Trading Symbol : GXM
VANCOUVER, April 9 /CNW Telbec/ - Geodex Minerals Ltd. (TSX-V: GXM) is
pleased to announce partial assay results from the first four of nine holes
obtained from the Pughole-Whopper Zone on the Mount Pleasant West project
situated 3 km west of the former Mount Pleasant mine in New Brunswick.
Jack Maris, President and CEO, notes "Our company now has two valuable
projects in New Brunswick, Mount Pleasant West and Sisson Brook. I was
delighted by the recent resource calculation at Sisson Brook which increased
the property's resources fivefold. Now I'm also excited by the potential that
seems to lie beneath the many prospects in the Mount Pleasant West area. The
price of indium has performed very well and we are in the best real estate in
the world for that metal."
The holes reported here are part of a program designed as a follow-up to
geophysical and soil geochemical surveys and prospecting conducted over the
summer of 2006. The targeted areas on Mount Pleasant West are referred to as
"Pughole-Whopper" (9 holes), "Pomeroy" (3 holes), "Mount Pleasant South"
(1 hole) and "True Hill SW" (1 hole). The first seven holes reported here are
from Pughole-Whopper and Pomeroy. Assay results are awaited from five other
holes at Pughole - Whopper and the single holes at the other two locations.
Significant results are as follows:
"Pug Hole - Whopper"
Hole Grid Loc'n From To Interval Zinc Indium Copper
(m) (m) (m) (%) (g/t) (%)
WP-06-1 23E, 7+90S 27.59 29.15 1.56 1.27 26.51 --
WP-06-2 23E, 7+90S 46.28 47.87 1.59 6.26 50.97 0.24
WP-06-3 21E, 9+20S No significant mineralization
WP-07-4 25E, 6+00S 11.80 43.50 31.70 2.80 62.81 0.14
27.90 33.50 5.60 9.03 225.66 0.50
Assays were performed on split cores by Activation Laboratories of
Ancaster, Ontario. Significant indium, zinc and copper results are reported
from these first phase holes in the table above. Tin, tungsten and molybdenum
assays are pending for all holes in the program and assays for the remaining
holes will be reported in a separate press release when results are available.
Nine drill holes at Pughole-Whopper tested for the bedrock source of a
broad, 1.2 km long, multi-element zinc, indium and lead soil geochemical
anomaly situated 3 km southwest of the Mount Pleasant mine. This area lies in
a till-covered area and had not been previously drilled or explored. Holes
were drilled over a strike length of 800 m on lines spaced 200 metres apart.
The first five holes (WP-06-01 to WP-07-05) were drilled at the north (up-ice)
edge of the soil anomaly which coincides with and parallels the south edge of
a strong magnetic anomaly interpreted to reflect a buried intrusion. Four of
the first five holes intersected sphalerite (zinc)-mineralized zones at
variable depths ranging between about 10 and 48 meters.
Holes WP-06-01 and WP-06-02, drilled from the same setup on Line 2300 E,
intersected a shallow, intermittently zinc-mineralized zone about 10 metres
wide with apparent shallow dip to the south. Holes WP-06-04 and WP-06-05,
drilled in opposite directions from nearby setups on Line 2500 E, intersected
similar style, shallow mineralization 200 metres to the east of holes 1 and 2.
It should be emphasized that the highest grade portion of WP-06-04 between
about 28 and 33 metres depth is primarily due to one or possibly two veins
that were intersected parallel to the core axis. The overall configuration of
the zone is not yet known due to lack of outcrop and can only be determined by
trenching and further drilling when weather conditions permit.
The company is gratified by the high indium values, the heavy chlorite
alteration and the related granitic dykes which all provide similarities to
the mineralization at the nearby Mount Pleasant mine. Hole WP-06-03 drilled on
Line 2100 E, collared in a fault zone and did not intersect significant
The Pomeroy vein-type indium deposit in the southwestern part of Geodex's
land package was optioned from Annapolis Valley Goldfields Inc. in 2006.
Surface trenches had exposed large boulders with up to 1240 g/t indium and 8%
zinc. Seven short drill holes by Annapolis in 2005 confirmed the near surface
projection of these high-grade surface veins. Vein intersections reported by
Annapolis at shallow depth included an intersection of 6.81% zinc and 224 g/t
indium over 2.3 meters.
Three holes covering a strike extent of 260m were drilled by Geodex in
December, 2006, testing at intermediate depths, for the potential mineralized
source of these veins. All three holes drilled by Geodex intersected the
inferred vertical projection of the near-surface mineralized veins, at depths
ranging between 80m and 140m. Although the mineralized intersections were
narrow (0.06m of 149 g/t indium, 2.1% zinc - hole PM-06-3) or lower grade
(0.44m of 30 g/t indium, 0.25% copper, 0.033% zinc) the mineralized structure
appears to be continuous and traceable. The granitic dyke/chlorite alteration
association is similar to Mount Pleasant and suggests that the source of these
veins has not yet been found. It may exist at greater depth in an environment
similar to that of the former mine. Further drilling will check at deeper
levels for this source.
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
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 the contents of this news
release and accepts no responsibility for the adequacy or the accuracy
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