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Geodex Minerals Financial News
Geodex Announces Base Metal, Tin and Indium Assays From Four Prospects in the Mount Pleasant Camp, New Brunswick
VANCOUVER, BRITISH COLUMBIA--(Marketwire -
June 25, 2008) - Geodex Minerals Ltd. (TSX VENTURE:GXM)(FRANKFURT:G2W)
(the 'Company') is pleased to announce assay results from the 2007 and
early 2008 diamond drilling program on its Mount Pleasant West (MPW)
project in southwestern New Brunswick. Along with the development
program at its Sisson Brook tungsten-molybdenum-copper project north of
Fredericton (see the recent News Release of June 5, 2008), the
richly-endowed MPW area surrounding the former Mount Pleasant mine has
been a major focus of the Company.
The MPW land package (595 claims) was assembled in 2006 by virtue
of independent staking and six option agreements to explore a series of
showings and exploration targets in a 10 km by 20 km area surrounding
the former mine. All are multi-element lode-style prospects containing
combinations of tin, tungsten, zinc, copper and indium, in character
similar to those seen at the Mount Pleasant mine. A comprehensive suite
of minor strategic elements is present, the most significant and
valuable of which is indium. Normally a mining by-product, grades in
the Mount Pleasant camp suggest this to be one region where stand-alone
indium deposits are possible. The company concluded an option agreement
with Teck Cominco Limited in 2007 (see News Release of May 22, 2007) to
ensure long term exploration of all these targets.
The recent drill program at MPW (29 holes, 6208 m.) tested the four
most advanced target areas with significant results as set out below.
It should be noted that the tables do not include minor intervals in
other holes or even all the intervals in the holes presented. Multiple
veins and lodes related to granite dykes are typical of the camp. The
philosophy of the Company and the thrust of the 2008 program (see
below) are to trace these multiple vein and lode occurrences to
potential source concentrations at depth, a situation which appears to
apply at the Mount Pleasant mine.
Assays and multi-element geochemical analysis were performed on split cores by Activation Laboratories of Ancaster, Ontario.
Significant results are discussed as follows:
Pughole Claim Group:
Fourteen holes were drilled during this program on the Pughole
claim group, an option from Rockport Mining Corp. Holes WP-07-10 to
WP-07-22 were drilled in the eastern region of the claim group
approximately 3 km to 4 km southwest of Mount Pleasant in what is
referred to as the "Pughole-Whopper Zone". Previous drilling by Geodex
(fall 2007 to winter 2007) in this zone intersected
tin-indium-zinc-copper vein and lode style mineralization associated
with granite dykes (April 9, 2007 and June 5, 2007 News Releases).
Drilling in this zone during the most recent program intersected
similar mineralization in multiple veins and lodes. PW-07-01 was
drilled in the southwest region of the claim group as a follow-up to
geochemical surveys.
Significant results are as follows:
From To Interval Zn In Sn
Hole (m) (m) (m) (%) (g/t) (%)
--------------------------------------------------------------------------
WP-07-10 166.43 166.75 0.32 1.65 170.0 0.01
WP-07-12 141.40 141.91 0.51 14.14 121.3 0.20
WP-07-13 42.37 42.93 0.56 5.03 65.2 0.06
68.08 69.95 1.87 2.94 98.1 0.06
90.30 91.35 1.05 1.29 40.4 0.04
WP-07-14 116.45 123.07 6.62 1.67 40.6 0.12
WP-07-15 114.57 115.18 0.61 6.36 196.0 0.10
Kedron Claim Group:
Seven of the holes (KD-07-01 to KD-07-07) were drilled on the
wholly-owned Kedron claim group, approximately 10 km west of Mount
Pleasant. Previous drilling in 1984 by Billiton Canada Ltd. intersected
zones of tin-zinc-copper-silver replacement lode mineralization and
disseminated tin mineralization. Drilling by Geodex within this zone
confirmed tin mineralization with zones intersected in holes KD-07-02
and KD-07-07. Tungsten mineralization was also intersected in KD-07-02.
KD-07-05 intersected replacement lode style zinc-lead-tin-indium-silver
mineralization in the contact zone of a granitic dyke.
Significant results are as follows:
From To Interval WO3 Zn Ag In Sn
Hole (m) (m) (m) (%) (%) (g/t) (g/t) (%)
--------------------------------------------------------------------------
KD-07-02 53.52 70.00 16.48 0.08 0.19 10.1 4.1 0.17
KD-07-05 7.06 11.37 4.31 -- 0.73 46.3 10.9 0.03
16.05 16.65 0.60 -- 2.06 65.5 32.5 0.10
KD-07-07 83.10 83.60 0.50 -- 0.14 -- 4.9 0.74
McDougall Inlet Claim Group:
Five holes (MI-07-01c to MI-07-05) were drilled approximately 4 km
southeast of Mount Pleasant on the McDougall Inlet claim group, an
option from Union Gold Inc. Drilling was done as a follow-up to soil
geochemical and geophysics surveys which had identified a one kilometer
long multi-element soil anomaly. Grab samples of rubble from a small
pit in the area assayed 2.56% zinc, 2.25% lead, 75.1 g/t silver and
45.6 g/t indium. Lead-zinc-indium mineralization was intersected within
a wide altered zone of volcanic rocks in four of these holes near the
contact of the Mount Pleasant caldera complex. This broad, altered,
sulphide-rich system is different to the veins and lodes normally seen
in the area, having more disseminated and replacement base metal
mineralization. The zone has only been tested by these few holes to
date and requires further drilling on its extensions and to depth.
Significant assay results are as follows:
From To Interval Zn Pb In
Hole (m) (m) (m) (%) (%) (g/t)
--------------------------------------------------------------------------
MI-07-01c 56.78 57.32 0.54 3.46 2.36 70.1
57.32 57.82 0.50 0.85 0.45 23.3
123.81 136.73 12.92 0.18 1.92 2.4
MI-07-02 26.00 27.50 1.50 2.38 0.59 12.0
MI-07-03 35.38 36.08 0.70 2.22 4.00 28.1
130.00 134.00 4.00 0.63 0.25 15.5
MI-07-05 80.00 86.00 6.00 1.02 0.39 10.4
105.50 107.00 1.50 0.52 0.63 20.0
Pleasant Ridge Claim Groups:
One hole was drilled on the Pleasant Ridge South optioned claim
group approximately 12 km southwest of Mount Pleasant as a follow-up to
a soil geochemical survey. The hole, identified as PRS-08-01
intersected intervals of sulphide bearing quartz veins. Significant
intersections are at 27.90-28.37 metres, returning 1.69% zinc and 16.5
g/t indium and at 35.70-36.30 metres, returning 1.66% zinc, 0.70%
copper, 0.65% lead, 26.9 g/t indium and 14.1 g/t silver.
One hole was drilled on the Pleasant Ridge optioned claim group
approximately 11 km southwest of Mount Pleasant. This hole was drilled
to test the down-dip extension of two indium-zinc-tin vein systems as
previously discovered by Shell Canada Resources Inc. and Annapolis
Valley Goldfields Inc., including what is referred to as the "Pomeroy"
mineral occurrence. This hole, identified as PM-07-04 intersected
sphalerite stringers/veinlets at 201.43-202.84 metres, returning 0.93%
zinc and 22.4 g/t indium over 1.41 metres. The hole intersected a zone
of tin-bearing quartz-chlorite veins at 392.18-394.05 metres, returning
1.30% tin over 1.87 metres.
Mount Pleasant West 2008 Exploration Program
Geodex plans to maintain its momentum in this camp with a
continuing 2008 drill program to begin in July. A Phase 1 drill program
(15 to 20 holes, 6500 m.) will test the extensions and the depth
characteristics of the four targets described above. Drilling will also
test the True Hill and Piskahegan West occurrences.
Work has already started on mapping, prospecting, soil sampling and
trenching to bring eight other prospect areas to the drill stage. A
Phase 2 drill program (3500 m) will be considered later to test the
best of these areas depending on initial results.
Jack Marr, M.Sc., P.Geo, is the in-house QP for this project.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Jack M. Maris President
The TSX Venture exchange has not
reviewed the contents of this news release and accepts no
responsibility for the adequacy or the accuracy thereof.
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