Almadex Minerals (TSX-V:DEX) Ltd has welcomed drill results from its Davis/Paradise project in Nevada, which have confirmed the prospectivity of the northern Davis portion of the asset.
Almadex has the right to earn 100% of the property, which covers multiple targets, and sits around eight miles southeast of Gabbs, Nevada and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994.
The firm said it has received assays from the first two of five holes drilled to date - from the Davis vein zone.
Highlights included an intercept of 0.80 metres (m) from 62.7m to 63.50m depth at 17.1 grams per ton (g/t) gold and 10.3 g/t silver, and 1.7m from 65.5 to 67.20m depth at 11.8 g/t gold and 68.2 g/t silver.
Another hole hit 2.10m from 19.40m to 21.5m at a grade of 5.7 g/t gold and 22.3 g/t silver.
Phase One program
"We are very happy to get the first results back from this phase one program," said J Duane Poliquin, the chairman of Almadex Minerals in a statement.
"These results confirm the prospectivity of the northern Davis portion of the project. We look forward to follow-up drilling there as well as first pass drilling on the southern Paradise area later this year."
This latest drill program has now been paused for assays, and a second phase program is planned for September when the company drill is expected to return from third party contract work, the firm noted.
The other three holes of this Phase One program were on different targets on the northern half of the property. Two were sunk in an area of alteration interpreted to represent a sinter and breccia system, extending over 1.5km in length running parallel to the Davis zone and the fifth hole targeted another separate vein with historic mine workings in the Northern area called Butler, Almadex said.
Outstanding assays from these three remaining holes will be reported once received, it added.
Almadex Minerals an explorer, which holds a large mineral portfolio consisting of exploration projects and NSR royalties in Canada, the US, and Mexico.
Contact the writer at giles@proactiveinvestors.com