Geodex announces 10.23 m of 3.45% Zinc and 128.64 g/t Indium at the Mount Pleasant West Project, New Brunswick
Thursday May 24, 1:56 pm ET
http://biz.yahoo.com/cnw/070524/e_geodexmin_ninehole.html?.v=1
Trading Symbol GXM
VANCOUVER, May 24 /CNW Telbec/ - Geodex Minerals Ltd. (TSX-V: GXM - News; "Geodex") is pleased to announce the remaining results from the nine-hole program at the Pughole-Whopper Zone on the Mount Pleasant West project, situated 3 km west of the former Mount Pleasant mine in southwestern New Brunswick. These intersections round out results from the winter drill program at Mount Pleasant West and complement the results which the company issued in a News Release of April 9, 2007.
Pughole-Whopper is the most mature of a number of identified drill targets to the west of the former mine which the company assembled in 2006 by virtue of five option agreements and an extensive staking program. Exploration will move ahead in 2007 on all of these prospects, in addition to further drilling on Pughole-Whopper.
The holes reported here were targeted on a soil geochemical anomaly about 1 km long on the south flank of a magnetic anomaly which is believed to represent a buried intrusive. Because of the thin but persistent cover of till, these holes should be regarded as 'scout' holes and only further drilling and trenching will determine the orientation and depth extent of the mineralized zones.
WP-07-05 Intersections
This angle hole was drilled from the same set-up as WP-07-04 (Line 25+00E) which intersected 31.7 m of 2.8% zinc and 62.8 g/t indium near the top of the hole (see previous News Release). WO-07-05 was drilled in the opposite direction (to the south) and reported multiple intersections as set out below. The quartz-sulphide-chlorite veining, related to felsic dykes, is visibly similar to samples from the Mount Pleasant mine. The multiple intersections over a combined 100 m width in both holes are interpreted to reflect the high-level manifestation of a deeper source system.
From To Length Zn (%) Pb (%) Cu (%) In (ppm (equal sign) g/t)
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13.36 13.60 0.24 1.01 0.27 1.50
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14.45 14.75 0.30 0.92 0.61 1.60
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15.72 15.80 0.08 9.17 1.25 0.23 126.00
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19.60 19.97 0.37 5.30 0.18 0.10 54.70
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22.47 32.80 10.33 0.60 0.23 1.50
52.40 52.78 0.38 1.01 0.47 1.60
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61.66 61.90 0.24 1.19 0.66 3.30
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84.58 86.97 2.39 0.73 0.19 11.13
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169.25 169.87 0.62 2.20 37.65
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WP -07-06 Intersections
Hole WP-07-06 was drilled on line 29+00E, some 400 m east of the previous
hole WP-07-04. As in the previous area, intersections are multiple and of
similar character, although with more significant values in tin. The best
intersection (shown in the table below) returned 10.23 m of 3.45% zinc,
128.64 g/t indium, 1.07% lead, 0.35% copper and 0.19% tin. At least at this
level, it may represent a discrete vein system or pipe-like zone. The
polymetallic character is similar to mineralization at the former mine and
deeper drilling should test the granitic batholith which is thought to
underlie the Pughole-Whopper region.
From To Length Zn (%) Pb (%) Cu (%) Sn (ppm) In (ppm (equal sign) g/t)
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17.35 17.65 0.30 4.33 5.19 0.12 2500 0.30
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41.90 42.25 0.35 11.90 16.90 0.34 6140 1.00
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115.45 116.60 1.15 0.95 0.54 5.59
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124.83 135.06 10.23 3.45 1.07 0.35 1935 128.64
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WP-07-07, WP-07-08, WP-07-09.
These three holes completed the winter program. WP-07-07 (Line 27+00E) was drilled west of hole WP-07-06 while holes WP-07-08 and WP-07-09 were drilled on line 25+00E, immediately south of holes WP-07-04 and WP-07-05. All were essentially unmineralized. Once 2007 trenching and additional drilling is carried out, the trends and relationships of the mineralized zones will be better understood and can be tested at depth for their source environments.
The Pughole property is subject to an agreement with Pershing Resources Inc. (see news release dated April 26, 2006.) and is also subject to a recently signed agreement with Teck Cominco Limited (see news release dated May 22, 2007.)
Indium Use
Indium's most rapidly escalating use is as a transparent conducting oxide in Liquid Crystal Displays (LCD's), in computer screens and the new generation of flat screen TV's. 75% of world usage is now in LCD computer displays and flat screen TV's. The LCD industry is expected to achieve growth rates exceeding 30% over the next three years.
About Geodex Minerals
Geodex Minerals Ltd. is a Canadian-based resource company with a focus on the exploration and development of three important properties in New Brunswick. The company has a 70% interest in their Sisson Brook flagship property which was shown in a recent independent report to contain an open-pittable molybdenum/tungsten resource of up to 167 million tonnes. At the Mount Pleasant West group of properties in southwestern New Brunswick, Geodex is considered the world's largest landholder of premium indium exploration ground.
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'
Jack M. Maris President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
For further information
Christopher R. Anderson, V.P Business Development, (604) 689-7771, Toll free 1-888-999-3500, info@geodexminerals.com
Visit our website at www.geodexminerals.com
Renmark Financial Communications Inc.: Neil Murray-Lyon: nmurraylyon@renmarkfinancial.com
Christine Stewart: cstewart@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
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Source: GEODEX MINERALS LTD.
