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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Adex Mining Inc | TSXV:ADE | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.005 | 0.005 | 0.01 | 100 | 01:00:00 |
From Jul 2019 to Jul 2024
"We have been highly encouraged by the results to date of our 2008 drilling program at Mount Pleasant," said Kabir Ahmed, President and CEO of Adex Mining. "These preliminary Phase 2 drilling results are expected to assist us in enlarging the size of the mineralized bodies at Mount Pleasant which will have the effect of increasing the economic potential of the Property, as we continue our fast-track approach to moving to the feasibility stage of development."
The Phase 2 results to date are for sampled core from Holes AM-08-21 to AM-08-39. All holes are vertical, with the exception of Holes AM-08-30 and AM-08-31. Summary results for Holes AM-08-30, AM-08-31, AM-08-33, AM-08-34, AM-08-35, AM-08-37 and AM-08-39, which tested the Deep Tin Sub-Zone, are as follows:
---------------------------------------------------------------------------- Hole From To Tin Indium Zinc Copper Arsenic Identification (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%) ---------------------------------------------------------------------------- AM-08-30 20 32 0.22 24 5.63 0.18 0.56 ---------------------------------------------------------------------------- Plus 155 209 0.34 174 2.51 0.19 0.76 ---------------------------------------------------------------------------- AM-08-31 35 197 0.10 56 0.90 0.07 1.50 ---------------------------------------------------------------------------- Including 35 101 0.06 86 1.12 0.05 0.71 ---------------------------------------------------------------------------- Including 143 197 0.18 54 1.08 0.11 2.84 ---------------------------------------------------------------------------- Including 143 158 0.48 134 3.03 0.30 3.20 ---------------------------------------------------------------------------- AM-08-33 83 104 0.10 80 1.43 0.06 0.49 ---------------------------------------------------------------------------- AM-08-34 16 130 0.08 60 1.35 0.04 0.81 ---------------------------------------------------------------------------- Including 16 49 0.17 106 1.51 0.07 1.60 ---------------------------------------------------------------------------- Including 97 130 0.09 102 2.90 0.05 0.85 ---------------------------------------------------------------------------- AM-08-35 71 243 0.38 92 0.87 0.06 1.03 ---------------------------------------------------------------------------- Including 116 242 0.41 132 1.07 0.08 1.66 ---------------------------------------------------------------------------- Including 155 170 1.43 398 3.56 0.14 1.49 ---------------------------------------------------------------------------- AM-08-37 34 265 0.12 46 0.62 0.07 1.38 ---------------------------------------------------------------------------- Including 163 265 0.19 50 0.46 0.11 1.53 ---------------------------------------------------------------------------- Including 178 199 0.32 97 0.61 0.12 1.45 ---------------------------------------------------------------------------- AM-08-39 44 227 0.16 52 0.78 0.06 0.87 ---------------------------------------------------------------------------- Including 44 89 0.18 102 1.23 0.05 0.53 ---------------------------------------------------------------------------- Including 122 164 0.29 59 1.14 0.04 1.16 ----------------------------------------------------------------------------
Holes AM-08-30 and AM-08-31 are 80 degree north-dipping holes collared 50 and 25 metres to the south of the previously drilled Hole AM-08-03. Holes AM-08-33 and AM-08-37 were collared 40 metres west and 50 metres east of Hole AM-08-03. Hole AM-08-34 was collared 50 metres south of AM-08-04 and 75 metres west-northwest of Hole AM-08-03. Hole AM-08-39 is a vertical hole collared 60 metres southeast of Hole AM-08-04 and 50 metres north-northwest of Hole AM-08-03. Hole AM-08-35 is a vertical hole collared 40 metres east of Hole AM-08-04 and drilled as a twin of a tin-rich historical hole to be used primarily to recover material for mineralogical testing.
These drilling results support the interpreted belief of the presence of a continuous thick belt of near-surface tin-indium-zinc-copper mineralization trending from Hole AM-08-04 southeast for at least 300 metres through Hole AM-08-03 to Hole AM-08-06. The mineralized belt appears to be cut off to the southwest in Hole AM-08-33. However, the results of Holes AM-08-30, AM-08-31 and AM-08-06 demonstrate that the belt remains open to the south and southeast. Results remain pending from additional Holes AM-08-40 and AM-08-41 drilled west and north of Hole AM-08-34.
Summary results for Holes AM-08-22, AM-08-23, AM-08-25, AM-08-26, AM-08-27, AM-08-32 and AM-08-36, which tested the North Adit Sub-Zone in the North Zone, are as follows:
Hot Features
Premium
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Hole Ind- Bis- Tung- Moly-
Identi- From To Tin ium Zinc Copper muth sten bdenum Arsenic
fication (m) (m) (wt.%) (g/t) (wt.%) (wt.%) (wt.%) (wt.%) (wt.%) (wt.%)
(WO3) (MoS2)
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AM-08-22 73 112 0.08 85 0.79 0.02 0.08 0.03 0.02 1.05
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AM-08-23 79 91 0.02 30 0.09 0.08 0.20 0.14 0.12 1.91
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AM-08-25 107 116 0.07 86 0.26 0.05 0.02 0.02 0.03 0.60
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Plus 155 224 0.47 19 0.27 0.06 0.08 0.19 0.02 3.09
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Including 185 221 0.83 28 0.42 0.10 0.14 0.31 0.02 5.37
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AM-08-26 35 62 0.11 27 0.35 0.05 0.02 0.02 0.02 0.65
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Plus 194 233 0.28 17 0.15 0.03 0.05 0.16 0.08 2.63
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Including 194 203 0.65 18 0.06 0.02 0.04 0.12 0.05 2.45
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AM-08-27 3 14 0.12 24 0.33 0.10 0.01 0.01 0.02 0.10
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Including 92 122 0.55 109 1.09 0.25 0.05 0.10 0.02 3.66
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AM-08-32 135 195 0.09 67 0.78 0.02 0.06 0.28 0.09 0.57
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Including 141 174 0.10 82 0.81 0.02 0.07 0.36 0.11 0.68
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AM-08-36 57 132 0.05 15 0.16 0.02 0.10 0.28 0.15 1.33
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Plus 210 261 0.26 13 0.50 0.04 0.06 0.16 0.07 6.15
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Including 234 255 0.47 6 0.55 0.05 0.07 0.17 0.04 6.76
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Holes AM-08-36 and AM-08-32, collared 40 metres northwest and 100 metres east-northeast of Hole AM-08-10, respectively, encountered wide sections of mixed tin-indium-zinc-copper and tungsten-molybdenum-bismuth mineralization similar to that which was intersected in Holes AM-08-02 and AM-08-10. Hole AM-08-22 was drilled 50 metres east of Hole AM-08-01. Holes AM-08-25, AM-08-26 and AM-08-27 were drilled from 50 to 100 metres north and northwest of Hole AM-08-01 and extended a tin and tungsten-rich portion of the sub-zone in those directions. The results indicate the North Adit Sub-Zone remains open laterally to the north, northwest and east.
Hole AM-08-23 was drilled 60 metres northeast of Hole AM-08-10 and was abandoned at 124 metres due to poor ground conditions. The hole did not properly test its target.
Initial Phase 2 Fire Tower Zone results
Results for Holes AM-08-21 and AM-08-24, which tested the tungsten-molybdenum Fire Tower Zone, are as follows:
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Hole From To Bismuth Tungsten Molybdenum Arsenic
Identification (m) (m) (wt.%) (wt.%) (wt.%) (wt.%)
(WO3) (MoS2)
----------------------------------------------------------------------------
AM-08-21 324 366 0.03 0.15 0.18 0.52
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AM-08-24 423 441 0.12 0.29 0.15 0.48
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Hole AM-08-24, drilled 100 metres north-northeast of AM-08-11, extended the Fire Tower North Sub-Zone a further 40 metres in that direction. Hole AM-08-21 was drilled 50 metres south of Hole AM-08-08 to test the Fire Tower East Sub-Zone.
Holes AM-08-28, AM-08-29 and AM-08-38 drill tested exploration targets east of the North Zone, encountering sporadic mineral occurrences, but no significant metal values.
The nature of the geological setting of the Mount Pleasant mineralized bodies hosted within and along the contacts of granite bodies and breccias results in highly variable shapes and orientations of its zones. Thus, no estimation of true widths can be provided from these results at this stage. Besides the drilling exploration, a extensive program of additional splitting and sampling of historical core and the completion of missing indium analyses for sample pulps and split core stored at the Mount Pleasant site is continuing to better define the shape and extent of these bodies, particularly at shallow depths in the vicinity of the North Adit Sub-Zone and the Deep Tin Sub-Zone.
The 2008 drilling program was completed as part of an ongoing review of the Mount Pleasant Mine Property with the purpose of completing an updated National Instrument 43-101 ("NI 43-101") -compliant resource estimation of both the North Zone and the Fire Tower Zone.
Additional information concerning the Mount Pleasant Mine Property is contained in the NI 43-101-compliant Technical Review of the Mount Pleasant Property, including a Mineral Resource Estimate for the Fire Tower Zone Southwestern New Brunswick dated August 1, 2006, completed by Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist, Andrew Hara, P.Eng., Senior Associate Mining Engineer, Robert de l'Etoile, M.Sc., P.Eng., Senior Associate Engineer, and Dorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of Watts, Griffis and McOuat Limited, and Dr. Trevor Boyd, Ph.D., P.Geo., Independent Consultant, which is available at www.sedar.com.
Quality Assurance/Quality Control
Adex Mining has implemented an industry standard QA/QC program. Core is split in half using a hydraulic core splitter, sealed in secure packages and shipped by bonded carrier to S.G.S. Laboratories in Toronto for analysis using sodium peroxide fusion with ICP-MS finish for indium and ICP-OES finish for tungsten, molybdenum, tin, bismuth, arsenic, zinc, copper and lead. Samples are also sent to Activation Laboratories in Ancaster, Ontario for analyses by Fusion XRF for tin and tungsten, and sodium peroxide fusion with either ICP-MS or ICP-OES finish for indium, molybdenum, bismuth, arsenic, zinc, copper and lead. A pulp duplicate unknown to the laboratory is submitted per batch of 10 samples and sent to the alternate laboratory, while a polymetallic standard unknown to the laboratory is included with each shipment of duplicate samples. Both S.G.S. and Activation Laboratories fulfill standard QA/QC protocols.
Qualified Person
The Mount Pleasant exploration program is being conducted under the direction of Trevor Boyd, P.Geo., the company's independent Geological Consultant and a qualified person as defined by NI 43-101. Mr. Boyd supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.
ABOUT ADEX:
Adex Mining Inc. is a Canadian junior mining company with an experienced management team. The Company is focused on developing its flagship Mount Pleasant Mine Property, a multi-metal project that is host to promising tungsten-molybdenum and tin-indium-zinc mineralization. Located in Charlotte County, New Brunswick, the Mount Pleasant Mine Property is situated approximately 80 kilometres south of Fredericton, the provincial capital, and is 65 kilometres from the United States border. The common shares of Adex trade on the TSX Venture Exchange under the stock symbol "ADE."
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Adex, its subsidiary or the industry in which they operate to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of Adex with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in reports filed by Adex with the Alberta, British Columbia and Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning Adex, its prospects and the risks and uncertainties relating to Adex and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Adex to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Adex cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date of the press release. Adex does not undertake or assume any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.
Contacts: Adex Mining Inc. Kabir Ahmed President, Chief Executive Officer and Director 1-866-508-2339 (ADEX) Email: investorrelations@adexmining.com Website: www.adexmining.com
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