares in Spinco (which will be renamed Almadex Minerals Ltd. upon closing of the Transaction) (“Spinco Shares”) by way of a share exchange, pursuant to which each existing share of Almadex (an “Almadex Share”) is exchanged for one “new” share of Almadex (a “New Almadex Share”) and one Spinco Share. Optionholders of Almadex will receive replacement options of Almadex and options of Spinco which are proportionate to, and reflective of the terms of, their existing options of Almadex. Warrantholders of Almadex will have their existing warrants remain outstanding in accordance with their terms, and will, in lieu of being exerciseable for one Almadex Share, become exercisable for one New Almadex Share and one Spinco Share.
Spinco has applied to list the Spinco Shares on the TSXV.
Almadex looks forward to providing more detail on the Transaction in the coming days. Please refer to the Circular for more detailed information, available on SEDAR at www.sedar.com.
About Almadex
Almadex is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex's predecessor company, Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale NSR royalty equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore. This NSR can be reduced to 0.25% at this production rate through the payment of US$3.0 million.
On behalf of the Board of Directors,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Limited
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Such forward-looking statements include but are not limited to, statements with respect to completion of the Plan of Arrangement, the anticipated timing for closing of the Plan of Arrangement, obtaining Court and TSXV approval of the Plan of Arrangement, obtaining TSX-V approval for the the listing of Spinco Shares on the TSXV. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Almadex or Spinco to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk of the Company not obtaining Court or TSXV approval to proceed with the Plan of Arrangement, the risk of the Company not obtaining TSXV approval for the listing of the Spinco Shares on the TSXV, the risk of unexpected tax consequences to the Plan of Arrangement, the risk of unanticipated material expenditures required by the Company prior to completion of the Plan of Arrangement, risks of the market valuing Almadex and Spinco in a manner not anticipated by the Company, as well as those factors discussed in the section entitled "Risk Factors" in Almadex's most recent financial statements filed on SEDAR. Although Almadex has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Almadex disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.
Contact Information:
Almadex Minerals Limited
Tel. 604.689.7644
Email: info@almadexminerals.com
http://www.almadexminerals.com/
GreenBackClub
7年前
Almadex Provides Update On Spin-Out Transaction and Newcrest Investment
GlobeNewswireApril 16, 2018
VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- Almadex Minerals Limited (“Almadex” or the “Company”) (AMZ.V) (AXDDF) announces that, further to its news release dated February 26, 2018, the Company has mailed and filed its Notice of Special Meeting of Shareholders (the “Meeting”) and the related Management Information Circular (the “Circular”) which describes, amongst other things, the proposed spin-out of Almadex’s early stage exploration projects, royalty interests and certain other assets, into a new public company (“Spinco”). The Circular and other Meeting materials are available on SEDAR at www.sedar.com and on the Company’s website at www.almadexminerals.com.
In addition, Almadex is pleased to report that Newcrest International Pty Ltd. ("NIPL") has placed the aggregate subscription price of $19,074,425 into escrow, in return for 19.9% of the issued and outstanding shares of Almadex following closing of the spin-out transaction.
At the Meeting, shareholders of Almadex (“Shareholders”) will be asked to consider and, if thought fit, to pass, with or without variation, a special resolution to approve a statutory plan of arrangement (the “Plan of Arrangement”) under Section 288 of the Business Corporations Act (British Columbia). It is intended that, as part of the spin-out transaction, Shareholders will receive shares of Spinco by way of a share exchange, pursuant to which each existing share of Almadex is exchanged for one “new” share of Almadex and one share of Spinco.
There will be no change to Almadex securityholders’ existing interests in Almadex as a result of the spin-out transaction.
The Plan of Arrangement will, pursuant to the terms of Almadex warrants certificates and indentures, amend the terms of warrants to provide replacement warrants to acquire the same number of Almadex shares and Spinco shares. Almadex optionholders will exchange their options for replacement options to acquire the same number of Almadex shares and Spinco shares. The exercise prices of the replacement warrants and options will be determined in accordance with the Plan of Arrangement.
Spinco will hold the following key assets:
a portfolio consisting of interests in 19 exploration projects;
a 1.75% Net Smelter Return (“NSR”) royalty on the Company’s El Cobre property in Mexico;
a 2% NSR royalty on the Tuligtic property in Mexico, which hosts the Ixtaca gold-silver development project which is operated by Almaden Minerals Ltd.;
a portfolio of 16 additional NSR royalties on exploration projects in Mexico, Canada and the United States identified through the Company’s past prospect generator activities;
up to 4 million shares of Almadex as well as certain other marketable securities;
1,597 ounces of gold bullion; and,
Approximately $6 million in cash.
The El Cobre gold/copper porphyry project will remain in Almadex.
It is currently anticipated that upon closing of the spin-out transaction, Almadex will have 72,070,998 shares issued and outstanding, of which 14,342,129 will be held by NIPL and 4,000,000 will be held by Spinco. Spinco is anticipated to have 53,728,869 shares issued upon completion of the spin-out transaction.
The board of directors of Almadex (the “Board”), has determined that the Plan of Arrangement is in the best interests of Almadex and is fair to the Shareholders and unanimously recommends that the Shareholders vote in favour of the special resolution.
The Board notes that the Plan of Arrangement is expected to allow Almadex to focus on the development of its El Cobre Project, will allow the market to value the El Cobre Project independently of Almadex’s earlier stage assets, and will accelerate development of Almadex’s non-El Cobre assets. The executive officers and directors of Almadex, collectively holding approximately 3,424,359 Almadex shares, representing approximately 6.4% of the issued and outstanding Almadex shares, have entered into support and voting agreements whereby they have agreed to vote all of their Almadex shares in favour of the Plan of Arrangement.
Spinco has applied to list its common shares on the TSX Venture Exchange (“TSXV”). Listing will be subject to Spinco fulfilling all the listing requirements of the TSXV. Spinco does not have any of its securities listed or quoted, and has not applied to list or quote any of its securities on a U.S. marketplace.
Shareholders as of the record date of March 29, 2018 have the right to vote by proxy or in person at the Meeting to be held May 8, 2018 at 11:00 a.m. PDT at the offices of Borden Ladner Gervais LLP, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia. The Plan of Arrangement will also be subject to, among other things, approval of the TSXV and the Supreme Court of British Columbia. Subject to satisfactory outcome of the above items, Almadex expects the closing date of the Plan of Arrangement to be sometime in mid to late May, 2018. Further details of the proposed spinout transaction are contained in the Circular.
The Circular
The Circular contains, among other things, details concerning the Plan of Arrangement, reasons for the Board’s recommendation, requirements for completion of the spin-out transaction, the procedure for receiving new Almadex securities and Spinco securities under the Plan of Arrangement, how registered Shareholders may exercise their dissent rights, procedures for voting at the Meeting and other matters. Shareholders are urged to carefully review the Circular and accompanying materials as they contain important information regarding the Plan of Arrangement and its consequences to Shareholders.
YOUR VOTE IS IMPORTANT
How to Vote
A proxy or voting instruction form will accompany the Meeting materials you receive. Instructions on how to vote are provided in the Circular and the accompanying materials.
Shareholders are encouraged to vote before 11:00 a.m. PDT on May 4, 2018.
How to Receive the Consideration
If you are a registered Shareholder, we also encourage you to complete and return the letter of transmittal included in the Meeting materials (“Letter of Transmittal”) together with the certificate(s) (if any) representing your existing Almadex shares and any other required documents and instruments Computershare Investor Services Inc. (“Computershare”). If you are a registered Shareholder, the Letter of Transmittal must be completed and returned to Computershare (regardless of whether your shares are represented by physical share certificates or held in a Direct Registration System (“DRS”) account) in order for you to exchange your existing shares for new Almadex shares and Spinco shares. Provided you have completed and returned the Letter of Transmittal to Computershare in accordance with its instructions, once the Plan of Arrangement is completed new Almadex shares and Spinco shares will be issued and DRS statements representing such shares will be distributed to you. If you hold your Almadex shares through a broker or other intermediary, please contact that broker or other intermediary for instructions and assistance. Assuming that all conditions to completion of the Plan of Arrangement are satisfied, it is anticipated that the Plan of Arrangement will become effective sometime in mid to late May, 2018.
About Almadex
Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex's predecessor company, Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale NSR royalty equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore. This NSR can be reduced to 0.25% at this production rate through the payment of US$3.0 million.
On behalf of the Board of Directors,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Limited
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Such forward-looking statements include but are not limited to, statements with respect to completion of the Plan of Arrangement, obtaining Shareholder, court and TSXV approval of the Plan of Arrangement, the listing of Spinco shares on the TSXV, holding Almadex’s Meeting and completing the Plan of Arrangement. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Almadex or Spinco to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk of the Company not obtaining court, Shareholder or TSXV approval to proceed with the Plan of Arrangement, the risk of unexpected tax consequences to the Plan of Arrangement, the risk of unanticipated material expenditures required by the Company prior to completion of the Plan of Arrangement, risks of the market valuing Almadex and Spinco in a manner not anticipated by the Company, as well as those factors discussed in the section entitled "Risk Factors" in Almadex's most recent financial statements filed on SEDAR. Although Almadex has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Almadex disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.
Contact Information:
Almadex Minerals Limited
Tel. 604.689.7644
Email: info@almadexminerals.com
http://www.almadexminerals.com/
GreenBackClub
7年前
Explorer Spin-off Is a Win-Win
Almadex Minerals Ltd. (AMZ:TSX.V, 1.51) announced earlier in the week a 19.9% investment in the company by major Australian miner Newcrest Mining Ltd. (NCM:ASX) along with a plant to spin off everything in the company except the El Cobre project. (Newcrest's $19 million investment would also remain in the company.) The investment was done at a premium to the market. It will be recalled that Almadex itself was the result of a spin- off from Almaden Minerals.
Big budget for big property
El Cobre contains several porphyry occurrences and these are known to require lots of drilling. After discovering the first deposit, Almadex has drilled aggressively, both within the initial zone and outside, consistently returning strong results. But after a couple of equity raises, it was clear that Almadex needed a company with deeper pockets to continue the drilling. Rather than optioning-out the project, Almadex chose to have an investor in the company. It believes that the $19 million investment will be sufficient to explore the entire property over two to three years and bring the project to a resource stage. Newcrest has rights to maintain its 19.9% interest in any further raises but has no rights over the project itself.
The transaction is clearly a win for El Cobre.
New exploration company with cash
The spin-off will retain the following:
several royalties, including on Almaden’s Ixtaca project, as well as a newly created 1.75% royalty on El Cobre
all of the company’s exploration projects
cash and bullion (about C$4.5 million) as well as the portfolio of investments in junior companies, plus up to four million shares in Almadex.
By spinning off the projects (and the cash), the company can now make sure these other exploration projects get the attention they deserve. Inside the same company, given the choice of drilling x, y, or z property or drilling more on El Cobre, the choice was easy. Now each segment will have its own CEO and its own funds. A new CEO will be appointed for Almadex. Almaden will also hire an experienced mine-builder to take Ixtaca forward. Now the father-and-son Poliquins can give attention to the rest of the property portfolio, doing what they do best.
So the transaction is clearly a win for the other exploration projects.
The company estimates it will take about three to four months to close the transactions; the spin-out requires shareholder approval. It is possible that the spin-off company will retain the name Almadex ("ex" for exploration), while the company holding El Cobre will have a different name. For now, though, we will refer to Almadex and the spin-off.
Both companies will be cashed-up for activities
It is also likely that the company will undertake a small equity raise to increase the cash in the exploration spin out, to ensure more-than-sufficient cash for its exploration activities. This cash will effectively go to the exploration spin-off, while the raise by Newcrest will effectively be post-spin off and be retained for El Cobre.
Given that this transaction is a win-win, enabling both the advanced El Cobre and the earlier stage exploration projects to receive proper attention, and allow the Poliquins to focus their energies on exploration, which is their skill-set, we think the combined shares will trade much higher over the next year or two. The shares have rallied since the announcement on Monday, from C$1.34; as the shares settle back, as they probably will, Almadex is a buy.
Adrian Day, London-born and a graduate of the London School of Economics, heads the money management firm Adrian Day Asset Management, where he manages discretionary accounts in both global and resource areas. Day is also sub-adviser to the EuroPacific Gold Fund (EPGFX). His latest book is "Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks."
GreenBackClub
7年前
Almadex Minerals Is Extraordinarily Undervalued
Summary
Almadex is developing a potentially highly valuable copper-gold project in Mexico.
Newcrest Mining bought 19.9% of the project at a $75.3mm valuation.
Currently Almadex is worth significantly more than its market cap.
Almadex Minerals (OTCQX:AXDDF) was formed as a spin-off from Almaden Minerals (AAU) in mid-2015. Almadex is comprised of several exploration properties plus Net Smelter Royalty interests on projects managed by other companies. The idea behind the original transaction was that the value of the parts was greater than the sum of the parts under one corporate umbrella.
The crown jewel transferred to Almadex is the El Cobre copper-gold porphyry project in Veracruz, Mexico. A porphyry deposit is a deposit in which minerals like copper, gold and molybdenum are disseminated in a stockwork of small veinlets within a large mass of hydrothermally altered igneous rock. World-class copper-gold porphyry deposits can be worth several billion dollars.
The management team at Almadex believes that the El Cobre project has the potential to be a massive copper-gold deposit, characteristic of the deposits found high in the Andes - only this property sits near sea-level with the near-by infrastructure required for a mining project already in place.
El Cobre has the potential to be a company-maker. The project encompasses a 7,500 hectare claim block that covers copper-gold porphyry mineralization known to exist over a strike length of several kilometers. Early stage drilling has identified four distinct target areas that contain high grade copper-gold mineralization in both shallow zones and at depth.
While the it is too early in the development process to know with certainty if the El Cobre project will ultimately contain a world class copper-gold deposit, Newcrest Mining (OTCPK:NCMGY), a $13 billion market cap Australian mining company with several copper-gold properties, was impressed enough to pay $15 million in cash for a 19.9% stake in the El Cobre Project. This values just the El Cobre Project at $75.3 million.
In conjunction with this transaction, Almadex is spinning off everything else into a new company - "Spinco" for now - to shareholders. This includes a portfolio of in interests in 18 exploration projects; a 1.75% net smelter royalty [NSR] on El Cobre; a 2% NSR on Almaden Mineral's Tuligtic property; a portfolio of 15 additional NSRs on exploration projects in Mexico, Canada and the U.S.; up to 4 million shares of Almadex stock and sufficient working capital. El Cobre will remain with Almadex shareholders.
Mechanically, Almadex shareholders will receive 1 share of the new Almadex plus 1 share of Spinco in exchange for each current share of Almadex. The deal is scheduled to close by the end of May.
The transaction will enable Almadex to focus on the development of El Cobre plus "unlock" the potential value of all of the other assets currently held by Almadex. Newcrest will not have any interest in Spinco. In addition, Spinco will get the six drill rigs owned by Almadex. Spinco will lease the drills and the drill crews to Almadex plus use at least one of the drills for exploration of the Spinco properties.
Bottom Line
The current market cap of Almadex, including in-the-money options, is $62 million. This is a 17% discount to value placed just on the El Cobre asset by Newcrest Mining. The "Spinco" stock will have 4 million shares of "new" Almadex stock plus the optionality value that can inferred from the 18 exploration properties and portfolio of project royalties included in the deal. The four million shares of Almadex stock, based on the current trading level of Almadex, is worth $4.7 million.
I have to believe that the "option" value of the rest of the assets is worth at least $5 million and likely considerably more. For purposes of illustration, I believe the new "Spinco" stock will open trading sometime in May with, minimally, a $10 million market cap. Based on Newcrest's valuation of El Cobre, together with Spinco, the intrinsic value of Almadex shares today is thus at least $85 million (vs. the current $62 million market cap).
https://seekingalpha.com/article/4152493-almadex-minerals-extraordinarily-undervalued
GreenBackClub
7年前
Almadex Minerals Limited Announces Proposed Private Placement
GlobeNewswire•March 1, 2018
NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Almadex Minerals Limited (“Almadex” or the “Company”) (AMZ.V) (AXDDF) is pleased to announce a proposed non-brokered private placement financing (the "Offering") of up to 4,000,000 units (the “Units”) to raise approximately $5,600,000 at a price of $1.40 per Unit.
Each Unit will consist of one common share of the Company and one-half of one whole non-transferable common share purchase warrant, each whole share purchase warrant (a "Warrant") entitling the holder thereof to purchase one common share of the Company at a price of $2.00 per share for a period of two (2) years following the closing of the Offering.
Almadex intends to use the net proceeds of the Offering to continue drilling the El Cobre Au/Cu porphyry targets in Veracruz, Mexico, for early stage exploration on other projects, and for general corporate purposes. It is intended that subscribers in the Offering will be eligible to participate in the spinout transaction described in Almadex’s press release of February 26, 2018.
The Company may pay finders’ fees in connection with the Offering in cash, shares, warrants or combinations thereof. The Offering and payment of finders’ fees are subject to regulatory approval.
Morgan J. Poliquin, President and CEO of Almadex noted, “This financing will enable Almadex to continue with its active drill program at the El Cobre project while the spinout transaction progresses, and will also situate Spinco with a healthy treasury post-completion of the corporate reorganization in order that Spinco management can pursue the next discovery for the group.”
Closing of the Offering is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The securities issued will be subject to a standard four month hold period in Canada.
About Almadex
Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and deal-making by Almadex's predecessor company, Almaden Minerals Ltd. Almadex is currently focused on exploration at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a sliding-scale net smelter returns royalty (“NSR”) equivalent to 0.5% in the event that production from the property exceeds 10,001 tonnes per day of ore. This NSR can be reduced to 0.25% at this production rate through the payment of US$3.0 million.
On behalf of the Board of Directors,
“Morgan Poliquin”
Morgan J. Poliquin, Ph.D., P.Eng.
President, CEO and Director
Almadex Minerals Limited
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Almadex Minerals Limited
Tel. 604.689.7644
Email: info@almadexminerals.com
http://www.almadexminerals.com/
GreenBackClub
7年前
Newcrest to Acquire Indirect 19.9% Interest in El Cobre Through Investment of CAD$19 Million; Almadex to Spin-Out Mineral Exploration and Royalty Assets
GlobeNewswire•February 26, 2018
VANCOUVER, British Columbia, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Almadex Minerals Limited ("Almadex" or the "Company") (AMZ.V) (AXDDF) is pleased to announce that its Board of Directors has unanimously approved a strategic reorganization of its business. Almadex's early stage exploration projects, royalty interests and certain other non-core assets will be transferred to a newly incorporated company (“Spinco”). Almadex shareholders will receive shares in Spinco in proportion to their shareholdings in Almadex (the “Spin-out”). Spinco will hold the following key assets:
a portfolio consisting of interests in 18 exploration projects;
a 1.75% Net Smelter Return (“NSR”) royalty on the Company’s El Cobre property in Mexico;
a 2% NSR royalty on the Tuligtic property in Mexico, which hosts the Ixtaca gold-silver development project which is operated by Almaden Minerals Ltd.;
a portfolio of 15 additional NSR royalties on exploration projects in Mexico, Canada and the United States identified through the Company’s past prospect generator activities;
up to 4 million shares of Almadex; and,
at a minimum, sufficient working capital to satisfy stock exchange requirements.
The El Cobre gold/copper porphyry project will remain in Almadex.
As part of the reorganization, Almadex's current shareholders will receive shares of Spinco by way of a share exchange, pursuant to which each existing share of Almadex is exchanged for one “new” share of Almadex and one share of Spinco.
Warrantholders and optionholders of Almadex will receive warrants and options, respectively, of Spinco which are proportionate to, and reflective of the terms of, their existing warrants and options, respectively. The reorganization will be effected by way of a plan of arrangement under the Business Corporations Act (British Columbia). The Company intends to apply for a listing of the shares of Spinco on the TSX Venture Exchange ("TSX-V"). Any such listing will be subject to Spinco fulfilling all of the requirements of the TSX-V.
The Company is undertaking the reorganization in order to focus on the development of its El Cobre gold-copper porphyry project, which is located in the state of Veracruz, Mexico. The spinout transaction allows the Company to raise funding necessary to advance the El Cobre project without diluting shareholders’ interests in the other assets in the portfolio (see details on the Newcrest private placement below). The spin-out transaction should also unlock value for a group of assets that have gone largely unrecognized by allowing the market to value the Company's El Cobre project independently of its early stage mineral exploration and royalty business. In addition to allowing the Company to continue to focus efforts on developing El Cobre, the Company is confident that having a separately funded and managed mineral exploration and royalty business will accelerate development of the exploration projects in Spinco.
Spinco will be managed by Almadex’s current team of officers and its Board of Directors will initially be comprised of the same individuals as the Company’s board.
The strategic reorganization remains conditional on the approval of final documentation by the Board of Directors of Almadex, approval of the strategic reorganization by the TSX-V, approval by an affirmative vote of 66 2/3% of shareholders of Almadex in attendance at a shareholders’ meeting, and approval of the Supreme Court of British Columbia, among other things.
Additional details of the spin-out transaction will be included in an information circular to be mailed to shareholders of Almadex in March 2018 in connection with the Company’s shareholders meeting referred to above. That shareholders’ meeting is expected to be held in April 2018 and the strategic reorganization is expected to close in May 2018.
Investment by Newcrest Mining Limited
The Company is also pleased to report that it has entered into a subscription agreement with Newcrest International Pty Ltd, a wholly owned subsidiary of Newcrest Mining Limited (“Newcrest”) (ASX:NCM) pursuant to which Newcrest has agreed to acquire 14,025,312 Common Shares of Almadex by way of a non-brokered private placement at a price of $1.36 per share for aggregate gross proceeds of $19,074,425 (the “Private Placement”). The Private Placement will close in conjunction with the proposed spinout transaction referred to above, subject to customary conditions of closing including the completion of the Spin-out transaction. Newcrest has completed its due diligence in regards to the Private Placement. Upon completion of the Private Placement, Newcrest will hold 19.9% of the issued shares of Almadex, and will have no ownership interest in Spinco.
Newcrest is one of the world’s largest gold mining companies, operating mines in Australia and Asia–Pacific and Africa regions. Newcrest has extensive experience developing and operating successful mines in culturally and geographically diverse environments, and also seeks to identify and secure large mineral districts, or provinces, in order to establish long term mining operations. Newcrest has extensive experience in exploring and operating gold and copper porphyry deposits through its ownership of the Cadia Hill operation in NSW, Australia, and its interest in the Wafi-Golpu project in Papua New Guinea.
GreenBackClub
8年前
NEWS
2016-10-24 16:38 ET - News Release
Mr. Morgan Poliquin reports
ALMADEX CONFIRMS GOLD-RICH PORPHYRY SYSTEM AT NORTE TARGET, EL COBRE PROJECT, MEXICO, HITS 218.00 METERS OF 0.70 G/T GOLD AND 0.28% COPPER INCLUDING 80.50 METERS OF 1.34 G/T GOLD AND 0.46% COPPER
Almadex Minerals Ltd. has completed the second diamond drill hole on the Norte zone (EC-16-012) at its 100-per-cent-owned El Cobre porphyry copper-gold project located in Veracruz, Mexico. Hole EC-16-012 was collared from the same pad as EC-16-010 and drilled at the same azimuth (180 degrees), but at a steeper angle (minus 65 degrees). Significant porphyry-style alteration and mineralization begin from the collar in EC-16-012 and include the following copper-gold intersections:
Hole EC-16-012, Norte zone:
From 9.14 to 19.00 metres, 9.86 metres of 0.24 gram per tonne gold and 0.16 per cent copper;
From 117.80 to 145.30 metres, 27.50 metres of 0.12 g/t gold and 0.19 per cent copper;
From 162.50 to 595.00 metres, 432.50 metres of 0.42 g/t gold and 0.17 per cent copper;
Including 183.00 to 401.00 metres, 218.00 metres of 0.70 g/t gold and 0.28 per cent copper;
Including 183.00 to 339.00 metres, 156.00 metres of 0.90 g/t gold and 0.34 per cent copper;
Including 216.00 to 296.50 metres, 80.50 metres of 1.34 g/t gold and 0.46 per cent copper;
Including 261.00 to 296.50 metres, 35.50 metres of 1.82 g/t gold and 0.59 per cent copper.
In addition, assays have now been received from the bottom portion of hole EC-16-010. Assays from shallower intersections in this hole were previously announced and included 163.50 metres of 0.68 g/t gold and 0.29 per cent copper and 150.90 metres of 0.55 g/t gold and 0.22 per cent copper, to a total depth of 542.70 metres. Below this depth, no significant copper or gold values were returned, but intense sulphide-rich porphyry-style alteration was intersected to the end of the hole.
The company has now completed a third hole from the EC-16-010/012 pad (EC-16-013) at a 180-degree azimuth and a minus-80-degree dip, and drilling continues in the Norte zone. The Norte zone is one of four well-defined porphyry centres within a very large zone of porphyry-related alteration. The company has also mobilized a second drill and drilling team so that drilling can continue on other targets at El Cobre project while drilling continues on the Norte zone. Currently, this rig is working on the Encinal zone roughly three kilometres to the south of the Norte zone.
Almadex chairman, J. Duane Poliquin, commented: "These results further show the potential of the El Cobre project to host a significant gold-rich porphyry system. The Norte zone is one of four well-defined porphyry centres within a very large zone of porphyry-related alteration. We look forward to following up this exciting intercept with further results from our ongoing aggressive drill program focused on the goal of defining a new gold-copper resource in Mexico."
DRILL RESULTS
Hole number From (m) To (m) Interval (m) Au (g/t) Cu (%)
EC-16-012 9.14 19.00 9.86 0.24 0.16
EC-16-012 117.80 145.30 27.50 0.12 0.19
EC-16-012 162.50 595.00 432.50 0.42 0.17
including 183.00 401.00 218.00 0.70 0.28
including 183.00 339.00 156.00 0.90 0.34
including 216.00 296.50 80.50 1.34 0.46
including 261.00 296.50 35.50 1.82 0.59
including 422.00 425.00 3.00 0.27 0.11
including 438.50 449.00 10.50 0.21 0.09
including 503.00 507.50 4.50 0.29 0.11
including 564.50 569.00 4.50 0.28 0.15
EC-16-012 625.00 664.00 39.00 0.12 0.06
including 662.50 664.00 1.50 0.31 0.17
About the El Cobre project and the 2016 drilling program
Since the commencement of drilling this year, all holes (apart from EC-16-010, 12 and 13, all on the Norte zone) were drilled on the southernmost Encinal target. The 2016 drill program plan is to test all targets to provide geochemical and alteration vectors for future drilling. Past work has defined a large multistage and phase porphyry system with at least four centres located along more than four kilometres of strike extent.
The El Cobre project has a total area of 7,456 hectares and is located adjacent to the Gulf of Mexico, about 75 kilometres northwest of the major port city of Veracruz, Mexico, and has uniquely excellent infrastructure. The project area is situated below 200 metres above sea level with excellent road access and is located fewer than 10 kilometres from a power plant, highway, gas line and other major infrastructure. Major power lines cross the property area. Almadex has its full drill permits from Semarnat and has land-access agreements in place. The land ownership is private over most of the project area, has previously been cleared and is used for local agricultural purposes.
The four copper-gold porphyry targets currently known within the El Cobre project -- Encinal, El Porvenir, Norte and Villa Rica -- are defined by distinct Cu-Au soil anomalies, discrete, positive magnetic features and an extensive induced-polarization chargeability anomaly. The largest target area is the Villa Rica zone, which has not been drill tested. Limited past RC and diamond drill testing at Encinal, El Porvenir and Norte has returned wide intercepts of porphyry copper-gold and narrow zones of intermediate sulphidation epithermal gold-silver vein mineralization, with selected intercepts as follows:
El Porvenir zone: Drilling has demonstrated that the system persists at least to a 400-metre depth. Significant copper and gold grades were intersected, such as 0.16 per cent Cu and 0.39 g/t Au over 290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected 0.23 per cent Cu and 0.36 g/t Au over 106 m, to a depth of 504 m, again indicating potentially significant mineralization at depth.
Encinal zone: Hole CB5 intersected a highly altered breccia pipe containing fragments of stockwork veining and porphyry mineralization, across which 15 metres returned 1.63 g/t Au and 0.12 per cent Cu. The breccia pipe occurs in a large alteration zone, with an IP chargeability high and a magnetics low, which has not been tested to depth. Almadex previously reported results of drilling at Encinal, which were consistent with the interpretation that the drilling was located in a zone marginal to a potential copper-rich portion of the porphyry system.
Norte zone: All five previously drilled holes in the Norte zone intersected porphyry-style mineralization. Hole 08-CBCN-022, one of the deepest holes drilled at Norte in 2008, returned values of 0.14 per cent Cu with 0.19 g/t Au over 259 m, and 08-CBCN-19 intersected 41.15 metres averaging 0.42 g/t gold and 0.27 per cent copper to the end of the hole at 187.45 metres. Hole EC-16-010 was designed to test this zone to depth.
In addition to the above, several anomalous areas remain untested by drilling, including the Villa Rica zone that is defined by a strong north-northwest-trending magnetic-chargeability high and associated copper-gold soil geochemical anomaly. More information on El Cobre is available on the Almadex website.
Larry Segerstrom, MSc (geology), PGeo, a director of the company, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the contents of this news release. The porphyry mineralization reported in this news release is associated with broad areas of alteration and stockwork veining. True widths cannot be determined at this time. The analyses reported were carried out at ALS Chemex Laboratories of North Vancouver using industry-standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. Silver is first analyzed by inductively coupled plasma-atomic emission spectroscopy (ICP-AES). Samples that return values greater than 100 g/t silver by ICP-AES are then reanalyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples, those that return silver values greater than 1,500 g/t are further analyzed by fire assay with a gravimetric finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program, which complies with National Instrument 43-101 requirements. An NI 43-101-compliant technical report on the El Cobre project entitled, "Technical report on the El Cobre property," was filed in May, 2015, and can be obtained from SEDAR.
Source: http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aAMZ-2414755&symbol=AMZ®ion=C
Hot Features
プレミアム
登録してリアルタイムのチャート、分析ツール、価格を入手してください。
Pennyes
3年前
TenKay
7年前
